Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1][5]. Core Views - The company achieved an operating revenue of 5.684 billion yuan in 2025, a year-on-year decline of 0.7%, while the net profit attributable to the parent company was 1.998 billion yuan, reflecting a growth of 1.0% year-on-year [3][5]. - The company’s cargo throughput reached a historical high of 242 million tons in 2025, representing a year-on-year increase of 4.1% [5]. - The report maintains a dividend of 0.2 yuan per share, consistent with expectations, resulting in a total dividend payout of 1.185 billion yuan, corresponding to a dividend yield of 4.4% based on the closing price on March 30, 2026 [5][6]. Financial Performance Summary - **Revenue Forecast**: The company is expected to achieve operating revenues of 5.936 billion, 6.158 billion, and 6.339 billion yuan for 2026, 2027, and 2028, respectively, with growth rates of 4%, 4%, and 3% [6][7]. - **Net Profit Forecast**: The net profit attributable to the parent company is projected to be 2.073 billion, 2.161 billion, and 2.237 billion yuan for the same years, with a consistent growth rate of 4% [6][7]. - **Earnings Per Share (EPS)**: The diluted EPS is forecasted to be 0.35, 0.36, and 0.38 yuan for 2026, 2027, and 2028, respectively [6][7]. - **Valuation Metrics**: The price-to-earnings (P/E) ratio is expected to be 13.09, 12.56, and 12.13 for the years 2026, 2027, and 2028 [6][7].