盛航股份：业绩分析盈利预测、估值与评级风险提示

Investment Rating - The investment rating for Shenghang Co., Ltd. is "Buy" (maintained) [1]. Core Views - The company achieved a revenue of 710 million RMB in H1 2024, representing a year-on-year growth of 22.4%, and a net profit attributable to shareholders of 100 million RMB, up 10.5% year-on-year [1]. - The growth in revenue is primarily driven by the expansion of foreign trade transportation business, with overseas revenue increasing significantly by 165.8% to 290 million RMB, while domestic revenue decreased by 11.3% to 416 million RMB [1]. - The acquisition of Haichanghua, which now holds a 53.06% stake, enhances the company's competitiveness in domestic refined oil waterway transportation [1]. Summary by Sections Performance - In Q2 2024, the company reported a revenue of 330 million RMB, a 15.3% increase year-on-year, and a net profit of 50 million RMB, growing by 17.3% year-on-year [1]. - The total number of vessels controlled by the company reached 52, with a total capacity of 399,000 deadweight tons, including 15 vessels engaged in foreign trade transportation [1]. Market Analysis - The domestic market demand is weak, leading to a decline in gross margin for domestic operations, which fell by 2.34 percentage points to 30.56% [1]. - Conversely, the gross margin for overseas operations increased by 8.89 percentage points to 31.12% [1]. Financial Forecast - The company maintains its net profit forecasts for 2024-2026 at 240 million RMB, 310 million RMB, and 360 million RMB respectively [1].