Xingtong Shipping(SH:603209)2022-10-30 09:18Group 1: Survey Overview - The investor survey was conducted from October 27 to October 29, 2022, via Tencent video and phone meetings [2] - Participating institutions included various financial and investment firms, such as Guojin Transportation, Huaxi Transportation, and CICC [2] Group 2: Company Performance - The company's third-quarter performance remained stable, with a gross profit margin increasing by 2.2% quarter-on-quarter [3] - Self-operated revenue remained stable, while external charter income decreased, primarily due to fluctuations in the oil market [3] - The company added one 8,000-ton chemical tanker in Q3, maintaining a fleet of 18 vessels and increasing deadweight tonnage to 200,300 tons, a net increase of 1,500 tons from Q2 [3] Group 3: Revenue and Profitability - The gross profit margin for self-owned capacity remained above 50%, slightly declining due to rising fuel costs and crew salaries [5] - In H1 2022, external charter income accounted for approximately 20% of total revenue, dropping to 12% in Q3 due to market volatility [6] Group 4: Market Outlook - The company anticipates a continued increase in domestic shipping demand over the next 1-2 years due to new refining capacities coming online [7] - The company plans to enhance its market share by applying for additional capacity and seeking acquisition opportunities in the existing market [7] Group 5: Fleet Expansion Plans - The company is focused on expanding its fleet, with plans to increase the number of vessels to 22 by year-end, resulting in a total capacity of 286,800 tons, a 53.12% increase from the beginning of the year [3] - The company has three additional foreign trade chemical tankers under construction, expected to be operational in H2 2023 [8] Group 6: Risk Management - The company emphasizes that all information should be verified through official announcements on the Shanghai Stock Exchange website, and investors should be aware of potential risks [14]