事件：2024 年公司实现营收51.25 亿元，同比下降6.1%，归母净利润2.92亿元，同比增长5.4%，EPS 为 0.254 元。一季度公司营收11.93 亿元，同比下降10.9%，归母净利润0.78 亿元，同比增长36.9%。 光伏板块实现了稳健增长。24 年公司积极拓展分布式光伏及地面光伏电站项目，全年发电量超7000 万 千瓦时，同比增长 78.01%；秀强股份成功开发固德威屋顶瓦并实现量产，不断提升光伏建筑一体化 （BIPV）业务行业竞争力，24 年实现净利润2.20 亿元，较23 年的2.08 亿元有所增长。 25 年Q1 业绩稳健，销售费用下降主要系珠海可口可乐出表：25 年Q1 公司营收11.93 亿元，同比下降 10.9%，归母净利润0.78 亿元，同比增长36.9%，营收下降但利润增长体现出公司逐步聚焦高质量业务 的发展思路。25 年Q1 公司销售费用下降较明显，由24 年同期的0.39 亿元降至0.16 亿元，主要系珠海可 口可乐公司不再纳入报表。 公司盈利预测及投资评级：预计公司25-27 年净利润分别为3.18、3.52 和3.96亿元，EPS 分别为0.28、 0.32 与0. ...

公 司 研 究 珠海港（000507.SZ）：业绩稳健，"双 轮驱动"战略持续推进 2025 年 5 月 6 日 推荐/维持 珠海港 公司报告 事件：2024 年公司实现营收 51.25 亿元，同比下降 6.1%，归母净利润 2.92 亿元，同比增长 5.4%，EPS 为 0.254 元。一季度公司营收 11.93 亿元，同比 下降 10.9%，归母净利润 0.78 亿元，同比增长 36.9%。 码头板块积极应对传统优势货种的需求下降，抗风险能力有所提升：受经济增 速下行影响，24 年公司旗下多个码头的传统优势货种需求承压，例如兴华港 口优势板块纸浆进口量下降，云浮新港主力的石材类货源也出现需求下滑。为 应对传统优势项目的下滑，各码头积极拓展新业务。兴华港口钢材、设备、吨 袋等货种增长显著；云浮新港积极向广西方向拓展货源腹地，并加大非石材货 源的业务开发力度；桂平新龙码头积极推广集装箱车辆高速费用减半政策，深 入挖掘黔江上游的货源腹地，弥补因市场竞争和需求不足而流失的货源。 24 年公司下属码头货物吞吐量 5784.35 万吨，同比增长 15.47%。港口板块 实现营收 7.80 亿元，同比下降 2.38%， ...

Investment Rating - The report maintains a "Recommended" rating for Zhuhai Port [2][11]. Core Views - In 2024, Zhuhai Port achieved a revenue of 5.125 billion yuan, a year-on-year decrease of 6.1%, while the net profit attributable to shareholders was 292 million yuan, an increase of 5.4% [3][11]. - The company's strategy of "dual-wheel drive" continues to advance, focusing on enhancing its competitive edge and risk resilience through diversification of cargo types and expansion into new business areas [4][11]. - The logistics segment has seen a significant improvement in gross margin, despite a revenue decline of 39.51%, with the gross margin increasing by 4.34 percentage points to 13.17% [4][11]. Summary by Sections Revenue and Profitability - The company's revenue for Q1 2025 was 1.193 billion yuan, down 10.9% year-on-year, but net profit increased by 36.9% to 78 million yuan, indicating a focus on high-quality business development [6][11]. - The overall revenue for 2024 was 5.125 billion yuan, with a projected increase to 5.294 billion yuan in 2025, reflecting a growth rate of 3.30% [12][11]. Cargo Handling and Operations - The total cargo throughput for the company's terminals in 2024 was 57.8435 million tons, a year-on-year increase of 15.47% [4][11]. - The port segment's revenue was 780 million yuan, down 2.38% year-on-year, with a gross margin of 44.58%, a decrease of 2.68 percentage points from 2023 [4][11]. Business Segments - The shipping segment faced weak demand, with bulk cargo transport down 36.10% to 9.289 million tons and container transport down 30.58% to 217,000 TEUs [5][11]. - The renewable energy segment reported a revenue of 2.435 billion yuan, a year-on-year increase of 3.29%, with a gross margin of 26.53% [5][11]. Future Projections - The forecast for net profit from 2025 to 2027 is 318 million yuan, 352 million yuan, and 396 million yuan, respectively, with corresponding EPS of 0.28, 0.32, and 0.37 yuan [11][12].

