Investment Rating - The investment rating for the company is "Accumulate" [2][4]. Core Views - The company is the only shipyard leasing company in China, with a strong understanding of shipbuilding and a commitment to "counter-cyclical shipbuilding and pro-cyclical operations." The shipping industry has seen an upturn, and the company's profitability is expected to exceed expectations due to a slowdown in capital expenditure and an increase in dividend payout ratios, making it a potential high-dividend stock [3][4]. Summary by Sections Financial Performance - The company is projected to maintain net profit forecasts of 2.2 billion, 2.4 billion, and 2.6 billion HKD for 2024, 2025, and 2026 respectively. The company's PE ratio is below 5 times, and if the dividend payout ratio increases to 50%, the dividend yield could rise to 11% [4][6]. - In 2023, the company achieved a net profit of 1.9 billion HKD, representing a 10% increase year-on-year. The fleet size at the end of 2023 was 151 vessels, with 128 in operation [4][6]. Market Conditions - The short-term leasing business is expected to benefit significantly from the rising profitability in the shipping market, particularly in the refined oil transportation sector, which is anticipated to reach historical highs in the first half of 2024 [4][6]. - The company has a total of 23 vessels on order at the end of 2023, a decrease of 6 vessels from the previous year, indicating a cautious approach to new orders [4][6]. Dividend Policy - The company has seen its dividend payout ratio increase to 39% in 2023, marking the first rise since its listing. The long-term focus on shareholder returns suggests that the dividend payout ratio may continue to increase in the future [4][6].
中国船舶租赁：业绩增长或超预期，潜在高股息标的