Investment Rating - The report assigns a "Buy" rating to the company [1]. Core Views - The company is a leader in the container industry and is involved in multiple sectors such as energy equipment and logistics equipment. The report anticipates a recovery in the container, energy equipment, and logistics transportation industries, leading to growth in the company's performance [4][20]. - The expected net profit for the years 2023-2025 is projected to be 3.19 billion, 24.03 billion, and 42.93 billion RMB, respectively, with corresponding EPS of 0.06, 0.45, and 0.80 RMB [4][12]. Summary by Sections 1. Investment Recommendations - The company is expected to benefit from the recovery of multiple business sectors, leading to improved profitability. The target price is set at 10.73 HKD, based on a comprehensive evaluation of PE and PB ratios [4][19]. 2. Container Manufacturing Business - The container industry is currently at its lowest point since the 2011 financial crisis, but a recovery is expected by 2025. The company holds a market share of 42%-50% in container manufacturing, which is anticipated to benefit from the industry's recovery [7][20]. - Revenue from container manufacturing is projected to grow steadily from 32.93 billion RMB in 2023 to 54.46 billion RMB in 2025, with a gross margin expected to recover to 20% by 2025 [7][12]. 3. Road Transportation Vehicles - The demand for semi-trailers is increasing due to the rapid growth of e-commerce and logistics. The company maintains a leading market share of 14.5% in the semi-trailer sector [8][12]. - Revenue growth for this segment is expected to be 0.5%, 3.0%, and 10.0% for the years 2023-2025, with gross margins improving to 22% by 2025 [8][12]. 4. Energy, Chemical, and Liquid Food Equipment - The domestic economic recovery is driving demand for natural gas and LNG equipment, with expected revenue growth of 10% for 2024 and 2025 [9][12]. - The gross margin for this segment is projected to remain stable at around 16.5% from 2023 to 2025 [9][12]. 5. Marine Engineering Business - The marine engineering market is expected to see significant growth, with revenue projections of 72.1%, 45.0%, and 45.0% for 2023-2025 [10][12]. - The gross margin for this segment is anticipated to improve from 10.5% in 2023 to 16.0% by 2025 [10][12]. 6. Logistics Services - The logistics service sector is recovering, with expected revenue growth of -38.73%, 5%, and 5% for 2023-2025. The gross margin is projected to stabilize around 6% [9][12]. 7. Other Innovative Businesses - The company is expanding into innovative sectors such as cold chain logistics and energy storage, with expected revenue growth of 104.5% in 2023, followed by more modest growth in subsequent years [12][12].
首次覆盖：贸易调查影响有限，核心业务景气回升