Xingtong Shipping(603209) 华创证券·2024-05-24 04:01Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 19.18 CNY, indicating a potential upside of 21% from the current price [22][106]. Core Insights - The company is a leading player in the domestic coastal bulk liquid chemical transportation industry, with significant competitive advantages. It has consistently ranked first in capacity approval processes conducted by the Ministry of Transport since 2019 [7][33]. - The company's revenue for 2023 reached 1.24 billion CNY, a year-on-year increase of 58%, with a gross profit of 410 million CNY and a net profit of 250 million CNY, reflecting a net profit margin of 20% [49]. - The fleet's total capacity has been increasing, with the market share of domestic bulk liquid chemical transportation rising from 4.61% at the end of 2018 to 14.2% in 2023 [73]. Summary by Sections Company Overview - The company operates a fleet of 35 vessels with a total capacity of 410,000 DWT, comprising 28 domestic vessels (75% of capacity) and 7 foreign vessels (25% of capacity) [50][74]. - The average age of the fleet is 8.55 years, with the chemical tankers being particularly competitive due to their relatively new age compared to the industry average [33][100]. Fleet Valuation - The estimated fleet replacement value is approximately 5.63 billion CNY, with domestic vessels valued at 4.29 billion CNY and foreign vessels at 1.34 billion CNY [34][59]. - The report highlights that the company's current market value is 4.4 billion CNY, representing a discount of 21% compared to its replacement value [59][106]. Financial Projections - The report maintains net profit forecasts for 2024-2026 at 310 million CNY, 380 million CNY, and 450 million CNY, respectively, with corresponding P/E ratios of 14, 12, and 10 [9][106]. - The expected compound annual growth rate (CAGR) for net profit from 2024 to 2026 is projected at 21% [10][106].