Tianfeng Securities·2025-05-01 14:23Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative return of over 20% within the next six months [5]. Core Views - The company's Q1 performance showed significant growth, with revenue reaching 58 billion yuan, a 20% year-on-year increase, and net profit of 11.7 billion yuan, up 73% [1]. - The growth in container shipping revenue is primarily driven by rising freight rates, with a 12% increase in revenue per container on international routes [1]. - The impact of U.S. tariffs on shipping demand is uncertain, with a potential negative effect on freight rates and demand [2]. - The terminal business showed resilience, with a 16.1% increase in revenue to 2.8 billion yuan and a total throughput of 35.75 million TEUs, reflecting stable development [3]. - The profit forecast for 2025-2026 has been raised to 27.7 billion yuan and 20.3 billion yuan, respectively, with a new forecast for 2027 at 13.7 billion yuan [4]. Financial Data Summary - Revenue for 2025 is projected at 200.36 billion yuan, with a growth rate of -14.32% [4]. - The net profit for 2025 is estimated at 27.7 billion yuan, reflecting a decrease of 43.58% compared to the previous year [4]. - The earnings per share (EPS) for 2025 is expected to be 1.77 yuan, with a price-to-earnings (P/E) ratio of 8.10 [4]. - The company’s total assets are projected to be 494.98 billion yuan in 2025, with a debt-to-equity ratio of 39.43% [10].