COSCO SHIPPING Specialized(600428) 中银国际·2025-04-17 09:10Investment Rating - The investment rating for the company is "Buy" [2] - The previous rating was also "Buy" [2] - The market price is RMB 5.91 [2] Core Views - The report highlights that the company achieved record highs in both profit and dividends, with a revenue of RMB 16.78 billion in 2024, representing a year-on-year growth of 37.57%, and a net profit of RMB 1.53 billion, up 43.82% year-on-year [4][9] - The growth is attributed to the booming market for specialized vessels, particularly in the pulp and automotive shipping sectors, which are expected to continue driving performance [4][9] - The company is projected to deliver 53 new vessels in 2025, which will further enhance its capacity and profitability [6] Financial Performance - The company reported a significant increase in operating cash flow, reaching RMB 3.62 billion, a 23.74% increase year-on-year [9] - Total assets grew by 26.43% to RMB 34.93 billion, with a return on equity (ROE) of 12.74%, up 3.11 percentage points [9] - The company plans to distribute a cash dividend of RMB 2.79 per 10 shares, totaling RMB 766 million, with a dividend payout ratio of 50.02% [9] Revenue and Profit Forecast - The forecast for revenue and net profit from 2025 to 2027 is as follows: - 2025: Revenue of RMB 19.82 billion, net profit of RMB 1.94 billion - 2026: Revenue of RMB 22.98 billion, net profit of RMB 2.36 billion - 2027: Revenue of RMB 23.99 billion, net profit of RMB 2.67 billion - The expected growth rates for net profit are 26.6%, 21.9%, and 13.1% for the respective years [8][12] Market Position and Strategy - The company is well-positioned in the global specialized vessel market, with a focus on expanding its pulp and automotive shipping capacities [9] - The report indicates that the demand for multi-purpose and heavy-lift vessels is expected to remain strong due to global economic recovery and infrastructure projects [9] - The company aims to leverage its new vessel deliveries to enhance operational scale and market competitiveness [9]