招商轮船：招商班轮业务整合，关注协同效应发挥

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company plans to spin off its subsidiaries, China Foreign Container Transport Co., Ltd. and Guangzhou China Merchants Roll-on Roll-off Transport Co., Ltd., through a restructuring with Antong Holdings [6] - The restructuring aims to enhance synergies between Antong Holdings' domestic container shipping business and the company's foreign trade container and roll-on roll-off shipping businesses [6] - The report forecasts the company's net profit for 2024-2026 to be 8.5 billion, 10 billion, and 10.2 billion respectively, maintaining the profit estimates [6] Summary by Sections Market Data - Closing price: 9.53 CNY - One-year high/low: 9.95/5.59 CNY - Market capitalization: 77.61 billion CNY [2] Financial Data - Total revenue for 2023: 25.88 billion CNY, with a year-on-year decrease of 12.9% - Net profit for 2023: 4.84 billion CNY, with a year-on-year decrease of 4.9% - Earnings per share for 2024E: 1.05 CNY, with a projected year-on-year increase of 76.3% [8][9] Operational Data - The company operates a fleet of 19 owned container ships and 10 chartered ships, with a total capacity of 45,200 TEU [6] - The company’s roll-on roll-off fleet consists of 22 ships, with a total capacity of 85,400 tons and 41,000 car spaces [6]