Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The company is expected to continue high growth in performance, supported by a high dividend policy that will provide attractive yields [3][4] - The company's four-wheel drive industrial ecosystem, focusing on modern logistics, toll roads, ports, and environmental protection, is gradually showcasing its profit potential [4] - The Qianhai and South China logistics park projects are anticipated to release profits year by year, driving future performance beyond expectations [4] Summary by Relevant Sections - Performance Forecast: The company is projected to achieve a net profit of HKD 31 billion in 2024 and HKD 33 billion in 2025, with a new forecast of HKD 38 billion for 2026. Assuming a dividend payout ratio of 50%, the estimated dividend yield for 2024 will rise to 9.5% [4] - Revenue Growth: The company expects a revenue increase of 35% in 2023, with a net profit of HKD 19 billion, reflecting a growth of 52%. The logistics parks currently manage 37 projects with a rental rate of approximately 90%, outperforming industry standards [4] - Highways Performance: The traffic volume on the Shenzhen Expressway is expected to grow by 20% in 2023, resulting in a net profit of RMB 2.3 billion, a 15% increase. In Q1 2024, the net profit is projected to be RMB 470 million, a year-on-year increase of 6.4% [4] - Qianhai Residential Project: The independent development of the Qianhai residential project is set to be completed by the end of 2023, with expected revenue recognition of approximately HKD 55 billion [4] - South China Logistics Park: This project, covering about 580,000 square meters, aims to transform into a super headquarters for the digital economy in South China. It is expected to drive performance growth in the coming years [4] - Dividend Policy: The company has maintained a high dividend payout ratio, with a total cash dividend exceeding HKD 17.5 billion since 2006. The proposed dividend for 2023 is HKD 0.4 per share, maintaining a payout ratio of 50% [4]
深圳国际：业绩有望持续高增长，高分红将保障高股息