Xingtong Shipping(603209) 国信证券·2025-03-28 03:17Investment Rating - The investment rating for the company is "Outperform the Market" [5][3][13] Core Views - The company's performance in 2024 is significantly boosted by the geopolitical crisis in the Red Sea, leading to a high growth in revenue and profit. The total revenue reached 1.515 billion RMB, a year-on-year increase of 22.43%, while the net profit attributable to shareholders was 350 million RMB, up 38.95% [1][7] - The main growth driver for the company in 2024 is the increase in both volume and price in the foreign trade chemical business, with foreign trade volume exceeding 1 million tons for the year. However, domestic chemical transportation revenue decreased by 8% due to factors such as domestic oil and chemical industry operating rates [1][10] - The company is expanding its fleet and increasing domestic shipping capacity, which reflects its strong competitive position in the chemical shipping industry. By the end of 2024, the company had 23 domestic chemical ships with a total capacity of 243,600 deadweight tons, accounting for nearly 16% of the market [2][12] - The company is committed to returning value to shareholders through dividends and share buybacks, planning to distribute a cash dividend of 2.00 RMB per 10 shares, totaling 55.946 million RMB, with a payout ratio of 15.97% [2][12] Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 1.515 billion RMB, a 22.43% increase year-on-year. The net profit attributable to shareholders was 350 million RMB, reflecting a 38.95% growth. The fourth quarter alone saw revenue of 353 million RMB, up 6.65%, and net profit of 72 million RMB, a 3.35% increase [1][7][4] Fleet Expansion - The company added 2 stainless steel chemical ships in domestic trade in 2024, increasing its capacity by 11,400 deadweight tons. By the end of the year, the fleet consisted of 23 domestic chemical ships with a total capacity of 243,600 deadweight tons [2][12] Shareholder Returns - Despite significant capital expenditures in 2024, the company plans to distribute cash dividends and has also initiated a share buyback program, demonstrating its commitment to returning value to shareholders [2][12] Future Outlook - The company's "1+2+1" strategy is progressing steadily, with expectations for foreign trade business growth and a potential recovery in domestic trade as the economy stabilizes. Earnings forecasts for 2025 and 2026 have been adjusted to 420 million RMB and 500 million RMB, respectively, with a projected PE ratio of 10.9 for 2025 [3][13]