金吾财讯 | 华源证券发研报指，中国船舶租赁(03877)是中国船舶旗下控股公司，专营船舶租赁，其核心业务为融资租赁、经营租赁。公司自成立起便具有“懂船”基因，坚定执行“逆周期投资，顺周期运营”的跨周期战略，利用“固定+弹性收益”的经营模式平抑周期波动。该行指，美联储开启“降息通道”，未来SOFR有望回落，或将低于美国十年期国债收益率，刺激船东融资意愿。另外，凭借“懂船”基因，公司更善于把握行业周期，能够顺应市场变化灵活调整运营策略，在明确的趋势中保持清醒，等待时机，逆势而上，抢占先机。该行预计公司2024-2026年归母净利润分别为21.56/23.83/26.48亿港元，同比增速分别为13.39%/10.52%/11.11%，当前股价对应的PE分别为4.85/4.39/3.95倍。首次覆盖，鉴于公司业绩稳定度高和股息率可观，给予“买入”评级。
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