Investment Rating - The report maintains a rating of "Buy" for China Ship Leasing (3877) [4]. Core Views - The company's 2023 earnings showed steady growth, aligning with expectations, and it is anticipated that profitability will exceed expectations due to a strong cyclical operation strategy. The dividend payout ratio has begun to show an upward trend, with expectations for gradual increases in the coming years [3]. Summary by Sections Financial Performance - In 2023, the company achieved a net profit of HKD 1.9 billion, representing a 10% increase compared to the previous year. The long-term leasing segment saw significant growth, with net profits estimated at HKD 1.4 billion, a 25% increase [3]. - The company’s fleet size at the end of 2023 was 151 vessels, with 128 in operation, a slight decrease from 2022. The long-term leasing fleet consisted of 102 vessels, also down by one from the previous year [3]. Short-term Leasing - Short-term leasing profits slightly declined in 2023, with net profits recorded at HKD 500 million, a reduction of 19%. The breakdown includes net profits of HKD 340 million from product tankers (up 10%), HKD 90 million from LPG vessels (up 143%), and HKD 80 million from bulk carriers, which saw a significant decline due to market conditions [3]. Dividend Policy - The dividend payout ratio increased to 39% in 2023, marking the first rise since the company’s listing. The company signed 18 new vessel orders in 2023, a decrease of 2 from 2022, indicating a cautious approach to future orders [3]. - The report suggests that if the dividend payout ratio increases to 50%, the dividend yield could rise to 14% [3]. Future Projections - The report maintains net profit forecasts of HKD 2.2 billion for 2024 and HKD 2.4 billion for 2025, with a new forecast of HKD 2.6 billion for 2026 [3].

Investment Rating - The report maintains a "Buy" rating for China Ship Leasing (3877.HK) [4] Core Views - The company achieved a revenue of HKD 3.226 billion in 2023, representing a year-on-year growth of 13.03%, and a net profit attributable to shareholders of HKD 1.902 billion, up 12.86% year-on-year [1] - The company is focusing on enhancing the quality of listed companies and has a dividend payout ratio of 38.7% for the year [1] - The fleet is becoming more valuable and younger, with an average age of 3.65 years and a total operational asset value of HKD 39.96 billion, an increase of 9.4% year-on-year [1] - The company has effectively managed its funding costs, maintaining an average cost of interest-bearing debt at 3.7% per year, while achieving strong credit ratings from Fitch and S&P [1] Summary by Sections Financial Performance - Revenue for 2023 was HKD 3,226 million, with a growth rate of 13.03% [3] - Net profit attributable to shareholders was HKD 1,902 million, with a growth rate of 12.86% [3] - Earnings per share (EPS) for 2023 was HKD 0.31, with forecasts of HKD 0.34, HKD 0.38, and HKD 0.41 for 2024, 2025, and 2026 respectively [2][3] Fleet and Operations - The company operates a fleet of 151 vessels, with 128 in operation and 23 under construction [1] - The fleet's operational profit from short-term and spot operations was HKD 512 million, with significant contributions from product oil tankers and VLGCs [1] Valuation and Forecast - The report adjusts the net profit forecasts for 2024 and 2025 downwards by 2.32% and 3.75% to HKD 2.100 billion and HKD 2.310 billion respectively, with a projected net profit of HKD 2.541 billion for 2026 [2] - The current price-to-book (PB) ratios are projected at 0.56, 0.50, and 0.44 for 2024, 2025, and 2026 respectively [2][3]

