Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The report highlights that tax system adjustments have impacted short-term performance but do not alter the long-term growth outlook for the company [5][7] - The shipping market is experiencing a recovery in demand, although short-term performance is affected by tax changes and international conflicts [7] - The company is expected to benefit from environmental policies and a potential interest rate cut in the U.S., which may stimulate financing willingness among shipowners [7] Financial Summary - The company achieved revenue of HKD 20.18 billion in the first half of 2025, a year-on-year increase of 2.7% [7] - Operating profit for the same period was HKD 11.67 billion, up 5.61% year-on-year [7] - Net profit attributable to shareholders was HKD 11.06 billion, a decrease of 16.7% year-on-year, primarily due to changes in tax calculation and reduced rental income from joint ventures [7] - The company’s revenue projections for 2025-2027 are HKD 44.77 billion, HKD 48.96 billion, and HKD 54.39 billion, respectively, with corresponding net profit estimates of HKD 21.44 billion, HKD 24.16 billion, and HKD 27.20 billion [7][8] - The projected P/E ratios for 2025-2027 are 5.58, 4.94, and 4.39, respectively, indicating favorable valuation metrics [7]
中国船舶租赁（03877）：25H1点评：税制调整影响业绩，不改中长期增长