中远海特 20251227 摘要 中远海特扣非净利润同比增长超 30%，受益于团队扩张、长协稳定及高 附加值货种（如储能柜、风电设备）运输，尽管市场整体下行，但公司 各季度归母净利润仍实现环比增长。 多用途重吊船受益于风电设备出口景气度，储能柜运输量显著增长；纸 浆船通过长协保持稳定收益；半潜船受益于海上风电市场繁荣，盈利稳 定且利润率高；汽车船运价维持高位，未受新增运力冲击。 公司计划处置亏损严重的木材船业务，未来重点发展多用途重吊、集装 箱、半潜和汽车运输，并看好中国先进制造业出口及全球能源转型带来 的特种货种需求。 尽管预计红海复航将对集装箱运输市场产生负面影响，但对中远海特整 体影响有限，因公司与集运市场关联度较低，且主要货种（如纸浆、商 品车、风电设备）需求强劲。 公司多用途船型具备灵活调整能力，可根据市场需求在集装箱和件杂货 运输间切换。未来将加大风电设备出口运力投入，并计划建造适配新三 样设备出口需求的新型船只。 Q&A 请介绍一下中远海特在 2025 年下半年的经营情况及船队状况。 2025 年第三季度，中远海特实现了去年全年的营收规模，达到约 166 亿元， 同比增长 37.92%。预计全年 ...

（原标题：中远海特落子沙特达曼：打造中沙供应链核心节点，开启"枢纽共治"新时代） 12月11日，中远海运特种运输股份有限公司（简称"中远海运特运"）、中远海运（西亚）有限公司（简 称"中远海运西亚"）与沙特港口服务与仓储公司（以下简称"PSS"），在沙特阿拉伯达曼市正式签署合 资协议，这一签约标志着中远海运特运在沙特的首个功能集成型综合供应链核心节点落地。 资源整合层面，三方协同搭建全链路矩阵。中远海特依托全球航线网络与多用途船、半潜船、汽车船等 专业运力，夯实"运输核心"；中远海运西亚凭借区域运营经验，打通区域适配瓶颈；PSS整合沙特本地 30余年油气、工业领域资源与仓储基础，补齐"本地落地"短板。"运力+区域+本地"的三重支撑，构建起 无短板的全链路根基。 达曼核心节点的设立，正是精准补位这一短板。通过整合仓储管理、清关代理、分拨转运、增值服务等 全链路资源，中远海运特运将服务从"把货运到港"升级为"把项目交到手"，为客户提供端到端的一体化 解决方案。这种服务边界的延伸，不仅解决了客户在供应链C段的痛点，更实现了自身从"运输服务 商"到"供应链伙伴"的价值升级，让物流服务深度嵌入客户的产业链环节，形成更紧 ...

Summary of Zhongyuan Haite's Conference Call Company Overview - **Company**: Zhongyuan Haite - **Industry**: Shipping and Logistics Key Financial Performance - **Revenue**: 16.611 billion CNY for the first three quarters of 2025, a year-on-year increase of 37.92%, reaching the total revenue level of 2024 [2][3] - **Net Profit**: 1.325 billion CNY, up 10.54% year-on-year [2][3] - **Net Profit Excluding Non-recurring Items**: 1.340 billion CNY, a 32.19% increase year-on-year, indicating improved profitability from core operations [2][3] Shipping Segment Performance - **Multi-purpose and Heavy Lift Vessels**: Stable growth with single-digit increases, reflecting resilience in Chinese exports despite political factors [4] - **Pulp Carrier Rental Rates**: Increased to approximately 24,000 CNY in Q3, showing improvement from the first half of the year [4] - **Semi-submersible Vessels**: Recovery to normal levels with a year-on-year increase of about 30% [4] - **Car Carrier Rates**: Maintained high levels but faced downward pressure due to increased supply from a peak in roll-on/roll-off vessel deliveries [4][7] - **Wood Carrier**: The only vessel type experiencing continuous losses, with rental levels around 8,600 CNY; the company plans to dispose of related assets [4][15] Cargo Structure and Market Trends - **High-Value Cargo**: Increased proportion of high-value and basic cargo, with pulp and automobiles as the main cargo types [5] - **Wind Power Equipment**: Approximately 30% year-on-year growth, contributing significantly to revenue and profit [6] - **Battery Cabinet Exports**: Significant growth, with over 7,000 units exported in the first three quarters [6] Automotive Transport Industry Outlook - **Market Conditions**: The Clarkson Index indicates a further decline in Q3 compared to H1, with expectations of increased supply and slowing demand leading to a rationalization of freight rates [7] - **Chinese Automotive Exports**: Continued double-digit growth, particularly in the electric vehicle sector, enhancing competitiveness [7] - **Long-term Contracts**: Increased from 70% to 90% of automotive transport, with agreements primarily lasting one year, some extending to 3-5 years [8] Competitive Advantages and Market Position - **Multi-purpose Market**: Remains stable, supported by wind power equipment and advanced manufacturing exports from China [9] - **Chinese Advanced Manufacturing**: Strong competitiveness in international markets, particularly in engineering machinery, cables, and high-speed trains [10] Wind Power Sector Collaboration - **Long-term Partnerships**: Over 10 years of collaboration with leading wind power clients, including Goldwind and Siemens Gamesa, with new orders expected by early 2028 [11] Future Strategic Directions - **Focus Areas**: Future plans will center around renewable energy, equipment manufacturing, and bulk commodities, particularly in offshore wind and large-scale projects [12] Cash Flow and Capital Expenditure - **Vessel Deliveries**: 10 container ships, 4 heavy lift vessels, and 2 car carriers received in Q3 2025, with expectations for 10 new ships in Q4 [13] - **Capital Expenditure**: High this year, with expectations for a slowdown in the following years [13] Financial Management and Shareholder Returns - **Debt Management**: Aiming to maintain a debt-to-asset ratio below 60% [14] - **Shareholder Returns**: Over 50% cash dividend ratio with a dividend yield exceeding 4%, with plans to maintain this level [18][19] Impact of U.S.-China Port Fees - **Minimal Direct Impact**: The company has a negligible exposure to U.S. operations, with less than 1% of freight volume affected by U.S. port fees [20]

