转折点出现在2015年。随着浙江海洋港口一体化战略推进，"一体两翼多联"港口发展格局成型，水上运力需求激增。宁波远洋乘势启动运力扩张，2015— 2017年两年间，11艘载重1.3万—4万吨的新造集装箱船陆续入列，覆盖近洋、内支、内贸三大业务板块。至2017年末，其船队规模跃升至54艘，总载重吨超 64万吨，载箱量达3.7万标准箱，以宁波舟山港为核心的水水中转集疏运网络初步建成。 "当时定制的内支线1000箱船、近洋线1100箱船，装箱量更大、运营成本更低，至今仍是主力船型。"宁波远洋指导轮机长娄建伟表示，定制化船型为后续发 展奠定关键基础。 （原标题：宁波远洋：从 "小舢板" 到 "百舸争流" 运力规模十年三倍增长 剑指蓝色经济圈） 近日，宁波舟山港内，一艘印着"宁远乍浦"的集装箱船完成靠泊，这是宁波远洋今年内交付的第5艘新船。至此，该公司船队规模突破109艘，总载重吨超 170万吨。十年间，这两项核心指标实现超3倍增长，标志着宁波远洋从"小舢板"船队向现代化航运力量的关键跃迁。 借势港口一体化 运力扩张按下"快进键" 运力是航运企业的核心竞争力。十年前，宁波远洋还处于"船少、吨位小、市场知名度低"的境况。 ...

Investment Rating - The investment rating for the company is "Buy" and it is maintained [6]. Core Views - The company is expected to achieve operating revenue of 137.68 billion yuan in 2024, a year-on-year decrease of 1.97%. The net profit attributable to the parent company is projected to be -2.30 billion yuan, a year-on-year decline of 420.33%. The non-recurring net profit attributable to the parent company is expected to be -2.65 billion yuan, a year-on-year decrease of 1322.44% [4][10]. - In Q4 2024, the operating revenue is anticipated to be 29.37 billion yuan, a year-on-year decrease of 20.10% and a quarter-on-quarter decrease of 17.18%. The net profit attributable to the parent company is expected to be -878 million yuan, showing a reduction in losses year-on-year [4][10]. - For Q1 2025, the operating revenue is projected to be 30.31 billion yuan, a year-on-year decrease of 17.50% and a quarter-on-quarter decrease of 3.19%. The net profit attributable to the parent company is expected to be 341 million yuan, a year-on-year increase of 38.19% [4][10]. Financial Performance - The company has a significant share of its refining products, with 70% of its output coming from refined oil and aromatics, benefiting from the improvement in the market conditions for these products [10]. - The company has temporarily suspended the implementation of its biodegradable materials project, which is expected to reduce capital expenditures [10]. - The polyester chain is under pressure, but the company maintains a leading position in differentiated fiber production and has a strong capacity for recycled polyester fibers [10]. Future Outlook - The company is expected to see improvements in profitability, with projected net profits attributable to the parent company of 1.42 billion yuan, 2.55 billion yuan, and 3.38 billion yuan for 2025, 2026, and 2027 respectively [10]. - The price-to-earnings ratio (PE) for 2025, 2026, and 2027 is expected to be 41.0X, 22.8X, and 17.2X respectively, indicating a potential for growth [10].