QDPI(SH:601298) Huachuang Securities·2024-04-29 11:02Investment Rating - The report maintains a "Recommended" rating for Qingdao Port (601298) [1] Core Views - In Q1 2024, Qingdao Port achieved a revenue of 4.43 billion yuan, a year-on-year decrease of 2.67%, while the net profit attributable to shareholders increased by 4.60% to 1.32 billion yuan [1] - The company continues to show strong growth in container throughput, maintaining a double-digit growth trend with a 11.5% year-on-year increase in Q1 2024 [1] - The company is planning a significant asset restructuring with Rizhao Port and Yantai Port, which is expected to enhance its competitive position and long-term growth potential [1] Financial Performance - Revenue for 2023 was 18.17 billion yuan, with a projected growth to 19.53 billion yuan in 2024, reflecting a year-on-year increase of 7.5% [2] - The net profit for 2023 was 4.92 billion yuan, expected to rise to 5.42 billion yuan in 2024, marking a growth of 10.2% [2] - The gross profit margin improved to 38.15% in Q1 2024, an increase of 0.65 percentage points year-on-year [1] Operational Metrics - The total cargo throughput in Q1 2024 reached 1.72 million tons, a year-on-year increase of 6.9% [1] - The company completed a container throughput of 7.67 million TEUs in Q1 2024, continuing the high growth trend seen in the previous quarters [1] - The asset-liability ratio decreased to 24.37%, down by 3.25 percentage points year-on-year, indicating improved financial stability [1] Future Projections - The report forecasts net profits for 2024, 2025, and 2026 to be 5.42 billion yuan, 5.96 billion yuan, and 6.44 billion yuan respectively, with growth rates of 10.2%, 9.9%, and 8.1% [1][2] - The expected earnings per share (EPS) for the same years are projected to be 0.84 yuan, 0.92 yuan, and 0.99 yuan, with corresponding price-to-earnings (PE) ratios of 10, 9, and 8 [2]