业绩稳健增长，分红逐步提升

Investment Rating - The investment rating for the company is "Add" [2][10]. Core Views - The company reported a revenue of 15.75 billion yuan in 2023, a year-on-year decrease of 2.96%, while the net profit attributable to shareholders increased by 6.98% to 3.572 billion yuan, with a basic EPS of 1.43 yuan [6][10]. - The company plans to distribute a cash dividend of 5.80 yuan per 10 shares (including tax), resulting in a dividend payout ratio of 40.56% and a dividend yield of 3.21% based on the closing price on April 3, 2024 [6][10]. - The company has established a comprehensive port network across major coastal hubs in China and successfully expanded its operations to six continents [7]. Summary by Relevant Sections Market Data - Closing price: 18.08 yuan - Total shares: 2,499 million - Circulating shares: 1,743 million - Net assets: 58,848 million yuan - Total assets: 198,557 million yuan - Net asset per share: 23.55 yuan [3]. Financial Performance - Container throughput reached 180.195 million TEU, a year-on-year increase of 23.5%, while bulk cargo throughput was 1.25 billion tons, up 69.6% [7]. - The company's port business generated 15.036 billion yuan in revenue, accounting for 95.47% of total revenue, a decrease of 3.78% year-on-year [8]. - The gross profit margin for the company was 40.84%, an increase of 0.30 percentage points year-on-year [8]. Investment Strategy and Profit Forecast - The company focuses on acquiring and investing in high-quality port assets both domestically and internationally, aiming to build a modern port ecosystem [10]. - The profit forecast for 2024-2026 estimates net profits of 3.813 billion, 4.088 billion, and 4.357 billion yuan, with corresponding EPS of 1.53, 1.64, and 1.74 yuan [10].