北部湾港(000582)：吞吐量同比高增 扣非净利润同比+3.85%

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]