Changjiang Securities·2025-05-07 13:44Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - In the first quarter of 2025, the company achieved operating revenue of 4.81 billion yuan, a year-on-year increase of 8.5%, and a net profit attributable to shareholders of 1.4 billion yuan, up 6.5% year-on-year [5][11] - The container throughput benefited from increased exports to the U.S., maintaining high growth, while bulk cargo, especially oil throughput, was under pressure due to low operating rates of local refineries [11] - The company's gross profit growth was mainly driven by high growth in container throughput, while investment income declined, possibly due to a decrease in liquid bulk cargo business volume [11] Summary by Sections Financial Performance - In Q1 2025, the company reported total cargo throughput of 177 million tons, a year-on-year increase of 2.9%, with container throughput of 8.22 million TEU, up 7.2% year-on-year [11] - The revenue for Q1 2025 was 4.81 billion yuan, with a cost of 2.95 billion yuan, resulting in a gross margin of 38.6%, an increase of 0.4 percentage points year-on-year [11] - The net profit margin was 32.0%, down 1.4 percentage points year-on-year [11] Business Outlook - The local refinery operating rates showed signs of stabilization, and the production of iron and steel is on the rise, which may lead to a recovery in oil and dry bulk cargo throughput [11] - The company expects net profits attributable to shareholders for 2025-2027 to be 5.48 billion, 5.71 billion, and 6.14 billion yuan, corresponding to P/E ratios of 10.2, 9.8, and 9.1 times, respectively [11]