CMPort(SZ:001872) Xinda Securities·2025-09-01 09:43Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company reported a 3.73% increase in net profit attributable to shareholders for the first half of 2025, with a total of 2.627 billion yuan [3] - The company is expected to achieve revenue growth of 3.85%, 3.45%, and 3.36% for the years 2025 to 2027, with net profit growth of -1.30%, 5.24%, and 4.86% respectively [3] - The company is actively expanding its overseas port resources, anticipating the release of synergies from recent acquisitions [3] Financial Performance - For the first half of 2025, total revenue reached 8.468 billion yuan, a year-on-year increase of 6.19% [3] - The net profit attributable to shareholders for the second quarter of 2025 was 1.536 billion yuan, reflecting a year-on-year growth of 1.71% [3] - The gross profit margin is projected to be 43.1% in 2025, with a return on equity (ROE) of 7.0% [4] Operational Highlights - Container throughput in the Pearl River Delta region increased by 9.21% year-on-year in the first half of 2025, totaling 8.97 million TEUs [3] - The company’s investment income from Ningbo Port grew by 15.52% year-on-year in the first half of 2025, amounting to 599 million yuan [3] - The company completed the acquisition of a 51% stake in Indonesia's NPH in June 2024 and plans to acquire a Brazilian oil terminal for 448 million USD [3] Earnings Forecast - The forecasted earnings per share (EPS) for 2025, 2026, and 2027 are 1.78 yuan, 1.88 yuan, and 1.97 yuan respectively [4] - The price-to-earnings (P/E) ratios for the same years are projected to be 11.52, 10.92, and 10.42 times [4]