Financial Performance - The company achieved a revenue of HKD 3,626,148,000 for the year ended December 31, 2023, representing a 13.0% increase compared to HKD 3,208,242,000 in 2022[3] - Net profit for the year was HKD 1,911,667,000, up 10.2% from HKD 1,734,510,000 in the previous year[3] - The operating profit for the year was HKD 1,547,453,000, up 8.1% from HKD 1,431,669,000 in the previous year[61] - The group’s net profit for the year was HKD 1,911,667,000, an increase of 10.2% from HKD 1,734,510,000 in 2022[62] - Basic and diluted earnings per share for 2023 were HKD 0.310, up from HKD 0.275 in 2022, representing a 12.7% increase[89] - The company declared a final dividend of HKD 0.09 per share for 2023, compared to HKD 0.07 per share in 2022, reflecting a 28.6% increase[87] Assets and Liabilities - The company's total assets increased by 11.4% to HKD 45,143,559,000 from HKD 40,520,890,000 in 2022[4] - Total liabilities rose by 11.9% to HKD 32,313,648,000 compared to HKD 28,878,564,000 in the prior year[4] - The asset-liability ratio was controlled at a healthy level of 71.6% while acquiring high-value vessels in the second half of the year[14] - The group's total assets increased by HKD 4,622.7 million to HKD 45,143.6 million as of December 31, 2023, mainly due to increased investments in ship leasing projects[34] - The total liabilities increased by HKD 3,435.0 million to HKD 32,313.6 million, primarily due to the issuance of RMB medium-term notes during the year[34] Revenue Streams - Financial services revenue, including financing lease income and loan interest income, rose by 35.9% to HKD 1,777.9 million, compared to HKD 1,308.5 million in the previous year[21] - Revenue from leasing services was HKD 2,991,681,000, up from HKD 2,627,206,000 in the previous year, representing a growth of 13.9%[76] - The group's financing lease income increased to HKD 1,171,775,000 from HKD 784,504,000, marking a significant rise of 49.4%[79] - The group's loan interest income rose from HKD 524.0 million for the year ended December 31, 2022, to HKD 606.1 million for the year ended December 31, 2023, an increase of 15.7%[23] Operational Highlights - The company successfully executed its "14th Five-Year Plan" operational goals two years ahead of schedule[9] - In 2023, the group achieved a profit of approximately HKD 5.12 billion from 26 vessels operating on a short-term and spot basis, with a year-on-year increase of 10.2% in total revenue from 14 product tankers amounting to HKD 3.44 billion[10] - The group signed new ship orders for 18 vessels in 2023, with a total contract value of USD 1.443 billion, while also repurchasing 20 vessels ahead of schedule[11] - The operating fleet size totaled 151 vessels as of December 31, 2023, with 128 vessels in operation and an increase of 9.4% in operating assets amounting to HKD 39.96 billion compared to the previous year[11] Financing and Costs - The group maintained an average financing cost of 3.7% despite 11 interest rate hikes by the Federal Reserve, totaling 525 basis points since March 2022[14] - The average cost of interest-bearing liabilities increased from 2.6% at the end of 2022 to 3.7% at the end of 2023, reflecting rising financing costs due to the U.S. interest rate hikes[52] - Financing costs and bank fees rose by 45.5% from HKD 760.2 million for the year ended December 31, 2022, to HKD 1,106.3 million for the year ended December 31, 2023[29] Risk Management and Compliance - The company will continue to implement a comprehensive risk management system and develop risk quantification assessment models for new business projects[19] - The company has maintained compliance with corporate governance codes and principles throughout the reporting period[101] - The audit committee reviewed the financial statements for the year ended December 31, 2023, ensuring accuracy and compliance with accounting standards[104] Strategic Focus - The company plans to focus on the clean energy sector and enhance market development for green and smart vessels in 2024[18] - The company’s