Xingtong Shipping(603209) 国海证券·2024-10-27 06:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1][9]. Core Views - The company has shown significant year-on-year growth in performance, driven by a robust external trade environment and continued capacity expansion in both domestic and international markets [4][5]. - The company's revenue for the first three quarters of 2024 reached 1.162 billion yuan, representing a year-on-year increase of 28.18%, while the net profit attributable to shareholders was 278 million yuan, up 52.65% year-on-year [3][4]. - The company has been approved for a new capacity of 10,000 deadweight tons for chemical transportation, reflecting its strong compliance advantages and ongoing capacity expansion [2][3]. Summary by Sections Performance Overview - In Q3 2024, the company achieved revenue of 390 million yuan, a year-on-year increase of 38.42%, and a net profit of 98 million yuan, up 116.84% year-on-year [3][4]. - The gross margin in Q3 2024 improved by 8.94 percentage points to 25.56%, while the net profit margin increased by 8.47 percentage points to 23.10% [4]. Capacity Expansion - The company continues to expand its capacity with the launch of new chemical tankers, including two domestic trade vessels and one international trade vessel [2][3]. - The company scored 91.2 points in the Ministry of Transport's capacity review, ranking first and highlighting its competitive edge in compliance [2]. Financial Projections - Revenue projections for 2024-2026 are 1.605 billion yuan, 1.941 billion yuan, and 2.314 billion yuan, with year-on-year growth rates of 30%, 21%, and 19% respectively [6][7]. - Net profit forecasts for the same period are 358 million yuan, 422 million yuan, and 494 million yuan, with growth rates of 42%, 18%, and 17% respectively [6][7].