CMES(SH:601872) Changjiang Securities·2024-03-31 16:00Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company achieved a total revenue of 25.88 billion, a year-on-year decline of 12.9%, and a net profit attributable to shareholders of 4.84 billion, down 4.9% year-on-year [5][6]. - The global macroeconomic environment has seen a significant downturn, while the industry has experienced a substantial increase in new orders [5]. - The container shipping business demonstrated resilience, while the roll-on/roll-off (RoRo) business showed significant breakthroughs [6]. - The oil transportation segment continues to lead operations, with a revenue increase of 37.6% year-on-year, reaching 9.67 billion, and a net profit growth of 249.2%, totaling 3.08 billion [7]. - The dry bulk shipping segment maintained stable operations despite a nearly 40% decline in average freight rates, with total revenue of 7.11 billion, down 39.5%, and a net profit of 0.90 billion, down 58.4% [7]. Summary by Relevant Sections Revenue and Profit - In 2023, the company reported total revenue of 25.88 billion, a decrease of 12.9% compared to the previous year, and a net profit of 4.84 billion, down 4.9% year-on-year [5][6]. - The container shipping segment's revenue was 5.54 billion, down 22.2%, with a net profit of 0.87 billion, down 58.2% [6]. - The oil transportation segment's revenue was 9.67 billion, up 37.6%, with a net profit of 3.08 billion, up 249.2% [7]. - The dry bulk shipping segment's revenue was 7.11 billion, down 39.5%, with a net profit of 0.90 billion, down 58.4% [7]. Financial Metrics - The company's financial expenses for 2023 were 1.05 billion, an increase of 152.1% year-on-year, primarily due to rising interest rates [6]. - The effective tax rate for the company was 9.1%, with total tax expenses of 0.49 billion [6]. Future Outlook - The company is expected to achieve revenues of 7.23 billion, 8.50 billion, and 9.44 billion for the years 2024, 2025, and 2026, respectively, with corresponding price-to-earnings ratios of 9, 8, and 7 [7].