ZPH(SZ:000507) Guohai Securities·2025-04-28 14:43Investment Rating - The report assigns an "Accumulate" rating for Zhuhai Port, marking its first coverage [2][13][14]. Core Views - The company is expected to achieve stable growth in 2024, driven by its dual business model of port logistics and renewable energy [10][11]. - Despite a decline in revenue from the port logistics segment, the renewable energy business has shown robust growth, contributing significantly to the company's overall performance [7][10]. Summary by Sections Financial Performance - In 2024, Zhuhai Port reported operating revenue of 5.125 billion yuan, a year-on-year decrease of 6.07%. The net profit attributable to shareholders was 292 million yuan, an increase of 5.37% year-on-year [6][12]. - The fourth quarter of 2024 saw operating revenue of 1.091 billion yuan, down 22.02% year-on-year, while net profit increased by 7.92% to 53 million yuan [6]. Business Segments - The port logistics segment faced short-term pressure, with revenues from the port, shipping, logistics, and port services declining by 2.38%, 24.96%, 39.51%, and increasing by 5.84% respectively [7]. - The renewable energy segment achieved revenue of 2.435 billion yuan, reflecting a year-on-year growth of 3.29% [7]. Profitability and Margins - The overall gross margin for 2024 was 26.10%, an increase of 1.79 percentage points year-on-year. The gross margins for various segments varied, with the logistics segment showing a notable increase of 4.34% [9][10]. Future Projections - Revenue projections for 2025, 2026, and 2027 are estimated at 5.302 billion yuan, 5.483 billion yuan, and 5.652 billion yuan, respectively, with a consistent growth rate of 3% [12][13]. - The net profit for the same years is projected to be 312 million yuan, 330 million yuan, and 348 million yuan, with growth rates of 7%, 6%, and 6% respectively [12][13].