Xingtong Shipping(603209) Guohai Securities·2024-08-14 00:00Investment Rating - The investment rating for the company is "Buy" (maintained) [2][9]. Core Views - The company has demonstrated strong growth in foreign trade, with a revenue increase of 23.6% year-on-year in H1 2024, reaching 772 million yuan, and a net profit increase of 31.6%, amounting to 180 million yuan [2][3]. - The company's business structure has been optimized, with domestic and foreign trade revenues of 480 million yuan and 292 million yuan, respectively, showing a year-on-year growth of -1.5% and +112.4% [3]. - The gross profit margin improved to 36.59% in H1 2024, up by 2.2 percentage points year-on-year, driven by the high demand in foreign trade and a reduction in the proportion of low-margin external chartering [3][4]. Financial Performance - In Q2 2024, the company achieved a revenue of 387 million yuan, a year-on-year increase of 35.6%, and a net profit of 103 million yuan, up 71.3% year-on-year [2][3]. - The company expects revenues of 1.605 billion yuan, 1.941 billion yuan, and 2.302 billion yuan for 2024, 2025, and 2026, respectively, with growth rates of 30%, 21%, and 19% [6][7]. - The projected net profits for the same years are 346 million yuan, 417 million yuan, and 491 million yuan, with corresponding growth rates of 37%, 20%, and 18% [6][7]. Market Position - The company holds a 15.5% market share in domestic chemical transportation, which has increased by 1.6 percentage points year-on-year, while its foreign trade chemical transportation capacity has grown by 125.3% year-on-year [3][4]. - The company has signed contracts for the construction of two new 13,000-ton stainless steel chemical tankers, expected to be delivered in 2025, and has additional orders for methanol dual-fuel chemical tankers scheduled for delivery between 2025 and 2026 [3][4].