Investment Rating - The investment rating for the company is "Accumulate" [3][12]. Core Views - The company is expected to continue high growth in performance in 2023, supported by a high dividend policy that will provide attractive yields [2][6]. - The company's four-wheel drive industrial ecosystem, focusing on modern logistics, toll roads, ports, and environmental protection, is anticipated to gradually showcase its profit potential [6]. - The Qianhai and South China logistics park projects are projected to release profits year by year, driving the company's performance beyond expectations [6]. Financial Summary - The company forecasts a revenue growth of 35% in 2023, with a net profit of HKD 19 billion, representing a 52% increase [6]. - The estimated net profit for 2024 and 2025 is HKD 31 billion and HKD 33 billion respectively, with a new estimate for 2026 at HKD 38 billion [6]. - The company plans to maintain a dividend payout ratio of 50%, estimating a dividend yield of 9.5% for 2024 [6][7]. Project Highlights - The Qianhai residential project is expected to be completed by the end of 2023, contributing significantly to the 2023 performance with an estimated revenue of approximately HKD 55 billion [6]. - The South China logistics park, covering about 580,000 square meters, is set to transform into a super headquarters for the digital economy in South China, with expected gradual profit releases [6].
深圳国际：业绩有望持续高增长，高分红将保障高 息