Huachuang Securities·2025-09-02 07:45Investment Rating - The report maintains a "Strong Buy" rating for Qingdao Port (601298) [1] Core Views - The company achieved a year-on-year revenue growth of 7.6% in H1 2025, driven by strong performance in the container segment, reinforcing the "Strong Buy" rating [1] - The container business is highlighted as a key growth engine, with a significant increase in throughput and revenue [6] - The report projects steady revenue growth for the upcoming years, with expected revenues of 19,585 million in 2025, 20,444 million in 2026, and 21,377 million in 2027 [2] Financial Performance Summary - Revenue and Profitability: - Total revenue for H1 2025 was 94.34 billion, a 4.04% increase year-on-year, with net profit reaching 28.42 billion, up 7.58% [6] - The company’s gross margin improved to 39.32%, an increase of 2.08 percentage points year-on-year [6] - Segment Performance: - Container throughput reached 17.03 million TEU, a 7.6% increase year-on-year, with container segment revenue soaring by 87.1% [6] - Liquid bulk cargo faced challenges with a 10.1% decline in throughput, while dry bulk cargo remained stable [6] - Earnings Forecast: - The report maintains profit forecasts of 54.9 billion, 58.4 billion, and 62 billion for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.85, 0.90, and 0.96 [6] Valuation and Target Price - The target price is set at 12.0 yuan, representing a 39% upside from the current price of 8.67 yuan, based on a projected price-to-book ratio of 1.7 times the expected net asset value per share [2][6]