NJTC(601975) 浙商证券·2025-04-27 12:11Investment Rating - The investment rating for the company is "Accumulate" [7]. Core Views - The report highlights that the shipping rates are expected to return to normal levels in 2025, with a healthy supply-demand relationship supporting medium to long-term freight rates [4][5]. - The company disposed of four old MR vessels in 2024, generating asset disposal income of 267 million yuan, and currently has ten vessels on order [3][5]. - The management is exploring ways to use capital reserves to cover undistributed profits, aiming to create conditions for future dividends, which could enhance investor return expectations [5]. Financial Summary - The company achieved a total revenue of 64.75 billion yuan in 2024, representing a year-on-year increase of 4.5%, with a net profit attributable to shareholders of 1.921 billion yuan, up 23.4% [10]. - Forecasted net profits for 2025, 2026, and 2027 are 1.404 billion yuan, 1.562 billion yuan, and 1.732 billion yuan, respectively, indicating a decline in 2025 followed by growth in subsequent years [6][5]. - The earnings per share (EPS) for 2025 is projected to be 0.29 yuan, with a price-to-earnings (P/E) ratio of 9.44 [6].