Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% within the next 6-12 months [5]. Core Insights - The company reported a revenue of HKD 331 million for H1 2024, representing a year-on-year growth of 7.3%, while the net profit attributable to shareholders was HKD 685 million, a decline of 7.9% compared to the previous year [1]. - The revenue and gross profit growth were primarily driven by the company's utilization of excess capacity at its terminals to provide unloading services for third-party clients, resulting in a 23.58% increase in crude oil unloading volume [1]. - Investment income decreased due to reduced returns from domestic terminals and foreign exchange losses, with total investment income for H1 2024 at HKD 510 million, down 5.3% year-on-year [1]. - The company is progressing well with various projects, including the upgrade of the Ma Bian Zhou terminal, which is expected to enhance revenue and profit margins once operational [1]. Financial Summary - For the fiscal years 2024 to 2026, the company is projected to achieve net profits of HKD 1.36 billion, HKD 1.42 billion, and HKD 1.47 billion respectively, reflecting a steady growth trajectory [3]. - The company's revenue is expected to grow from HKD 616 million in 2023 to HKD 654 million in 2025, with a compound annual growth rate of approximately 6.12% [3]. - The diluted earnings per share are forecasted to increase from HKD 0.52 in 2023 to HKD 0.57 in 2025, indicating a positive outlook for shareholder returns [3].
中石化冠德：码头投资收益下降，影响H1净利润