QHD PORT(SH:601326) Tai Ping Yang·2024-04-08 16:00Investment Rating - The report gives an "Accumulate" rating for the company, indicating a positive outlook for its future performance [19]. Core Views - The company operates as a public terminal operator for bulk dry cargo, with a strategic cross-port operation in Qinhuangdao, Tangshan, and Cangzhou. The Qinhuangdao port is a significant coal loading port in China. In the reporting period, the company achieved a total cargo throughput of 391.95 million tons, an increase of 8.12 million tons or 2.1% compared to the same period in 2022 [19][27]. - The breakdown of throughput by port shows Qinhuangdao, Caofeidian, and Huanghua ports accounting for 47.1%, 31.2%, and 21.7% respectively. In terms of cargo types, coal, metal ores, other miscellaneous goods, containers, and liquid chemicals accounted for 55.3%, 33.7%, 6.8%, 3.7%, and 0.5% respectively. Notably, the metal ore handling services saw a year-on-year increase of 12.8% due to a significant rise in steel export demand and the lifting of government-imposed steel production limits, leading to strong iron ore demand [19][27]. - The company's investment income contribution was 310 million, a year-on-year increase of 32.4%, primarily due to the increase in net profit from its joint ventures. For instance, Tangshan Caofeidian Industrial Port Co., Ltd. reported a net profit of 940 million in 2023, with Qinport holding a 35% stake, contributing 21.5% to the parent company's net profit [19][27]. Summary by Relevant Sections - Financial Performance: The company reported total operating revenue of 7.06 billion, a year-on-year increase of 2%. The net profit attributable to the parent company was 1.53 billion, up 17% year-on-year. A cash dividend of 0.83 yuan per 10 shares (including tax) was distributed, totaling 460 million, resulting in a dividend yield of approximately 2.5% based on the previous closing price [27]. - Future Projections: The company is expected to benefit from the integrated layout of the Hebei Port Group and the gradual commissioning of its self-operated terminal expansions. The report anticipates a collaborative development among the three ports in the future [19][27]. - Earnings Forecast: The forecast for operating revenue and net profit for the next few years shows a steady growth trajectory, with net profit expected to reach 1.62 billion in 2024 and 1.71 billion in 2025, reflecting growth rates of 6% and 5% respectively [28].