金吾财讯 | 华泰证券发研报指，海丰国际(01308)公布前三季度运营数据，收入同比增长19.2%至21.1亿美金；货量同比增长11.1%至255万TEU，单箱运价同比增长9.1%至691美金/TEU。其中，三季度收入同环比增长56.6%/7.5%至8.1亿美金；货量同环比+13.4%/-12.0%至85万TEU（货量环比下降主因季节性淡季影响）；单箱运价同环比增长44.1%/22.6%至809美金/TEU。同时，基于强劲的盈利表现和充沛的现金流，公司宣布派发特别股息0.4港币/股，分红吸引。展望四季度，受传统东南亚旺季需求推动，该行预计货量和运价环比将进一步上涨。基于强劲的前三季度盈利表现和Q4旺季推动，该行上调24年净利预测31%至10.2亿美金；中长期，该行看好产业重塑进一步加速区域市场供应链的协作和深化，上调25/26年净利预测8%/15%至6.6亿/8.3亿美金。基于10.1x2024EPE（公司历史三年PE均值加2个标准差，估值溢价主因公司盈利上行和宣派特别股息），上调目标价33%至29.7港币，重申“买入”评级。
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