Xingtong Shipping(SH:603209) Huachuang Securities·2024-04-27 10:31Investment Rating - The report maintains a "Recommended" rating for the company, expecting it to outperform the benchmark index by 10%-20% over the next six months [15]. Core Insights - The company achieved a record quarterly net profit of 0.77 billion yuan in Q1 2024, with a year-on-year increase of 0.6%. However, the net profit margin decreased by 3 percentage points to 20% [35]. - The company continues to expand its fleet, with new chemical tankers entering operation and ongoing construction of additional vessels, indicating a strong growth trajectory in the chemical transportation sector [35]. - The report projects a compound annual growth rate (CAGR) of 21% for net profit from 2024 to 2026, with target prices set at 17.73 yuan, reflecting a potential upside of 16% from the current market price [35]. Financial Summary - For 2024, the company is expected to generate total revenue of 1.485 billion yuan, a 20% increase from 2023, with net profit projected at 313 million yuan, reflecting a 24.2% growth [17]. - The company's earnings per share (EPS) is forecasted to be 1.12 yuan in 2024, with a price-to-earnings (P/E) ratio of 13 [17]. - The total market capitalization is estimated at 42.92 billion yuan, with a circulating market value of 28.09 billion yuan [24].