点评报告：公司发布前三季度业绩预告，Q3大幅扭亏为盈

Investment Rating - The investment rating for the company is "Accumulate" [9] Core Views - The company is expected to achieve a net profit attributable to shareholders of between 81 million to 91 million yuan for the first three quarters of 2024, representing a significant increase of 943% to 1072% compared to the same period last year [2] - In Q3 2024, the company anticipates a net profit of 13.53 million to 23.53 million yuan, a substantial turnaround from a loss of approximately 875,000 yuan in the same quarter last year [2] Financial Performance - The average Baltic Dry Index (BDI) for January to September 2024 is approximately 1848 points, reflecting a year-on-year increase of 58%, while the Panama Freight Index (BPI) averages around 1693 points, up 29% year-on-year [3] - The company has initiated a "12+4" new shipbuilding plan since its listing in December 2022, with three new vessels already in operation as of September 24, 2024, contributing to a significant improvement in performance [4] - The shipping market is expected to enter an upward cycle in 2024, with seasonal price increases anticipated in the fourth quarter [5] Profit Forecast - The company’s net profit attributable to shareholders is projected to be 151 million, 184 million, and 236 million yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.27, 0.33, and 0.43 yuan per share [6] - Revenue is expected to grow from 891 million yuan in 2023 to 1.547 billion yuan in 2026, with a year-on-year growth rate of 27.66% in 2024 [8]