Investment Rating - The report maintains a "Recommended" rating for the company [5]. Core Views - The implementation of the employee stock ownership plan is expected to enhance long-term development momentum by attracting and retaining key management talent [5]. - The company has received approval for a private placement to raise up to 460 million yuan, which will be used to enhance liquidity and acquire low-carbon smart vessels, thereby improving fleet structure and competitiveness in the shipping industry [5]. - The increase in dry bulk trade volume is a significant driver of global maritime trade growth, with China's ports playing a crucial role in the transportation of coal, iron ore, and grains [5]. - The company is projected to achieve revenue growth from 1.06 billion yuan in 2024 to 1.33 billion yuan in 2026, with net profit increasing from 149 million yuan to 196 million yuan during the same period [5][6]. Financial Projections - Revenue is expected to grow from 890.80 million yuan in 2023 to 1,329.31 million yuan in 2026, reflecting a compound annual growth rate (CAGR) of approximately 14% [6][8]. - The net profit is forecasted to increase significantly from 2.29 million yuan in 2023 to 196.39 million yuan in 2026, indicating a strong recovery and growth trajectory [6][8]. - Earnings per share (EPS) is projected to rise from 0.00 yuan in 2023 to 0.35 yuan in 2026, with corresponding price-to-earnings (PE) ratios decreasing from 1328.27 to 16.80 over the same period [6][8].
国航远洋：点评报告：股权激励促长期发展，运力有望再上台阶