Xingtong Shipping(SH:603209) Xin Lang Cai Jing·2025-10-26 00:27Core Insights - Company reported a revenue of 1.18 billion yuan for the first three quarters of 2025, a year-on-year increase of 2%, while net profit attributable to shareholders decreased by 30% to 190 million yuan [1] - In Q3 2025, revenue was 400 million yuan, a 1% year-on-year growth, but net profit fell by 40% to 60 million yuan [1] Operational Analysis - The decline in freight rates led to a significant drop in profits year-on-year in Q3 2025, attributed to insufficient operating rates at downstream refineries in domestic business and a high base from the previous year in international business [2] - The gross profit margin decreased by 11.5 percentage points year-on-year to 26%, primarily due to falling freight rates, while the overall expense ratio improved slightly to 7.7% [2] - The net profit margin fell by 10.3 percentage points to 14.7% in Q3 2025 [2] Capacity Growth - The company achieved a score of 95.2 in the capacity review by the Ministry of Transport in September 2025, securing 7,000 cubic meters of LPG shipping capacity, marking its eighth consecutive first-place achievement in capacity approvals since 2019 [3] - As of H1 2025, the company has 12 chemical tankers under construction, with a total capacity of 235,000 deadweight tons, and expects four of these vessels to be operational in H2 2025 [3] Profit Forecast and Valuation - Due to the decline in freight rates, the company has revised its net profit forecasts for 2025-2027 to 260 million yuan, 330 million yuan, and 410 million yuan, down from previous estimates [4] - The company maintains a "buy" rating despite the adjustments in profit forecasts [4]