Core Viewpoint - SITC International reported strong 1H25 results, with revenue and net profit significantly exceeding expectations, driven by high freight rates and robust container shipping volume growth [1][2]. Financial Performance - Revenue for 1H25 increased by 28.0% YoY to US$1,664 million, while net profit attributable to shareholders rose by 79.7% YoY to US$630 million, resulting in an EPS of US$0.24 [1]. - The gross margin and net margin improved notably YoY, with gross margin rising by 9.3 percentage points and net margin increasing by 10.9 percentage points in 1H25 [1]. Dividend Policy - The company announced an interim dividend payout ratio of approximately 70%, which aligns with its 2024 interim payout ratio, offering attractive dividend yields of 9.5% for 2025 and 7.9% for 2026 [2]. Market Trends - There is a tight supply in the market for small vessels below 3,000 TEU, with only 5.4% of current orders for such vessels, while 11.2% of the fleet consists of vessels older than 25 years [3]. - Demand for small vessels in the container shipping industry has strengthened, leading to high time charter rates and longer charter periods, diverging from spot freight rate trends [4]. Intra-Asia Trade Growth - China's imports and exports to ASEAN countries and Japan grew by 9.4% and 4.5% YoY in the first seven months of 2025, indicating strong intra-Asia freight volume growth [5]. - As a leading player in intra-Asia routes, the company is expected to benefit from this growth, with Clarksons estimating a 3.6% and 3.0% YoY increase in intra-Asia container freight volume for 2025 and 2026, respectively [5]. Financial Forecasts - Due to better-than-expected freight rates, the company's net profit forecasts for 2025 and 2026 have been raised by 38.9% each to US$1.26 billion and US$1.06 billion, respectively [6]. - The stock is currently trading at 7.4x 2025 estimated P/E and 8.8x 2026 estimated P/E, with a target price increase of 15.2% to HK$28, implying 7.7x 2025 estimated P/E and 9.2x 2026 estimated P/E [6].

消息面上，海丰国际公布上半年业绩，收入约为16.645亿美元，同比增长28.0%；毛利约为6.694亿美 元，同比增长66.3%，毛利率由31.0%升至40.2%；利润为6.334亿美元，同比增长79.5%；每股基本盈利 0.24美元。收入增长主要归因于集装箱运量增加7.3%以及平均运费上涨22.8%。 海丰国际(01308)绩后涨超7%，高见28.76港元再创新高。截至发稿，涨6.78%，报28.66港元，成交额 4849.32万港元。 中金发布研报称，海丰国际上半年业绩略超该行预期，主要因公司实现运价好于该行此前预期。该行指 出，二季度公司货量保持快速增长，运价保持高位，上半年毛利率、净利率同比大幅改善；公司中期分 红率约70%，股息具有吸引力；公司所在的3,000TEU以下小船型市场供给紧张趋势持续；受益于东南 亚国家经济增长与亚洲区域内持续产业转移，该行认为公司需求有望保持景气。 ...

海丰国际(01308)绩后涨超7%，高见28.76港元再创新高。截至发稿，涨6.78%，报28.66港元，成交额 4849.32万港元。 中金发布研报称，海丰国际上半年业绩略超该行预期，主要因公司实现运价好于该行此前预期。该行指 出，二季度公司货量保持快速增长，运价保持高位，上半年毛利率、净利率同比大幅改善；公司中期分 红率约70%，股息具有吸引力；公司所在的3,000TEU以下小船型市场供给紧张趋势持续；受益于东南 亚国家经济增长与亚洲区域内持续产业转移，该行认为公司需求有望保持景气。 消息面上，海丰国际公布上半年业绩，收入约为16.645亿美元，同比增长28.0%；毛利约为6.694亿美 元，同比增长66.3%，毛利率由31.0%升至40.2%；利润为6.334亿美元，同比增长79.5%；每股基本盈利 0.24美元。收入增长主要归因于集装箱运量增加7.3%以及平均运费上涨22.8%。 ...

Group 1 - The core viewpoint of the report is that due to better-than-expected market freight rates, the net profit estimates for SeaLand International (01308) for 2025 and 2026 have been raised by 38.9% to $1.26 billion and $1.06 billion respectively, with 2026 earnings based on a cautious assumption of a 9% year-on-year decline in freight rates [1] - The current stock price corresponds to a price-to-earnings ratio of 7.4 and 8.8 for 2025 and 2026 respectively, and the target price has been increased by 15.2% to HKD 28 per share, indicating a potential upside of 4.3% from the current price [1] Group 2 - For the first half of 2025, the company's performance slightly exceeded expectations, with revenue reaching $1.664 billion, a year-on-year increase of 28.0%, and a net profit of $630 million, corresponding to basic earnings per share of $0.24, up 79.7% year-on-year [2] - In the second quarter of 2025, the company maintained rapid growth in cargo volume, completing a container shipping volume of 1.034 million TEU, a year-on-year increase of 7.7%, while the average revenue per container was $756 per TEU, a year-on-year increase of 14.5% [2] Group 3 - The company announced a mid-term dividend payout ratio of approximately 70%, which is consistent with the mid-term dividend rate for 2024, resulting in an attractive dividend yield of 9.5% and 7.9% for 2025 and 2026 respectively [3] Group 4 - The supply trend for small vessels under 3,000 TEU remains tight, with current orders accounting for only 5.4% of the fleet, while vessels over 25 years old represent 11.2% of capacity, indicating a future need for fleet renewal [4] - The demand for small vessels has increased due to economic growth in Southeast Asian countries and ongoing industrial transfer within the Asian region, with expectations for the company to benefit from rapid growth in regional cargo volumes [4]

