Investment Rating - The report maintains a "Recommendation" rating for Tangshan Port (601000) [1] Core Views - The second quarter performance shows significant improvement compared to the first quarter, indicating a strong recovery trend in the company's operations [6] - The company is viewed as a high-dividend quality port stock, expected to benefit from the optimization of the regional port integration [6] - The target price is set at 4.76 CNY, representing a potential upside of 20% from the current price of 3.98 CNY [2][6] Financial Summary - Total revenue for 2024 is projected at 5,724 million CNY, with a year-on-year decline of 2.1%, followed by a growth of 3.9% in 2025 [2] - Net profit attributable to shareholders is forecasted to be 1,979 million CNY in 2024, with a growth rate of 2.8% [2] - Earnings per share (EPS) is expected to be 0.33 CNY in 2024, with a price-to-earnings (P/E) ratio of 12 [2] Operational Performance - In the first half of 2025, the company achieved a cargo throughput of 119 million tons, remaining stable compared to the previous year [6] - The company’s gross margin for the first half of 2025 is reported at 45.2%, reflecting a year-on-year decrease of 4.83 percentage points [6] - Significant quarterly improvement was noted in Q2 2025, with revenue of 13.56 billion CNY, up 9.56% from Q1, and net profit of 5.03 billion CNY, up 31.98% from Q1 [6] Growth Drivers - The company is actively advancing the construction of new bulk cargo berths, which is expected to add an annual throughput capacity of 25.6 million tons [6] - Additional projects are planned to optimize the business structure, including high-quality ore processing and grain transshipment facilities [6]