CMPort(SZ:001872) Hua Yuan Zheng Quan·2025-06-08 14:28Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for investment opportunities [5][8][71]. Core Viewpoints - The company is positioned as a global port investment platform with ongoing overseas expansion contributing to profit growth [5][10]. - The company has a strong financial foundation, with projected net profits for 2025-2027 expected to be 48.13 billion, 51.75 billion, and 56.04 billion yuan respectively, reflecting growth rates of 6.57%, 7.53%, and 8.27% [6][71]. - The current price-to-earnings (P/E) ratios are projected to be 10.64, 9.90, and 9.14 for the years 2025, 2026, and 2027, respectively, indicating potential undervaluation [8][71]. Summary by Sections Company Overview - The company is controlled by China Merchants Group and has established itself as a leading global port developer, investor, and operator [7][20]. - The core business includes port loading and unloading, bonded logistics, and smart technology, with loading and unloading accounting for over 95% of revenue by 2024 [7][21]. Financial Performance - Revenue projections for 2023 to 2027 show a compound annual growth rate (CAGR) of 5.88%, with significant contributions from both domestic and international operations [6][45]. - The average revenue from domestic operations accounted for 71.84% of total revenue from 2019 to 2024, establishing a solid performance base [38][46]. Investment Strategy - The company has expanded its global port network, establishing investments in 51 ports across 26 countries and regions by the end of 2024 [34][55]. - The investment strategy focuses on acquiring stakes in key ports, with significant contributions from investments in Shanghai Port and other major players [7][20]. Revenue Streams - The company anticipates steady growth in its core loading and unloading business, with expected revenues of 163.38 billion, 174.52 billion, and 186.16 billion yuan for 2025-2027 [68][69]. - The bonded logistics business is projected to grow at a rate of 5% annually, contributing to overall revenue stability [68][69]. Market Position - The company benefits from a diversified asset base, which helps mitigate regional risks and ensures stable revenue from domestic operations [46][47]. - The overseas business, while smaller, has shown a CAGR of 11.12% from 2019 to 2024, indicating strong growth potential in emerging markets [45][55].