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研報掘金丨天風證券:青島港吞吐量增速領跑行業,維持“買入”評級
格隆匯 12-16 15:46
天風證券研報指出,青島港(601298.SH)是山東國資控股的中國北方最大的外貿口岸,主營集裝箱、金屬礦石、煤炭、原油等貨種的裝卸及配套服務。吞吐量增速領跑行業, 綜合實力世界一流。2014-23年,青島港的營業收入和歸母淨利潤增長迅速,主要系貨物吞吐量持續增長。盈利能力較強,2023年青島港的ROE 和ROA分別為13%和9.4%,在A股上市港口中居首位。此外,青島港現金流充裕,常年保持較高的分紅比例。考慮到外貿或將承壓、經濟波動等因素,下調2025年預測歸母淨利潤至55.62億元(原預測57.56億元),維持“買入”評級。
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