Beibu Gulf Port (SZ:000582) Zheng Quan Zhi Xing·2025-06-20 09:31Core Viewpoint - The credit rating agency maintains the credit rating of Beibu Gulf Port Co., Ltd. at AAA with a stable outlook, indicating strong financial health and operational performance [1][3]. Company Overview - Beibu Gulf Port Co., Ltd. primarily engages in port operations in Guangxi, with a registered capital of 2.278 billion yuan and a controlling shareholder, Guangxi Beibu Gulf International Port Group, holding 56.50% [8]. - The company operates 89 coastal production berths with an annual throughput capacity of 392 million tons, including a container throughput capacity of 9.8 million TEUs [8]. Financial Performance - As of March 2025, the company's total assets were 36.261 billion yuan, with equity of 20.113 billion yuan and a debt-to-asset ratio of 44.53% [9]. - The company achieved total operating revenue of 7.003 billion yuan and a profit of 1.616 billion yuan in 2024, reflecting a growth in throughput and operational efficiency [9][10]. Market Position and Competitive Advantage - The company has solidified its position as a major hub for bulk cargo in the Beibu Gulf region, with a significant increase in cargo throughput in 2024 [5]. - The strategic location of Beibu Gulf Port enhances its role as an international gateway, benefiting from government support and the development of the Western Land-Sea New Corridor [19][20]. Industry Analysis - The port industry in China is expected to maintain low-speed growth due to macroeconomic conditions and trade dynamics, with policies aimed at boosting domestic demand and infrastructure investment [12][17]. - The integration of port resources has led to a more stable competitive landscape, with a focus on enhancing operational efficiency and reducing homogeneous competition [17][18]. Future Outlook - The stable rating outlook suggests continued growth in cargo throughput and revenue, supported by favorable regional economic conditions and government initiatives [6][19]. - The company is expected to face challenges from increased competition among domestic ports and complex international trade conditions, but its growth potential remains strong [5][19].