Nanjing Shenghang Shipping (SZ:001205) Xin Lang Zheng Quan·2025-10-31 04:45Core Viewpoint - Shenghang Co., Ltd. is a leading domestic liquid chemical shipping company, facing challenges in revenue and profit performance in 2025, with significant declines in both metrics compared to previous periods [2][6]. Group 1: Company Overview - Shenghang Co., Ltd. was established on November 7, 1994, and listed on the Shenzhen Stock Exchange on May 13, 2021, with its registered and office address in Jiangsu [1]. - The company operates in the domestic coastal and Yangtze River shipping of liquid chemicals and refined oil, classified under the transportation industry [1]. Group 2: Financial Performance - For Q3 2025, Shenghang reported revenue of 1.079 billion yuan, ranking 16th out of 19 in the industry, significantly lower than the industry leaders, with the top competitor, COSCO Shipping Holdings, reporting 167.599 billion yuan [2]. - The net profit for the same period was 77.413 million yuan, also ranking 16th, and was substantially lower than the industry average of 246.1 million yuan [2]. - The company experienced a 4.5% year-on-year decline in revenue and a 45.6% drop in net profit for the first three quarters of 2025 [6]. Group 3: Financial Ratios - As of Q3 2025, Shenghang's debt-to-asset ratio was 50.04%, higher than the industry average of 39.10%, but down from 59.44% in the previous year [3]. - The gross profit margin was reported at 23.41%, exceeding the industry average of 20.65%, although it decreased from 27.61% in the previous year [3]. Group 4: Management and Shareholder Information - The total compensation for General Manager Li Guanghong was 2.4835 million yuan in 2024, an increase of 226,000 yuan from 2023 [4]. - As of September 30, 2025, the number of A-share shareholders decreased by 9.62% to 13,500, while the average number of shares held per shareholder increased by 10.70% [5]. Group 5: Future Outlook - The company is expanding its capacity in the chemical and refined oil sectors through various means, including replacing older vessels with new builds [6]. - National Securities has revised its profit forecasts for Shenghang for 2025-2027, predicting net profits of 80 million yuan, 100 million yuan, and 120 million yuan, respectively [6].