TSPGC(SH:601000) CMS·2025-09-11 15:09Investment Rating - The report maintains an "Accumulate" rating for Tangshan Port [3] Core Views - The company's Q2 performance showed significant improvement compared to Q1, with a notable recovery in coal cargo volume [1][7] - The company is focusing on its core business of bulk cargo handling and storage, leveraging its strategic location in the Jing-Tang port area [7] Financial Performance Summary - For H1 2025, Tangshan Port reported total revenue of 2.59 billion yuan, a year-on-year decrease of 12.9%, and a net profit attributable to shareholders of 890 million yuan, down 19.8% [1] - In Q2 2025, revenue was 1.36 billion yuan, a year-on-year decline of 9.2%, while net profit was 500 million yuan, down 10.5%, showing a significant narrowing of the decline compared to Q1 [1] - The company's total cargo throughput for H1 2025 was 120 million tons, remaining stable compared to the previous year, with coal throughput increasing by 10.1% to 30 million tons [7] Financial Data and Valuation - Revenue projections for the upcoming years are as follows: 2025E at 5.689 billion yuan, 2026E at 5.723 billion yuan, and 2027E at 5.819 billion yuan, with expected year-on-year growth rates of -1%, 1%, and 2% respectively [2][13] - The estimated net profit for 2025 is 1.901 billion yuan, with a projected PE ratio of 12.3x and a PB ratio of 1.1x [7][13] Shareholder Information - The major shareholder, Tangshan Port Industrial Group Co., Ltd., holds a 44.88% stake in the company [3] Market Performance - The current share price is 3.96 yuan, with a total market capitalization of 2.35 billion yuan [3]