Core Viewpoint - Qin Port Co., Ltd. has shown a recovery in throughput volume, with a positive outlook for profitability, leading to a "buy" rating from Tianfeng Securities [1]. Group 1: Throughput Volume Performance - In Q2 2025, Qin Port's throughput volume increased by 9% year-on-year, reversing a decline seen in Q1 2025 where it dropped by 3% [2]. - The recovery in coal throughput was driven by a rebound in coal transport volume from the Daqin Railway, which improved from -5.6% in Q1 to 1.4% in Q2 [2]. - Metal ore throughput also saw a recovery, correlating with a rise in national iron ore import growth from -8% in Q1 to 1.9% in Q2 [2]. Group 2: Future Growth Potential - Qin Port's coal throughput is expected to remain stable, as it is closely linked to Daqin Railway's coal transport volume, which has maintained a ratio of approximately 54% from 2014 to 2024 [3]. - The company plans to enhance market marketing and optimize cargo structure to create space for quality cargo increments [3]. - Metal ore throughput is projected to continue growing, supported by a historical upward trend in the ratio of Qin Port's throughput to national iron ore imports, which has been around 11% from 2014 to 2024 [3]. Group 3: Financial Health - From 2020 to 2024, Qin Port's capital expenditure has decreased, with fixed asset value increasing by 5% and intangible asset value by 4% [4]. - The company has seen a significant increase in cash and long-term deposits, growing by 57% to 5.6 billion yuan, while interest-bearing debt has decreased by 26% to 4.9 billion yuan, resulting in a decline in the debt-to-asset ratio to 27% [4]. Group 4: Profit Forecast Adjustments - Due to a decline in revenue per ton expected in 2024, the forecast for net profit attributable to shareholders for 2025 has been revised down to 1.76 billion yuan from the previous estimate of 1.99 billion yuan [5]. - Profit forecasts for 2026 and 2027 have been introduced at 1.84 billion yuan and 1.96 billion yuan, respectively, while maintaining a "buy" rating [5].

Core Viewpoint - Ningbo Port (601018.SH) is expected to achieve a container throughput of 4.31 million TEUs in July 2025, reflecting a year-on-year growth of 6.4% [1] Group 1: Container Throughput - The company anticipates completing a container throughput of 4.31 million TEUs in July 2025, which represents a 6.4% increase compared to the same period last year [1] Group 2: Cargo Throughput - The expected cargo throughput for the same month is 95.21 million tons, also showing a year-on-year growth of 6.4% [1]

Core Viewpoint - The company reported a significant increase in cargo throughput for April 2025, indicating strong operational performance and growth in the port sector [1] Group 1: Cargo Throughput Performance - In April 2025, the company's cargo throughput reached 31.74 million tons, representing a year-on-year growth of 20.32% [1] - The cumulative throughput for 2025 reached 112 million tons, showing a year-on-year increase of 14.89% [1] Group 2: Container Performance - The company completed 822,100 TEUs (Twenty-foot Equivalent Units) in April, which is a year-on-year growth of 5.74% [1] - The cumulative container throughput for 2025 was 2.996 million TEUs, reflecting a year-on-year increase of 10.25% [1]

Core Viewpoint - The company, Guangzhou Port, anticipates significant growth in container throughput and cargo volume for 2025, indicating a positive outlook for its operations and market position [1] Container Throughput - The company expects to achieve a container throughput of 2.309 million TEUs in April 2025, representing a year-on-year increase of 9.5% [1] - For the period from January to April 2025, the projected container throughput is 8.623 million TEUs, reflecting a year-on-year growth of 8.9% [1] Cargo Volume - The forecasted cargo throughput for 2025 is 49.889 million tons, which marks a year-on-year increase of 6.1% [1] - From January to April 2025, the expected cargo throughput is 18.6 million tons, showing a year-on-year growth of 3.6% [1]