ZPH(000507) 太平洋·2024-05-16 00:30Investment Rating - The report maintains an "Accumulate" rating for the company [4][13]. Core Views - Zhuhai Port is a crucial maritime gateway connecting the Guangdong-Hong Kong-Macao Greater Bay Area with the West River Basin, focusing on port logistics and renewable energy to enhance sustainable development [1]. - The company achieved a total revenue of 5.456 billion yuan in 2023, a year-on-year increase of 3.92%, while the net profit attributable to shareholders was 277 million yuan, a decrease of 9.57% compared to the previous year [3]. - The first quarter of 2024 saw a revenue of 1.338 billion yuan, up 6.29% year-on-year, but the net profit fell by 6.19% to 57 million yuan [3]. Summary by Sections Port and Shipping Logistics - The company generated 2.56 billion yuan in revenue with a gross profit of 530 million yuan, resulting in a gross margin of 20.8% [1]. - The throughput at Xinghua Port remained stable at 16.55 million tons, while container throughput increased by 81% year-on-year to 191,000 TEUs [1]. - The company completed the conversion of 29 LNG barges, achieving a total shipping capacity of over 1.5 million tons, with bulk cargo transport volume increasing by 36.7% year-on-year [1]. Renewable Energy - The renewable energy segment generated 2.36 billion yuan in revenue with a gross profit of 680 million yuan, yielding a gross margin of 28.7% [1]. - Wind power generation from seven wind farms decreased by 2% year-on-year to 680 million kWh, while the solar power capacity reached 45.78 MW, generating 31.71 million kWh [1]. - The gas segment completed approximately 458 kilometers of municipal gas pipeline construction, achieving a gas sales volume of about 132 million standard cubic meters, a year-on-year increase of approximately 1% [1]. Financial Metrics - The report projects revenue growth to 5.735 billion yuan in 2024, with a year-on-year growth rate of 5.1% [14]. - The net profit attributable to shareholders is expected to increase to 292 million yuan in 2024, reflecting a growth rate of 5.4% [14]. - The diluted earnings per share are projected to rise from 0.30 yuan in 2023 to 0.32 yuan in 2024 [14].