CMPort(SZ:001872) Guolian Minsheng Securities·2025-09-10 07:15Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company reported its 2025 H1 results, achieving operating revenue of 8.47 billion yuan, a year-on-year increase of 6.2%, and a net profit attributable to shareholders of 2.63 billion yuan, up 3.1% year-on-year [4][12] - The container throughput showed steady growth, increasing by 6% year-on-year, with a total of 101.21 million TEUs handled in H1 2025 [13] - The port's main business revenue grew steadily, with investment income from Ningbo Port increasing by 15.5% [14] Summary by Sections Financial Performance - In 2025 H1, the company achieved operating revenue of 8.47 billion yuan, with Q2 revenue at 4.25 billion yuan, reflecting a 3.5% year-on-year growth [4][12] - The net profit attributable to shareholders for H1 was 2.63 billion yuan, with Q2 net profit at 1.54 billion yuan, showing a 1.7% year-on-year increase [4][12] Container and Cargo Throughput - The company completed a container throughput of 101.21 million TEUs in H1 2025, a 5.7% increase year-on-year [13] - The throughput for bulk cargo was 630 million tons, showing a slight decline of 0.7% year-on-year [13] Revenue Breakdown - Revenue from port operations, bonded logistics, and property development was 8.08 billion, 305 million, and 86 million yuan respectively, with year-on-year changes of +6.02%, +15.11%, and -6.23% [14] - The gross margin for port operations was 46.61%, an increase of 0.89 percentage points year-on-year [14] Profit Forecast - The company is expected to achieve operating revenues of 16.57 billion, 17.11 billion, and 17.66 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 2.74%, 3.23%, and 3.24% [15] - The net profit attributable to shareholders is projected to be 4.61 billion, 4.81 billion, and 5.00 billion yuan for the same years, with growth rates of 2.00%, 4.48%, and 3.89% respectively [15]