Beibu Gulf Port (000582) 国海证券·2024-08-27 14:38Investment Rating - The report maintains a "Buy" rating for Beibu Gulf Port (000582) [1][4] Core Views - Beibu Gulf Port achieved double-digit growth in net profit attributable to parent company in 2023, with Tieshan New Port Area solidifying growth potential [1] - The port's container throughput exceeded 8 million TEUs, demonstrating sustained rapid growth [1] - In H1 2024, the company reported revenue of 3.189 billion yuan, up 0.41% YoY, while net profit attributable to parent company declined 26.70% to 367 million yuan [1] - Container throughput reached 4.3201 million TEUs in H1 2024, a 19.76% YoY increase, ranking among the top ten coastal ports in China for total throughput and container throughput [1] Financial Performance - H1 2024 gross margin was 31.33%, down 4.48 percentage points YoY, potentially due to new capacity ramp-up [1] - Net profit margin in H1 2024 was 11.55%, down 4.47 percentage points YoY [1] - Q2 2024 revenue was 1.649 billion yuan, down 0.76% YoY, with net profit attributable to parent company declining 35.02% to 190 million yuan [1] Capacity Expansion - The port added 2 new foreign trade routes in H1 2024, bringing total container routes to 76 (48 foreign trade, 28 domestic trade) [1] - New coal handling capacity of 8 million tons and static storage capacity of 1 million tons were added [1] - Ongoing construction includes berths 7-8 and 9-10 at Beihai Tieshan Port West Port Area's Beimu operation area [1] Future Outlook - Pinglu Canal, expected to be completed in 2026, will significantly increase hinterland traffic for Beibu Gulf Port [1] - The canal will provide the shortest, most economical, and convenient sea access for Southwest China [1] - Forecasted 2024-2026 revenue growth rates are 5%, 6%, and 9% respectively [2][5] - Projected 2024-2026 net profit growth rates are 7%, 8%, and 8% respectively [2][5] Valuation Metrics - 2024-2026 P/E ratios forecasted at 13.65x, 12.64x, and 11.75x respectively [4][5] - 2024-2026 P/B ratios projected at 0.92x, 0.87x, and 0.83x respectively [5][7] - 2024-2026 P/S ratios estimated at 2.26x, 2.14x, and 1.97x respectively [5][7]