证券代码：000507 证券简称：珠海港 公告编号：2025-026 公司将根据《接受注册通知书》要求，按照《非金融企业债务融 资工具注册发行规则》《非金融企业债务融资工具公开发行注册工作 规程》和《非金融企业债务融资工具信息披露规则》等有关规则指引 规定，结合资金计划安排和银行间市场情况适时安排中期票据和超短 期融资券的发行工作，并及时履行信息披露义务。 关于中期票据和超短期融资券获准注册的公告 本公司及董事局全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 根据珠海港股份有限公司（以下简称"公司"）于 2024 年 9 月 29 日召开的第十一届董事局第二次会议决议及 2024 年 10 月 23 日召开 的 2024 年第五次临时股东大会决议，公司拟向中国银行间市场交易 商协会（以下简称"交易商协会"）申请注册及发行不超过人民币 30 亿元（含 30 亿元）的中期票据和不超过人民币 20 亿元（含 20 亿元） 的超短期融资券。相关内容详见刊登于 2024 年 10 月 8 日《证券时报》 《中国证券报》和巨潮资讯网的《关于拟注册及发行中期票据的公告》 和《关于拟注册及 ...

Core Viewpoint - Zhuhai Port has received approval for the registration of medium-term notes and ultra-short-term financing bonds, indicating a strategic move to enhance its funding capabilities [1] Group 1: Registration Details - The medium-term notes have a registered amount of 3 billion yuan [1] - The ultra-short-term financing bonds have a registered amount of 2 billion yuan [1] - The registration validity is effective for two years from the date of the notification [1] Group 2: Issuance Plans - The company plans to issue the registered securities in phases as per market conditions and funding plans [1] - After the issuance is completed, the company is required to disclose the results of the issuance [1] - The company will comply with relevant regulatory guidelines during the issuance process [1]

Financial Performance - The company's operating revenue for Q1 2025 was ¥1,192,621,946.44, a decrease of 10.89% compared to ¥1,338,325,462.46 in the same period last year[5] - Net profit attributable to shareholders increased by 36.92% to ¥78,243,568.74 from ¥57,144,813.69 year-on-year[5] - Basic and diluted earnings per share rose by 51.91% to ¥0.0714 from ¥0.047 in the same period last year[5] - Total operating revenue decreased to ¥1,192,621,946.44 from ¥1,338,325,462.46, representing a decline of approximately 10.9% year-over-year[22] - Net profit increased to ¥150,786,140.89 from ¥120,498,996.21, reflecting a growth of approximately 25.1% year-over-year[23] - The net profit attributable to the parent company was 60,361,110.90 yuan, compared to a loss of 16,985,555.15 yuan in the previous period, indicating a significant recovery[24] - The total comprehensive income attributable to the parent company was 60,361,110.90 yuan, a recovery from a loss of 16,985,555.15 yuan in the previous period[24] Cash Flow and Liquidity - The net cash flow from operating activities decreased significantly by 71.09% to ¥128,858,854.75 from ¥445,733,330.11 in the previous year[5] - The company reported a net cash outflow from investment activities of ¥521,386,830.28, a significant decrease compared to the previous year's inflow of ¥30,801,106.58[11] - The company's cash and cash equivalents decreased to ¥2,126,846,826.49 from ¥2,844,422,669.00, representing a decline of approximately 25.2%[18] - Total cash inflow from operating activities was 1,191,691,671.03 yuan, while cash outflow was 1,062,832,816.28 yuan, resulting in a net cash flow from operating activities of 128,858,854.75 yuan[26] - Investment activities resulted in a net cash outflow of 521,386,830.28 yuan, a significant decline compared to a net inflow of 30,801,106.58 yuan in the previous period[26] - Cash and cash equivalents decreased by 726,595,921.24 yuan, ending the period at 2,057,745,918.14 yuan compared to 1,688,043,532.73 yuan in the previous period[27] - The company received 508,129,093.17 yuan from borrowings, down from 1,312,238,133.64 yuan in the previous period, indicating reduced financing activity[26] - The company reported a total cash inflow from financing activities of 2,507,675,377.42 yuan, slightly down from 2,510,214,900.76 yuan in the previous period[26] Assets and Liabilities - Total assets at the end of the reporting period were ¥20,138,877,975.78, a decrease of 1.02% from ¥20,347,247,556.70 at the end of the previous year[5] - Current liabilities increased to ¥4,733,057,801.96 from ¥4,158,687,462.75, an increase of approximately 13.8%[20] - Non-current liabilities decreased to ¥6,340,922,185.16 from ¥6,637,097,762.58, a reduction of about 4.5%[20] - The total equity attributable to shareholders decreased to ¥6,064,003,586.28 from ¥6,623,910,165.05, a decline of approximately 8.4%[20] Expenses and Income - Sales expenses decreased by 60.34% to ¥15,612,886.72, primarily due to the exclusion of Zhuhai Coca-Cola from consolidation[9] - Other income increased by 58.48% to ¥9,525,346.48, mainly from government subsidies received during the reporting period[9] - Research and development expenses remained stable at ¥11,840,893.48 compared to ¥11,934,670.74, indicating a slight decrease of about 0.8%[23] - The company reported an increase in investment income to ¥26,097,110.37 from ¥27,175,668.20, a decrease of approximately 4.0%[23] Shareholder Information - The company repurchased 14,130,000 shares, accounting for 1.54% of the total share capital as of March 31, 2025[14] - The largest shareholder, Zhuhai Port Holdings Group Co., Ltd., holds 275,747,150 shares, representing a significant portion of the company's equity[14] - Shareholder Liu Zhengping participated in margin trading with 2,784,981 shares, while shareholder Zhou Weicheng participated with 1,509,000 shares[14] Strategic Initiatives - The company successfully issued three phases of short-term financing bonds, enhancing its liquidity position[16] - The company has plans for market expansion and new product development, although specific details were not disclosed in the call[16] - The company is exploring new strategies for growth, including potential mergers and acquisitions, to strengthen its market position[16] Financial Ratios - The company's weighted average return on equity increased to 1.28% from 0.96% year-on-year[5] - Trading financial assets increased significantly to ¥470,299,190.21 from ¥3,005,785.45, indicating a growth of over 15,600%[18] - Accounts receivable rose to ¥1,441,570,280.81 from ¥1,384,169,911.70, reflecting an increase of about 4.1%[18]