focus on clean energy and high-value assets aligns with the decarbonization trend in the shipping industry, enhancing its competitive positioning[11] - The company actively managed foreign exchange risks and implemented hedging strategies, maintaining currency exposure at controllable levels[54] Employee and Governance - As of December 31, 2023, the group employed a total of 86 staff, with approximately 96% holding a bachelor's degree or higher[60] - The company established an ESG management framework and published its first ESG annual report, enhancing its industry influence[16]

Investment Rating - The report assigns a "Buy" rating for China Ship Leasing (3877) [4]. Core Views - The company benefits from the rising oil transportation market, and its dividend payout ratio is expected to increase [3]. - The company is the first shipyard-based leasing company in Greater China, backed by China Shipbuilding Group, which provides a long-term competitive advantage [3][8]. - The company has established a cost advantage through counter-cyclical shipbuilding and is expected to enjoy asset appreciation and operational profitability during favorable market conditions [3][8]. Summary by Sections 1. Counter-Cyclical Shipbuilding Establishes Long-Term Cost Advantages - China Ship Leasing has a strong foundation in counter-cyclical shipbuilding, which has created a long-term cost advantage [8]. - The company focuses on optimizing its fleet structure, maintaining a young fleet with an average age of only 3.8 years, which minimizes environmental regulatory risks [19][20]. - The fleet consists of 155 vessels, with 124 in operation and 31 under construction, indicating a compound annual growth rate of 15% since its listing [15][19]. 2. Pro-Cyclical Operations Enhance Asset Appreciation and Profitability - The shipping industry has seen a gradual recovery since 2020, with significant increases in asset prices and charter rates, particularly in the oil transportation sector [24][25]. - The company has actively engaged in short-term and spot operations, which have contributed approximately 30% to net profit, showcasing the profitability elasticity of the leasing industry [24][33]. - The oil transportation market is expected to continue its upward trend, with the company poised to benefit from this sustained growth [35][41]. 3. Cautious Ordering Expected in the Coming Years, Dividend Payout Ratio Likely to Increase - The company has slowed its order pace since 2022 due to tightening shipyard capacity and high ship prices, leading to a cautious approach in new orders [3][41]. - The dividend payout ratio has been decreasing since the company's listing, but it is anticipated to increase as the company delivers its existing orders and maintains a cautious ordering strategy [3][41]. - The projected PE ratio for 2024 is 4.2, with an expected dividend yield of 9%, which could rise to 13% if the payout ratio increases from 36% to 50% [3][41]. 4. Profit Forecast and Valuation - The forecasted net profit for the company is expected to be HKD 2 billion, HKD 2.2 billion, and HKD 2.4 billion for the years 2023, 2024, and 2025 respectively [3][6]. - The company's revenue is projected to grow from HKD 4.488 billion in 2023 to HKD 4.802 billion in 2024, before slightly declining to HKD 4.590 billion in 2025 [6].

CSSC (Hong Kong) Shipping Company Limited 中國船舶(香港)航運租賃有限公司 (於香港註冊成立的有限公司) 股份代號: 3877 全球領先的 船舶租賃公司 中期報告 2023 目錄 目錄 50 2 公司簡介 4 公司資料 6 發展歷程 8 財務摘要 11 管理層討論與分析 40 企業管治╱其他資料 46 獨立審閱報告 簡明綜合收益表 47 48 簡明綜合全面收入表 簡明綜合財務狀況表 49 簡明綜合權益變動表 51 簡明綜合現金流量表 簡明綜合中期財務資料附註 52 公司簡介 公司簡介 船隊概況 營運 124 正在建造 31 利用率 100% 船舶組合 155 於二零二三年六月三十日 中 國 船 舶 集 團（香 港）航 運 租 賃 有限公司（「本公司」或「中國船舶 租 賃」，連 同 其 附 屬 公 司 統 稱「本 集團」）於二零一二年六月在香港 成 立，是 中 國 船 舶 集 團 有 限 公 司 （「中 國 船 舶 集 團」）旗 下 唯 一 的 紅籌上市公司，是大中華區*首家 船 廠 系 租 賃 公 司，全 球 領 先 的 船 舶 租 賃 企 業 之 一，為 全 球 的 ...

