ZPH(SZ:000507) Dongxing Securities·2025-05-06 09:46Investment Rating - The report maintains a "Recommended" rating for Zhuhai Port [2][11]. Core Views - In 2024, Zhuhai Port achieved a revenue of 5.125 billion yuan, a year-on-year decrease of 6.1%, while the net profit attributable to shareholders was 292 million yuan, an increase of 5.4% [3][11]. - The company's strategy of "dual-wheel drive" continues to advance, focusing on enhancing its competitive edge and risk resilience through diversification of cargo types and expansion into new business areas [4][11]. - The logistics segment has seen a significant improvement in gross margin, despite a revenue decline of 39.51%, with the gross margin increasing by 4.34 percentage points to 13.17% [4][11]. Summary by Sections Revenue and Profitability - The company's revenue for Q1 2025 was 1.193 billion yuan, down 10.9% year-on-year, but net profit increased by 36.9% to 78 million yuan, indicating a focus on high-quality business development [6][11]. - The overall revenue for 2024 was 5.125 billion yuan, with a projected increase to 5.294 billion yuan in 2025, reflecting a growth rate of 3.30% [12][11]. Cargo Handling and Operations - The total cargo throughput for the company's terminals in 2024 was 57.8435 million tons, a year-on-year increase of 15.47% [4][11]. - The port segment's revenue was 780 million yuan, down 2.38% year-on-year, with a gross margin of 44.58%, a decrease of 2.68 percentage points from 2023 [4][11]. Business Segments - The shipping segment faced weak demand, with bulk cargo transport down 36.10% to 9.289 million tons and container transport down 30.58% to 217,000 TEUs [5][11]. - The renewable energy segment reported a revenue of 2.435 billion yuan, a year-on-year increase of 3.29%, with a gross margin of 26.53% [5][11]. Future Projections - The forecast for net profit from 2025 to 2027 is 318 million yuan, 352 million yuan, and 396 million yuan, respectively, with corresponding EPS of 0.28, 0.32, and 0.37 yuan [11][12].