盛航股份（001205）：万达控股入主，内外贸危化运输协同发力

Investment Rating - The report does not specify a clear investment rating for the company [1] Core Views - The company, Shenghang Co., Ltd., has seen a change in its controlling shareholder to Wanda Holdings, which is expected to enhance collaboration in hazardous chemical transportation between domestic and international markets [7] - The company reported a revenue of 1.5 billion yuan in 2024, an increase of 18.9% year-on-year, while the net profit attributable to the parent company decreased by 24.7% [7] - The company is expanding its fleet, with a total of 52 vessels and a carrying capacity of 405,000 deadweight tons as of December 2024 [7] - The company has established stable partnerships with major petrochemical companies, enhancing its competitive position in both domestic and international markets [7] Financial Performance Summary - Revenue projections for 2024, 2025, 2026, and 2027 are 1,499.61 million yuan, 1,744.35 million yuan, 1,902.56 million yuan, and 2,025.05 million yuan respectively, with growth rates of 18.88%, 16.32%, 9.07%, and 6.44% [2] - The net profit attributable to the parent company is projected to be 137.15 million yuan in 2024, 183.13 million yuan in 2025, 208.00 million yuan in 2026, and 233.79 million yuan in 2027, with growth rates of -24.67%, 33.53%, 13.58%, and 12.40% respectively [2] - Earnings per share (EPS) are expected to be 0.73 yuan in 2024, 0.97 yuan in 2025, 1.11 yuan in 2026, and 1.24 yuan in 2027 [2] - The return on equity (ROE) is projected to increase from 7.38% in 2024 to 9.90% in 2027 [2] Operational Highlights - The company has successfully increased its domestic liquid chemical transportation volume by 9.42% year-on-year, reaching 5.44 million tons in 2024 [7] - In the international hazardous chemical transportation sector, the company achieved a 104.06% increase in foreign trade liquid hazardous goods transportation volume, totaling 2.47 million tons in 2024 [7] - The company is expected to maintain a gross margin of 28.5% for chemical transportation in 2025, increasing to 29.5% by 2027 [8]