盛航股份：收购海昌华并表，Q3业绩同比增长

Investment Rating - The investment rating for Shenghang Co., Ltd. is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 1.13 billion RMB in the first three quarters of 2024, representing a year-on-year growth of 28.8%. The net profit attributable to shareholders reached 130 million RMB, up 15.6% year-on-year. In Q3 2024, revenue was 420 million RMB, with a year-on-year increase of 41.4%, and net profit was 38 million RMB, growing 31.3% year-on-year [1] - The revenue growth is attributed to the high demand in foreign trade and changes in the consolidation scope due to acquisitions. The company has expanded its foreign trade transportation business, seizing opportunities in a booming market [1] - The domestic trade market shows weak demand, leading to a decline in gross margin, which was 22.3% in Q3 2024, down 9.6 percentage points year-on-year. This decline is linked to weak demand in the petrochemical industry and cost transmission from petrochemical companies [1] - The company successfully launched a new vessel, "Shenghanghua 18," which is designed for high-value chemical transportation, enhancing the fleet's capacity and market competitiveness [1] Summary by Relevant Sections Financial Performance - For the first three quarters of 2024, the company reported a revenue of 1.13 billion RMB, a 28.8% increase year-on-year, and a net profit of 130 million RMB, up 15.6% year-on-year. Q3 2024 figures show revenue of 420 million RMB, a 41.4% increase, and a net profit of 38 million RMB, a 31.3% increase [1] - The gross margin for Q3 2024 was 22.3%, reflecting a decrease of 9.6 percentage points year-on-year due to weak domestic demand [1] Market Analysis - The growth in revenue is primarily driven by the expansion of foreign trade business and the consolidation of acquired entities. The company acquired a 44.8679% stake in Haichanghua, which has 12 vessels with a total capacity of 100,600 deadweight tons, enhancing revenue and market share [1] - The domestic market is experiencing weak demand, impacting the transportation of liquid hazardous goods and pricing [1] Future Outlook - The profit forecasts for 2024-2026 have been adjusted downwards to 200 million RMB, 270 million RMB, and 320 million RMB respectively, from previous estimates of 240 million RMB, 310 million RMB, and 360 million RMB [1] - The company maintains a "Buy" rating despite the adjustments, indicating confidence in future performance [1]