埃及副总理兼工业和交通部长卡迈勒·瓦齐尔、苏伊士运河经济区总局主席瓦利德·贾迈勒丁等多名埃方 官员出席试运营仪式，并见证了从首艘停靠码头的船上卸下集装箱的过程。 瓦齐尔表示，码头的运营提升了港口吞吐能力并促进了埃及港口过境贸易。未来还将开通与码头相关的 直航服务和综合运输解决方案，助力埃及出口。 新华财经开罗12月16日电（记者张健）位于埃及苏伊士运河南入口苏赫奈泉港的红海集装箱码头15日开 始试运营。 据了解，该集装箱码头是埃及最大的集装箱码头，码头岸线长达2600米，总面积160万平方米，可停靠 长达400米的船舶，并且在埃及首次采用全自动技术。中国企业参与了项目投资和设备支撑。 （文章来源：新华财经） ...

Investment Rating - The report gives a "Buy" rating for Xiamen Port Authority (000905) for the first time, indicating a positive outlook on the company's future performance [1][11]. Core Viewpoints - The company is undergoing a significant asset restructuring to acquire high-quality container terminal assets, which is expected to enhance its profitability and dividend attributes [8][10]. - The acquisition of the container terminal is projected to double the company's profit capacity, increasing net profit from 200 million to 600 million, representing a nearly 200% growth [10][11]. - The company is positioned as the only listed platform of the Fujian Port Group, with strong support from shareholders for the injection of quality assets [11]. Financial Performance - The total revenue for 2024 is projected to be 22,147 million, with a year-on-year decrease of 3.4%. The net profit attributable to shareholders is expected to be 200 million, down 13.8% year-on-year [3]. - The company has maintained a revenue scale of over 20 billion in recent years, with a net profit consistently above 200 million [7][25]. - In the first half of 2025, the company achieved a net profit of 141 million, a year-on-year increase of 9.4% [7][26]. Business Segments - The company primarily engages in three business segments: bulk cargo handling, port ancillary services, and comprehensive supply chain services [7][8]. - The bulk cargo segment is expected to handle 38.3 million tons in 2024, with a focus on coal, iron ore, and other bulk goods [7][24]. - The comprehensive supply chain service is the largest revenue contributor, accounting for 89.62% of total revenue in 2024 [34]. Asset Acquisition - The planned acquisition involves purchasing 70% of the Xiamen Container Terminal Group for a total consideration of 6.178 billion, which includes both cash and stock [47][48]. - The container terminal group is a leading enterprise in Fujian's port sector, with a throughput capacity exceeding 10 million TEUs, representing over 75% of Xiamen's total capacity [9][48]. - Successful completion of the acquisition is expected to significantly improve the company's asset quality and cash flow, with projected cash flows of 1.26 billion and 1.34 billion for 2023 and 2024, respectively [10][11]. Market Position - Xiamen Port is ranked as the 14th largest container hub globally and the 7th largest in China, benefiting from its strategic location and strong logistics network [9][48]. - The company is well-positioned to capitalize on the growing trade between Taiwan and the mainland, as well as the increasing integration of Asian economies [10][11].