Core Viewpoint - The report from CICC indicates an upward revision of SeaLand International's (01308) net profit for 2025 and 2026 by 38.9% to $1.26 billion and $1.06 billion respectively, based on better-than-expected market freight rates [1] Group 1: Financial Performance - The company reported 1H25 revenue of $1.664 billion, a year-on-year increase of 28.0%, with a net profit of $630 million, translating to basic earnings per share of $0.24, up 79.7% year-on-year, slightly exceeding CICC's expectations due to better freight rates [2] - In 2Q25, the company achieved a container shipping volume of 1.034 million TEU, a 7.7% year-on-year increase, while 1H25 volume grew by 7.3% year-on-year [3] - The gross margin and net margin for 1H25 improved significantly, with increases of 9.3 and 10.9 percentage points year-on-year, respectively, driven by strong freight rate performance [3] Group 2: Dividend Policy - The company announced a mid-term dividend payout ratio of approximately 70%, consistent with the previous year's mid-term dividend rate, suggesting an attractive dividend yield of 9.5% for 2025 and 7.9% for 2026 based on current stock prices [4] Group 3: Market Dynamics - The supply of small vessels (under 3,000 TEU) remains tight, with only 5.4% of orders in hand, while 11.2% of the fleet consists of vessels over 25 years old, indicating a potential inefficiency in the fleet due to aging vessels [5] - The demand for small vessels has increased, leading to high charter rates and longer lease terms, which diverges from the performance of spot freight rates [5] Group 4: Growth Prospects - The company is expected to benefit from economic growth in Southeast Asian countries and ongoing industrial transfers within the Asian region, with a projected increase in trade volume between China and ASEAN countries of 9.4% year-on-year for the first seven months of 2025 [6] - The company, as a leading player in Asian routes, is positioned to achieve growth rates above the industry average, with container volume in the Asian region expected to grow by 3.6% and 3.0% in 2025 and 2026 respectively [6]

Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 31.00 [6][7]. Core Views - The company reported a strong performance in 1H25, with revenue increasing by 28.0% year-on-year to USD 1.66 billion and net profit rising by 79.7% to USD 630 million, exceeding expectations [1][2]. - The increase in profitability is attributed to tariff disruptions and a significant rise in container shipping rates in Southeast Asia, with the average container shipping price increasing by 22.8% year-on-year [1][2]. - The company is expected to benefit from a tightening supply of small and medium-sized container ships, which enhances the resilience and growth potential of the Asian shipping market [1][3]. Summary by Sections Financial Performance - In 1H25, the company achieved a gross margin of 40.2% and a net profit margin of 37.8%, reflecting an increase of 9.3 and 10.9 percentage points year-on-year, respectively [2]. - The company’s container shipping volume reached 1.83 million TEUs, up 7.3% year-on-year, while the cost per container was USD 476, a 3.3% increase due to a rise in chartered vessels [2]. Market Dynamics - The supply of small and medium-sized container ships is tightening, with a 1-year average charter rate for 2,000 TEU vessels increasing by 83.6% to USD 26,610 per day [3]. - The demand for small ships is driven by industry restructuring and adjustments in shipping routes, which favor smaller vessels for regional market needs [3]. Industry Outlook - The company focuses on the Asian market, benefiting from trade growth in the region, with demand for small to medium-sized ships expected to outpace supply growth in the coming years [4]. - The net profit forecast for 2025 has been raised by 7% to USD 1.17 billion, with the target price adjusted upward by 11% to HKD 31.00, reflecting strong mid-term performance [4].

Core Insights - Company reported a revenue of approximately $1.664 billion for the six months ending June 30, 2025, representing a year-on-year increase of 27.99% [1] - Gross profit reached approximately $669 million, showing a significant year-on-year increase of 66.3% [1] - Gross margin improved from about 31% in the same period of 2024 to approximately 40.2% [1] - Shareholders' profit attributable to the company was around $630 million, reflecting a year-on-year increase of 79.65% [1] - Basic earnings per share were reported at $0.24 [1] - The company proposed an interim dividend of HKD 1.3 [1] Revenue Drivers - The increase in revenue was primarily driven by a year-on-year increase of approximately 7.3% in container throughput, totaling 1,829,665 TEUs [1] - Average freight rates (excluding swap space fee income) increased by approximately 22.8% to $776.4 per TEU [1]

Core Insights - The company reported a revenue of approximately $1.6645 billion for the first half of 2025, representing a year-on-year increase of 28.0% [1] - Gross profit reached about $669.4 million, with a significant year-on-year growth of 66.3%, and the gross margin improved from 31.0% to 40.2% [1] - Profit amounted to $633.4 million, reflecting a substantial year-on-year increase of 79.5%, with basic earnings per share at $0.24 [1] Revenue Growth Drivers - The revenue growth was primarily driven by a 7.3% increase in container volume and a 22.8% rise in average freight rates (excluding slot exchange fee income) [1]

Core Viewpoint - The company, Haifeng International (01308), announced a mid-term dividend of HKD 1.3 per share for the six months ending June 30, 2025, to be distributed on September 16, 2025 [1] Summary by Category - **Dividend Announcement** - Haifeng International will distribute a mid-term dividend of HKD 1.3 per share [1] - The dividend pertains to the financial period ending June 30, 2025 [1] - The payment date for the dividend is set for September 16, 2025 [1]

智通财经APP讯，海丰国际(01308)发布公告，将于2025年9月16日派发截至2025年6月30日止六个月的中 期股息每股1.3港元。 ...