TSPGC(SH:601000) Xinda Securities·2024-03-28 16:00Investment Rating - The investment rating for Tangshan Port (601000.SH) is "Accumulate" [1]. Core Views - The report highlights that Tangshan Port achieved a revenue of 5.845 billion yuan in 2023, representing a year-on-year growth of 4.00%. The net profit attributable to shareholders was 1.925 billion yuan, reflecting a year-on-year increase of 13.93% [1]. - The company maintained a high dividend payout ratio of 61.57%, with a dividend of 2 yuan per 10 shares, totaling 1.185 billion yuan, which corresponds to a dividend yield of 4.6% [1][3]. - The report anticipates steady growth in performance, projecting revenues of 6.040 billion, 6.234 billion, and 6.369 billion yuan for 2024 to 2026, with respective growth rates of 3.34%, 3.23%, and 2.22% [1][2]. Financial Performance Summary - Total revenue for 2023 was 5,845 million yuan, with a growth rate of 4.0% compared to 2022 [3]. - The net profit attributable to the parent company was 1,925 million yuan, showing a year-on-year growth of 13.9% [3]. - The gross profit margin improved to 45.7% in 2023, up from 38.7% in 2022 [3]. - The return on equity (ROE) for 2023 was 9.6%, an increase from 8.8% in 2022 [3]. - Earnings per share (EPS) for 2023 was 0.32 yuan, with projected EPS of 0.34, 0.36, and 0.37 yuan for 2024 to 2026 [3][2]. Operational Highlights - The company achieved a cargo throughput of 230 million tons in 2023, a year-on-year increase of 10.74% [1]. - The throughput of iron ore reached 107 million tons, growing by 11.37%, while coking coal throughput surged by 74.58% to 1.3 million tons [1]. - The company plans to construct new berths to match demand, with a total investment not exceeding 5.4 billion yuan, funded by 25% self-raised funds and 75% bank loans [1].