积极推动泊位建设，产能有望于2026-2027 年释放。2024 年3 月公司董事会审议通过《关于投资建设唐山港京唐港区51 号、52 号散货泊位工程的议案》，项目建设规模为2 个30 万吨级散货泊位及配套设施，年设计通过能力为2560万吨，拟利用港口岸线826 米，项目建设期为30 个月。估算总投资不超过54 亿元，资金来源为企业自筹占比25%，其余银行贷款。考虑到公司在手现金充裕，2023 年末在手货币资金超达56.15 亿元，预计资金压力相对较小，本次大额资本开支具备合理性。Tangshan Port released its 2023 annual report and maintained a dividend of 1,185 billion yuan. Tangshan Port's revenue in 2023 was 5.845 billion yuan, up 4.00% year on year; net profit to mother was 1.925 billion yuan, up 13.93% year on year.
Among them, Q4 achieved operating income of 1,395 million yuan, an increase of 14.34% over the previous year, and realized net profit of 311 million yuan to mother, an increase of 2.55% over the previous year. The company plans to pay a dividend of 1,185 billion yuan in 2023. The dividend amount is consistent with 2020-2022, and the corresponding dividend payment rate for 2023 is 61.57%.
Increased throughput led to increased revenue. Tangshan Port completed the annual cargo throughput of 230 million tons in 2023, an increase of 10.7% over the previous year. In terms of main commodities: 1) Ore completed 107 million tons, an increase of 11.4% over the previous year, mainly due to the high production enthusiasm of Hebei steel mills, while Tangshan Port is actively developing supplies in the northwest and northeast regions. 2) Coal completed 694.86 million tons, an increase of 74.6% year on year, of which coking coal completed 12.812 million tons, an increase of 74.6% year on year. 3) Steel completed 18.3.46 million tons, an increase of 25.8% over the previous year. Among them, foreign trade steel reached 10.81 million tons, an increase of 129.9% over the previous year, mainly due to strong steel exports in 2023, and the company strengthened the construction of mixed routes for foreign trade parts. Looking at domestic and foreign trade, the company's foreign trade cargo throughput was 130 million tons, an increase of 22.6% over the previous year, which is the main source of growth.
We are actively promoting the construction of berths, and production capacity is expected to be released in 2026-2027. In March 2024, the board of directors of the company deliberated and passed the “Proposal on Investing in the Construction of Bulk Cargo Berths No. 51 and No. 52 in the Jingtang Port Area of Tangshan Port”. The construction scale of the project is 2 300,000 ton bulk cargo berths and supporting facilities, with an annual design approval capacity of 25.6 million tons. It is planned to use 826 meters of port shoreline. The construction period of the project is 30 months. It is estimated that the total investment is no more than 5.4 billion yuan. The funding source is the enterprise's own financing, accounting for 25%, and bank loans for the rest. Considering that the company has plenty of cash on hand, the monetary capital in hand reached 5.615 billion yuan at the end of 2023. The financial pressure is expected to be relatively small, and this large capital expenditure is reasonable.
Risk warning: The macroeconomy declined beyond expectations, port consolidation fell short of expectations, steel production limits exceeded expectations, etc.
Investment advice:
Considering that bank loans may have an impact on financial expenses and that an increase in business volume may trigger preferential port rates, the profit forecast for 2024-2025 was lowered from 2,238/2.06 billion yuan to 2,060/2,092 billion yuan, and a profit forecast of 2.119 billion yuan for 2026 was introduced, corresponding to the PE valuation of 12.1/11.9/11.7 times, maintaining the “increase in holdings” rating.
