Xingtong Shipping(SH:603209) Guohai Securities·2024-02-06 16:00Investment Rating - The report maintains a "Buy" rating for the company [1][5]. Core Views - The company achieved a revenue of 331 million yuan in Q4 2023, representing a year-on-year increase of 46.96% and a quarter-on-quarter increase of 17.32%. The net profit attributable to shareholders reached 70 million yuan, up 41.86% year-on-year and 55.62% quarter-on-quarter [3][24]. - The recovery in industry demand, particularly in the chemical sector, is expected to continue, with the company benefiting from its capacity expansion and operational improvements [3][25]. - The company is projected to have revenues of 1.265 billion yuan, 1.593 billion yuan, and 1.931 billion yuan for 2023, 2024, and 2025 respectively, with net profits of 249 million yuan, 302 million yuan, and 374 million yuan for the same years [5][14]. Financial Performance - In 2023, the company reported total revenue of 1.237 billion yuan, a year-on-year increase of 57.66%, and a net profit of 252 million yuan, up 22.26% year-on-year [9][24]. - The company added six vessels to its fleet in 2023, increasing its total carrying capacity to 84,400 deadweight tons, which is expected to enhance its operational capabilities [11][13]. - The average operating rate for the main transportation product, PX, was 81.50% in Q4 2023, reflecting a recovery in production levels [3][24]. Market Position and Outlook - The company is positioned as a leader in the domestic liquid hazardous goods transportation industry, which is expected to benefit from stricter regulations and an upgrade in compliance demand [11][25]. - The ongoing "going out" strategy of domestic refining enterprises is anticipated to provide further growth opportunities for the company in the foreign trade sector [13][25].