Xingtong Shipping(SH:603209) Guoxin Securities·2024-04-28 10:00Investment Rating - The report maintains a "Buy" rating for Xingtong Co., Ltd. [4][9] Core Views - Xingtong Co., Ltd. reported a revenue of 386 million yuan in Q1 2024, representing a year-on-year growth of 13.64%, and a net profit attributable to shareholders of 79 million yuan, with a year-on-year increase of 0.87% [4][11] - The company has shown continuous performance recovery since Q4 2023, with all indicators achieving quarter-on-quarter growth in Q1 2024 [4][11] - The domestic chemical transportation sector is experiencing a recovery in demand, which is expected to drive an increase in profitability for Xingtong, given its leading position in the industry [4][27] Financial Performance Summary - For 2024, the revenue forecast has been adjusted down from 370 million yuan to 320 million yuan, and for 2025 from 470 million yuan to 400 million yuan, with a new forecast for 2026 set at 460 million yuan [4][19] - The earnings per share (EPS) for 2024 is projected at 1.13 yuan, with a price-to-earnings (P/E) ratio of 13.5 [8][19] - The company’s market share in domestic chemical transportation has reached 14.2%, with a fleet of 27 domestic vessels totaling a capacity of 287,800 deadweight tons [4][27] Business Expansion and Strategy - Xingtong has expanded its domestic chemical transportation capacity by adding 7 new vessels, including 6 acquired from China Shipbuilding Industry Corporation, increasing its operational capacity significantly [4][27] - The company is also developing its foreign trade business, having launched 6 foreign trade vessels with a total capacity of 97,200 deadweight tons, which is expected to become a second growth driver [4][27] - The domestic chemical transportation market is characterized by high barriers to entry, and Xingtong's established position is expected to benefit from regulatory approvals and network effects as market conditions improve [4][27]