中远海特（600428）：运力规模创新高，盈利高增

Investment Rating - The investment rating for the company is "Buy" [8] Core Views - The company reported a revenue of 16.78 billion RMB in 2024, a year-on-year increase of 37.6%, and a net profit of 1.53 billion RMB, up 43.8% year-on-year, driven by an increase in fleet size and cargo volume [1] - The company plans to add 53 vessels in 2025, which will increase the fleet size by 35.1%, potentially boosting profitability further [1] - The company maintains a strong position in the specialized shipping sector, which is less volatile compared to other shipping segments [1] Revenue and Profitability - The revenue from multi-purpose vessels reached 3.62 billion RMB in 2024, with a gross profit of 670 million RMB, reflecting a significant increase of 245.5% year-on-year [2] - The revenue from pulp carriers was 4.41 billion RMB, a year-on-year increase of 73.6%, with a gross profit of 760 million RMB, up 125.1% [3] - The company has established strong partnerships with major pulp manufacturers, enhancing its competitive edge [3] Profit Forecasts - The net profit forecast for 2025 has been raised by 30% to 1.92 billion RMB, and for 2026 by 42% to 2.22 billion RMB [5] - The target price has been adjusted upward by 15% to 7.60 RMB, based on a price-to-book ratio of 1.5 times the estimated book value per share for 2025 [5] Fleet Expansion - The total number of vessels is expected to increase from 151 in 2024 to 204 in 2025, marking a growth of 35.1% [13] - The company’s fleet of pulp carriers has expanded significantly, positioning it as the second largest globally [3] Financial Metrics - The company’s earnings per share (EPS) for 2025 is projected to be 0.70 RMB, with a return on equity (ROE) of 13.71% [7] - The price-to-earnings (PE) ratio is expected to decrease to 9.57 times in 2025, indicating a favorable valuation [7]