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 net profit attributable to shareholders of 3.57 billion yuan, reflecting a year-on-year growth of 6.98% [1][3]. - The company plans to increase its dividend payout ratio to 41%, with a proposed cash dividend of 0.58 yuan per share, which is a 0.13 yuan increase from the previous year [1][3]. - The report highlights the strategic value of overseas port assets, noting that the company has a significant presence in key international trade nodes, which enhances its competitive advantage [1][3]. Financial Summary - Total revenue for 2023 was 15,750 million yuan, with a year-on-year decrease of 3.0%. Projected revenues for 2024, 2025, and 2026 are 17,013 million yuan, 18,085 million yuan, and 19,199 million yuan, respectively, with expected growth rates of 8.0%, 6.3%, and 6.2% [8]. - The net profit attributable to shareholders for 2023 was 3,572 million yuan, with projected profits of 3,959 million yuan, 4,308 million yuan, and 4,650 million yuan for the following years, reflecting growth rates of 10.8%, 8.8%, and 8.0% [8]. - The earnings per share (EPS) for 2023 was 1.43 yuan, with projections of 1.58 yuan, 1.72 yuan, and 1.86 yuan for the next three years [8]. Operational Data - Container throughput reached 18,019.5 million TEU, a year-on-year increase of 23.5%, while bulk cargo throughput was 1.25 billion tons, up 69.6% [1][3]. - The company’s overseas revenue accounted for 30.4% of total revenue, with an overseas gross profit margin of 55.8%, significantly higher than the domestic margin of 34% [1][3]. Investment Recommendations - The report suggests a target price of 25.1 yuan per share, indicating a potential upside of 38% from the current price of 18.17 yuan [3][4]. - The expected dividend yield for 2024 and 2025 is projected to be 3.6% and 3.9%, respectively, based on the proposed dividend payout ratio [1][3].