Xingtong Shipping(603209) 国海证券·2025-03-28 07:36Investment Rating - The report maintains a "Buy" rating for the company [1][9]. Core Views - The company has demonstrated continuous growth with a revenue increase of 22% year-on-year, reaching 1.515 billion yuan in 2024, and a net profit increase of 39%, amounting to 350 million yuan [3][4]. - The foreign trade business has shown significant growth, with revenue rising by 91.8% to 600 million yuan, driven by high demand and capacity expansion [4][5]. - The company is expected to continue its growth trajectory, with projected revenues of 1.943 billion yuan, 2.495 billion yuan, and 2.991 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 28%, 28%, and 20% [7][8]. Summary by Sections Recent Performance - The company's stock performance over the past year shows an 18.4% increase compared to the Shanghai and Shenzhen 300 index, which increased by 12.3% [2]. - As of March 27, 2025, the company's stock price is 15.91 yuan, with a market capitalization of 4.4548 billion yuan [2]. Financial Highlights - In Q4 2024, the company achieved a revenue of 353 million yuan, a year-on-year increase of 6.65%, and a net profit of 72 million yuan, up 3.35% year-on-year [3]. - The gross margin for the foreign trade business improved by 4 percentage points to 29%, while the gross margin for domestic trade increased by 4.6 percentage points to 40.6% [4]. Capacity Expansion - By the end of 2024, the company operated 23 domestic chemical vessels with a total capacity of 243,600 DWT, achieving a market share increase of 1.8 percentage points to 16% [5]. - The company plans to add at least 12 stainless steel chemical vessels with a total capacity of 235,000 DWT from 2025 to 2027, indicating ongoing capacity expansion in foreign trade [5][6]. Long-term Growth Potential - The report highlights the company's position as a leading compliant player in the liquid hazardous goods transportation industry, which is expected to benefit from stricter regulations and limited supply [6]. - The anticipated recovery in domestic demand and the expansion of foreign trade capacity are expected to drive long-term growth for the company [6].