Investment Rating - The report assigns an "Accumulate" rating for Zhuhai Port, marking its first coverage [2][13][14]. Core Views - The company is expected to achieve stable growth in 2024, driven by its dual business model of port logistics and renewable energy [10][11]. - Despite a decline in revenue from the port logistics segment, the renewable energy business has shown robust growth, contributing significantly to the company's overall performance [7][10]. Summary by Sections Financial Performance - In 2024, Zhuhai Port reported operating revenue of 5.125 billion yuan, a year-on-year decrease of 6.07%. The net profit attributable to shareholders was 292 million yuan, an increase of 5.37% year-on-year [6][12]. - The fourth quarter of 2024 saw operating revenue of 1.091 billion yuan, down 22.02% year-on-year, while net profit increased by 7.92% to 53 million yuan [6]. Business Segments - The port logistics segment faced short-term pressure, with revenues from the port, shipping, logistics, and port services declining by 2.38%, 24.96%, 39.51%, and increasing by 5.84% respectively [7]. - The renewable energy segment achieved revenue of 2.435 billion yuan, reflecting a year-on-year growth of 3.29% [7]. Profitability and Margins - The overall gross margin for 2024 was 26.10%, an increase of 1.79 percentage points year-on-year. The gross margins for various segments varied, with the logistics segment showing a notable increase of 4.34% [9][10]. Future Projections - Revenue projections for 2025, 2026, and 2027 are estimated at 5.302 billion yuan, 5.483 billion yuan, and 5.652 billion yuan, respectively, with a consistent growth rate of 3% [12][13]. - The net profit for the same years is projected to be 312 million yuan, 330 million yuan, and 348 million yuan, with growth rates of 7%, 6%, and 6% respectively [12][13].

Financial Performance - In 2024, Zhuhai Port achieved a revenue of CNY 5.13 billion, a decrease of 6.07% year-on-year [3][4] - The net profit attributable to shareholders was CNY 292 million, an increase of 5.37% year-on-year [4][7] - Revenue breakdown by business segments: - Port segment: CNY 780 million (15.22%) - Shipping segment: CNY 393 million (7.66%) - Logistics segment: CNY 557 million (10.86%) - Port services segment: CNY 331 million (6.46%) - New energy segment: CNY 2.43 billion (47.51%) - Investment and other segments: CNY 630 million (12.29%) [2] Strategic Development - The company released its 2025-2030 Development Strategy on April 22, 2025, focusing on becoming a leading comprehensive service provider in port logistics and new energy [3][6] - Key strategic shifts include transitioning from heavy asset investment to a combination of light and heavy assets, and from investment operations to integrated investment and operation [3][6] - The strategic goals include enhancing market competitiveness and achieving synchronized growth in operational scale and quality by 2030 [6] Debt and Financial Management - As of December 31, 2024, the company's asset-liability ratio was 53.06%, a decrease of 0.92% from the previous year, indicating improved asset quality [2] - The company has approximately CNY 2.8 billion in cash, indicating no short-term liquidity pressure [7] ESG and Governance - The company has established a comprehensive ESG management system, with 101 milestone events completed by the end of 2024 [4] - Independent directors actively participate in strategic decision-making and ensure compliance with governance standards [5][6] Market Outlook and Challenges - The port industry is expected to maintain stable growth, supported by domestic economic recovery and green initiatives [7][8] - The company faces challenges from global economic uncertainties and trade protectionism, particularly regarding U.S. tariff policies [8]

