Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of HKD 31.00 [7][5]. Core Insights - The company demonstrated resilience during the third quarter of 2025, with a year-on-year increase in average revenue per container of 9.2% and a 16.6% increase in total revenue to USD 2.46 billion. Despite a seasonal downturn, a significant recovery is expected in the fourth quarter due to seasonal demand [1][2]. - The company completed a total of 920,000 TEUs in the third quarter, reflecting an 8.9% year-on-year increase, driven by market demand from regional trade growth. A further increase in container volume is anticipated in the fourth quarter [2][3]. - The average revenue per container decreased by 12.0% year-on-year to USD 712, primarily due to a high base from the previous year. However, a rebound is expected in the fourth quarter with a projected increase of 6.7% to USD 760 per container [3][4]. Summary by Sections Operational Performance - In Q3 2025, the company reported a total revenue of USD 790 million, down 1.8% year-on-year and 12.1% quarter-on-quarter. The decline was attributed to seasonal factors affecting freight rates and cargo volumes [3][1]. - The Southeast Asia export container freight index showed a significant decline, with a year-on-year decrease of 28.2% [3]. Market Outlook - The supply-demand structure in the Asian container shipping market is improving, with a tightening supply of small to medium-sized vessels. Demand is expected to grow at a rate of 4.1% in 2025, outpacing supply growth of 2.5% [4]. - The company is well-positioned to benefit from the ongoing restructuring of global supply chains, particularly in the Asian market, which is expected to see increased trade volumes [4]. Financial Projections - The company maintains its profit forecasts for 2025, 2026, and 2027 at USD 1.17 billion, USD 910 million, and USD 1.10 billion respectively, with a consistent dividend payout ratio of 70% [5][11]. - The projected PE ratio for 2025 is 9.2x, with a target price based on historical averages adjusted for standard deviations [5][11].

智通财经APP获悉，海丰国际(01308)再涨超4%，高见29.48港元创历史新高。截至发稿，涨4.34%，报 29.34港元，成交额1.65亿港元。 消息面上，海丰国际近日公布上半年业绩，收入约为16.645亿美元，同比增长28.0%；毛利约为6.694亿 美元，同比增长66.3%，毛利率由31.0%升至40.2%；利润为6.334亿美元，同比增长79.5%；每股基本盈 利0.24美元。收入增长主要归因于集装箱运量增加7.3%以及平均运费上涨22.8%。 华泰证券研报指出，公司盈利按年大幅增长主因关税扰动，东南亚集装箱运价按年大幅上升推动。该行 持续看好产业重塑带动亚洲区域内货量增长；同时，中小型集装箱船舶供给趋紧，亚洲集运市场兼具韧 性和增长性。该行将公司目标价上调11%至31港元，维持"买入"评级。 ...

Group 1 - The core viewpoint of the report indicates that SeaLand International's revenue increased by 28% year-on-year to $1.66 billion, and net profit attributable to shareholders rose by 79.7% to $630 million, exceeding the forecast of $600 million [1] - The significant growth in profitability is attributed to tariff disruptions and a substantial rise in container shipping rates in Southeast Asia [1] - The report maintains a positive outlook on the restructuring of the industry, which is expected to drive cargo growth within the Asian region, alongside a tightening supply of small and medium-sized container ships [1] Group 2 - Despite short-term fluctuations in shipping rates due to tariffs, geopolitical events, and seasonal factors, the supply-demand structure in the Asian container market is improving [1] - The report anticipates a significant increase in the price level compared to the 2010-2019 cycle [1] - Based on strong mid-term performance, the company has raised its net profit forecast for 2025 by 7% to $1.17 billion, while keeping the 2026 and 2027 profit forecasts unchanged [1] Group 3 - The target price for SeaLand International has been raised by 11% to HKD 31, based on a projected price-to-earnings ratio of 9.2 times for 2025, while maintaining a "Buy" rating [1]