Changjiang Securities·2025-11-06 10:45Investment Rating - The report maintains a "Buy" rating for the company [2][7]. Core Views - In Q3 2025, the company achieved operating revenue of 4.8 billion yuan, a year-on-year decrease of 2.2%, and a net profit attributable to shareholders of 1.34 billion yuan, an increase of 3.8% year-on-year. The net profit after deducting non-recurring items was 1.3 billion yuan, up 0.3% year-on-year. The container segment faced pressure due to slowing export growth, but the company demonstrated operational resilience and is expected to maintain stability in the future. The dry bulk segment showed improvement in imports, with potential for upward movement as the industry rebounds from its bottom. The liquid bulk segment has seen a significant recovery in demand [2][5][11]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported operating revenue of 14.24 billion yuan, a year-on-year increase of 1.7%, and a net profit of 4.18 billion yuan, up 6.9% year-on-year. In Q3 alone, the operating revenue was 4.8 billion yuan, down 2.2% year-on-year, while the net profit was 1.34 billion yuan, up 3.8% year-on-year [5][11]. Container Segment - The container throughput in Q3 2025 reached 8.81 million TEU, a year-on-year increase of 6.0%. Despite a 4.0% year-on-year decline in container cargo volume on the Asia-North America route, the company outperformed the industry with a 6.0% growth in container throughput [11]. Dry Bulk and Liquid Bulk Segments - The dry bulk segment showed a mixed performance in import growth, with total imports increasing by 4.2% year-on-year and 8.6% quarter-on-quarter. The liquid bulk segment benefited from a recovery in demand, with the average operating rate of independent refineries in Shandong rising to 48.8% [11]. Future Outlook - The report anticipates steady growth in the container segment, supported by China's expanding export to "Belt and Road" countries and emerging markets. The dry bulk demand is expected to stabilize, while the liquid bulk segment is projected to continue its recovery, with a narrowing decline in import volumes expected in Q4 [11]. Profit Forecast - The company’s net profit is projected to be 5.53 billion yuan, 5.90 billion yuan, and 6.34 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 10.2, 9.5, and 8.9. The expected dividend yield for the same years is 3.8%, 4.1%, and 4.4% [11].