Beibu Gulf Port (000582) 国海证券·2024-10-27 06:30Investment Rating - The report maintains an "Accumulate" rating for Beibu Gulf Port (000582) [1][11] Core Views - The company has shown stable year-on-year growth in cargo volume and an increase in shareholder returns, with a focus on enhancing shareholder value through dividend distribution [2][5] - The company's revenue for the first three quarters of 2024 reached 4.902 billion yuan, a slight increase of 0.13% year-on-year, while net profit attributable to the parent company was 916 million yuan, up 8.06% year-on-year [2] - The report highlights the ongoing expansion of infrastructure and trade routes, particularly in the context of the Western Land-Sea New Corridor and the implementation of RCEP, which is expected to drive future growth [6][8] Summary by Sections Financial Performance - For Q3 2024, the company reported revenue of 1.713 billion yuan, a decrease of 0.38% year-on-year, while net profit attributable to the parent company was 286 million yuan, an increase of 17.96% year-on-year [2] - The gross profit margin for Q3 2024 was 30.65%, down 1.49 percentage points year-on-year, attributed to the ramp-up phase of new capacity [4] Shareholder Returns - The company announced a mid-term dividend plan, proposing a cash dividend of 1.51 yuan per 10 shares, totaling approximately 344 million yuan, which represents 37.55% of the net profit attributable to the parent company for the first three quarters of 2024 [5] Market Position and Growth Prospects - The cargo throughput for Q3 2024 was 85.337 million tons, reflecting a year-on-year increase of 5.9%, with container throughput growing by 4.97% [4] - The report projects revenue for 2024-2026 to be 6.781 billion yuan, 7.654 billion yuan, and 8.421 billion yuan, with corresponding net profits of 1.209 billion yuan, 1.331 billion yuan, and 1.443 billion yuan, indicating a positive growth trajectory [8][9]