Bohai Ferry (SH:603167) Tianfeng Securities·2025-06-13 07:13Investment Rating - The report maintains a "Buy" rating for Bohai Ferry [4][6][18] Core Views - The passenger and vehicle transport volumes for Bohai Ferry are expected to increase due to a significant reduction in air transport capacity on the Yantai-Dalian route, which is likely to divert travelers to ferry services [1][2] - The introduction of new roll-on/roll-off ships capable of transporting electric vehicles is anticipated to boost vehicle transport demand, reversing the downward trend in vehicle transport volumes [2] - The company is projected to maintain high dividend payouts, with a dividend ratio of 99% for 2023 and 152% for 2024, supported by strong operating cash flow and low debt levels [3] Financial Data and Forecasts - Revenue is forecasted to be CNY 1,839.85 million in 2023, slightly declining to CNY 1,819.33 million in 2024, and then increasing to CNY 1,851.31 million in 2025 [5][10] - The net profit attributable to the parent company is expected to rise from CNY 250.40 million in 2023 to CNY 314.31 million in 2025, reflecting a growth rate of 14.60% [5][10] - Earnings per share (EPS) is projected to increase from CNY 0.53 in 2023 to CNY 0.67 in 2025 [5][10] Valuation Metrics - The price-to-earnings (P/E) ratio is expected to decrease from 19.43 in 2023 to 15.48 in 2025, indicating a more attractive valuation over time [5][10] - The price-to-book (P/B) ratio is projected to remain stable at around 1.35 from 2025 onwards [5][10] - The enterprise value to EBITDA (EV/EBITDA) ratio is expected to decline from 6.91 in 2023 to 6.44 in 2027, suggesting improving operational efficiency [5][10]