Investment Rating - The report maintains a "Buy" rating for China Ship Leasing (3877.HK) [4] Core Views - The company achieved a revenue of HKD 3.226 billion in 2023, representing a year-on-year growth of 13.03%, and a net profit attributable to shareholders of HKD 1.902 billion, up 12.86% year-on-year [1] - The company is focusing on enhancing the quality of listed companies and has a dividend payout ratio of 38.7% for the year [1] - The fleet is becoming more valuable and younger, with an average age of 3.65 years and a total operational asset value of HKD 39.96 billion, an increase of 9.4% year-on-year [1] - The company has effectively managed its funding costs, maintaining an average cost of interest-bearing debt at 3.7% per year, while achieving strong credit ratings from Fitch and S&P [1] Summary by Sections Financial Performance - Revenue for 2023 was HKD 3,226 million, with a growth rate of 13.03% [3] - Net profit attributable to shareholders was HKD 1,902 million, with a growth rate of 12.86% [3] - Earnings per share (EPS) for 2023 was HKD 0.31, with forecasts of HKD 0.34, HKD 0.38, and HKD 0.41 for 2024, 2025, and 2026 respectively [2][3] Fleet and Operations - The company operates a fleet of 151 vessels, with 128 in operation and 23 under construction [1] - The fleet's operational profit from short-term and spot operations was HKD 512 million, with significant contributions from product oil tankers and VLGCs [1] Valuation and Forecast - The report adjusts the net profit forecasts for 2024 and 2025 downwards by 2.32% and 3.75% to HKD 2.100 billion and HKD 2.310 billion respectively, with a projected net profit of HKD 2.541 billion for 2026 [2] - The current price-to-book (PB) ratios are projected at 0.56, 0.50, and 0.44 for 2024, 2025, and 2026 respectively [2][3]
2023年业绩公告点评：归母净利润同比增长13%，注重上市公司质量提升