研报掘金丨国海证券：北部湾港吞吐量维持快速增长，维持“买入”评级

Core Viewpoint - The report from Guohai Securities indicates that the throughput of Beibu Gulf Port is maintaining rapid growth, with a projected year-on-year increase of 40% in net profit attributable to the parent company for Q2 2025 [1] Group 1: Financial Performance - In Q2 2025, the export value from Guangxi Zhuang Autonomous Region to ASEAN countries reached 162.797 billion yuan, representing an 18% year-on-year increase, which has driven the rapid growth of Beibu Gulf Port's throughput [1] - The company is expected to see a net profit attributable to the parent company increase by 40% year-on-year in Q2 2025 [1] Group 2: Operational Expansion - In the context of the Belt and Road Initiative and the accelerated construction of the Western Land-Sea New Corridor, the company added 4 new shipping routes in H1 2025, including 3 for foreign trade and 1 for domestic trade, bringing the total number of routes to 84 (52 for foreign trade and 32 for domestic trade) [1] - The expansion of shipping routes indicates a further enhancement of route resources [1] Group 3: Market Outlook - In the short to medium term, domestic demand may be supported by a policy easing environment in 2025, while trade with ASEAN is expected to accelerate under the pressures of de-globalization [1] - In the long term, the Western Land-Sea New Corridor and the Pinglu Canal are anticipated to continuously inject incremental traffic into the company, opening up growth space [1]