Investment Rating - The report assigns a "Buy" rating to COSCO SHIPPING International (0517.HK) with a target price of HKD 5.20, based on a 10x PE ratio for 2025 [1][3]. Core Insights - The company reported a revenue of HKD 1.75 billion for the first half of 2024, representing an 8% year-on-year growth, with a net profit of HKD 390 million, up 15.5% year-on-year [2][3]. - The shipping market's activity level is crucial for the development of the company's shipping services, with significant growth in ship trading agency services and insurance consulting services [2][3]. - The demand for ship coatings is supported by a robust new shipbuilding market, with the company achieving a sales volume of 78,795 tons in ship coatings for the first half of 2024 [2][3]. Summary by Sections 1. Company Overview - COSCO SHIPPING International is a leading comprehensive shipping service company, providing a full lifecycle of services for ships and focusing on green and digital transformation [10][12]. 2. Green and Low-Carbon Shipping Transformation - The company is accelerating its green low-carbon transformation, responding to market trends and increasing demand for environmentally friendly fuels [25][27]. - A joint venture for renewable fuel investment has been established to promote the transition to green energy in the shipping industry [31][32]. 3. Revenue and Profitability - The company expects steady growth in its shipping services, with projected revenues of HKD 3.65 billion, HKD 3.66 billion, and HKD 3.73 billion for 2024-2026 [3][4]. - The main revenue sources include ship equipment supply and coatings, contributing significantly to the overall profitability [10][11]. 4. Market Dynamics - The global shipbuilding market remains active, with China maintaining its position as the world's largest shipbuilding country, capturing over 50% of the market share in various metrics [21][22]. - The demand for ship coatings is expected to rise due to the growth in both new ship deliveries and repair services [23][24].
中远海运国际：船舶涂料量价齐升，业绩新高维持100%派息