Huachuang Securities·2024-09-01 02:23Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [18]. Core Views - The company reported a net profit of 10.1 billion yuan in Q2 2024, reflecting a year-on-year increase of 7% and a quarter-on-quarter increase of 50% [1]. - The average CCFI index for H1 2024 was 1365 points, up 34.8% year-on-year, indicating strong shipping rates amid geopolitical disturbances [1]. - The company is expected to benefit from high shipping rates in the short term and is viewed positively for its long-term profitability and transformation into an end-to-end logistics provider [1]. Financial Performance Summary - Revenue and Profit: In H1 2024, the company achieved revenue of 101.2 billion yuan, a 10.2% increase year-on-year, and a net profit of 16.9 billion yuan, up 1.9% year-on-year [1]. - Q2 Performance: Q2 2024 revenue was 52.9 billion yuan, a 19% increase year-on-year, with a net profit of 10.1 billion yuan, reflecting a 49.7% increase quarter-on-quarter [1]. - Shipping Rates: The average CCFI for Q2 2024 was 1439 points, up 11.5% quarter-on-quarter and 53.4% year-on-year [1]. Shipping Business Summary - Revenue: The shipping business generated 50.9 billion yuan in Q2 2024, a 19.6% increase year-on-year [1]. - Container Volume: The container volume for Q2 2024 was 6.43 million TEU, representing an 8.2% year-on-year increase [1]. - Revenue per Box: The average revenue per container in Q2 2024 was 1032 USD/TEU, a 10.4% increase year-on-year [1]. Terminal Business Summary - Revenue: The terminal business reported revenue of 2.71 billion yuan in Q2 2024, a 5.5% increase year-on-year [1]. - Throughput: The total throughput for Q2 2024 was approximately 36.6 million TEU, a 6.8% increase year-on-year [1]. Dividend and Fleet Expansion - The company announced a mid-term dividend plan, proposing a cash dividend of 0.52 yuan per share, totaling approximately 8.3 billion yuan, which is about 49.2% of the net profit for H1 2024 [1]. - The company has ordered 12 new 14,000 TEU methanol dual-fuel container ships, with a total cost of approximately 15.3 billion yuan, expected to be delivered between May 2027 and March 2029 [1].