Xiangyu(600057) 浙商证券·2024-12-01 05:23Investment Rating - The investment rating for the company is upgraded to "Buy" [8] Core Views - The risk associated with the company's debt to Jiangsu Delong will be officially resolved, with the debt transfer occurring at its book value of 8.974 billion yuan, eliminating the need for further impairment [2] - The company has received approval for a private placement to raise 3.219 billion yuan, aimed at enhancing liquidity and reducing financial risks, while strategic partnerships with China Merchants Group and Shandong Port Group are expected to create synergies [3] - The company is increasing its shipbuilding capacity, with a strong order backlog extending to 2029, and the price of its flagship Supramax vessels has risen by 29% since 2021, indicating potential for accelerated profit release due to lower steel costs [4] Financial Forecast and Valuation - Projected revenues for 2024-2026 are 447.5 billion, 512.8 billion, and 605.6 billion yuan, with corresponding net profits of 1.135 billion, 2.203 billion, and 2.514 billion yuan, leading to EPS of 0.51, 0.99, and 1.13 yuan [5] - Using a segment valuation approach, the bulk supply chain business is expected to generate a profit of 1.63 billion yuan in 2025, valued at 13 billion yuan based on an 8x PE ratio, while the shipbuilding segment is projected to contribute 570 million yuan in net profit, valued at 8.6 billion yuan based on a 15x PE ratio, resulting in a total valuation of 21.6 billion yuan for the company [5]