Core Viewpoint - In Q1 2025, Beibu Gulf Port reported a revenue of 1.643 billion yuan, a year-on-year increase of 6.73%, but a net profit attributable to the parent company of 196 million yuan, a significant decrease of 49.87% [1] Group 1: Financial Performance - In Q1 2025, the company achieved a revenue of 1.643 billion yuan, up 6.73% year-on-year, while the net profit attributable to the parent company was 196 million yuan, down 49.87% year-on-year [1] - The non-recurring net profit attributable to the parent company was 183 million yuan, reflecting a year-on-year increase of 3.85% [1] - The gross profit margin decreased by 2.06 percentage points year-on-year to 29.74%, primarily due to the pressure from fixed asset conversion [3] Group 2: Volume and Trade Growth - The company's throughput volume increased by 12.89% year-on-year to 80.7421 million tons, with container throughput rising by 12.07% to 2.1739 million TEUs [2] - The export value from Guangxi Province to ASEAN countries reached 84.293 billion yuan, a year-on-year increase of 24%, contributing to the growth in throughput [2] - The ongoing trade tensions and the Belt and Road Initiative are expected to sustain high growth in throughput [2] Group 3: Cost and Profitability - The company faced cost pressures with approximately 1.78 billion yuan in construction projects being capitalized, impacting short-term gross profit [3] - The overall expense ratio remained stable at 12.46%, with a year-on-year decrease of 1.34 percentage points [3] - The net profit margin attributable to the parent company decreased by 13.46 percentage points year-on-year to 11.93%, influenced by a high base from a previous one-time gain [3] Group 4: Future Outlook - Revenue projections for Beibu Gulf Port from 2025 to 2027 are estimated at 7.361 billion yuan, 7.864 billion yuan, and 8.485 billion yuan, with year-on-year growth rates of 5%, 7%, and 8% respectively [4] - The net profit attributable to the parent company is forecasted to be 1.203 billion yuan, 1.351 billion yuan, and 1.553 billion yuan for the same period, with a slight decrease in 2025 followed by growth in subsequent years [4] - The company maintains a "buy" rating based on projected price-to-earnings ratios of 17, 15, and 13 for the years 2025, 2026, and 2027 respectively [4]

Investment Rating - The report maintains a "Buy" rating for Beibu Gulf Port (000582) [1][10] Core Views - The company has shown steady growth in throughput, with a notable contribution from ASEAN exports, which increased by 27.15% year-on-year, leading to a total throughput of 328 million tons, up 5.61% year-on-year [5] - The company expanded its shipping routes, adding 8 new routes in 2024, bringing the total to 80, which enhances its operational capacity [6] - Short-term demand is supported by policy easing in 2025, while long-term growth is expected from initiatives like the Western Land-Sea New Corridor and the Pinglu Canal [7] Financial Performance - In 2024, the company achieved revenue of 7.003 billion yuan, a year-on-year increase of 0.77%, and a net profit attributable to the parent company of 1.219 billion yuan, up 8.18% year-on-year [4] - The gross profit margin for 2024 was 32.07%, a decrease of 1.73 percentage points year-on-year, while the fourth quarter gross margin improved to 34.34% [5] - The report forecasts revenue growth to 7.361 billion yuan in 2025, with a projected net profit of 1.203 billion yuan, reflecting a slight decline of 1% year-on-year [8][9] Market Performance - The stock has outperformed the CSI 300 index, with a 12-month performance of 13.8% compared to the index's 5.5% [3] - The current stock price is 8.84 yuan, with a market capitalization of approximately 20.56 billion yuan [3]

证券代码：000582 证券简称：北部湾港 公告编号：2025023 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实施完毕 暨增持结果的公告 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.本次增持计划的主要内容：北部湾港股份有限公司（以下 简称"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 A 股股份，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.本次增持计划的实施结果：2024 年 10 月 31 日至 2025 年 4 月 25 日期间，北部湾港集团通过深圳证券交易所交易系统以 - 1 - 集中竞价方式累计增持公司 A ...

