CMPort(SZ:001872) Huachuang Securities·2024-04-01 16:00Investment Rating - The report maintains a "Strong Buy" rating for the company, emphasizing its undervalued overseas strategic assets and commitment to shareholder returns [1][3]. Core Views - The company reported a revenue of 15.75 billion yuan and a total profit of 8.8 billion yuan for 2023, with a year-on-year increase in net profit attributable to shareholders of 6.98% [1]. - The company plans to increase its dividend payout ratio to 41%, with a proposed cash dividend of 0.58 yuan per share, reflecting a significant commitment to shareholder returns [1]. - The report highlights the strategic value of overseas port assets, emphasizing the importance of securing key trade nodes and supply chain stability in a complex international environment [1]. Financial Performance - The company achieved a total revenue of 15.75 billion yuan in 2023, with a year-on-year growth rate of -3.0% [8]. - The net profit attributable to shareholders for 2023 was 3.572 billion yuan, with a year-on-year growth rate of 7.0% [8]. - The report forecasts net profits of 3.96 billion yuan, 4.31 billion yuan, and 4.65 billion yuan for 2024, 2025, and 2026, respectively, with corresponding EPS of 1.58, 1.72, and 1.86 yuan [1][8]. Operational Highlights - Container throughput reached 18.02 million TEUs, representing a year-on-year increase of 23.5% [1]. - The port's bulk cargo throughput was 1.25 billion tons, with a significant year-on-year growth of 69.6%, largely due to the inclusion of Ningbo Port's business volume in the statistics [1]. Strategic Insights - The report emphasizes the non-renewable nature of port resources and the strategic advantage of acquiring high-quality overseas projects [1]. - The company’s overseas revenue accounted for 30.4% of total revenue, with an overseas business gross margin of 55.8%, significantly higher than the domestic margin of 34% [1]. Valuation - The target price for the company is set at 25.1 yuan, indicating a potential upside of 38% from the current price of 18.17 yuan [3][4]. - The report suggests a price-to-earnings ratio (P/E) of 11 for 2024 and a price-to-book ratio (P/B) of 1 for the same year [1][8].