Investment Rating - The investment rating for the company is maintained at "Outperform" [5] Core Insights - The company achieved total revenue of 693 million yuan in the first three quarters of 2025, representing a year-on-year growth of 1.83%. However, the net profit attributable to the parent company was only 205,100 yuan, a significant decrease of 99.75% year-on-year, primarily due to vessel impairment and increased financial costs [5] - The company is adjusting its profit forecasts for 2025, while maintaining forecasts for 2026 and 2027. Expected net profits for 2025-2027 are 49 million, 149 million, and 182 million yuan respectively, with corresponding EPS of 0.09, 0.27, and 0.33 yuan [5] - The company is benefiting from a strong demand for domestic bulk commodity transportation, with revenue from the domestic trade segment reaching 214 million yuan in the first half of 2025, a year-on-year increase of 100.63% [6] - The company is actively pursuing a green transition, with over 30% of its fleet now consisting of green vessels. It plans to phase out older vessels to reduce costs and improve efficiency [7] Financial Summary - For 2025, the company is projected to achieve total revenue of 1,067 million yuan, a year-on-year increase of 14.0%. The net profit attributable to the parent company is expected to be 49 million yuan, reflecting a year-on-year increase of 115.4% [9] - The gross margin is expected to stabilize at 20.3% for 2025, with a net margin of 4.6% [12] - The company's P/E ratio is projected to decrease from 125.4 in 2025 to 33.7 by 2027, indicating an improving valuation as earnings grow [9][12]
国航远洋（920571）：持续推进绿色转型、新运力投入内贸，2025Q1-3实现营收6.93亿元