Events:
On April 27, Beibu Gulf Port released its quarterly report for 2021: during the reporting period, the company achieved operating income of 1.25 billion yuan, an increase of 10.78% over the same period last year; net profit of 232 million yuan, a decrease of 6.85% over the same period last year; and net profit of 224 million yuan, a decrease of 6.93% over the same period last year.
Comments:
The first quarter of 1.2021 got off to a good start and continued to grow at a high base.
In the first quarter of 2021, the cargo throughput of Beibu Gulf Port reached 61.9156 million tons, an increase of 16.06% over the same period last year, and the container throughput was 126.39 TEUs, an increase of 36.81% over the same period last year. On the basis of the container throughput entering the top 10 coastal ports in China in 2020, it has continued to achieve high growth. In the first quarter of 2021, the cargo throughput and container throughput are both among the top 10 coastal ports in the country, ranking first among the top 10 coastal ports in the country.
In the first quarter, the company realized operating income of 1.25 billion yuan, an increase of 10.78% over the same period last year. Due to the expiration of the preferential corporate income tax policy during the reporting period, income tax expenses increased by 41.89%. The proportion of minority shareholders of Beibuwan International Container Terminal Co., Ltd., the company's controlling subsidiary, has increased, resulting in a decrease in net profit belonging to shareholders of listed companies compared with the same period last year. The company's net profit is under short-term pressure, with a net profit of 232 million yuan, down 6.85% from the same period last year.
two。 The new land and sea passage in the west will be optimized and unblocked, stimulating the new vitality of the Beibu Gulf Port.
From January to March 2021, 1325 new land and sea corridor trains were opened in the western region, an increase of 89.29 percent over the same period last year, and sea-rail intermodal transport completed 71100 TEUs, an increase of 62.70 percent over the same period last year. Newly opened Huaihua up and down train, Sichuan Suining train and Gansu Zhangye train, the station has covered 9 provinces (autonomous regions, municipalities) 27 cities 59 stations; in addition to industrial materials, transport goods also include cassava flour from Thailand, glutinous rice from Vietnam and other livelihood materials. The radiation-driven effect of the new land and sea passage in the west continues to appear, and the supply of goods in the port continues to expand.
From January to March 2021, a total of 8.87 billion yuan was invested in the construction of a new land-sea corridor in western China, and the third railway line entering Fangchenggang has been completed and opened to traffic. Berths No. 17 in the Jinguujiang operation area of Qinzhou Port and berths No. 5 in Chisha in Fangcheng Port have been completed. With the commissioning and operation of the wharf berths and the improvement and smooth flow of the railway transportation network, the company's cargo and container throughput will grow steadily and rapidly, laying a solid foundation for the goal of 10 million TEUs in 2025.
With the steady progress of the 3.RCEP agreement, the ASEAN trade dividend will be released gradually.
At present, the Beibu Gulf Port has opened 53 container routes. Of the 29 foreign trade container routes, 20 are to ASEAN countries, basically achieving full coverage of ASEAN countries. Following the opening of the Fruit Express in Thailand and Vietnam, the Beibu Gulf Port opened a new fruit express route from Cambodia to Qinzhou Port in the first quarter, which has successfully completed its maiden voyage.
In the first quarter of 2021, the total volume of import and export trade between China and ASEAN countries was 1.24 trillion yuan, an increase of 26.1 percent over the same period last year, accounting for 14.69 percent of China's total foreign trade value. Among them, Guangxi's imports and exports to ASEAN countries reached 72.12 billion yuan, an increase of 64.8 percent over the same period last year.
On April 15, 2021, China formally completed the RCEP approval process, becoming the first non-ASEAN member to formally complete the approval process. Thailand and Singapore have also ratified the RCEP agreement. In the future, with the steady progress of RCEP and closer economic and trade exchanges between China and ASEAN countries, the foreign trade cargo throughput of Beibu Gulf Port will usher in a new period of rapid growth.
Investment advice:
Beibu Gulf Port is the coastal port with the fastest growth in port throughput in China, and its business volume is expected to grow at a compound annual growth rate of 15% in the next five years. We estimate that the operating income of the company from 2021 to 2023 is 60.25,67.43 and 7.503 billion yuan respectively, and the net profit returned to the parent is 12.65,15.04,1.77 billion yuan respectively, and the corresponding EPS is 0.77,0.92,1.08 yuan respectively. According to the closing price of 10.34 yuan per share on April 21, 2021, the PE of the corresponding company in 2021-23 is 13.36pm 11.24pm 9.54 times respectively. Maintain the recommended rating.
Risk Tips:
The economic downside risk in southwest and Guangxi region, the rising risk of trade protectionism in Southeast Asia, and the aggravating risk of regional port competition.