CMPort(001872) 证券时报网·2025-04-02 14:20Core Viewpoint - The company achieved record high performance in 2024, driven by a focus on "high-quality development" and a global strategy, resulting in significant growth in revenue and net profit [1][2]. Financial Performance - The company reported a revenue of 16.13 billion yuan, an increase of 2.4% year-on-year, and a net profit attributable to shareholders of 4.52 billion yuan, up 26.4% [1]. - A cash dividend of 7.4 yuan per 10 shares (including tax) was proposed, totaling 1.853 billion yuan, reflecting a year-on-year increase of 27.1% [1]. Port Operations - In 2024, China's total cargo throughput reached 17.6 billion tons, growing by 3.7%, while container throughput was 33.2 million TEU, up 7.0% [2]. - The company's core container business achieved a throughput of 19.5159 million TEU, marking an 8.3% increase [2]. - The Shenzhen Western Port area saw a record throughput of 1.5991 million TEU, a growth of 17.7%, significantly outperforming the industry average [3]. Global Strategy and Overseas Expansion - The company has established a collaborative network across 51 ports in 26 countries, contributing to a 15.0% year-on-year increase in overseas revenue, which reached 5.51 billion yuan [4][5]. - The overseas business accounted for 34.2% of total revenue, with a gross margin of 55.2%, enhancing overall profitability [4]. - Notable growth was observed in emerging markets, with Sri Lanka's CICT and Brazil's TCP achieving container throughput increases of 4.5% and 24.3%, respectively [5]. Shareholder Returns and Valuation Enhancement - The company announced a valuation enhancement plan, aiming for a dividend payout ratio of no less than 40% from 2024 to 2026, indicating a commitment to shareholder returns [6]. - Since the start of the buyback program, the company has repurchased 11.155 million shares, representing 0.446% of total shares, with a total expenditure of 218 million yuan [6]. Market Position and Investment Outlook - The stock price adjustment in the transportation sector has improved the company's dividend yield, enhancing its investment appeal [7]. - Analysts recommend buying or increasing holdings in the company, citing its high dividend assets, global growth potential, and valuation recovery prospects [7].