以8月27日收盘价计算，中远海运国际目前市盈率（TTM）约11.39倍，市净率（TTM）约1.13倍，市销率（TTM）约2.42倍。 市净率(LF)历史分位(%) 001 900 80 70 60 50 40 30 20 14:22 14o29 13:22 9.68 443 10 3 ද 544 0 2019-12-37 | " 2021-72-37 2021-06-30 2-12-37 20-12-37 -30 2-06-30 1 2n- 制图数据来自恒生聚源数据库 真5不多 0.018 般贸易 0.059 船舶贸易代理 0.978 保险顾问 1.196 船舶设备及备 8.862 8.229 船舶贸易代理 船舶设备及备件 涂料 保险顾问 一般贸易 其它业务 制图数据来自恒生聚源数据库 中远海运国际2025上半年营业收入构成(亿港元) 公司主要从事船舶相关业务，通过六个部门运营业务：船舶设备及备件分部船舶设备及备件贸易及供应业务；涂料分部生产及销售涂料业务；一般贸易分部 沥青及其他产品的贸易、仓储、加工及供应业务；保险顾问分部提供保险顾问服务业务；船舶贸易代理分部提供有关船舶建造、船舶买卖及光租船业务的代 理 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [2][7]. Core Views - The company benefits from the shipbuilding cycle and maintains a high dividend payout ratio, which creates a competitive moat [6][7]. - The core business is well-positioned within the shipping industry, with significant contributions from the paint business and stable financial returns from cash reserves [6][7]. Financial Data and Profit Forecast - Revenue projections for 2023 to 2027 are as follows: 3,342 million HKD in 2023, 3,627 million HKD in 2024, 3,333 million HKD in 2025, 3,461 million HKD in 2026, and 3,632 million HKD in 2027, with growth rates of -16%, 9%, -8%, 4%, and 5% respectively [5]. - Net profit attributable to shareholders is forecasted to be 594 million HKD in 2023, 709 million HKD in 2024, 741 million HKD in 2025, 762 million HKD in 2026, and 802 million HKD in 2027, with growth rates of 71%, 19%, 4%, 3%, and 5% respectively [5]. - Earnings per share are expected to increase from 0.40 HKD in 2023 to 0.55 HKD in 2027 [5]. Business Overview - The company is part of the COSCO Shipping Group and operates across the shipping service industry, including paint production, ship trading agency, insurance consulting, and supply of ship equipment and parts [6][19]. - The paint business is expected to see revenue and cost improvements, contributing positively to overall performance [6][31]. - The insurance and agency businesses are stable revenue sources, benefiting from the shipbuilding renewal cycle [6][42]. Strategic Initiatives - The company is proactively entering the green methanol market, aligning with global shipping decarbonization trends [6][67]. - A joint venture for green methanol production is expected to commence operations in 2026, with an annual capacity of 200,000 tons [6][67]. Dividend Policy - The company has maintained a high dividend payout ratio, with a projected dividend yield of approximately 9% in 2025 [6][7].

Core Viewpoint - COSCO Shipping International (00517) reported a revenue of HKD 3.627 billion for the fiscal year 2024, reflecting a year-on-year growth of 8.54%, and a net profit attributable to shareholders of HKD 709 million, which is a 19.46% increase compared to the previous year [3] Financial Performance - The company achieved a net cash flow from operating activities of HKD 67.805 million, a significant decline of 87.04% year-on-year [24] - Basic earnings per share for the year were HKD 0.4838, with a weighted average return on equity of 9.03%, an increase of 1.44 percentage points from the previous year [20] - The proposed dividend for 2024 is HKD 0.215 per share [3] Valuation Metrics - As of April 24, the company's price-to-earnings (P/E) ratio (TTM) is approximately 9.26, the price-to-book (P/B) ratio (TTM) is about 0.83, and the price-to-sales (P/S) ratio (TTM) is around 1.81 [3] Revenue Composition - In 2024, the revenue breakdown includes: - Ship equipment and spare parts: HKD 1.8142 billion - Coatings: HKD 1.394 billion - General trade: HKD 2.219 billion - Insurance consulting: HKD 1.071 billion - Ship trading agency: HKD 0.004 billion - Other businesses: HKD 0.004 billion [16] Cash Flow and Investment Activities - The net cash flow from financing activities was negative HKD 661 million, a decrease of HKD 126 million year-on-year [24] - The net cash flow from investing activities was HKD 3.104 billion, compared to HKD 942 million in the previous year [24] Asset and Liability Changes - As of the end of 2024, cash and cash equivalents decreased by 5.08%, while intangible assets increased by 236.72% [33] - Accounts payable and notes payable increased by 14.44%, while contract liabilities decreased by 4.44% [36] Liquidity Ratios - The current ratio for 2024 is 7.31, and the quick ratio is 6.92, indicating strong liquidity [39]