SITC(HK:01308) Ge Long Hui·2025-06-05 17:55Group 1 - Core viewpoint: Hai Feng International is positioned as a leading integrated shipping logistics service provider in Asia, leveraging both maritime and land logistics to connect inland and port logistics, with a focus on point-to-point direct shipping services [1][2] - Operational model: The company operates 78 trade routes, covering 17 countries and regions, and 81 major ports, with a planned increase in weekly port calls to 483 by 2024 [1] - Fleet and capacity: As of December 31, 2024, the company operates 114 vessels, including 100 owned ships, with a total capacity of 180,255 TEU, ranking 15th globally and 9th among Asian intra-regional shipping companies [1] Group 2 - Financial performance: Hai Feng International has maintained profitability and stable dividends since its listing in 2010, achieving 14 consecutive years of profit and a dividend payout ratio exceeding 70% over the past eight years, with a projected dividend payout ratio of 84.91% in 2024 [1][2] - Market outlook: The Asian shipping market is expected to benefit from supply chain decentralization and structural capacity shortages, with trade volumes steadily increasing since 2023, supported by the RCEP agreement and shifts in supply chains due to geopolitical uncertainties [2] - Profit forecast: The company is projected to achieve net profits of $1.025 billion, $1.031 billion, and $1.072 billion from 2025 to 2027, with corresponding year-on-year growth rates of -0.29%, 0.54%, and 3.95% respectively, leading to a favorable PE ratio [2]