Investment Rating - The report maintains a "Buy" rating for China Ship Leasing [4] Core Views - The company reported a 13% year-on-year increase in revenue to HKD 1.966 billion and a 22% increase in net profit to HKD 1.327 billion for the first half of 2024, meeting expectations [4] - The fleet structure has been optimized, with a total fleet size of 148 vessels and an average age of 3.73 years, enhancing asset value amid a shipbuilding boom [4] - The company has effectively managed funding costs, reducing the average cost of interest-bearing liabilities to 3.5% in the first half of 2024, down from 3.7% in 2023 [4] - The company emphasizes shareholder returns, with a projected dividend yield of approximately 8.1% for 2024 [4] - The re-inclusion in the Hong Kong Stock Connect is expected to enhance liquidity and accelerate value recovery [4] - The earnings forecasts for 2024-2025 have been revised downwards, with new projections for 2026 introduced [4] Financial Data and Earnings Forecast - Revenue is projected to grow from HKD 3.745 billion in 2023 to HKD 3.928 billion in 2024, with a growth rate of 5% [7] - Net profit is expected to increase from HKD 1.902 billion in 2023 to HKD 2.096 billion in 2024, reflecting a 10% growth rate [7] - The projected earnings per share for 2024 is HKD 0.27, with a price-to-earnings ratio of 4.8 [7]
中国船舶租赁：中报业绩符合预期，重回港股通加速价值回归