中远海特（600428）：减值磨损利润，经营表现稳健

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company reported a revenue of 58.4 billion, a year-on-year increase of 27.9%, and a net profit attributable to shareholders of 5.0 billion, up 6.6% year-on-year, which is in line with expectations [1][3]. - The special ship transportation market in which the company operates has a characteristic of "small market, large leader," which mitigates the impact of single ship type market fluctuations on the company's operations [9]. - The company benefits from the expansion of Chinese industries overseas, leading to performance growth through capacity expansion, thus maintaining the "Buy" rating [1]. Summary by Sections Revenue and Profit Performance - In the first three quarters of 2025, the company recorded a revenue of 166.1 billion, a year-on-year increase of 37.9%, and a net profit of 13.3 billion, up 10.5% year-on-year. For the third quarter alone, revenue was 58.4 billion, with a year-on-year increase of 27.9%, and net profit was 5.0 billion, up 6.6%, which is basically in line with expectations [3][9]. Market Dynamics - The export volume of automobiles increased by 21.0% year-on-year, and excavator exports rose by 23.9%, indicating a sustained high prosperity in China's emerging industries going overseas. Despite a decline in freight rates for container and bulk shipping, the multi-purpose ship charter rates remained resilient, with a recorded rate of 21,100 USD/day for 21,000 dwt multi-purpose ships in the third quarter, unchanged year-on-year [9]. Financial Projections - The company plans to gradually exit the timber shipping market, leading to an asset impairment loss of 0.8 billion in the third quarter. This suggests that the actual operating performance may be better than reported. The projected net profits for 2025, 2026, and 2027 are 19.8 billion, 22.8 billion, and 23.5 billion, respectively, with corresponding PE ratios of 9.7, 8.4, and 8.2 times. Assuming a 50% dividend payout ratio, the expected dividend yields for 2025 to 2027 are 5.2%, 6.0%, and 6.1% [9].