Xiangyu(600057) 海通国际证券·2025-03-14 11:43Investment Rating - The report upgrades the investment rating for Xiamen Xiangyu to reflect the increased dividend payout ratio for 2024, which is set to be no less than 65% of net profit attributable to shareholders after perpetual bond interest deduction, marking a minimum 15-percentage-point increase from the 50% payout ratio in 2023 [1][6]. Core Insights - Xiamen Xiangyu emphasizes shareholder returns with a commitment to a high dividend payout ratio, having maintained a payout ratio above 50% over the past five years, and plans to explore a mechanism for multiple dividends within a year to enhance investor returns [2][3]. - The company's core business remains solid despite recent challenges in the bulk commodity market, with expectations for earnings growth in 2025-2026 driven by improved macroeconomic conditions and strategic adjustments in product structure [3][7]. - The long-term dividend policy is viewed as stable and sustainable, enhancing the company's attractiveness as a high-dividend investment opportunity, supported by consistent market share expansion and business model upgrades [3][7]. Summary by Sections Dividend Policy - Xiamen Xiangyu plans to increase its 2024 dividend payout ratio to at least 65%, up from 50% in 2023, reflecting a strong commitment to shareholder returns [1][6]. - The company has distributed over 5.1 billion yuan in dividends since its restructuring in 2011, with a consistent payout ratio above 40% since 2019 [2]. Business Performance - Despite recent underperformance in the bulk commodity market, the company has maintained stable operating volumes and market share, with expectations for improved performance in 2025-2026 due to favorable macroeconomic policies and structural adjustments [3][7]. - The shipbuilding sector is anticipated to contribute positively to profits as it enters a favorable cycle [3]. Long-term Outlook - The report maintains a positive outlook on the long-term value of Xiamen Xiangyu, driven by its robust fundamental strengths and ongoing market share growth [3][7].