Investment Rating - The investment rating for Beibu Gulf Port (000582) is "Accumulate" [2] Core Viewpoints - Beibu Gulf Port is the only operator of public terminals in the Beibu Gulf region of Guangxi, actively responding to the trend of port industry consolidation and continuously expanding cargo sources and capacity. The long-term growth potential of throughput is supported by the regional synergy driven by the Western Land-Sea New Corridor [6][10] - The company is expected to achieve a cargo throughput of 328 million tons in 2024, with a CAGR of 6.76% from 2021 to 2024. The container throughput is projected to reach 9.0152 million TEUs, with a CAGR of 14.46% during the same period, placing throughput scale at the upper level of the industry [6][16] - Financially, the company achieved revenue of 4.902 billion yuan in the first three quarters of 2024, a year-on-year increase of 0.13%, and a net profit attributable to shareholders of 916 million yuan, up 8.06% year-on-year. The company's ROE was 8.50% in 2023, exceeding the average level of the port sector by 1.52 percentage points [6][19][24] Summary by Sections Section 1: Beibu Gulf Port Overview - Beibu Gulf Port operates three ports: Beihai Port, Qinzhou Port, and Fangcheng Port, with a total of 89 coastal productive berths and an annual throughput capacity of 392 million tons [12] - The company has actively integrated provincial assets and responded to the trend of port consolidation, enhancing its operational efficiency and market position [14] Section 2: Port Industry Trends - The port industry in China is maturing, with a focus on cargo handling as the main business. The economic hinterland determines business scale, while capacity, throughput, and handling fee rates dictate profit margins [27] - The trend of regional consolidation is driven by the need to alleviate competition among peers, with a preliminary formation of "one province, one port" [35] Section 3: Long-term Growth Potential - The Western Land-Sea New Corridor is expected to enhance the existing channel capacity in the western region, driving regional collaboration and increasing throughput potential [11][10] - The company’s hinterland demand is expected to grow, benefiting from the construction of the Pinglu Canal, which is projected to significantly increase cargo transport volumes by 2035 and 2050 [11][10] Section 4: Capacity Expansion and Cost Management - The company is confident in its long-term throughput growth, as evidenced by its ongoing capital expenditures and capacity expansion projects [6][10] - The impact of depreciation on costs is manageable, as fixed asset depreciation remains below 30% of operating costs [6][10] Section 5: Profit Forecast and Valuation - The company is projected to achieve revenues of 7.32 billion yuan, 7.99 billion yuan, and 8.30 billion yuan from 2024 to 2026, with corresponding net profits of 1.167 billion yuan, 1.179 billion yuan, and 1.269 billion yuan [7][6] - The current valuation is considered undervalued, leading to the "Accumulate" rating [6][7]

关于与国家管网集团北海液化天然气有限 责任公司签订船舶买卖合同涉及关联交易的 进展公告 本公司及董事会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。 一、关联交易概述 证券代码：000582 证券简称：北部湾港 公告编号：2025008 债券代码：127039 债券简称：北港转债 北部湾港股份有限公司 三、对上市公司的影响 北海码头尚未与交易对方签署《船舶买卖合同》，公司原有 业务正常开展，本次交易终止不涉及资产交割，不会对公司当期 损益产生重大影响，不会对公司日常生产经营造成不利影响。 四、备查文件 《交易终结决定书》。 特此公告 北部湾港股份有限公司（以下简称"公司"）于 2024 年 12 月 13 日召开第十届董事会第十一次会议、第十届监事会第十次会 议，并于 2024 年 12 月 30 日召开 2024 年第三次临时股东大会， 审议通过了《关于与国家管网集团北海液化天然气有限责任公司 签订船舶买卖合同涉及关联交易的议案》，公司下属全资子公司 北部湾港北海码头有限公司（以下简称"北海码头"）于 2024 年 10 月 30 日通过北部湾港产权交易所集团股份有限公司 ...

证券代码：000582 证券简称：北部湾港 公告编号：2025007 债券代码：127039 债券简称：北港转债 特此公告 北部湾港股份有限公司董事会 2025 年 3 月 5 日 本公司及董事会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。 为使投资者能够及时地了解公司港口生产经营情况，现定期 公布公司港口吞吐量数据。 | 类别 | 单位 | 2025 | 年 月 2 | 2025 | 年累计 | | --- | --- | --- | --- | --- | --- | | | | 完成数 | 同比 增（减）幅 | 完成数 | 同比 增（减）幅 | | 货物吞吐量 | 万吨 | 2397.93 | 14.56% | 5181.02 | 10.79% | | 其中： 集装箱部分 | 万标准箱 | 63.85 | 13.41% | 135.08 | 12.11% | 注：以上数据来自公司内部初步统计，与最终实际数据可能存在差异， 请投资者注意投资风险。 北部湾港股份有限公司 关于 2025 年 2 月港口吞吐量数据的自愿性 信息披露公告 ...

