Beibuwan Port (000582): Although the Spring Festival holiday gradually increased in January in advance.

2%

Beibuwan Port (000582): Although the Spring Festival holiday gradually increased in January in advance.

2%

Event Overview On February 6, 2020, the company released January port explosion data. In January 2020, Beibu Gulf Port completed carbonization of cargo by 2077.

5 Initially, at least +15.

2%, of which 35 were container explosions.

180,000 TEUs, +17 for ten years.

64%.

About 2019 Spring Festival is in February, and the 2020 Spring Festival is advanced to January 24. Early holiday factors affect the total economic data in January, but Beibuwan Port’s gradually extended growth rate in January is still bright.

In January 2020, the cargo of Beibu Gulf port will be +15 titanium carbide.

2%, of which the container’s millennium growth is +17.

64%.

We believe that due to the advancement of the Spring Festival in 2020 from February 5 to 南京夜网 January 24, 2019, and the combined effect of the outbreak of the Spring Festival holiday in advance, the workday in January 2020 decreased by 6 days compared with the same period last year. In this case, tenIn the year, the cargo tungsten carbide in the bay port can still maintain rapid growth. To a certain extent, it continues to verify our judgments in the previous report on the future economic development of Guangxi and the growth of cargo inflation in the Beibu Gulf port, and it also reflects the strong economy of the Beibu Gulf port hinterlandvitality.

Investment suggestion: The range affected by epidemic factors and emotions in the near future, the long-term logic remains unchanged, and the rating at the bottom is “Buy” again.

The company released the 2019 annual performance forecast on January 31, 2020, which 北京夜网 predicts that the company’s net profit attributable to the mother in 2019 will be 9.

0-11.

0 million, our original forecast for the company’s net profit in 2019 was 9.

100 million US dollars, is at the lower edge of the company’s performance forecast range, the company’s performance forecast range exceeds our expectations.

However, before the release of the company’s annual report details, we temporarily maintain the net profit attributable to the mother of Beibu Gulf Port for 2019-21 to 9, respectively.

1/10.

9/12.

900 million profit forecast.

Affected by the recent epidemic and other factors, the market has generally declined. On February 6, 2020, the Beibu Gulf Port closed at 7.

98 yuan / share, according to 2019-21 EPS are 0.

56/0.

67/0.

The profit forecast of 79 yuan, corresponding to the company’s PE in 2019-21 is 14, respectively.

3/12.

0/10.

1x, at the bottom of the company’s historical estimates.

We believe that due to epidemic factors, the delay in the resumption of work by upstream companies may affect the company’s performance growth in the short term, but the growth trend of the Guangxi economy and Beiwan Port has not changed under the background of the adjustment of the regional economic structure across the country.
Risk Warning: The macroeconomic downside may exceed expectations; the progress of the industrial transfer project is put into operation; and the progress of upstream enterprises to resume work.