occurrences
Recently, the Port of Zhuhai released its 2023 annual report. During the reporting period, it achieved total revenue of 5.456 billion yuan, an increase of +3.92% over the previous year; net profit of 277 million yuan, a decrease of -9.57% over the previous year; the company also released the 2024 Q1 quarterly report, achieving total operating revenue of 1,338 million yuan, an increase of +6.29% over the same period last year; and net profit to mother of 57 million yuan, a year-on-year decrease of -6.19%.
In the 2023 annual report, the company earns 0.24 yuan per share, with a weighted average return on net assets of 4.33%. It is proposed to distribute a cash dividend of 0.012 yuan (tax included) per share after excluding the repurchase of 14.13 million shares. The dividend ratio is 0.24% per share.
reviews
Zhuhai Port is an important gateway for the Guangdong-Hong Kong-Macao Greater Bay Area connecting the Xijiang River Basin. The company is deeply involved in the two core businesses of port and shipping logistics and new energy, continuously improving the company's sustainable development capabilities.
In terms of port shipping logistics, it achieved annual revenue of 2.56 billion yuan, gross profit of 530 million, and a gross profit margin of 20.8%. The company focuses on building an efficient and collaborative Yangtze River - Xijiang port logistics cluster. Among them: Xinghua Port's cargo throughput of 16.55 million tons was the same as last year, with container throughput of 1.910,000 TEUs, up +81% year on year; Ganghong Terminal completed cargo throughput of 16.33 million tons, up +71% year on year; in terms of shipping, all 29 LNG barge transformation projects have been completed and delivered, with 310,000 tons of own capacity and total control capacity of more than 1.5 million tons. Bulk cargo volume increased +36.7% year on year, and container traffic decreased by -36.1% year on year.
In terms of new energy, it achieved annual revenue of 2.36 billion yuan, gross profit of 680 million, and gross profit margin of 28.7%.
Wind power, due to wind resource conditions in some regions, seven of its wind farms achieved feed-in power of 680 million kilowatts, a year-on-year decrease of 2%; its wind power companies achieved operating profit of 128 million yuan, an increase of 4.72% over the previous year; the total installed capacity of PV Holdings reached 45.78 megawatts, achieving 31.71 million kilowatt-hours of feed-in electricity; the subsidiary Xiuqiang Co., Ltd. provided samples of BIPV module products; the total gas pipeline construction of about 458 km of municipal gas pipelines was completed, achieving sales volume of about 132 million standard square meters, an increase of about +1% year on year.
Investment ratings
We are optimistic about the cooperative development pattern of the company's two main businesses and continue to give it an “gain” rating.
Risk warning
The macroeconomy falls short of expectations; bulk demand is falling too fast; the risk of investing in some projects for a long time;