CMES(SH:601872) Guotai Junan Securities·2024-09-01 07:14Investment Rating - The report maintains a rating of "Buy" for the company [4]. Core Views - The company has a diversified business layout across multiple sectors, ensuring stable profitability. The pre-tax profit for the first half of 2024 remained flat year-on-year, aligning with expectations. The company plans to continue optimizing shareholder returns through various methods [3][4]. - The company has announced its first interim dividend, with a tax provision of nearly 300 million yuan due to changes in profit contribution structures from its subsidiaries [3]. - The company is undergoing a restructuring to spin off its container shipping and roll-on/roll-off businesses, aiming to create dual capital operation platforms, which is expected to enhance operational efficiency and market competitiveness [3]. Financial Summary - For the first half of 2024, the company reported a pre-tax profit of 2.5 billion yuan, a year-on-year decrease of 10% in net profit attributable to shareholders, primarily due to increased income tax [3]. - The company’s net profit forecasts for 2024-2026 have been adjusted to 6 billion, 7.4 billion, and 8.3 billion yuan respectively, down from previous estimates of 7.3 billion, 8 billion, and 8.5 billion yuan [3]. - The company’s revenue for 2024 is projected to be 30.26 billion yuan, reflecting a year-on-year increase of 16.9% [10]. Business Segments Performance - The oil transportation segment achieved a net profit of 1.7 billion yuan, down 8% year-on-year, while the dry bulk segment saw a significant increase in net profit by 125% to 1.7 billion yuan [3]. - The container shipping segment reported a net profit of 240 million yuan, nearly halving compared to the previous year, while the LNG segment maintained stable profitability with a net profit of 320 million yuan [3]. Shareholder Return Strategy - The company has announced a three-year shareholder return plan, aiming for cash dividends to account for approximately 40% of net profit attributable to shareholders, including funds for share buybacks [3].