中远海特（600428）：运力扩张推动业绩增长，前三季度营收和扣非归母净利润同比增长超三成

Investment Rating - The report maintains a "Buy" rating for the company [1][5] Core Views - The company's revenue for the first three quarters of 2025 reached RMB 16.611 billion, a year-on-year increase of 37.92%, while the net profit attributable to shareholders was RMB 1.329 billion, up 10.54% year-on-year. The net profit excluding non-recurring items increased by 32.19% to RMB 1.340 billion [3][8] - The report highlights the company's competitive edge in specialized transportation sectors such as wind power, energy storage equipment, automobiles, and pulp [3][5] Financial Performance - The company’s operating revenue is projected to grow from RMB 12.007 billion in 2023 to RMB 19.819 billion in 2025, reflecting a growth rate of 18.1% [7] - The net profit attributable to shareholders is expected to increase from RMB 1.064 billion in 2023 to RMB 1.937 billion in 2025, with a growth rate of 26.6% [7] - The company’s EBITDA is forecasted to rise from RMB 2.460 billion in 2023 to RMB 5.357 billion in 2025, indicating a significant growth trajectory [7] Valuation Metrics - The report projects earnings per share (EPS) to be RMB 0.71 in 2025, with a corresponding price-to-earnings (P/E) ratio of 10.1 [5][7] - The estimated price-to-book (P/B) ratio is expected to decrease from 1.7 in 2023 to 1.4 in 2025, indicating improving valuation [7] Operational Insights - The company is expanding its fleet, with 53 new vessels expected to be delivered in 2025, increasing the total deadweight tonnage to 3.172 million [8] - The diverse fleet composition, including multi-purpose vessels, heavy-lift vessels, pulp carriers, and car carriers, mitigates risks associated with price fluctuations in specific vessel types [8]