HNA Technology(SH:600751) Southwest Securities·2024-05-06 10:00Investment Rating - The report maintains a "Hold" rating for HNA Technology (600751) [4][6][16] Core Views - HNA Technology reported a significant increase in revenue for 2023, achieving 650.69 million yuan, a year-on-year growth of 342.9%, and a net profit attributable to shareholders of 241.73 million yuan, up 24.1% year-on-year [4][5][6] - The company has effectively resolved historical related guarantee debt risks, leading to a continuous decrease in the asset-liability ratio to 16.8%, highlighting its future growth potential [4][5] - The shipping business is operating steadily, with flexible and effective market strategies, and the company has expanded its fleet and trade routes, covering regions such as South America, Australia, and Southeast Asia [5][6][37] Financial Summary - Revenue projections for 2024-2026 are estimated at 1.1 billion, 1.3 billion, and 1.4 billion yuan, respectively, with net profits of 112.35 million, 189.66 million, and 265.29 million yuan [6][15] - Earnings per share (EPS) are forecasted to be 0.04, 0.07, and 0.09 yuan for the years 2024, 2025, and 2026, respectively [6][15] - The price-to-earnings (PE) ratios are projected to be 59, 35, and 25 for the same years [6][15] Operational Insights - As of the end of 2023, the company owned 9 self-owned dry bulk vessels with a total capacity of approximately 750,000 deadweight tons, and has increased its controllable capacity to 1.05 million deadweight tons by chartering additional vessels [5][6] - The company has successfully launched its commodity trading business, aiming to provide comprehensive services from procurement to sales, leveraging its shipping capabilities to reduce costs for clients [37]