Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The transformation and upgrade projects are continuously being realized, highlighting the value of high dividends [5] - The company has a stable dividend policy, with a payout ratio increasing from around 40% (2013-2016) to approximately 50% (2017-2024), with total dividends of 11.8 billion HKD during 2018-2024 [7] - The company is expected to see profit growth from its logistics park transformation projects, with projected net profits of 36.4 billion, 36.5 billion, and 28.0 billion HKD for 2025-2027, corresponding to P/E ratios of 5.8, 5.8, and 7.5 respectively [7] Financial Performance - Revenue projections for the company are as follows: 20,523.8 million HKD in 2023, decreasing to 15,570.6 million HKD in 2024, and then gradually increasing to 17,250.2 million HKD by 2027, with a CAGR of 5.2% from 2026 to 2027 [6] - The net profit attributable to shareholders is forecasted to be 1,901.6 million HKD in 2023, increasing to 3,637.9 million HKD in 2025, before declining to 2,795.9 million HKD in 2027 [6] - The company's earnings per share (EPS) is expected to be 0.80 HKD in 2023, reaching 1.49 HKD in 2025, and then slightly decreasing to 1.14 HKD in 2027 [6] Market Data - The closing price of the company's stock is 8.60 HKD, with a market capitalization of 21,016.13 million HKD [3] - The company's asset-liability ratio stands at 58.62% [3]
深圳国际（00152）：转型升级项目持续兑现，高股息价值凸显：深圳国际（00152.HK）