Core Viewpoint - The opening of the "Beibu Gulf Port - Haiphong Port - Kolkata Port" route represents a significant development in trade connectivity between China, Vietnam, and India, enhancing cargo trade opportunities in the region [1] Group 1: Route Details - The newly launched route connects Beibu Gulf Port in China, Haiphong Port in Vietnam, and Kolkata Port in India, serving as a new container shipping line [1] - This route is the first stable public liner service between Beibu Gulf Port and Haiphong Port, filling a gap in shipping routes to the eastern coast of India [1] Group 2: Trade Implications - Major export goods from the route include glass, paper products, and energy storage batteries, while imports consist of starch, spices, sandstone, and food products [1] - The opening of this route expands the international shipping lines of Beibu Gulf Port Group to 50, with a total of 81 container routes [1] Group 3: Economic Impact - The new route is expected to optimize logistics costs and reduce transportation time, thereby enhancing the competitiveness of businesses involved [1] - It is anticipated to promote import and export trade between potential markets, creating significant trade development opportunities among Vietnam, China, and India [1]

本公司及董事会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。 证券代码：000582 证券简称：北部湾港 公告编号：2025006 债券代码：127039 债券简称：北港转债 北部湾港股份有限公司 关于 2025 年 1 月港口吞吐量数据的自愿性 信息披露公告 注：以上数据来自公司内部初步统计，与最终实际数据可能存在差异， 请投资者注意投资风险。 特此公告 北部湾港股份有限公司董事会 2025 年 2 月 8 日 为使投资者能够及时地了解公司港口生产经营情况，现定期 公布公司港口吞吐量数据。 | 类别 | 单位 | 2025 | 年 1 月 | | | --- | --- | --- | --- | --- | | | | 完成数 | 同比 | | | | | | 增（减）幅 | | | 货物吞吐量 | 万吨 | 2783.09 | | 7.73% | | 其中： 集装箱部分 | 万标准箱 | 71.23 | | 10.96% | ...

证券代码：000582 证券简称：北部湾港 公告编号：2025005 债券代码：127039 债券简称：北港转债 北部湾港股份有限公司 关于控股股东增持公司股份计划的进展公告 广西北部湾国际港务集团有限公司保证向本公司提供的信息内容真 实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信 息一致。 特别提示： 1．北部湾港股份有限公司（以下简称"公司"）于 2024 年 10 月 31 日披露了《关于控股股东增持公司股份计划的公告》，公 司控股股东广西北部湾国际港务集团有限公司（以下简称"北部 湾港集团"）计划自 2024 年 10 月 31 日起 6 个月内（即 2024 年 10 月 31 日至 2025 年 4 月 30 日），通过深圳证券交易所交易系 统以集中竞价交易方式增持公司股份，累计增持总金额不少于人 民币 2 亿元（含本数），不超过人民币 4 亿元（含本数）（以下 简称"本次增持计划"）。 2．截至本公告披露日，本次增持计划实施期限已过半，北 部湾港集团累计增持公司股份 437,600 股，占公司总股本的 - 1 - 3．相关风险提示 ...

证券代码：000582 证券简称：北部湾港 公告编号：2025003 债券代码：127039 债券简称：北港转债 北部湾港股份有限公司 截至本公告披露日，周少波先生不持有公司股票，亦不存在 应当履行而未履行的股份锁定承诺。周少波先生逝世后，公司董 事人数未低于《公司法》规定的董事会最低人数。公司目前生产 经营一切正常。公司将根据相关法律法规和《公司章程》的规定， - 1 - 尽快完成董事补选及董事长选举的相关工作，并及时履行信息披 露义务。 特此公告 关于公司董事长逝世的公告 本公司及董事会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。 北部湾港股份有限公司（以下简称"公司"）董事会沉痛公告， 公司董事长周少波先生于 2025 年 1 月 23 日因病逝世。 周少波先生在担任公司董事长、战略委员会主任委员、薪酬 与考核委员会委员、审计委员会委员、提名委员会委员期间，恪 尽职守、勤勉尽责，忠实诚信地履行应尽的职责和义务，为公司 发展作出了不懈努力和重要贡献。 公司及董事会对周少波先生在任职期间为公司所作出的努 力和贡献深表感谢。公司董事、监事、高级管理人员及全体员工 对周少波 ...

