NJTC(601975) 华创证券·2025-03-26 03:32Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 3.78 CNY, representing a 24% upside from the current price of 3.05 CNY [4][7]. Core Insights - The company's net profit attributable to shareholders for 2024 is projected to be 1.92 billion CNY, reflecting a year-on-year increase of 23.4%, which aligns with expectations [2][7]. - Revenue from oil and chemical transportation continues to grow, with oil transportation revenue at 1.87 billion CNY (up 4.1% year-on-year) and chemical transportation revenue at 470 million CNY (up 6.4% year-on-year) [2][7]. - The report highlights a stable increase in gross margins across various segments, with oil transportation gross margin at 37.7% (up 0.41 percentage points) and chemical transportation gross margin at 18.7% (up 1.35 percentage points) [2][7]. Financial Performance Summary - The company's main revenue for 2024 is estimated at 6.475 billion CNY, with a year-on-year growth rate of 4.5% [3]. - The projected net profit for 2025 is 1.82 billion CNY, with a decline of 5.5% year-on-year, followed by a slight recovery in 2026 and 2027 [3][7]. - Earnings per share (EPS) for 2024 is expected to be 0.40 CNY, with a price-to-earnings (P/E) ratio of 8 [3][7]. Business Segment Analysis - The report indicates that the refined oil transportation segment generated 3.75 billion CNY in revenue, a 9.3% increase year-on-year, although the gross margin decreased to 32.8% [7]. - The report discusses the supply-demand outlook for the refined oil tanker market, noting that demand is supported by the retirement of old refining capacity and changes in trade flows [7]. - The report also mentions that the newbuilding orders for refined oil tankers are gradually increasing, with the current order backlog representing 20.8% of the existing fleet capacity [7].