Investment Rating - The report maintains a "Buy" rating for China Ship Leasing (03877) [7] Core Views - The shipping market is expected to see an increase in freight rates due to the implementation of special port fees for U.S. vessels, which may reduce shipping efficiency [7] - The shipbuilding market in China benefits from exemptions in the new port fee policy, likely leading to a return of shipbuilding orders to Chinese shipyards [7] - The company's fleet structure is strong, with a young average fleet age of approximately 4.13 years, enhancing its competitive position in the market [7] - The company has effectively controlled costs, with a financing cost of 3.1% as of mid-2025, down 40 basis points from the beginning of the year [7] - The company has maintained a high dividend payout, with a mid-2025 dividend of 0.05 HKD per share, resulting in an estimated annual dividend yield of about 7.7% [7] - The profit forecast has been adjusted downward due to changes in OECD tax policies, with expected net profits for 2025-2027 revised to 20, 22, and 24 billion HKD [7] Financial Data and Profit Forecast - Total revenue is projected to grow from 3,745 million HKD in 2023 to 5,021 million HKD in 2027, with a compound annual growth rate (CAGR) of approximately 8.5% [6][8] - Net profit is expected to increase from 1,902 million HKD in 2023 to 2,378 million HKD in 2027, reflecting a CAGR of about 5.8% [6][8] - Earnings per share (EPS) is forecasted to rise from 0.31 HKD in 2023 to 0.38 HKD in 2027 [6][8] - The company's price-to-earnings (P/E) ratio is projected to decrease from 6.3 in 2023 to 5.0 in 2027, indicating potential undervaluation [6][8]
中国船舶租赁（03877）：受益港口费反制，船队结构与成本管控优质，高派息率构筑护城河