中远海特：远海并表公司收入同比大幅增长，纸浆船和汽车船期租水平明显提升

Investment Rating - The investment rating for the company is "Buy" with a previous rating of "Buy" as well [2] Core Views - The company has shown significant revenue growth, with a 25.37% year-on-year increase in operating revenue for H1 2024, reaching RMB 7.48 billion, and a 13.38% increase in net profit attributable to shareholders, amounting to RMB 729 million [3] - The revenue growth is primarily driven by the performance of the pulp and automotive shipping segments, with automotive shipping revenue increasing by 630.2% year-on-year [3] - The report maintains a positive outlook on the company's future performance, particularly due to the expansion of automotive shipping capacity and the increase in pulp shipping business [3] Summary by Sections Financial Performance - For H1 2024, the company reported operating revenue of RMB 7.48 billion, a 25.37% increase year-on-year, and a net profit of RMB 729 million, up 13.38% [3] - Revenue breakdown by segment shows significant increases in pulp shipping (+82.8%) and automotive shipping (+630.2%), while multi-purpose and heavy-lift vessels saw modest changes [3] - The average charter rates for pulp and automotive vessels increased significantly, with pulp vessels at USD 20,704/day (+29%) and automotive vessels at USD 31,711/day (+106%) [3] Future Projections - The company’s net profit forecasts for 2024-2026 are adjusted to RMB 1.415 billion, RMB 1.690 billion, and RMB 1.970 billion, representing growth rates of 32.9%, 19.5%, and 16.5% respectively [4] - Earnings per share (EPS) estimates for the same period are projected at RMB 0.66, RMB 0.79, and RMB 0.92, with corresponding price-to-earnings (PE) ratios of 8.7, 7.3, and 6.3 [4] Market Position - The company is positioned in a strong market segment with a robust demand for automotive exports, which is expected to sustain high charter rates for automotive vessels [3] - The overall supply of multi-purpose and heavy-lift vessels is tightening, with the global order book at a historical low, which may benefit the company’s operational stability [3]