Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Insights - The company achieved a revenue of 461 million yuan in the first half of 2024, representing a year-on-year growth of 2.51%. The net profit attributable to shareholders reached 67 million yuan, a significant increase of 308.52% year-on-year, primarily driven by a substantial rise in the BDI index leading to higher rental income [2]. - The company is focused on bulk cargo shipping, with the revenue from this segment contributing 95.41% of total revenue. The company has upgraded its capacity structure by putting two new ships into operation and has approved the sale of three older vessels [2]. - The overall gross margin improved significantly, with a gross margin of 19.27% and a net margin of 14.60%, reflecting increases of 8.60 and 10.94 percentage points, respectively, due to a higher proportion of foreign trade business [2]. Financial Performance Summary - For the first half of 2024, the company reported revenues from various segments: bulk cargo waterway transportation (440 million yuan, +1.27% YoY), ship equipment and material trading (14 million yuan, +50.00% YoY), ship management (7 million yuan, +22.31% YoY), and office property leasing (1 million yuan, -6.23% YoY) [2]. - The company’s financial expenses increased by 235.01% year-on-year, mainly due to the growth in interest-bearing liabilities and significant foreign exchange losses [2]. - The company’s weighted ROE was 4.89%, and earnings per share were 0.12 yuan [2]. Industry Outlook - The industry is experiencing steady growth, with the average BDI value for the first half of 2024 at 1835.86 points, a 58.69% increase from the same period in 2023. The average time charter rate for the BPI index increased by 39.92% year-on-year, positively impacting foreign trade pricing [3]. - The global shipping trade volume is expected to grow by 1.61% in 2024, with bulk cargo trade volume projected to increase by 4.3% [3]. - The trend towards green shipping is becoming increasingly important, and the company is actively investing in low-carbon and environmentally friendly vessels, positioning itself to benefit from the ongoing growth in bulk cargo trade and the green shipping trend [3]. Financial Forecast - The company is projected to achieve revenues of 1.06 billion yuan, 1.17 billion yuan, and 1.33 billion yuan for the years 2024, 2025, and 2026, respectively. The net profit attributable to shareholders is expected to be 149 million yuan, 170 million yuan, and 196 million yuan for the same years, with corresponding EPS of 0.27, 0.31, and 0.35 yuan per share [9].
国航远洋：中报点评：运力结构持续优化，整体毛利率显著提升