证券代码：000582 证券简称：北部湾港 公告编号：2025004 债券代码：127039 债券简称：北港转债 北部湾港股份有限公司 关于副董事长代行董事长职责的公告 北部湾港股份有限公司董事会 2025 年 1 月 24 日 本公司及董事会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。 鉴于北部湾港股份有限公司（以下简称"公司"）董事长职 位空缺，为保证公司董事会持续规范运作及相关工作顺利开展， 根据《公司章程》第一百二十三条"公司副董事长协助董事长工 作，董事长不能履行职务或者不履行职务的，由副董事长履行职 务"之规定，在新任董事长选举产生前，由公司副董事长莫怒先 生代为履行董事长职务。公司将根据相关法律法规和《公司章程》 的规定，尽快完成董事补选及董事长选举的相关工作，并及时履 行信息披露义务。 特此公告 ...

Summary of Conference Call Industry and Company Involved - The discussion revolves around the **Pinglu Canal** project and its implications for the **Beibu Gulf Port** and the **Guangxi region** in China. Core Points and Arguments 1. The opening of the Pinglu Canal is expected to bring an additional **100 million tons** of throughput, significantly benefiting the Beibu Gulf Port due to low marginal costs associated with existing infrastructure [1] 2. By **2028**, the economic profit of the Beibu Gulf is projected to reach approximately **3 billion** RMB, indicating a substantial increase compared to **2023** [1] 3. The Pinglu Canal, which has been under development for over two years, is part of a strategic initiative to enhance the economic capabilities of the southern Guangxi region, particularly in maritime trade [4] 4. The canal's construction is anticipated to significantly boost the influence and profitability of the Beibu Gulf Port, which is central to Guangxi's maritime economy [5] 5. The core hinterland of the canal is estimated to have a GDP of around **1.3 trillion** RMB, with various cargo types expected to be transported, including construction materials, minerals, and agricultural products [6] 6. The projected cargo volume post-canal opening is estimated to be around **20 million tons**, with a significant portion expected to come from existing trade routes and new demand generated by the canal [7][9] 7. The canal's operational capacity is expected to double from **1 million tons** to **2 million tons** due to upgrades in the shipping routes [8] 8. The cost advantage of water transport over road and rail is highlighted, with water transport costing approximately **0.04 RMB** per ton per kilometer, compared to **0.5 RMB** for road transport [11] 9. The canal is expected to facilitate the diversion of coal and other goods from road and rail to water transport, enhancing overall logistics efficiency [14] 10. The local government is actively promoting the canal's use by offering tax incentives and subsidies to attract new businesses and increase cargo volume [15] Other Important but Possibly Overlooked Content 1. The Pinglu Canal's design capacity is **89 million tons**, and there are expectations for it to reach or approach this capacity within a reasonable timeframe [18] 2. The canal's proximity to Vietnam presents opportunities for expanding trade routes to Southeast Asia, particularly to ports like Hai Phong and Da Nang [18] 3. The discussion emphasizes the importance of operational capabilities, including crew management and shipping schedules, to ensure the canal's success [21] 4. The meeting concluded with an invitation for further questions from investors, indicating ongoing interest and engagement in the project [22]

华泰联合证券有限责任公司 3 关于北部湾港股份有限公司 2024年度持续督导现场检查报告 根据中国证监会《证券发行上市保荐业务管理办法》和《深圳证券交易所上 市公司自律监管指引第13号 -- 保荐业务》等有关法律法规的要求,华泰联合 证券有限责任公司作为北部湾港股份有限公司(以下简称"北部湾港"或"公司") 向特定对象发行股票的保荐机构,于 2024年 12月 30 日至 12月 31 日对北部湾 港股份有限公司 2024年有关情况进行了现场检查,报告如下: 1 保荐人名称：华泰联合证券有限责任公司 被保荐公司简称:北部湾港 保荐代表人姓名:詹梁钦 联系电话: 86-755-81902000 保荐代表人姓名:杨柏龄 联系电话:86-755-81902000 现场检查人员姓名:詹梁钦、王欣磊、夏宇 现场检查对应期间：2024年度 现场检查时间:2024年12月30日至12月31日 一、现场检查事项 现场检查意见 (一)公司治理 是 查 不活用 现场检查手段:主要包括查阅公司章程以及其他管理制度、公司"三会"资料;查看公司的 生产经营场所,查阅董监高简历及相关变动的信息披露文件 1.公司章程和公司治理制度是否完备 ...