Xingtong Shipping(603209) 证券时报网·2025-03-30 08:56Core Viewpoint - Xingtong Co., Ltd. (603209.SH) has demonstrated strong financial performance in 2024, with a revenue of 1.515 billion yuan, a year-on-year increase of 22.43%, and a net profit of 350 million yuan, reflecting a growth of 38.95% [1][2] Financial Performance - In 2024, the company achieved a compound annual growth rate (CAGR) of 41% in revenue and 30% in net profit over the past five years, indicating robust growth momentum [2] - The company's gross margin, net margin, and return on equity (ROE) improved to 36.00%, 23.55%, and 14.85%, respectively, with significant year-on-year increases [3] - Operating cash flow reached 558 million yuan, a 6.97% increase from the previous year, and accounts receivable turnover days improved by 5.87 days to 26 days [3] Fleet Expansion and Market Position - The total fleet size reached 37 vessels, with a total capacity exceeding 429,500 deadweight tons, an increase of 44,500 deadweight tons from the previous year [2] - The company holds nearly 16% of the domestic market share for chemical transportation and has maintained the top position in new capacity assessments for six consecutive years [2] - The international business saw significant growth, with overseas revenue nearing 600 million yuan, a year-on-year surge of 91.75% [2] Strategic Partnerships and Innovations - A strategic cooperation framework was signed with Xiamen Jianfa to leverage opportunities in the international liquid hazardous goods market and enhance the company's competitive edge [3] - The company is focusing on high-end and intelligent transformation, with over 60% of its chemical vessels made of duplex stainless steel, and an average vessel age of 8.5 years for domestic trade and 3.8 years for foreign trade [4][5] Policy and Market Opportunities - The government has identified "marine economy" as a national strategic direction, which aligns with the company's "1+2+1" strategy focusing on digital platforms and new energy transportation [6] - The establishment of the Hainan Free Trade Port is expected to create significant cross-border logistics demand, benefiting the company as it operates within this framework [6][7] - The company's current valuation is significantly below the industry average, with potential upside of over 70% if it returns to a reasonable valuation range [7]