CMPort(001872) 华创证券·2025-04-06 11:16Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [1][24]. Core Views - The company achieved a revenue of 16.131 billion yuan in 2024, with a year-on-year growth of 2.4%, and a net profit attributable to shareholders of 4.516 billion yuan, reflecting a significant year-on-year increase of 26.4% [6][2]. - The report emphasizes the strategic value of the company's overseas port assets, highlighting its role as a pioneer in the "Belt and Road" initiative, which is expected to enhance its long-term performance stability and growth potential [6][1]. - The company is projected to maintain a strong performance in container business, with a total throughput of 195.159 million TEUs in 2024, representing an 8.3% increase year-on-year [6][10]. Financial Summary - Revenue Forecast: The company is expected to generate total revenue of 16.146 billion yuan in 2025, with a projected growth rate of 0.1% [2]. - Net Profit Forecast: The net profit for 2025 is estimated at 4.606 billion yuan, with a growth rate of 2.0% [2]. - Earnings Per Share (EPS): The EPS is projected to be 1.84 yuan in 2025, with a price-to-earnings (P/E) ratio of 11 times [2][6]. - Target Price: The target price for the company is set at 25.6 yuan for 2025, indicating a potential upside of 29% from the current price of 19.92 yuan [2][6]. Operational Highlights - The company reported a significant increase in investment income, reaching 6.547 billion yuan in 2024, with a year-on-year growth of 3.12% [6][2]. - The report notes that the company’s container business outperformed the industry average, with notable market share gains in key regions [6][10]. - The company plans to distribute a cash dividend of 7.4 yuan per 10 shares, totaling 1.843 billion yuan, which corresponds to a dividend yield of 3.7% based on the closing price on April 3, 2025 [6][2].