中金发布研报称，维持太平洋航运(02343)2026年净利润1.76亿美元不变，首次引入2027年净利润1.8亿 美元，当前股价对应11.9倍2026年市盈率和11.5倍2027年市盈率。维持跑赢行业评级，考虑到行业风险 偏好提升，上调目标价41.67%至3.4港元/股，对应12.9倍2026年市盈率和12.5倍2027年市盈率，较当前 股价有8.63%上行空间。 中金主要观点如下： 2025年业绩低于该行预期 公司公布2025年业绩：收入20.81亿美元，同比-19%，归母净利润0.58亿美元，对应每股基本盈利1.14美 分，同比-56%，业绩低于该行预期，主要因公司实现TCE低于预期。 2025年公司现金分红5,050万美元，占扣除公司卖船收益后净利润100%。2026年，公司修改股息政策为 派发至少50%扣除货船收益后净利润作为股息，若年末实现净现金，分红率最高增加到扣除货船收益后 净利润100%。若假设2026年分红率为50%/100%，基于该行当前盈利假设，2026年股息率为 4.3%/8.6%。此外，2026年公司持续回购，最高回购金额为4,000万美元。 新增供给有限，看好小船供需改善，公司持续 ...

Core Viewpoint - The report from CICC maintains the net profit forecast for Pacific Shipping (02343) at $176 million for 2026 and introduces a new forecast of $180 million for 2027, with a target price increase of 41.67% to HKD 3.4 per share, indicating an upside potential of 8.63% from the current stock price [1] Group 1: Financial Performance - The company's 2025 performance was below expectations, with revenue of $2.081 billion, a year-on-year decline of 19%, and a net profit of $58 million, corresponding to a basic earnings per share of 1.14 cents, down 56% year-on-year [2] - The company's average daily income for small and ultra-small vessels in 2025 was $11,490 and $12,850 respectively, with year-on-year declines of 11% and 6%, although these figures were still above market indices by 9% and 10% [2] Group 2: Dividend Policy and Share Buyback - The company announced a cash dividend of $50.5 million for 2025, representing 100% of net profit after excluding ship sale proceeds [3] - For 2026, the company revised its dividend policy to distribute at least 50% of net profit after excluding ship sale proceeds, with a potential maximum payout of 100% if net cash is achieved by year-end, leading to a projected dividend yield of 4.3% to 8.6% based on current profit assumptions [3] - The company plans to continue share buybacks in 2026, with a maximum buyback amount of $40 million [3] Group 3: Market Outlook and Supply Dynamics - Limited new supply is expected, with a focus on improving the supply-demand balance for small vessels, as the company continues to optimize its fleet structure for long-term competitive advantage [4] - According to Clarksons, as of March 2026, the order book for large and small vessels stands at 11.7% and 8.5% respectively, with older vessels accounting for 13% and 14% of capacity [4] - The demand for small vessels is closely linked to that of large vessels, and potential catalysts for large vessel demand, such as the commissioning of the Ximandu project, could further enhance the supply-demand dynamics for small vessels [4] - The company announced the acquisition of four new small vessels in December 2025, expected to be delivered in the first half of 2028, which will enhance the long-term competitiveness of its fleet [4]