Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a decline in performance for Q2 2025 due to asset impairment losses, but is expected to achieve significant growth for the full year [7] - The company's revenue for H1 2025 was 436 million yuan, a year-on-year decrease of 5.47%, while the net profit attributable to shareholders was -24.61 million yuan, a year-on-year decrease of 136.47% [7] - The company anticipates strong demand in both domestic and foreign trade in H2 2025, which is expected to improve profitability [7] - The company plans to dispose of an old vessel, which will reduce the average age of its fleet to around 10 years, further enhancing profitability in 2026 and 2027 [7] Financial Summary - Total revenue forecast for 2023A is 890.80 million yuan, with a projected increase to 1,212.68 million yuan by 2025E, representing a year-on-year growth of 29.50% [1][8] - The net profit attributable to shareholders is expected to rise from 22.66 million yuan in 2024A to 100.35 million yuan in 2025E, reflecting a year-on-year increase of 342.77% [1][8] - The company's earnings per share (EPS) is projected to increase from 0.04 yuan in 2024A to 0.18 yuan in 2025E [1][8] - The company's gross profit margin is expected to improve from 20.34% in 2024A to 21.43% in 2026E [8] Market Data - The closing price of the company's stock is 11.09 yuan, with a market capitalization of 6,159.47 million yuan [5] - The price-to-earnings (P/E) ratio is projected to decrease from 271.78 in 2024A to 61.38 in 2025E [8]
国航远洋（833171）：资产减值损失拖累25Q2业绩，全年有望高增