CMES(601872) 华福证券·2024-09-01 12:02Investment Rating - The report maintains a "Buy" rating for the company with a target price of 9.33 CNY, indicating an expected upside of over 20% in the next six months [2][7]. Core Views - The company reported a revenue of 13.23 billion CNY in the first half of 2024, a year-on-year increase of 1.9%, while the net profit attributable to shareholders decreased by 9.9% to 2.5 billion CNY [3]. - The company emphasizes shareholder returns, announcing a mid-term dividend of 0.1 CNY per share and committing to distribute approximately 40% of net profit as dividends from 2024 to 2026 [3]. - The oil tanker fleet continues to outperform the market despite short-term demand pressures, with a net profit of 1.674 billion CNY in the first half of 2024, down 7.7% year-on-year [3]. - The dry bulk shipping segment saw a significant profit increase of 125.4% year-on-year, supported by strong demand for iron ore and bauxite [3]. - The company plans to restructure its container and roll-on/roll-off operations to enhance synergy within its shipping segment [3]. Financial Data and Valuation - The company’s projected revenues for 2024-2026 are 28.3 billion CNY, 28.8 billion CNY, and 30.8 billion CNY, respectively, with a net profit forecast of 5.213 billion CNY, 5.659 billion CNY, and 6.784 billion CNY [4][5]. - The earnings per share (EPS) are expected to be 0.64 CNY, 0.69 CNY, and 0.83 CNY for 2024, 2025, and 2026, respectively [4][5]. - The price-to-earnings (P/E) ratio is projected to decrease from 12.6 in 2023 to 9.0 in 2026, indicating improving valuation metrics [4][5].