Investment Rating - The report maintains a "Buy" rating for 德翔海运 (02510) [2][8][20] Core Views - The company reported a revenue of USD 641 million for the first half of 2025, representing a year-on-year growth of 18.67%. The net profit attributable to shareholders was USD 189 million, a significant increase of 221.96% year-on-year. This growth is attributed to increased market demand and higher freight rates due to changes in shipping routes [7][8] - The company is expanding its fleet rapidly, with 11 vessels on order, which will enhance its operational capacity significantly. The new vessels are expected to be delivered between 2024 and 2027 [7][8] - The report highlights a favorable market outlook due to limited new ship orders and an aging fleet, which is expected to constrain supply and support freight rates in the medium to long term [7][8] Financial Summary - Revenue projections for 德翔海运 are as follows: - 2023: 875 million - 2024: 1,340 million - 2025E: 1,351 million - 2026E: 1,299 million - 2027E: 1,539 million - Net profit attributable to shareholders is projected to be: - 2023: 21 million - 2024: 366 million - 2025E: 378 million - 2026E: 334 million - 2027E: 449 million - The report maintains profit forecasts for 2025-2027, with net profits expected to be USD 378 million, USD 334 million, and USD 449 million respectively [6][11][7]
德翔海运（02510）：业绩超预期，公司信心充足，未来船队快速扩张