Core Viewpoint - Yantian Port's stock price increased by 0.22% to 4.63 yuan as of August 26, with a trading volume of 397,674 shares and a transaction amount of 184 million yuan [1] Company Overview - Yantian Port operates in the shipping and port sector, focusing on port investment, construction, and operation [1] - The company has stakes in several port enterprises, including Yantian International Container Terminal and Yantian Phase III International Container Terminal, covering multiple ports in Shenzhen and the Shenshan Cooperation Zone [1] - An automated terminal in the East Port area is under construction, with an expected annual throughput of 3 million standard containers, projected to be operational by 2026 [1] Expansion and Development - The company is actively expanding its port network, with the second phase of Xiaomo Port entering the main construction stage, which will increase annual automobile transport capacity from 300,000 to 1 million vehicles upon completion [1] - In the first seven months of this year, Yantian Port added 12 new shipping routes and 11 new trading partner countries, currently operating nearly 100 routes weekly, including 10 cross-border e-commerce routes [1] Environmental Initiatives - Yantian Port is promoting green port construction through measures such as the implementation of shore power systems and LNG refueling trucks, aiming to reduce carbon emissions by nearly 20,000 tons by 2024 [1] Financial Flow - On August 26, the net outflow of main funds for Yantian Port was 24.37 million yuan, accounting for 0.17% of the circulating market value [1] - Over the past five trading days, the cumulative net outflow reached 77.01 million yuan, representing 0.53% of the circulating market value [1]

Investment Rating - The report assigns an "Accumulate" rating for the company with a target price of 23.44 CNY, based on a target PE of 12.5 times [7][4]. Core Views - The company is expected to achieve high growth in revenue and profit driven by investments and acquisitions, with a projected CAGR of 9% for revenue and 27% for net profit from 2018 to 2024 [1][15]. - The domestic container business is anticipated to grow steadily, with significant contributions from the Shenxi Port area, which is expected to see an 18% increase in container throughput in 2024 [2][37]. - The overseas business is projected to benefit from emerging market growth, with a CAGR of 10% for revenue and 12% for profit from 2018 to 2024 [3][46]. Summary by Sections 1. Company Overview - The company is a leading global port operator, focusing on port investment, operation, logistics, and smart technology [15]. - It has a strong historical background as a state-owned enterprise and has established a significant global presence through strategic investments and acquisitions [16][30]. 2. Domestic Business Growth - The domestic container throughput is expected to grow significantly, with the Shenxi Port area projected to account for 81% of the total throughput of mainland-controlled terminals in 2024 [2][30]. - The company’s net profit from domestic operations is primarily driven by investments in key ports in the Yangtze River Delta region [34][40]. 3. Overseas Business Expansion - The overseas revenue and profit are expected to grow due to emerging market opportunities, particularly in Sri Lanka and Brazil, with a focus on enhancing port capabilities [3][47]. - The company has been actively expanding its control over key ports in emerging markets, aligning with the "Belt and Road" initiative [57][64]. 4. Financial Projections - The company’s net profit is projected to reach 46.9 billion CNY in 2025, with a steady increase expected in subsequent years [4][5]. - The report highlights a strong financial outlook, with a consistent increase in EBITDA and net profit margins [5][21].

Core Viewpoint - The company, China Merchants Port, is experiencing steady operational growth and improving profitability, positioning itself as a leading global port operator [1][2]. Performance Summary - In April 2025, the total container throughput reached 17.059 million TEU, a year-on-year increase of 6%, with a cumulative total of 66.118 million TEU for the year, reflecting a 6.9% growth [1][2]. - For Q1 2025, the company reported operating revenue of 4.214 billion yuan, up 8.99% year-on-year, and a net profit attributable to shareholders of 1.091 billion yuan, an increase of 5.21% [2]. - The gross profit margin has been on the rise, with figures of 40.84% in 2023, 42.99% in 2024, and 46.71% in Q1 2025, marking a year-on-year increase of 2.74 percentage points for Q1 2025 [2]. Shareholder Returns - The company has prioritized shareholder returns, with dividend payout ratios of 30.8%, 33.7%, and 40.6% from 2021 to 2023. For 2024, it plans to distribute cash dividends of 1.843 billion yuan, maintaining a payout ratio of 40.8% [3]. Global Strategic Layout - China Merchants Port is enhancing its global strategic layout, focusing on "global layout, lean operation, and innovative upgrades" across four main business areas: port investment, operation, logistics, and smart technology [4]. - The company has made significant strides in overseas markets, with a 15% year-on-year increase in overseas revenue to 5.51 billion yuan in 2024, accounting for 34.2% of total revenue [4]. Business Growth - The overseas port projects achieved a container throughput of 36.835 million TEU in 2024, a growth of 8.1% year-on-year, with notable performances from terminals in emerging markets [5][6]. - The company has maintained a strong financial position, with total assets reaching 204.263 billion yuan and a debt-to-asset ratio of 36.08% as of Q1 2025 [6].