年年报点评：23年归母净利润+8.72%，股息率4%符合预期

Investment Rating - The investment rating for Qingdao Port (601298.SH) is "Buy" [1]. Core Views - The report highlights that Qingdao Port achieved a net profit attributable to shareholders of 4.923 billion yuan in 2023, representing a year-on-year growth of 8.72% [1]. - The company's total revenue for 2023 was 18.173 billion yuan, a decrease of 5.66% compared to the previous year, while operating costs fell by 11.39% [1]. - The report indicates a gross profit margin of 35.61%, an increase of 4.17 percentage points year-on-year [1]. - The company maintained a high dividend payout ratio of 38.59%, with a dividend of 2.927 yuan per 10 shares, resulting in a total dividend payout of 1.9 billion yuan [1]. Summary by Sections Revenue and Profitability - Total revenue for 2023 was 18.173 billion yuan, down 5.66% year-on-year [2]. - Net profit attributable to shareholders was 4.923 billion yuan, up 8.72% year-on-year [2]. - The gross profit margin improved to 35.61%, up 4.17 percentage points from the previous year [2]. Segment Performance - Container segment revenue reached 1.889 billion yuan, with a growth of 13.1%, contributing 27.82% to total profit [1]. - Dry bulk cargo segment revenue was 671 million yuan, growing 35.6%, accounting for 9.88% of total profit [1]. - Liquid bulk cargo segment revenue was 2.539 billion yuan, an increase of 9.8%, contributing 37.39% to total profit [1]. Future Projections - Revenue projections for 2024 to 2026 are 19.255 billion yuan, 20.300 billion yuan, and 21.061 billion yuan, with expected year-on-year growth rates of 6.0%, 5.4%, and 3.7% respectively [2]. - Net profit projections for the same period are 5.518 billion yuan, 6.060 billion yuan, and 6.615 billion yuan, with expected growth rates of 12.1%, 9.8%, and 9.2% respectively [2]. Financial Ratios - The report indicates a projected P/E ratio of 8.62 for 2024, decreasing to 7.19 by 2026 [2]. - The projected P/B ratio is expected to decline from 1.04 in 2024 to 0.81 in 2026 [2].