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 ...

金十数据5月6日讯，珠海港公告称，公司收到交易商协会签发的《接受注册通知书》，决定接受公司中 期票据和超短期融资券注册。其中，中期票据注册金额为30亿元，超短期融资券注册金额为20亿元。注 册额度自通知书落款之日起2年内有效，公司可分期发行，发行完成后需披露发行结果。珠海港将根据 相关规则指引规定，结合资金计划安排和市场情况适时安排发行工作，并及时履行信息披露义务。 珠海港：中期票据和超短期融资券获准注册 ...

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]

2025 年 04 月 28 日 公司研究 评级：增持(首次覆盖) 研究所： 证券分析师： 祝玉波 S0350523120005 zhouyb01@ghzq.com.cn 联系人 ： 史亚州 S0350124060026 shiyz@ghzq.com.cn [Table_Title] 港航物流+新能源双轮驱动，2024 年业绩实现稳 健增长 ——珠海港（000507）2024 年年报点评 最近一年走势 | 相对沪深 | 表现 300 | | | | 2025/04/28 | | --- | --- | --- | --- | --- | --- | | 表现 | | 1M | 3M | 12M | | | 珠海港 | | 4.5% | 11.4% | 12.8% | | | 沪深 300 | | -3.4% | -0.9% | 5.5% | | | 市场数据 | 2025/04/28 | | --- | --- | | 当前价格（元） | 5.57 | | 52 周价格区间（元） | 4.28-5.98 | | 总市值（百万） | 5,122.92 | | 流通市值（百万） | 5,025.99 | | 总股 ...

证券代码：000507 证券简称：珠海港 珠海港股份有限公司投资者关系活动记录表 编号：2025-001 | 投资者关系活动 | □特定对象调研 □分析师会议 | | --- | --- | | 类别 | □媒体采访 ☑业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观、座谈交流 | | | □其他 （请文字说明其他活动内容） | | 活动参与人员 | 线上参与公司 2024 年度网上业绩说明会的投资者 | | 时间 | 2025 年 4 月 28 日（星期一）下午 15:00-16:30 | | 地点 | 珠海港股份有限公司 2010 会议室 | | 形式 | 采用网络远程方式 | | 上市公司接待人 | 董事、总裁冯鑫先生，独立董事陈鼎瑜先生，董事、副总裁、 | | 员姓名 | 董事局秘书薛楠女士，财务总监陈虹女士及相关工作人员 | | 交流内容及具体 | 1、国家大力支持发展人工智能领域，请问贵公司后续是 | | 问答记录 | 否考虑涉及该领域，响应国家号召？ | | | 答：您好，公司坚持数智绿色战略，未来公司将持续关注 | | | 人工智能在公司主业港航物流及新能源行业的应用， ...

营收下滑6.07%，业务结构有待优化 2024年，珠海港实现营业收入5,124,968,975.96元，相较于2023年的5,456,054,195.13元，下降了6.07%。 从业务板块来看，港口航运物流板块收入为2,060,087,420.08元，同比下降19.37%，主要源于航运和物 流业务的下滑，如航运板块收入下降24.96%，物流板块收入下降39.51%。新能源板块收入 2,434,968,715.18元，增长3.29%，成为营收的重要支撑。投资及其他板块收入629,912,840.70元，增长 15.86%。整体来看，公司业务结构需进一步优化，以应对营收下滑压力。 净利润增长5.37%，盈利能力有所提升 归属于上市公司股东的净利润为292,095,185.33元，较2023年的277,222,171.22元增长5.37%。扣除非经 常性损益的净利润为259,787,057.46元，同比增长5.23%。这表明公司核心业务的盈利能力有所增强，在 一定程度上抵御了营收下滑的影响。基本每股收益为0.2542元/股，较上年的0.2401元/股增长5.87%，显 示出公司为股东创造价值的能力有所提升。 202 ...

2025年4月27日，珠海港发布2024年年度报告，数据显示，珠海港全年实现营业收入51.25亿元，同比下 降6.07%；归属于上市公司股东净利润2.92亿元，同比增长5.37%。报告期内，珠海港聚焦主责主业，注 重效益效率，持续提升治理水平，推动高质量可持续发展再上新台阶。 近日，珠海港正式发布《2025-2030年发展战略规划》，系统谋划公司新时期发展蓝图。以"港通四海， 绿能九州"为使命，聚焦港航物流与新能源双主业，深入实施"双轮驱动战略"、"西江-长江联动战 略"、"系统集成战略"、"数智绿色战略"四大战略，发展港口、航运物流、新能源、其他资产管理四大 业务板块，致力成为以港口为核心的一流综合物流服务商和新能源投资运营商，着力打造经营业绩佳、 创新能力强、治理体系优、市场认可度高的一流上市公司。 港航物流协同发力，经营管理挖潜提效 年内，珠海港旗下港航物流板块致力于打造高效协同的长江-西江港口物流集群，加强产业链资源整 合，强化内部协同联动，提升综合服务能力，全年完成货物吞吐量5,784.35万吨，同比增长15.47%。 港口业务方面，2024年珠海港旗下各码头通过深耕优势货种、深挖腹地货源、提升综合 ...

4月27日晚间，珠海港（000507）发布2024年年度报告，2024年珠海港实现营业收入51.25亿元，同比下 降6.07%；归属于上市公司股东的净利润2.92亿元，同比增长5.37%。报告期内，珠海港聚焦主责主业， 注重效益效率，持续提升治理水平，推动高质量可持续发展再上新台阶。 近日，珠海港正式发布《2025-2030年发展战略规划》，以"港通四海，绿能九州"为使命，聚焦港航物 流与新能源双主业，深入实施"双轮驱动战略""西江-长江联动战略""系统集成战略""数智绿色战略"四大 战略，发展港口、航运物流、新能源、其他资产管理四大业务板块，致力成为以港口为核心的一流综合 物流服务商和新能源投资运营商。 物流及港口服务方面，珠海港立足于高栏母港，以实体物流发展为基础，大宗货品供应链和高端特色物 流为核心，围绕煤炭、粮食、钢材等主力货种开展综合物流服务和全程供应链一体化服务；稳定运作西 江水运、梧州粮食中转中心等项目，深入拓展兴华港口大件运输业务，两江业务联动效益增势明显；此 外珠海港物流持续推动绿色低碳转型，投入新能源电动重卡开展运输业务，扩大公路运输成本优势。 新能源内生外延 绿色版图稳步扩大 2024年 ...