Summary of CIMC Corporate Day Conference Call Company Overview - **Company**: China International Marine Containers Group Co Ltd (CIMC) - **Stock Codes**: 000039.SS / 2039.HK - **Industry**: Offshore engineering and logistics equipment Key Points Offshore Engineering Equipment - CIMC has secured a **US$7 billion** order book over the past three years and expects to achieve **US$2-3 billion** in new orders annually from **2026 to 2029**. The management noted that competition is limited, with fewer than **10 key contractors** in the market [1][4] - The company anticipates that annual revenue will reach **Rmb 22-23 billion** once capacity is fully ramped up, with an expected gross margin of **20-25%**. There is potential for revenue to increase to **Rmb 30 billion** by **2030** with the introduction of a new production line [1][4] Logistics Equipment and Services - Management projects stable profits in **2026** compared to **2025** for logistics equipment and services. This is attributed to a **10% YoY decline** in container manufacturing profits and a **10-20% YoY growth** in semi-trailer profits [1][4] - For container manufacturing, a weaker demand is expected in **2026** due to potentially slower trade growth, with further downside risk if the Red Sea reopens, which could increase effective container capacity [1][4] - The semi-trailer market in the US is expected to recover in **2026** after a muted performance in **2025** [1][4] Shareholder Returns - CIMC has returned **Rmb 1.95 billion** to shareholders for **FY2025**, which includes **HK$500 million** for share repurchase and **cash dividends**. This represents a return of over **4%** [1][5] - The company aims for a **4% regular dividend yield** with a payout ratio exceeding **30%** [1][5] Additional Insights - The management's confidence in achieving new orders and maintaining stable profits indicates a positive outlook for CIMC's future performance in the offshore engineering and logistics sectors [1][4] - The focus on shareholder returns through dividends and buybacks reflects a commitment to enhancing shareholder value amidst fluctuating market conditions [1][5]