信达证券股份有限公司匡培钦,黄安近期对北部湾港进行研究并发布了研究报告《2024年年报点评：归母 净利润+8.18%，积极扩张货源支撑吞吐量稳增》，给予北部湾港增持评级。 北部湾港(000582) 事件：北部湾港（000582.SZ）发布2024年年度报告。 营业收入：2024年实现70.03亿元，同比增长0.77%；2024年第四季度实现21.01亿元，同比增长2.30%。 最新盈利预测明细如下： | 报告日期 机构简称 研究员 | 近三年业绩 | 研报数 覆盖时长 | 2025预测 | 2026预测 | 2027预测 浄利润（元） | 目标价 (元) | | --- | --- | --- | --- | --- | --- | --- | | | 预测准确度 | | 净利润（元） | 净利润（元） | | | | 2025-03-18 信达证券 匡培钦 | | | 11.79亿 | 12.69 Z | | | | 2025-01-26 国海证券 祝玉波 | | | 12.29 Z | 13.65 Z | | | | 2024-12-30 天风证券 陈金海 | | | 11.80 Z | 13.27 亿 ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥1,643,217,036.75, representing a 6.73% increase compared to ¥1,539,600,287.15 in the same period last year[4] - Net profit attributable to shareholders decreased by 49.87% to ¥196,123,506.20 from ¥391,215,871.17 year-on-year[4] - Basic earnings per share dropped by 61.09% to ¥0.086 from ¥0.221 in the same period last year[4] - Total operating revenue for the current period reached ¥1,643,217,036.75, an increase of 6.7% compared to ¥1,539,600,287.15 in the previous period[23] - Net profit for the current period was ¥220,181,633.73, a decrease of 48.0% from ¥423,208,654.68 in the previous period[24] - Earnings per share (EPS) for the current period were ¥0.086, down from ¥0.221 in the previous period, indicating a decline of 61.0%[24] Cash Flow - The net cash flow from operating activities surged by 160.17% to ¥991,239,386.27, up from ¥380,998,242.87 in the previous year[4] - Cash flow from operating activities was ¥1,705,904,629.62, significantly higher than ¥1,280,032,688.59 in the previous period, reflecting a growth of 33.2%[25] - Operating cash inflows totaled $2,059,040,285.98, an increase of 56.5% from $1,313,751,078.85 in the previous period[26] - The company reported a significant increase in cash received from operating activities, totaling ¥205,904.03 million, a 56.73% increase from ¥131,375.11 million in the previous year[13] - The company reported a significant increase in cash received from other operating activities, totaling $353,134,921.79, compared to $33,718,390.26 in the previous period[26] - The company's total cash outflows for operating activities were $1,067,800,899.71, an increase of 14.4% from $932,752,835.98 in the prior period[26] Assets and Liabilities - The total assets at the end of Q1 2025 were ¥36,260,625,198.32, a 1.05% increase from ¥35,883,446,785.49 at the end of the previous year[4] - Total liabilities rose to ¥16,147,159,580.65, compared to ¥16,002,438,506.55, marking an increase of 0.9%[22] - The total current assets amounted to ¥5,524,514,747.35, up from ¥5,109,769,026.53, representing a growth of approximately 8.12%[20] - Fixed assets increased to ¥24,944,858,413.98 from ¥23,205,504,074.66, showing a rise of about 7.51%[20] - Non-current liabilities totaled ¥9,859,629,478.96, slightly up from ¥9,835,032,909.53, indicating a marginal increase of 0.25%[21] Shareholder Information - The total number of common shareholders at the end of the reporting period is 37,861[16] - The largest shareholder, Guangxi Beibu Gulf International Port Group Co., Ltd., holds 56.50% of shares, totaling 1,286,785,416 shares[16] Research and Development - Research and development expenses increased by 68.71% to ¥547.32 million compared to ¥324.41 million in Q1 2024, indicating a focus on innovation[11] Other Income and Expenses - Other income rose by 30.33% to ¥444.73 million, driven by increased government subsidies related to assets[11] - Total operating costs amounted to ¥1,374,898,249.43, up from ¥1,275,785,868.17, reflecting a year-over-year increase of 7.8%[23] - The company's deferred income tax assets decreased to ¥144,225,104.95 from ¥148,155,156.14, a decline of 2.0%[21] Inventory and Accounts Receivable - The company reported a substantial increase in inventory, which rose to ¥48,552,945.77 from ¥41,893,718.64, marking an increase of approximately 15.88%[20] - The company experienced a 39.92% increase in accounts receivable, rising to ¥86,082.55 million from ¥61,521.59 million, attributed to revenue growth[9] - Accounts receivable rose to ¥860,825,511.14 from ¥615,215,868.92, indicating an increase of about 39.87%[20]

