ZPH(000507) 东兴证券·2024-09-03 07:42Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its performance relative to market benchmarks [2][3]. Core Insights - The company reported a revenue of 2.66 billion yuan for the first half of 2024, a slight decrease of 0.5% year-on-year, while the net profit attributable to shareholders was 192 million yuan, reflecting a growth of 2.8% [1]. - The container throughput continued to grow, but weak demand for containers led to a slight decline in revenue. The company’s ports achieved a cargo throughput of 25.605 million tons, up 10.5% year-on-year, but container throughput growth was negative in several ports [1]. - The shipping segment faced weak demand, with a significant decline in both bulk and container transport volumes, resulting in a revenue drop of 29.1% for the shipping business [1]. - The energy segment showed stable performance, with revenue of 1.19 billion yuan, a year-on-year increase of 4.4%. However, the gross margin decreased slightly due to adverse weather conditions affecting wind power operations [1][2]. Financial Performance Summary - The company’s financial forecasts predict net profits of 300 million yuan, 340 million yuan, and 380 million yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.27 yuan, 0.30 yuan, and 0.35 yuan [2][5]. - The revenue for 2024 is expected to be approximately 5.396 billion yuan, with a slight decline from the previous year, followed by growth in subsequent years [5][6]. - The gross margin for the port segment was reported at 47.2%, down 1.1 percentage points year-on-year, primarily due to the decline in container handling demand [1][4]. Business Segment Analysis - The port segment's revenue decreased by 3.2% year-on-year, while the energy segment's revenue increased, indicating a shift in performance dynamics within the company [1][2]. - The shipping segment's performance was notably weak, with a 31% decline in bulk transport and a 51.3% decline in container transport volumes, leading to a negative gross margin [1][2]. - The energy segment's wind power operations faced challenges, but the solar power segment continued to expand, contributing positively to overall revenue [1][2].