Core Viewpoint - The article emphasizes the proactive measures taken by companies in Guangdong and Hainan to prepare for the impact of Typhoon "Haikashan," which is expected to bring severe weather from September 23 to 25, highlighting the importance of disaster preparedness in safeguarding assets and ensuring public safety [1][2]. Group 1: Company Preparedness - Listed company Lingyi Zhi Manufacturing has activated its defense mode, leveraging past experiences to implement comprehensive defensive measures across its facilities in multiple cities [2]. - The company has organized emergency meetings to address various risks, including clearing drainage systems, securing high-altitude items, and ensuring food and emergency supplies are available [2][3]. - Lingyi Zhi Manufacturing has mandated all employees to cease work and avoid risks, ensuring their safety through notifications and arrangements for accommodation [2]. Group 2: Port and Public Service Companies - A port and storage listed company in Guangdong has initiated emergency responses, focusing on personnel transfer, material reserves, and risk assessments to ensure safety and preparedness [3]. - Zhuhai Port has completed various preventive measures, including operational adjustments and personnel transfers, while also preparing for emergency rescue operations [5]. - Southern Power Grid has taken steps to secure important power lines and facilities, employing drones and video surveillance to monitor and mitigate risks [4]. Group 3: Impact on Transportation - Hainan Airport has issued travel advisories due to expected disruptions in flight operations, coordinating with relevant departments to monitor the typhoon's path and adjust operations accordingly [6]. - The typhoon's large wind radius and extreme intensity pose significant risks, with potential for storm surges in coastal cities like Guangzhou and Zhuhai [6][7].

Investment Rating - The report indicates a stable credit quality for the port industry, with expectations of steady growth in throughput and profitability for 2025 [2][3]. Core Insights - The port industry is expected to maintain low-speed growth in throughput due to stable economic operations and global trade demand, with supportive policies for expanding domestic demand in 2025 [3][14]. - The construction of smart ports and the increase in large-scale berths are anticipated to enhance overall service levels and operational efficiency in the port sector [3][29]. - The integration of port resources has largely been completed, forming a "one port per province" pattern along the coast, which is expected to further enhance collaborative effects among ports in 2025 [3][43]. - Port enterprises are projected to maintain stable profitability in 2025, supported by growth in throughput and expansion of non-port businesses [3][49]. - The debt scale of port enterprises is expected to increase slightly in 2025 due to significant investment needs in construction, smart upgrades, and green transformations [3][57]. - Overall debt repayment capacity remains strong, although some port enterprises may face short-term repayment pressures [3][61]. Industry Fundamentals - The port industry in China has evolved to its fifth generation, characterized by large seaports and a comprehensive logistics infrastructure, with a focus on green, low-carbon, and intelligent development [4][39]. - Ports play a crucial role in promoting local economic development and are likely to receive policy and financial support [7][14]. - The port industry is closely linked to macroeconomic conditions, with throughput growth highly correlated with economic performance and trade activity [14][17]. Policy Environment - Recent policies have focused on planning, construction, and promoting green and intelligent development in the port sector, encouraging integrated and specialized growth [8][9]. - Key policies include plans to enhance the functionality of international hub ports and promote the development of smart ports and waterways [8][9]. Financial Performance of Port Enterprises - Port enterprises have shown revenue and profit growth in 2024, with expectations of stable profitability in 2025 due to supportive economic policies [49][50]. - The overall debt scale of port enterprises has increased, with a debt structure primarily consisting of long-term debt [57][60]. - The cash flow situation indicates a slight decline in operating cash inflow, but overall financing channels remain open [53][54]. Market Outlook - The report anticipates that the port industry will continue to grow steadily, with throughput expected to reach 164 billion tons by 2025, reflecting a growth rate of 2% to 3% [36][22]. - The construction of smart ports and the integration of digital technologies are expected to further enhance operational efficiency and service quality in the port sector [39][40].