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 北部湾港(000582) | 投资评级 | 增持 | | --- | --- | | 上次评级 | 增持 | [Table_Author] 匡培钦 交运行业首席分析师 执业编号 S1500524070004 邮箱 kuangpeiqin@cindasc.com 黄安 交运行业分析师 执业编号 S1500524110001 邮箱 huangan@cindasc.com 相关研究 [Table_OtherReport] 北部湾港（000582.SZ）深度报告：西 南核心港口，成长性静待释放 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 北部湾港（000582.SZ）2024 年年报点评：归母净 利润+8.18%，积极扩张货源支撑吞吐量稳增 [Table_ReportDate] 2025 年 4 月 28 日 [Table_S 事件：北部湾港 ummary]（000582.SZ ...

Company Overview - Beibu Gulf Port announced a 2024 dividend distribution plan, proposing a cash dividend of 0.47 yuan per share (including tax), with a total cash payout of 109 million yuan, representing 8.97% of the net profit. This marks the 15th cumulative cash distribution since the company's listing [2] - The company reported a revenue of 7.003 billion yuan for the year, reflecting a year-on-year growth of 0.77%, and a net profit of 1.219 billion yuan, up 8.18% year-on-year. The basic earnings per share were 0.579 yuan, with a weighted average return on equity of 7.48% [2] Dividend History - The historical dividend distribution details show a consistent payout trend, with the most recent dividend of 0.47 yuan per share being lower than previous distributions, such as 1.95 yuan per share in 2023 and 1.51 yuan per share in 2024 [2] - The dividend yield for the latest distribution is 0.61%, which is lower compared to previous years [2] Market Performance - The stock experienced a net inflow of 3.0844 million yuan from main funds today, but there was a net outflow of 115 million yuan over the past five days [3] - The latest margin financing balance for the stock is 434 million yuan, with a decrease of 7.8526 million yuan over the past five days, representing a decline of 1.78% [4] Industry Context - In the transportation industry, 77 companies have announced their 2024 dividend plans, with China COSCO Shipping Holdings leading with a cash payout of 16.131 billion yuan, followed by Shanghai Port Group and China Merchants Highway with payouts of 3.376 billion yuan and 2.844 billion yuan, respectively [4]

一、主要会计数据和财务指标 前十大流通股东累计持有： 117630.36万股，累计占流通股比： 66.79%，较上期变化： 10332.03万股。 | 名称 | 持有数量(万股) | 占总股本 | 增减情况 | | --- | --- | --- | --- | | | | 比例(%) | (万股) | | 广西北部湾国际港务集团有限公司 | 76203.43 | 43.27 | 43.76 | | 上海中海码头发展有限公司 | 22464.21 | 12.75 | 5056.18 | | 广西产投资本运营集团有限公司 | 4091.10 | 2.32 | 2106.74 | | 芜湖信达降杠杆投资管理合伙企业(有限合伙) | 2808.99 | 1.59 | 新进 | | 平安基金-平安银行-中融国际信托-中融-财富1号结构化集合资 金信托 | 2247.30 | 1.28 | 不变 | | 全国社保基金四一三组合 | 2211.00 | 1.26 | 255.00 | | 国泰君安证券资管-山东土地集团供应链管理有限公司-国君资 管君得山东土地成长单一资产管理计划 | 1980.16 | 1.12 | 新 ...

证券代码：000582 证券简称：北部湾港 公告编号：2025021 债券代码：127039 债券简称：北港转债 北部湾港股份有限公司 关于召开2024年度股东大会的通知 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、召开会议的基本情况 （一）股东大会届次：2024年度股东大会 （二）股东大会的召集人：公司董事会 （三）会议召开的合法、合规性： 2025年4月23日公司第十届董事会第十二次会议审议通过了 《关于召开2024年度股东大会的议案》。本次股东大会会议召开 符合《公司法》等法律、行政法规和《公司章程》的有关规定。 （四）会议召开日期和时间： 1.现场会议时间：2025年5月15日（星期四）15:30 1.在股权登记日持有公司股份的普通股股东或其代理人。 于股权登记日2025年5月12日（星期一）下午收市时在中国 结算深圳分公司登记在册的本公司全体普通股股东均有权出席 本次股东大会，并可以以书面形式委托代理人出席会议和参加表 决，该股东代理人不必是本公司股东。 2.网络投票时间： （1）通过深圳证券交易所交易系统进行网络投票的具体时 间为 2025 ...