Xingtong Shipping(603209) 华创证券·2024-10-25 13:42Investment Rating - The report maintains a "Recommended" rating for the company [1] Core Views - The company reported a net profit attributable to shareholders of 0.98 billion yuan in Q3 2024, representing a year-on-year increase of 117% but a quarter-on-quarter decrease of 5% [1] - The company is optimistic about the growth potential in the foreign trade chemical shipping sector, which is seen as a second growth curve [1] - The company has adjusted its net profit forecast for 2024 to 3.7 billion yuan, up from the previous estimate of 3.6 billion yuan, while maintaining forecasts for 2025 and 2026 at 4.4 billion yuan and 5.2 billion yuan respectively [1] Financial Performance Summary - For the first three quarters of 2024, the company achieved a net profit of 2.8 billion yuan, a year-on-year increase of 52.7% [1] - The total operating revenue for the first three quarters of 2024 was 11.6 billion yuan, reflecting a year-on-year growth of 28.2% [1] - The gross profit margin for the first three quarters of 2024 was 37%, an increase of 4 percentage points year-on-year [1] - The company's operating expenses ratio for the first three quarters was approximately 6.9%, a decrease of 1.3 percentage points year-on-year [1] Market Conditions - The domestic chemical shipping market showed weak performance, with average shipping prices decreasing by 2.2% year-on-year and 10.6% quarter-on-quarter [1] - Conversely, the foreign trade market exhibited high demand, with average shipping prices increasing by 17.9% year-on-year [1] Operational Efficiency - The company has improved its operational efficiency in domestic trade by increasing the proportion of COA and time-charter contracts [1] - The company has a total of 35 vessels with a carrying capacity of 410,000 deadweight tons, with a market share of 15.5% in domestic chemical shipping [1] - The company has secured contracts for the construction of two stainless steel chemical tankers, expected to be delivered in 2025 [1] Investment Recommendations - The report suggests a target price of 19.79 yuan for the company's stock, indicating a potential upside of 13% from the current market price [1] - The company is expected to achieve a price-to-earnings ratio of 15 times its projected profit for 2025, reflecting its growth potential in the chemical shipping sector [1]