Xingtong Shipping(603209) 申万宏源证券·2025-03-26 13:16Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company is expected to accelerate its foreign trade from 2026 to 2027, aiming to transform into an international transportation enterprise [1] - The company reported a total revenue of 1.515 billion yuan for 2024, representing a year-on-year growth of 22.43%, and a net profit attributable to shareholders of 350 million yuan, up 38.95% year-on-year [7] - The company is actively exploring foreign trade markets, with foreign trade revenue increasing by 91.75% in 2024, and plans to introduce new vessels to enhance capacity [7] Financial Data and Profit Forecast - Total revenue projections for the company are as follows: - 2023: 1.237 billion yuan - 2024: 1.515 billion yuan - 2025E: 1.676 billion yuan - 2026E: 2.500 billion yuan - 2027E: 3.155 billion yuan - The net profit attributable to shareholders is projected to be: - 2023: 252 million yuan - 2024: 350 million yuan - 2025E: 379 million yuan - 2026E: 520 million yuan - 2027E: 641 million yuan [6][9] - The company’s gross margin is expected to be 38.2% in 2025, with a return on equity (ROE) of 13.2% [6] Operational Highlights - The company’s total shipping capacity reached 37 vessels by the end of 2024, with a total deadweight tonnage of 429,500 tons, marking an 11.59% increase year-on-year [7] - The company has maintained a stable domestic trade performance despite a slight decline in domestic shipping prices, with domestic revenue decreasing by only 1.01% in 2024 [7] - The company plans to deliver new vessels in 2025-2027, which will significantly enhance its foreign trade capacity [7]