中银证券研报指出，2025年前三季度中远海特业绩表现亮眼，实现归母净利润13.29亿元，同比增长 10.54%，若剔除非经常性损益影响，扣非归母净利润增幅达32.19%，整体财务表现稳步提升。公司经 营状况整体向好，营业收入增长主要得益于运力规模的扩大和航运业务收入的增加。前三季季度，公司 通过非公开发行股票募集资金，进一步增强了资本实力，为船队建设和业务拓展提供了资金保障。公司 半潜船业务有望受益于海上风电、油气模块等高端装备运输需求，多用途船和重吊船或将继续围绕"一 带一路"沿线工程项目物流，推动收入稳步增长，汽车船业务随着新船不断交付，收入和利润贡献有望 继续提升。看好公司在风电、储能设备、汽车、纸浆等特种运输细分领域的竞争力，维持公司"买入"评 级。 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The report indicates that pessimistic expectations have been fully released, and the oil and bulk shipping sectors are experiencing a recovery trend [10] - In Q1 2025, the company's operating revenue was 5.6 billion yuan, a year-on-year decrease of 10.5%, while the net profit attributable to the parent company was 870 million yuan, down 37.1% year-on-year [5][10] Summary by Sections Business Performance - The container shipping segment benefited from increased freight rates on Southeast Asia routes following the Red Sea incident, leading to a good performance [10] - The oil tanker segment faced pressure due to high base effects from the previous year and lower freight rates at the end of last year, resulting in a decline in performance [10] - The bulk shipping segment saw a decline in freight rates due to disruptions in iron ore and bauxite shipments, with the VLOC fleet maintaining resilience through COA contracts, while Panamax vessels struggled due to low South American grain shipments [10] Revenue and Profit Analysis - In Q1, the oil shipping business generated revenue of 2.14 billion yuan, down 16.3% year-on-year, with a net profit of 490 million yuan, down 44.0% year-on-year [6] - The dry bulk shipping business achieved revenue of 1.68 billion yuan, down 11.4% year-on-year, with a net profit of 160 million yuan, down 55.5% year-on-year [10] - The container shipping business reported revenue of 1.14 billion yuan, up 9.6% year-on-year, and a net profit of 340 million yuan, up 222.1% year-on-year [10] Market Outlook - The report suggests that the pessimistic expectations have been fully released, and the industry is on an upward trend, with potential for a synchronized recovery in oil and bulk shipping [10] - Future performance is expected to improve, with projected revenues of 6.3 billion, 6.6 billion, and 7.0 billion yuan for 2025, 2026, and 2027 respectively, corresponding to PE ratios of 7.9, 7.5, and 7.1 times [10]