CMPort(001872) 国联证券·2024-10-27 08:13Investment Rating - The report assigns a "Buy" rating for the company,招商港口 (001872), as a first-time coverage [5]. Core Insights - The global economic stabilization and recovery in external demand create favorable conditions for China's exports. The company's main controlled port, 深西港区, benefits from resource advantages and a favorable shipping route structure, with container throughput growth exceeding that of the overall Shenzhen port [3][9]. - The company is the second-largest shareholder of domestic hub ports, 上港集团 and 宁波港, contributing investment income to enhance profits. It has a broad port asset layout in rapidly growing regions such as Southeast Asia, the Middle East, and Latin America, benefiting from the Belt and Road Initiative [3][9]. - The company has a stable profit growth, with a compound annual growth rate (CAGR) of 5.4% in net profit from 2019 to 2023 [7]. Summary by Sections Company Overview - 招商港口 is a core enterprise under 招商局集团, focusing on global port asset capital operation and management. The company has a well-established port network across major coastal hubs in China and has expanded its overseas presence [16][18]. Industry Overview - The port industry is undergoing continuous integration, with market-oriented pricing gradually deepening. The "one port per province" policy has led to the establishment of provincial-level port groups, improving the competitive landscape and allowing for potential increases in port handling fees [7][9]. Business Structure - The company's revenue primarily comes from port handling services, accounting for approximately 95% of total revenue. The company has maintained a stable gross margin of around 40% since its restructuring and listing in 2018 [23][27]. Financial Data and Valuation - The company is projected to achieve revenues of 174.47 billion, 184.81 billion, and 194.00 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 10.77%, 5.93%, and 4.97% [11]. - The net profit attributable to shareholders is expected to be 40.77 billion, 42.66 billion, and 44.65 billion yuan for the same years, with growth rates of 14.14%, 4.63%, and 4.67% [11]. - The company's price-to-earnings (P/E) ratio is projected to decrease from 15.9 in 2022 to 11.9 by 2026, indicating potential valuation recovery [8][11].