Xiangyu(600057) 海通国际·2025-03-16 03:07Investment Rating - The report upgrades the investment rating for Xiamen Xiangyu to reflect the increased dividend payout ratio for 2024 [1]. Core Views - Xiamen Xiangyu plans to raise its 2024 dividend payout ratio to no less than 65% of net profit attributable to shareholders, marking a minimum 15-percentage-point increase from the 50% payout ratio in 2023 [6][1]. - The company has maintained a stable and active cash dividend policy, with the cash dividend amount over the past five years consistently above 50% of the net profit attributable to shareholders [2]. - The report emphasizes the company's commitment to shareholder returns and its exploration of a multi-dividend mechanism to enhance investor returns and market value management [2]. Summary by Sections Dividend Policy - Xiamen Xiangyu has cumulatively distributed over 5.1 billion yuan in dividends since its restructuring in 2011, with a dividend rate above 40% since 2019 and consistently above 50% when considering net profit after perpetual bond interest [2][3]. Business Performance - Despite facing challenges in the bulk commodity market, the company's core business remains solid, with stable operating volumes and an increasing market share [3]. - The report anticipates improved performance in 2025-2026 due to supportive domestic macro policies, product structure adjustments, and a favorable shipbuilding sector [3]. Long-term Outlook - The report expresses confidence in the company's long-term value, driven by its stable dividend policy, solid business fundamentals, and ongoing market share expansion [3][7].