Investment Rating - The report upgrades the investment rating of the company to "Buy" [1]. Core Insights - Shenzhen International, a state-owned enterprise under the Shenzhen State-owned Assets Supervision and Administration Commission, possesses high-quality assets in the Greater Bay Area and is entering a performance realization phase for its logistics parks [7]. - The logistics business is steadily growing, with the South China logistics park expected to contribute over 10 billion RMB in net profit [7]. - The company has a stable profit foundation from its expressway and port operations, while the impact from Shenzhen Airlines is no longer accounted for due to its negative net asset status [7]. - The company maintains a high dividend yield and low valuation, providing a safety margin for investors [8]. Summary by Sections Company Overview - Shenzhen International is a transportation asset management platform directly under the Shenzhen State-owned Assets Supervision and Administration Commission, with significant assets including residential land and stakes in expressways and airlines [7][10]. Financial Performance - The company’s main revenue is projected to grow from 21,064 million HKD in 2023 to 16,915 million HKD in 2024, with a significant increase in net profit from 1,901 million HKD in 2023 to 3,801 million HKD in 2024 [5]. - The company’s PE ratio is expected to decrease from 8.08 in 2023 to 4.04 in 2024, indicating a low valuation [5][8]. Logistics Business Growth - The logistics business is expanding, with over 1 million square meters of planned logistics park area, and the company is ranked as the eighth largest logistics real estate company in China [7][30]. - The company has implemented innovative business models to maximize land value, contributing to profit elasticity through land modification and REITs [7][39]. Profit Sources - The expressway business contributes approximately 1.1 billion HKD annually to the company's net profit, while the port operations add around 100 million HKD [7][20]. - The company has ceased to account for losses from Shenzhen Airlines, which has reduced its impact on overall profitability [7][20]. Dividend Policy - Shenzhen International commits to distributing at least 30% of its core business profits as dividends, with actual distributions often around 50% [8].
深度报告：低估值高股息深圳国企，华南物流园进入业绩兑现期