Investment Rating - The investment rating for the company is "Buy" (maintained) [1][10] Core Views - The company has demonstrated stable high dividends and a clear path for future value recovery [1][8] - In 2023, the company achieved a revenue of HKD 20.711 billion, a year-on-year increase of 32.70%, and a net profit attributable to shareholders of HKD 1.902 billion, up 51.66% year-on-year [2][4] - The logistics business is steadily growing, with significant contributions from the logistics park transformation and upgrades [5][8] Summary by Sections Financial Performance - In the second half of 2023, the company reported revenue of HKD 13.783 billion, a year-on-year increase of 69.76%, and a quarter-on-quarter increase of 98.94% [2][4] - The net profit attributable to shareholders for the second half of 2023 was HKD 18.10 billion, reflecting a year-on-year growth of 169.15% [2][4] Business Segments - The high-speed port business continues to provide stable income, contributing HKD 10.92 billion to the net profit [4] - The logistics business saw a decline in net profit to HKD 5.32 billion, down 62.69% year-on-year, due to the absence of REITs projects [4] - The logistics park transformation contributed significantly, with a net profit of HKD 17.46 billion, primarily from the completion of the Qianhai residential project [4][5] Future Outlook - The company plans to expand its logistics park operations to 8 million square meters by the end of 2025 [5] - The projected revenues for 2024, 2025, and 2026 are HKD 16.589 billion, HKD 17.250 billion, and HKD 17.789 billion, respectively [8][9] - The expected net profits for the same years are HKD 3.802 billion, HKD 3.878 billion, and HKD 3.968 billion, with corresponding P/E ratios of 3.78, 3.71, and 3.62 [8][9] Dividend Policy - The company maintains a commitment to distribute at least 30% of core business profits as dividends, with an actual payout ratio around 50% [8] - For 2023, the proposed dividend is HKD 0.40 per share, totaling HKD 9.57 billion, maintaining a 50% payout ratio [8]
深圳国际（00152）2023年业绩点评：持续稳定高股息，未来价值回归路径清晰