[0 -> 11] 推动公司运营船队在2021年竟增加40艘实现了运营效益和船队规模的历史性跨越 [11 -> 38] 因為更動船中國船舶租賃在發展歷程中屢有突破持續引領行業發展搭飛18000箱船項目打破了日本和韓國造船企業在超大型集裝箱船建造領域多年的壟斷FLNG項目打破了歐美金融機構對高端裝備融資市場的長期壟斷 [38 -> 59] LNG FSRU項目助力中國船企首次接獲超大型FSRU訂單國慶一號養殖工船實現了船舶製造業深海漁業水產品加工業等多產業融合發展將引領海洋漁業的發展方向 [65 -> 90] 那公司能够一直保持这么强的专业性其中的原因又是什么呢一是能做好工作关键在人公司管理成绩业务骨干基本都是毕业于国内外知名大学船舶及航运相关专业二是针对船海项目量身打造的公司治理及风险管控体系三是背靠中国船舶集团的产业协同优势 [90 -> 117] 稳健始终是中国船舶租赁发展主基调自成立以来中国船舶租赁通过对市场中长期趋势及前沿发展的准确预判精湛的船舶资产配置及管理能力专业化的风险承担与总体把控实现理想化的收益在稳健运营基础上持续保持高增长 [117 -> 128] 固定收益与弹性收益的风险对冲优质均衡的船 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 截至六月三十日止六個月 1 CSSC (Hong Kong) Shipping Company Limited 中國船舶集團（香港）航運租賃有限公司 （於香港註冊成立的有限公司） （前稱 CSSC (Hong Kong) Shipping Company Limited 中國船舶（香港）航運租賃有限公司） （股份代號：3877） 截至二零二三年六月三十日止六個月 之中期業績公告 中國船舶集團（香港）航運租賃有限公司（「本公司」或「公司」）董事（「董事」）會（「董 事會」）欣然宣佈本公司及其附屬公司（統稱「本集團」）截至二零二三年六月三十日止 六個月之未經審核簡明綜合中期業績，連同二零二二年同期或於二零二二年十二月 三十一日的比較數字，該等資料應與下列管理層討論與分析一併閱讀。 財務摘要 1. 簡明綜合收益表摘要 | --- | --- | --- | --- | |------------------- ...

CSSC (Hong Kong) Shipping Company Limited 中國 船舶 (香港 ) 航運租賃有限公司 (於香港註冊成立的有限公司) 股份代號: 3877 年報 2022 目錄 目錄 頁次 公司簡介 2 公司資料 3 財務摘要及五年財務概要 5 致股東函 8 管理層討論與分析 16 董事及高級管理層 60 董事會報告 68 企業管治報告 89 獨立核數師報告 109 綜合收益表 115 綜合全面收入表 116 綜合財務狀況表 117 綜合權益變動表 119 綜合現金流量表 120 綜合財務報表附註 122 中國船舶（香港）航運租賃有限公司 二零二二年年報 1 公司簡介 公司簡介 中國船舶（香港）航運租賃有限公司（「本公司」、「公司」或「中國船舶租賃」，連同其附屬公司統稱「本集團」）於二零 一二年六月成立，是中國船舶集團有限公司（「中國船舶集團」）旗下唯一的紅籌上市公司，是大中華區首家船廠系 租賃公司，全球領先的船舶租賃企業之一。本集團憑藉控股股東雄厚的產業背景和強大的海事業專業知識，專注 於發展船舶及海洋裝備的租賃及投資運營業務，為全球的船舶運營商、貨主、貿易商提供定制及靈活的航運綜合 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 CSSC (Hong Kong) Shipping Company Limited 中國船舶（香港）航運租賃有限公司 （於香港註冊成立的有限公司） （股份代號：3877） 截至二零二二年十二月三十一日止年度業績公告 中國船舶（香港）航運租賃有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然公佈 本公司及其附屬公司（統稱「本集團」）截至二零二二年十二月三十一日止年度的經審 核綜合年度業績，連同截至二零二一年十二月三十一日止年度的比較數字，該等資 料應與下列管理層討論與分析一併閱讀： 財務摘要 1. 綜合收益表摘要 截至十二月三十一日止年度 | --- | --- | --- | --- | |-----------------------------|-------------|-------------|-------| | | 二零二二年 | 二零二一年 | 變動 | | | 千港元 | 千港 ...