Core Insights - In 2024, Zhuhai Port Co., Ltd. demonstrated a growth in net profit despite a decline in operating revenue, indicating resilience in challenging economic conditions [1] Revenue Performance - Operating revenue for 2024 was approximately 5.12 billion yuan, a decrease of 6.07% from 2023's 5.46 billion yuan [2] - The port shipping and logistics segment saw a revenue drop of 19.37%, with shipping revenue down 24.96% and logistics revenue down 39.51% [2] - The renewable energy segment's revenue increased by 3.29% to approximately 2.43 billion yuan, becoming a crucial support for overall revenue [2] - Investment and other segments experienced a revenue growth of 15.86%, totaling approximately 630 million yuan [2] Profitability Metrics - Net profit attributable to shareholders was approximately 292.1 million yuan, reflecting a growth of 5.37% compared to 2023's 277.2 million yuan [3] - The net profit excluding non-recurring items was approximately 259.8 million yuan, up 5.23% year-on-year [3] - Basic earnings per share increased by 5.87% to 0.2542 yuan per share from 0.2401 yuan per share in the previous year [3] Cost Management - Sales expenses decreased by 3.21% to approximately 146.1 million yuan, indicating effective cost control [4] - Management expenses rose by 4.50% to approximately 400.6 million yuan, likely due to increased operational scale [4] - Financial expenses decreased by 10.64% to approximately 284.3 million yuan, attributed to optimized debt structure and reduced financing costs [4] - Research and development expenses increased by 2.59% to approximately 58.4 million yuan, highlighting the company's commitment to innovation [4] Cash Flow Analysis - Net cash flow from operating activities was approximately 1.18 billion yuan, a slight decrease of 0.57% from 2023 [5] - Cash inflow from investment activities surged by 209.22% to approximately 5.08 billion yuan, mainly due to the redemption of time deposit products [5] - Cash outflow from investment activities increased by 51.65% to approximately 4.53 billion yuan, driven by the purchase of time deposit products [5] - Net cash flow from financing activities was approximately -572.5 million yuan, a decrease of 330.05% from the previous year, primarily due to reduced cash inflow from borrowings and short-term bond issuances [5] Management and Governance - The chairman did not receive remuneration, while the CEO received a pre-tax salary of approximately 939,000 yuan [7] - Although the company has established a relatively sound governance system, there is a need for enhanced risk management and internal controls to improve operational efficiency and risk resilience [7]

Core Viewpoint - Zhuhai Port has released its 2024 annual report, indicating a focus on sustainable development and efficiency improvement despite a decline in revenue, while also unveiling a strategic plan for 2025-2030 that emphasizes dual business lines in port logistics and renewable energy [1][6]. Financial Performance - In 2024, Zhuhai Port achieved an operating income of 5.125 billion yuan, a year-on-year decrease of 6.07% - The net profit attributable to shareholders was 292 million yuan, reflecting a year-on-year increase of 5.37% [1]. Business Strategy - The company has launched a development strategy for 2025-2030, with the mission "Port connects the world, green energy for all," focusing on port logistics and renewable energy as dual core businesses [1]. - The strategic initiatives include the "Dual-Engine Strategy," "West River - Yangtze River Linkage Strategy," "System Integration Strategy," and "Digital Green Strategy" [1]. Port and Logistics Operations - The port logistics segment completed a cargo throughput of 57.84 million tons in 2024, a year-on-year increase of 15.47% - Specific terminals like Ganghong and Yunfu New Port reported throughput growths of 20.58% and 4.60%, respectively, while Wuzhou Port achieved a remarkable 62.87% increase [2]. Shipping Business - The company has adjusted its internal river shipping structure to optimize capacity and enhance self-operated business, achieving a total self-owned capacity of 261,000 tons and a controlled capacity of approximately 1.5 million tons [3]. Renewable Energy Development - In 2024, Zhuhai Port expanded its renewable energy projects, including wind and solar power, with a total installed capacity of 470,000 kW in wind energy and 737,300 kW in solar energy [4]. - The company reported a 1.45% increase in electricity generation from wind power and a significant 78.01% increase in solar power generation [4]. Capital Operations and ESG Initiatives - The company issued bonds totaling 4.9 billion yuan in 2024 and received comprehensive bank credit of approximately 16.8 billion yuan [6]. - Zhuhai Port is the first state-owned listed company in Zhuhai to publish an ESG report, establishing a five-year strategic plan for ESG development with specific goals and actions [6]. Market Engagement and Shareholder Returns - The company plans to distribute 0.65 yuan per share in dividends for 2024, totaling approximately 58.86 million yuan, which represents 20.15% of the net profit attributable to shareholders [7]. - Zhuhai Port emphasizes market recognition and sustainable value creation through enhanced investor relations and information disclosure [7].