上 市 公 司 交通运输 2025 年 08 月 28 日 深圳国际 (00152) ——关注物流园转型升级项目进展，高股息具备吸引力 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 08 月 27 日 | | --- | --- | | 收盘价（港币） | 7.58 | | 恒生中国企业指数 | 9020.26 | | 52 周最高/最低（港币） | 8.26/5.68 | | H 股市值（亿港币） | 185.24 | | 流通 H 股（百万股） | 2,443.74 | | 汇率（人民币/港币） | 1.0953 | 一年内股价与基准指数对比走势： -5% 15% 35% 55% HSCEI 深圳国际 资料来源：Bloomberg 相关研究 《深圳国际（00152）深度： 国企优质资 源禀赋，物流园转型升级带来业绩弹性 》 2025/06/21 证券分析师 闫海 A0230519010004 yanhai@swsresearch.com 研究支持 郑逸欢 A0230124010001 zhengyh@swsresearch.com 联系人 郑逸欢 (8621)2329781 ...

Core Viewpoint - CICC maintains the profit forecast for Shenzhen International (00152) for 2025 and 2026, with a target price of HKD 9.38, indicating a potential upside of 23.8% from the current stock price [1] Group 1: Financial Performance - The company's 1H25 performance met expectations, with revenue of HKD 6.67 billion, a year-on-year increase of 0.9%, and a net profit of HKD 490 million, down 24.9% year-on-year, primarily due to a one-time tax benefit from the previous year [2] - Revenue from the toll road and environmental protection business remained stable, with toll road revenue at HKD 2.64 billion, essentially flat year-on-year, while the environmental protection business saw a 2% increase to HKD 810 million, achieving a net profit of HKD 95.32 million [3] Group 2: Business Segments - The logistics and port business faced challenges, with logistics park revenue up 5% to HKD 790 million, but net profit down 90% to HKD 55.91 million due to high base effects from the previous year [3] - Port revenue decreased by 13% to HKD 1.39 billion, with net profit down 72% to HKD 1.204 million, attributed to slowing market demand and increased competition [3] Group 3: Future Outlook - The logistics park's closed-loop model is expected to continue contributing to performance, with projected tax-adjusted gains of HKD 2.367 billion from the first phase of the South China logistics park [4] - The company aims to enhance cash flow through public REIT expansions and private fund issuances, leveraging asset appreciation [4] Group 4: Dividend Policy - The company has a stable dividend policy, with an average payout ratio of 51% over the past five years, leading to an attractive dividend yield of 9.7% for 2025/2026 based on profit forecasts [5]