Investment Rating - The report maintains an "Outperform" rating for the company [1]. Core Views - The company has signed a framework agreement with COSCO Shipping Bulk to enhance resource sharing and improve competitiveness. This partnership aims to boost operational efficiency and reduce costs through capacity and information sharing, while also advancing the company's green shipping initiatives [6]. - An employee stock ownership plan has been proposed, which is expected to enhance operational momentum. The plan involves a total scale of no more than 20.49 million yuan, with performance targets set for net profit growth and operational days for self-owned vessels [6]. - The demand for foreign trade bulk cargo remains resilient, while the supply of bulk carriers is expected to be limited in the long term due to tight shipyard capacity. The report anticipates a recovery in domestic trade bulk cargo transportation driven by economic stimulus policies [6]. - The profit forecasts for 2024-2026 have been adjusted downwards, with new estimates introduced for 2026. The expected net profits for 2024, 2025, and 2026 are 0.2 billion, 1.3 billion, and 2.0 billion yuan respectively, with corresponding PE ratios of 141, 25, and 16 [6]. Financial Data and Profit Forecast - Total revenue is projected to be 1,045 million yuan in 2024, 1,140 million yuan in 2025, and 1,255 million yuan in 2026, reflecting growth rates of 17.3%, 9.1%, and 10.1% respectively [2]. - The net profit attributable to the parent company is expected to be 23 million yuan in 2024, 130 million yuan in 2025, and 202 million yuan in 2026, with significant growth rates of 830.6% and 462.8% for 2025 and 2026 respectively [2]. - The gross profit margin is forecasted to improve from 15.5% in 2024 to 25.5% in 2026 [2].
国航远洋：与中远海散签订框架协议资源共享提升竞争力，员工持股计划提升运营动能