Core Viewpoint - Zhongtai Securities initiates coverage on Intercontinental Shipping (02409) with a "Buy" rating, projecting steady revenue growth driven by a dual strategy of light and heavy asset management [1][2] Group 1: Company Strategy - Intercontinental Shipping operates as a comprehensive shipping service provider, employing a dual strategy of light and heavy asset management to enhance operational flexibility and cash flow stability [2] - The heavy asset side focuses on bulk shipping services, while the light asset side emphasizes ship management and supervision services [2] Group 2: Shipping Services - The company has a fleet of nearly 40 vessels, including 26 bulk carriers, 2 general cargo ships, and 10 tankers/chemical carriers, with a total capacity of 1.48 million dwt [3] - The fleet structure is continuously optimized, with a focus on increasing the proportion of high-margin controlled vessels and reducing average vessel age [3] - The company has 18 vessels under construction through self-owned and chartered methods, with an additional 21 vessels being built through joint ventures, expected to be delivered between late 2025 and early 2028 [3] Group 3: Ship Management - As a leading third-party ship management service provider, the company offers a comprehensive suite of lifecycle management and value-added services [4] - The company has established a standardized and replicable operational system, with a contract duration typically ranging from 1 to 15 years, ensuring high customer retention [4] - By the end of 2024, the company managed 288 vessels, marking a year-on-year increase of 24.14% [4] Group 4: Catalysts for Growth - The new IMO carbon emission regulations are expected to enhance the competitive advantage of shipping services, pushing the industry towards greener practices [5] - The company has significantly reduced its greenhouse gas emissions per unit of total assets from 1.381 tCO₂/thousand USD in 2020 to 0.556 tCO₂/thousand USD in 2024 [5] - The "National Fleet National Management" initiative is anticipated to strengthen the company's leading position in the ship management industry, enhancing compliance and operational capabilities for domestic shipping enterprises [6]

Core Viewpoint - The report from Zhongtai Securities projects Intercontinental Shipping's revenue and net profit growth from 2025 to 2027, highlighting a dual strategy of asset-light and asset-heavy operations to drive growth in shipping services and ship management [1][4]. Group 1: Shipping Services - The company is a comprehensive shipping service provider and a leading ship management service provider based in China, employing a dual strategy of asset-light and asset-heavy operations [1]. - The fleet structure is continuously optimized, with a controlled fleet of 38 vessels as of June 30, 2025, including 26 bulk carriers, 2 general cargo ships, and 10 tankers/chemical carriers, achieving a total capacity of 1.48 million dwt [2]. - The company has established partnerships with 1,355 suppliers globally, enhancing its operational capabilities [2]. Group 2: Ship Management - Intercontinental Shipping has been recognized as one of the top ten ship management companies globally, reinforcing its industry-leading position [3]. - The company employs a dual charging model combining a lump-sum and management fee, ensuring strong business sustainability and high customer retention [3]. - As of the end of 2024, the company managed 288 vessels, reflecting a year-on-year growth of 24.14% [3]. Group 3: Catalysts for Growth - The new IMO carbon emission regulations are expected to enhance the competitive advantage of shipping services, pushing the industry towards greener practices [4]. - The company has significantly reduced its greenhouse gas emissions per unit of total assets from 1.381 tCO2/thousand USD in 2020 to 0.556 tCO2/thousand USD by 2024 [4]. - The "National Ship, National Management" initiative is anticipated to strengthen the company's leading position in the ship management industry, enhancing compliance and operational capabilities for domestic shipping enterprises [5].