NJTC(601975)2024-10-29 03:13Investment Rating - The report maintains a "Buy" rating for the company [5][6]. Core Views - The company reported a net profit of 1.656 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 37.62% [5]. - The company is actively replacing its fleet and optimizing its structure to capitalize on the market cycle, having disposed of an old MR tanker and completed the delivery of four old vessels [5]. - The company’s operational performance has generated excess Time Charter Equivalent (TCE), with adjusted Q3 TCE levels estimated between 28,000 to 30,000 USD/day, slightly above market averages [5]. - The company has shown commitment to shareholder returns through share buybacks and plans for major shareholder increases [5]. - New ship orders are primarily driven by replacement needs, with current shipyard capacities booked until 2028 [5]. - The profit forecast has been revised downward due to unexpected declines in freight rates, with net profit estimates for 2024-2026 adjusted to 20.33 billion, 17.44 billion, and 17.95 billion yuan respectively [5]. Financial Summary - Total revenue for 2023 is projected at 6.197 billion yuan, with a year-on-year growth rate of 7.8% [6]. - The net profit for 2024 is expected to be 2.033 billion yuan, reflecting a growth rate of 30.5% [6]. - The gross margin is anticipated to improve to 36.0% in 2024 [6]. - The return on equity (ROE) is projected to be 18.4% in 2024 [6].