Summary of Zhongyuan Shipping Conference Call Company Overview - Zhongyuan Shipping is a leading enterprise in the global special ship transportation sector, operating a fleet of 151 vessels with a total deadweight tonnage of 6.146 million tons. The company maintains a leading position in semi-submersible and heavy-lift vessels, ranks second globally in pulp carrier operations, and is rapidly developing its car carrier business [2][3] Financial Performance - The company's profitability has significantly improved, with a projected net profit of 1.53 billion yuan for 2024, representing a 44% year-on-year increase, surpassing the historical peak of 1.45 billion yuan in 2008. For the first half of 2025, the net profit is expected to reach 820 million yuan, a 13% increase year-on-year [2][5] - Forecasted net profits for 2025 to 2027 are 1.87 billion yuan, 2.14 billion yuan, and 2.34 billion yuan, respectively, with a target market capitalization of 24.2 billion yuan, indicating approximately 29% growth potential [4][16] Business Segmentation and Margins - In the first half of 2025, the highest gross profit margin came from the car carrier business at 30%, while multi-purpose vessels, heavy-lift vessels, and semi-submersible vessels contributed margins between 15% and 17%. The pulp logistics segment is a key growth area, with a compound annual growth rate (CAGR) of 70% in revenue and 58% in gross profit from 2020 to 2024 [2][6] Shareholder Returns - The company has established a shareholder return plan for 2023 to 2025, committing to distribute at least 30% of cumulative profits in cash. The actual dividend payout ratio for 2023 and 2024 is approximately 50%, exceeding the commitment [2][7] Market Demand Drivers - Demand in the special transportation market is benefiting from energy transition and the advantages of Chinese manufacturing going global. Key transported goods include pulp, wind power equipment, and automobiles, with increasing demand for multi-purpose and semi-submersible transportation due to the rapid development of offshore wind power [2][8] Competitive Landscape - The semi-submersible market is highly concentrated, with the top five players holding 72% of the market share. Zhongyuan Shipping ranks second in this sector, with a competitive advantage due to a younger average fleet age compared to industry peers [9] Automotive Export Market Outlook - Since 2020, China's automotive export competitiveness has strengthened, with projected growth rates of 7% and 3% for exports in 2025 and 2026, respectively. Domestic automotive transport companies hold a low market share of about 4%, presenting opportunities for growth through strategic partnerships and expansions [10] Pulp Carrier Business Development - China is a major consumer of pulp, with stable import demand. Zhongyuan Shipping ranks second globally in pulp carrier capacity and aims to achieve the top position by the end of the year. The company has secured contracts with major pulp companies, supporting its rapid growth and profitability [12] Impact of Belt and Road Initiative - The Belt and Road Initiative is driving demand for multi-purpose and heavy-lift vessels due to increased overseas engineering contracts and machinery exports from China [13] Global Shipping Market Supply Dynamics - Since 2020, the global shipping market has seen rising demand, but stricter environmental regulations and aging fleets are limiting supply growth. Zhongyuan Shipping has a diverse order book, mitigating potential supply shocks [14] Special Ship Market Characteristics - The special ship market is relatively small and exhibits less cyclical volatility, providing stability in supply-demand relationships. The company is enhancing its resilience by extending its business into engineering project cargo [15] Risks and Challenges - Key risks include macroeconomic fluctuations, geopolitical tensions, and potential underperformance in wind power, automotive, and machinery exports, which could adversely affect the company's performance [17]

