证券研究报告 非金融公司|公司点评|招商港口（001872） 业绩符合预期，2025H1 归母净利同增 3% 请务必阅读报告末页的重要声明 glzqdatemark1 2025年09月10日 证券研究报告 李蔚 SAC：S0590522120002 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2025年09月10日 招商港口(001872) 业绩符合预期，2025H1 归母净利同增 3% | 行 业： | 交通运输/航运港口 | | --- | --- | | 投资评级： | 买入（维持） | | 当前价格： | 20.89 元 | |报告要点 公司发布 2025 年半年报。2025H1，公司实现营业收入 84.7 亿元，同比增长 6.2%，实现归母 净利润 26.3 亿元，同比增长 3.1%。其中 2025Q2，公司实现营业收入 42.5 亿元，同比增长 3.5%，实现归母净利润 15.4 亿元，同比增长 1.7%。 |分析师及联系人 基本数据 | 总股本/流通股本(百万股) | 2,502/1,925 | | --- | --- | | 流通 A 股市值(百 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [6] Core Views - The company reported a year-on-year revenue growth of 7.78% in the first half of 2025, with a total revenue of 109.1 billion yuan, despite a slight decline of 3.39% in Q2 [8] - The growth in container shipping volume and profitability from port operations supported the company's performance [8] - The company plans to distribute a cash dividend of 0.56 yuan per share for the mid-term, reflecting a dividend payout ratio of approximately 50%, which is a 7.69% increase compared to the same period in 2024 [8] - The company is expected to maintain stable profits in the future due to a solid industry structure and its dividend attributes [8] Financial Summary - Revenue projections for the company are as follows: 2023: 175.448 billion yuan, 2024: 233.859 billion yuan, 2025E: 192.372 billion yuan, 2026E: 180.483 billion yuan, 2027E: 191.742 billion yuan [7] - The net profit attributable to the parent company is projected to be: 2023: 23.86 billion yuan, 2024: 49.1 billion yuan, 2025E: 25.525 billion yuan, 2026E: 19.036 billion yuan, 2027E: 20.09 billion yuan [7] - The company’s earnings per share (EPS) are expected to be: 2023: 1.54 yuan, 2024: 3.17 yuan, 2025E: 1.65 yuan, 2026E: 1.23 yuan, 2027E: 1.30 yuan [7] - The return on equity (ROE) is projected to be: 2023: 12.17%, 2024: 20.92%, 2025E: 10.32%, 2026E: 7.41%, 2027E: 7.52% [7]