ZPH(SZ:000507) Dongxing Securities·2025-09-02 07:05Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its stock performance relative to market benchmarks [4]. Core Insights - The company experienced a revenue decline of 15.38% year-on-year in the first half of 2025, totaling 2.248 billion yuan, primarily due to the exclusion of Zhuhai Coca-Cola from consolidation and a reduction in logistics trade business [1]. - The port and logistics segment focused on enhancing core business efficiency, resulting in improved profit margins despite a decrease in revenue. The port segment's revenue was 377 million yuan, down 3.95%, with a gross margin of 46.52%. The logistics segment saw a revenue drop of 42.51% to 227 million yuan, but its gross margin increased by 10.04 percentage points to 21.22% [1]. - The company is actively expanding its external market presence, particularly in the Yangtze-Xijiang port logistics cluster, achieving a total cargo throughput of 26.97 million tons in the first half of the year, a year-on-year increase of 5.33% [2]. - The renewable energy business showed steady growth, with the power segment's eight wind farms generating 428 million kWh, a 25.48% increase year-on-year. However, operational profit from the wind segment decreased by 16.05% to 39.51 million yuan due to lower comprehensive electricity prices [3]. - The company's total revenue from renewable energy reached 1.25 billion yuan, a 4.82% increase year-on-year, with a slight decline in gross margin to 27.25% [3]. Financial Performance Summary - The company forecasts net profits of 318 million yuan, 352 million yuan, and 396 million yuan for 2025, 2026, and 2027 respectively, with earnings per share (EPS) projected at 0.28 yuan, 0.32 yuan, and 0.37 yuan [4]. - The company is enhancing its port and logistics supply chain system, which is expected to improve competitiveness and risk resilience. The renewable energy segment is anticipated to continue contributing positively to profits [4]. - The financial projections indicate a revenue growth rate of 3.30% in 2025, followed by 4.77% in 2026 and 7.12% in 2027 [9].