TSPGC(SH:601000) Guoxin Securities·2024-04-01 16:00Investment Rating - The investment rating for Tangshan Port (601000.SH) is maintained at "Buy" [4][11]. Core Views - Tangshan Port reported a revenue of 5.845 billion yuan in 2023, a year-on-year increase of 4.00%, and a net profit attributable to shareholders of 1.925 billion yuan, up 13.93% [5][6]. - The company plans to maintain a stable dividend of 1.185 billion yuan, consistent with the amounts from 2020 to 2022, resulting in a dividend payout ratio of 61.57% for 2023 [5][6]. - The increase in throughput, which reached 230 million tons in 2023 (up 10.7% year-on-year), significantly contributed to revenue growth, with coal throughput increasing by 74.6% [7][8]. - The company is actively promoting the construction of new berths, with a project approved to build two 300,000-ton bulk cargo berths, expected to enhance capacity by 25.6 million tons annually by 2026-2027 [8]. Financial Summary - Revenue and Profit Forecasts: - 2024E revenue is projected at 6.020 billion yuan, a 3.0% increase from 2023, with net profit expected to reach 2.060 billion yuan, a 7.0% increase [2][9]. - Key Financial Metrics: - The company's PE ratio is projected to be 12.1 for 2024, decreasing to 11.7 by 2026 [2][9]. - Cash Position: - As of the end of 2023, Tangshan Port had cash and cash equivalents exceeding 5.615 billion yuan, indicating a strong liquidity position to support capital expenditures [8][9].