Ge Long Hui·2025-11-12 06:24Core Viewpoint - Xinde Securities report indicates that Zhonggu Logistics, a leading player in domestic container shipping, has a strong profitability positioned at a high level within the industry [1] Group 1: Company Overview - As of October 2025, the company operates a fleet of 49 vessels with a total capacity of 2.5019 million deadweight tons, including 41 container ships with a capacity of 132,200 TEU [1] - The company's profitability is among the top in the industry, achieving a ROE of 16.86% in 2024, ranking third in the shipping sector [1] Group 2: Business Model and Services - The core business of the company is centered around domestic container logistics services, primarily focused on shipping, with an extension into land transportation [1] - The company provides integrated services between ports and the origin or destination of goods, enhancing its service offerings [1] Group 3: Financial Stability and Valuation - The company is experiencing stable cash inflows coupled with reduced capital expenditures, supporting its long-term dividend capability [1] - The report suggests that the company's current valuation is underestimated, initiating coverage with a "Buy" rating [1]