Xingtong Shipping(603209) 天风证券·2025-04-11 07:13Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The domestic chemical shipping market is experiencing a decline in freight rates, with a projected decrease of 5% in 2024. However, the company's domestic business gross margin is expected to rise to 40.6% in 2024, up from 36% in 2023, likely due to long-term contracts with major clients [1]. - Global chemical shipping rates are at historically high levels but are expected to start declining in the second half of 2024. The company's foreign business gross margin is projected to be 29% in 2024, which may be impacted by falling freight rates [2]. - The company's shipping capacity is expected to grow significantly, with a 48% increase in 2023 and a 12% increase in 2024, leading to revenue growth of 58% and 22%, respectively. Net profit is projected to grow by 22% in 2023 and 39% in 2024 [3]. - The company has adjusted its profit forecast for 2025, lowering the expected net profit to 406 million yuan from a previous estimate of 524 million yuan, while introducing profit forecasts for 2026 and 2027 at 482 million yuan and 529 million yuan, respectively [4]. Summary by Sections Financial Data and Valuation - Revenue is projected to grow from 1,237.27 million yuan in 2023 to 1,858.22 million yuan in 2025, with growth rates of 57.66%, 22.43%, and 22.68% for the respective years. The net profit attributable to the parent company is expected to increase from 252.20 million yuan in 2023 to 405.88 million yuan in 2025 [5][21]. - The company's earnings per share (EPS) is expected to rise from 0.90 yuan in 2023 to 1.45 yuan in 2025, with a price-to-earnings (P/E) ratio decreasing from 15.95 to 9.91 over the same period [5][21]. - The company’s total assets are projected to grow from 3,798.79 million yuan in 2023 to 5,161.30 million yuan in 2025, with a debt-to-asset ratio of 36.19% in 2024 [21][22]. Basic Data - The total share capital of the company is 280 million shares, with a total market capitalization of 4,023.60 million yuan. The net asset per share is 9.10 yuan [7].