Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's performance met expectations, with total revenue for 2024 reaching HKD 4.441 billion, a year-on-year increase of 19%, and net profit attributable to shareholders at HKD 2.106 billion, up 11% year-on-year [6] - The fleet structure is continuously optimized, with a total fleet size of 138 vessels as of the end of 2024, and an average age of 4.03 years. The company is focusing on high-value and younger vessels, enhancing its market competitiveness [6] - Cost control measures have been strengthened, with the average cost of interest-bearing liabilities reduced to 3.5%, down 18 basis points year-on-year, which is significantly lower than the industry average [6] - The company maintains a high dividend payout ratio, with a dividend per share of HKD 0.134 for the year, resulting in a payout ratio of 39%. The expected dividend yield for 2025 is approximately 9% [6] - The company has been re-included in the Hong Kong Stock Connect, which is expected to enhance liquidity and accelerate value recovery [6] - The profit forecasts for 2025-2027 have been slightly adjusted upwards, with net profits projected at HKD 2.338 billion, HKD 2.550 billion, and HKD 2.790 billion respectively [6] Financial Data and Profit Forecast - Total revenue (in million HKD) for the years 2023 to 2027 is projected as follows: 3,745 (2023), 4,441 (2024), 4,332 (2025E), 4,526 (2026E), and 4,661 (2027E) [2][7] - Net profit attributable to shareholders (in million HKD) is forecasted as: 1,902 (2023), 2,106 (2024), 2,338 (2025E), 2,550 (2026E), and 2,790 (2027E) [2][7] - Earnings per share (in HKD) are expected to be: 0.31 (2023), 0.34 (2024), 0.35 (2025E), 0.38 (2026E), and 0.42 (2027E) [2][7] - Return on equity (ROE) is projected to remain stable around 15% for the forecast period [6]
中国船舶租赁（03877）：业绩符合预期，成本管控优秀，船队结构持续优化