Xingtong Shipping(SH:603209) Southwest Securities·2024-07-04 04:00Investment Rating - The report suggests a "Hold" rating for the company, indicating that the stock is expected to perform in line with the market over the next six months [12][26]. Core Views - The company is expanding its domestic shipping fleet and enhancing its capabilities in clean energy and international business, which is expected to strengthen its market position [1][3]. - The company has added 7 new domestic trade vessels in 2023, increasing its capacity to 48,000 deadweight tons, and now operates a total of 27 vessels with a capacity of 287,800 deadweight tons [2]. - The revenue for 2023 reached 1.24 billion yuan, a year-on-year increase of 57.7%, while the net profit attributable to shareholders was 250 million yuan, up 22.3% [2]. Financial Performance - The company forecasts revenue growth of 24.62% in 2024, reaching approximately 1.54 billion yuan, and a net profit of 320.83 million yuan, reflecting a growth rate of 27.22% [4][23]. - The chemical transportation business is expected to see significant growth, with projected revenues of 926.7 million yuan in 2024, a 25% increase year-on-year [8][22]. - The overall revenue is projected to grow steadily, with estimates of 1.81 billion yuan in 2025 and 2.04 billion yuan in 2026, maintaining growth rates of 17.15% and 13.14% respectively [4][24]. Business Strategy - The company is focusing on enhancing its core competitiveness by expanding its chemical transportation services and entering international markets, which is anticipated to yield higher returns [3][17]. - The introduction of new chemical vessels is part of the strategy to tap into international shipping markets, thereby broadening the company's operational scope [3][17]. Market Position - The company holds a 14.22% market share in the coastal inter-provincial chemical shipping sector, indicating a steady increase in its competitive position [2]. - The report highlights the company's commitment to becoming a comprehensive service provider in the chemical supply chain, with ongoing improvements in its LPG transportation capabilities [17].