occurrences

Recently, the Port of Zhuhai disclosed its 2024 Q3 quarterly report. In the first three quarters, we achieved total revenue of 4.03 billion yuan, a year-on-year decrease of -0.6%; net profit to mother of 0.24 billion, an increase of +4.8% over the previous year; and net profit to mother of 0.21 billion yuan after deduction, a year-on-year decrease of -4.3%. From the beginning of the year to the end of the Q3 reporting period, basic earnings per share were 0.2154 yuan, with a weighted average return on net assets of 3.75%.

reviews

Zhuhai Port is an important offshore gateway connecting the Guangdong-Hong Kong-Macao Greater Bay Area to the Xijiang River Basin. The company adheres to the main business development pattern of port and shipping logistics and new energy two-wheel drive, and continuously enhances the company's sustainable development capabilities.

Among them, in terms of port shipping logistics, 24H1 achieved revenue of 1.18 billion, gross profit of 0.27 billion yuan, and gross profit margin of 22.9%; in terms of new energy operations, 24H1 achieved revenue of 1.19 billion yuan, gross profit of 0.33 billion yuan, and gross profit margin of 27.7%.

In the first three quarters of 2024, the company's port throughput increased by 12.85% year-on-year, mainly due to increased cargo throughput for bulk goods such as steel, equipment, iron ore, food, gravel, etc.; while shipping freight volume declined slightly, mainly due to capacity adjustments, the impact of the Xijiang River flood, and sluggish market demand and freight rates. On the other hand, the company's new energy sector maintained steady growth, resulting in the company's net profit growth rate of +4.8% year-on-year in the first three quarters, exceeding the year-on-year revenue growth rate of -0.6%. This move also proves that the results of the company's two-wheel drive strategy are beginning to show.

At the same time, the company actively operates to improve the efficiency of the use of logistics assets. For example, the company plans to introduce Guoneng Port Company as a strategic partner through an agreed transfer of 50% of the shares in Ganghong Wharf. If this move is implemented, on the one hand, Ganghong Terminal will become an important part of the National Energy Group's South China strategic system, enhancing its ability to handle bulk goods such as coal and iron ore in South China; on the other hand, it will help Ganghong Wharf expand and strengthen, and promote the rapid development of the company's main port and shipping logistics business.

Investment ratings

Overall, we are optimistic about the company's dual main business collaborative development pattern, especially the new energy operation sector. The future growth rate and contribution are expected to surpass the traditional port shipping logistics sector, thus highlighting the possibility that the company will continue to grow steadily. We will continue to give it an “gain” rating.

Risk warning

The macroeconomy falls short of expectations; demand is falling too fast; there is a risk that some projects will be invested for a long time.