CMES(601872) 兴业证券·2024-08-31 06:09Investment Rating - The report maintains an "Accumulate" rating for the company, with projected net profits for 2024-2026 being 7.26 billion, 7.87 billion, and 8.668 billion yuan respectively, corresponding to EPS of 0.89, 0.97, and 1.06 yuan, and PE ratios of 9.2, 8.5, and 7.7 times for the same years [1][4]. Core Insights - The company reported a net profit of 2.497 billion yuan for the first half of 2024, a year-on-year decrease of 9.88%. The total revenue was 13.235 billion yuan, reflecting a year-on-year growth of 1.88%. The decline in net profit was primarily due to the oil tanker segment, while the container and bulk shipping segments provided significant support [2][3]. - The oil tanker segment generated a revenue of 4.963 billion yuan with a net profit of 1.675 billion yuan, down 7.66% year-on-year. The container segment saw a revenue of 2.722 billion yuan and a net profit of 240 million yuan, down 48.05%. In contrast, the bulk shipping segment achieved a revenue of 3.958 billion yuan and a net profit of 800 million yuan, marking a substantial increase of 125.35% [2][3]. Financial Summary - The company’s projected financials for 2024-2026 indicate a recovery in revenue and profit growth, with total revenues expected to rise from 31.777 billion yuan in 2024 to 35.909 billion yuan in 2026, reflecting a compound annual growth rate (CAGR) of approximately 6.0% [3]. - The gross profit margin is projected to improve from 30.9% in 2024 to 31.8% in 2026, while the return on equity (ROE) is expected to decrease from 18.1% in 2024 to 15.3% in 2026 [3]. - The company plans to distribute a cash dividend of 1 yuan per 10 shares, amounting to a total of 814 million yuan, which represents 32.62% of the net profit for the period [3].