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of RMB 6.77 and a sector rating of "Outperform" [1] Core Views - The company's performance in the first half of 2025 shows significant growth, with operating revenue reaching RMB 10.775 billion, a year-on-year increase of 44.05%, and net profit attributable to shareholders of RMB 825 million, up 13.08%. The non-recurring net profit attributable to shareholders surged by 52.77% to RMB 835 million [3][8] - The growth is primarily driven by substantial increases in revenue from car carriers and heavy-lift vessels, indicating a positive outlook for future performance due to multi-vessel synergy and increasing capacity [3][5] Summary by Sections Financial Performance - In the first half of 2025, the company achieved operating revenue of RMB 10.775 billion, a 44.05% increase year-on-year, and a net profit of RMB 825 million, reflecting a 13.08% growth. The non-recurring net profit reached RMB 835 million, marking a 52.77% increase [3][8] - The revenue from car carriers saw a remarkable increase of 439.87% to RMB 1.854 billion, with charter rates reaching USD 53,049.58 per day, up 67.29% [8] Revenue Projections - The report maintains previous profit forecasts, expecting net profits attributable to shareholders to be RMB 1.937 billion, RMB 2.361 billion, and RMB 2.670 billion for 2025, 2026, and 2027 respectively, with growth rates of 26.6%, 21.9%, and 13.1% [5][7] Market Outlook - The special vessel segment is expected to maintain a favorable market condition, with strong demand for project cargo transport, particularly in wind power equipment, and stable supply chains for pulp carriers [8] - The report highlights that the Chinese automotive export market remains robust, with exports reaching 3.083 million vehicles in the first half of 2025, a 10.4% increase year-on-year, indicating sustained demand for car carriers [8]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook based on its growth potential and dividend yield [6][8]. Core Insights - The company is a global leader in specialized shipping, with a comprehensive fleet that supports significant revenue growth through fleet expansion and operational efficiency [7][10]. - The company is expected to see substantial increases in net profit from 1.88 billion RMB in 2025 to 2.28 billion RMB in 2027, with corresponding growth rates of 23.06% and 14.78% [6][8]. - The report highlights the company's strategic focus on expanding its fleet, particularly in the automotive and pulp shipping sectors, which are projected to drive revenue growth [7][10]. Summary by Sections Market Performance - The company's stock closed at 6.72 RMB, with a market capitalization of approximately 18.44 billion RMB and a circulating market value of about 14.43 billion RMB [4]. Financial Projections and Valuation - Revenue projections for the company are as follows: 12,007 million RMB in 2023, increasing to 21,875 million RMB in 2025, representing a growth rate of 30.36% [6]. - The expected earnings per share (EPS) are projected to rise from 0.39 RMB in 2023 to 0.69 RMB in 2025 [6]. - The price-to-earnings (P/E) ratio is forecasted to decrease from 17.33 in 2023 to 9.79 in 2025, indicating an attractive valuation [6]. Business Overview - The company operates a diverse fleet, including multi-purpose, heavy-lift, semi-submersible, automotive, and pulp vessels, with a total fleet size of 151 ships and a deadweight tonnage of 6.146 million [7][19]. - The company plans to add 65 new vessels between 2025 and 2026, significantly increasing its operational capacity [7][28]. Revenue Breakdown - In 2024, the company achieved a revenue of 16.78 billion RMB, with significant contributions from multi-purpose vessels (3.615 billion RMB), heavy-lift vessels (2.231 billion RMB), and pulp vessels (4.408 billion RMB) [34]. - The automotive shipping segment is expected to grow substantially, with revenue projected to reach 1.404 billion RMB in 2024, a staggering increase of 1680% year-on-year [34]. Cost Structure and Profitability - The company's operating costs increased to 13.116 billion RMB in 2024, but the growth rate of costs was lower than that of revenue, ensuring a healthy profit margin [38]. - The gross profit from the shipping business reached 3.3 billion RMB in 2024, accounting for 90.17% of the total gross profit [40]. Dividend Policy - The company has maintained a stable dividend payout ratio of 50% since 2023, reflecting its commitment to returning value to shareholders [46].