Xiangyu(600057) 东吴证券·2024-09-01 12:16Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 203.5 billion yuan for H1 2024, a year-on-year decrease of 12.9%, with a net profit attributable to shareholders of 780 million yuan, down 12.6% year-on-year. However, the net profit excluding non-recurring items increased by 89.4% [2] - In Q2 2024, the company achieved a revenue of 98.9 billion yuan, a year-on-year decline of 5.3%, but the net profit attributable to shareholders rose by 7.6% year-on-year [2] - The improvement in profit margins in Q2 2024 is attributed to the turnaround in the agricultural products business, structural adjustments in bulk commodities, and an increase in the proportion of higher-margin shipbuilding and logistics businesses [2][3] - The bulk commodity business maintained stable operating volumes, reflecting a slight increase in market share, while the gross margin improved due to proactive adjustments in business structure [2] - The logistics business for bulk commodities saw significant growth, with revenue increasing by 24.4% year-on-year in H1 2024 [2] - The shipbuilding business is experiencing high demand, with a substantial order backlog and expected capacity expansion [3] Financial Performance Summary - Total revenue for 2024E is projected at 413.96 billion yuan, with a year-on-year decline of 9.82%. The net profit attributable to shareholders is expected to be 1.794 billion yuan, reflecting a growth of 14% [1][3] - The company’s earnings per share (EPS) for 2024E is estimated at 0.79 yuan, with a price-to-earnings (P/E) ratio of 6.57 [1][3] - The gross margin for the bulk commodity business in H1 2024 was 1.57%, an increase of 0.11 percentage points year-on-year [2] - The shipbuilding segment reported a revenue of 5.66 billion yuan in H1 2024, a year-on-year increase of 28%, with a gross margin of 12.7% [3] Market Data - The closing price of the company's stock is 5.19 yuan, with a market capitalization of approximately 11.79 billion yuan [4] - The company has a price-to-book (P/B) ratio of 0.91 and a debt-to-asset ratio of 71.89% [5][4]