According to the Huayuan Securities Research Report, COSCO Maritime Control's consolidated volume increased by 7.5% over the same period last year, focusing on the industry pattern and dividends. In the first half of 2026, the company achieved revenue of 111.922 billion yuan, +2.59% year-on-year. Among them, container shipping business revenue was 10.298 billion yuan, an increase of 2.38%; COSCO SHIPPING port terminal business revenue was 6.327 billion yuan, an increase of 8.30%. In the first half of 2026, net profit attributable to mother was 13.419 billion yuan, or -23.48% year-on-year. The volume of the shipping business increased and fell, costs were under pressure, and the increase in terminal business profits supported the company's performance. Looking ahead to the shipping market, Linerlytic believes that the recovery in European consumption is weak, European freight volume has peaked and declined, and the upward flexibility of US freight rates is limited; emerging markets support overall demand; Red Sea is still disrupted, and the situation can repeatedly or in stages support Middle East freight rates. Furthermore, the company's mid-term dividends are steady, and the dividend attributes are obvious. As the world's leading comprehensive container transportation service provider, based on the latest supply and demand situation in the industry and the assumption that the Red Sea detour will continue, COSCO Maritime Control's net profit for 2026-2028 is expected to be 334.61, 274.16, and 24.822 billion yuan, respectively, and 7.70, 9.40, and 10.38 times PE, respectively. Considering the stability of the industry pattern and the company's dividends, the “gain” rating is maintained.

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