2023年业绩快报点评：2023年归母净利润两位数增长，铁山新港区巩固成长性

Investment Rating - The investment rating for the company is "Accumulate (Maintain)" [1] Core Views - The company is expected to achieve a double-digit growth in net profit attributable to the parent company in 2023, with a focus on the growth potential of the Tieshan New Port area [1][30] - The company's operating revenue for 2023 is projected to be 6.944 billion, with a year-on-year growth of 8.87%, and a net profit attributable to the parent company of 1.120 billion, reflecting a year-on-year increase of 9.52% [18][30] - The company has established a strong resource distribution advantage in the southwest region, benefiting from the booming import and export activities in Guangxi [2][4] Financial Performance Summary - The company achieved a total cargo throughput of 31,039.78 million tons in 2023, representing a year-on-year growth of 10.81%, with container throughput reaching 802.2 million TEUs, up 14.26% year-on-year [30][32] - The net profit margin for 2023 was 16.09%, showing a slight decrease of 0.20 percentage points year-on-year [32] - The projected earnings per share (EPS) for 2023 is 0.63, with a price-to-earnings (P/E) ratio of 12.55 [18][19] Growth Potential - The company is expected to maintain a revenue growth rate of 9% in 2024 and 10% in 2025, with net profit growth rates of 8% and 11% respectively [18][19] - The establishment of new logistics pathways and infrastructure projects in the Tieshan New Port area is anticipated to enhance operational efficiency and reduce costs for businesses in the region [2][4]