Xingtong Shipping(603209) Hua Yuan Zheng Quan·2024-08-15 07:10Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [4]. Core Insights - The company achieved a revenue of 770 million yuan in H1 2024, representing a year-on-year growth of 23.6%. In Q2 alone, revenue reached 387 million yuan, up 35.4% year-on-year [4]. - The net profit attributable to shareholders for H1 2024 was 180 million yuan, a 31.6% increase year-on-year, with Q2 net profit at 100 million yuan, reflecting a significant 71.3% growth [4]. - The company continues to expand its fleet through approvals, acquisitions, and self-construction, with a total of 22 domestic chemical tankers and 7 foreign trade chemical tankers in operation as of H1 2024 [4]. - The gross margin improved to 36.6% in H1 2024, an increase of 2.2 percentage points year-on-year, driven by stable domestic trade and rising foreign trade market rates [5]. Revenue and Profit Forecast - The company is projected to achieve net profits of 350 million yuan, 420 million yuan, and 520 million yuan for the years 2024, 2025, and 2026 respectively, with corresponding price-to-earnings ratios of 11.2x, 9.5x, and 7.7x [5][6]. - Revenue is expected to grow from 1.24 billion yuan in 2023 to 2.27 billion yuan by 2026, with a compound annual growth rate of approximately 23.17% [6][8]. Financial Metrics - The company's operating income for 2024 is estimated at 1.62 billion yuan, with a gross margin of 35.9% [6][8]. - The return on equity (ROE) is projected to increase from 14.04% in 2024 to 15.36% in 2026 [6]. Cost Management - The company has effectively controlled costs, with a decrease in various expense ratios, including sales expenses at 0.86% and management expenses at 4.12% for H1 2024 [5].