[Table_Page] 季报点评|航运港口 证券研究报告 [中Table_远Title] 海能（600026.SH） [公Tab司le_I评nves级t] 增持 当前价格 15.76元 一季度扣非同比增 39.81%，景气持续验证 合理价值 18.5元 前次评级 增持 [ 核Tabl 心e_Su 观mm 点ary] ： 报告日期 2024-04-28 ⚫ 事件：公司发布2024年一季报，中远海能2024年一季度营业收入 [相Tab对le_P市icQ场uote表] 现 58.38亿元，同比+3.68%；扣非归母净利润12.36亿元，同比 +39.81%。其中，外贸油运业务实现毛利人民币12.17亿元，环比 40% 28% +84.7%；内贸油运业务实现毛利人民币 3.67 亿元，环比-1%。 本集 16% 团LNG运输业务贡献归母净利润人民币1.82亿元，环比+5%。 4% ⚫ 1Q2024 业绩同、环比改善，行业供需好转是基础，红海危机锦上添 -8%04/23 06/23 08/23 10/23 12/23 02/24 04/24 花。原油轮：受红海危机影响偏弱，景气提升更多来自行业自身的供需 -20% 中 ...

研究报告Research Report 28 Apr 2024 中远海能 COSCO Shipping Energy Transportation (600026 CH) 通胀预期下持续看好公司市场表现 Continued optimism for the company's market performance amid sustained inflation expectations. [观Ta点bl聚e_焦yem Inevie1s] tment Focus [Tab维le_持Inf优o] 于大市Maintain OUTPERFORM (Please see APPENDIX 1 for English summary) 事件 评级 优于大市OUTPERFORM 现价 Rmb15.76 2024 年 Q1，归属于母公司所有者的净利润 12.36 亿元，同比增长 目标价 Rmb20.95 12.76%；营业收入 58.38 亿元，同比增长 3.68%；基本每股收益 HTI ESG 2.3-2.4-2.5 0.259元，同比增长12.76%。 E-S-G: 0-5, (Please refer to the ...

证券研究报告 | 2024年04月28日 中远海能（600026.SH） 买入 Q1 扣非业绩提升，全年高景气可期 核心观点 公司研究·财报点评 中远海能发布2024年一季报。一季度公司实现营业收入58.38亿元，同比 交通运输·航运港口 增长3.7%；归母净利润12.36亿元，同比增长12.8%。其中扣非归母净利润 证券分析师：高晟 证券分析师：罗丹 为12.36亿元，同比增长39.8%。 021-60375436 021-60933142 gaosheng2@guosen.com.cn luodan4@guosen.com.cn 外贸油运基本稳定，内贸油运有所增长。一季度，中远海能外贸油运业务贡 S0980522070001 S0980520060003 献毛利12.17 亿元，同比下降0.3%，内贸油运业务毛利3.67 亿元，同比增 基础数据 加29.6%，此外LNG 运输业务贡献归母净利润1.82 亿元。但是2023年12 投资评级 买入(维持) 合理估值 月-2024年2月，VLCC TD3C运价均值为41747美元/天，同比增加21%，海 收盘价 15.76元 能外贸油运业绩并未体现出运价增长，或 ...

Investment Rating - The report maintains a "Recommended" investment rating for the company [1] Core Views - The company reported a Q1 2024 net profit attributable to shareholders of 1.24 billion, a year-on-year increase of 12.8%, indicating a positive outlook on the supply-demand dynamics and industry prosperity amid geopolitical disturbances [1] - The report highlights a favorable supply-demand landscape, with global oil transportation demand increasing by 6.2% year-on-year in 2023, while supply constraints persist with only one VLCC delivered in Q1 2024 [1][9] - The target price is set at 21.1 yuan, representing a 34% upside from the current price of 15.76 yuan, based on a 2.5x PB valuation for 2024 [1][4] Financial Performance Summary - Q1 2024 revenue reached 5.84 billion, up 3.7% year-on-year, with a gross profit margin of 31.6%, an increase of 1.1 percentage points [1][8] - The company’s operating data shows a total oil tanker transportation volume of 42.09 million tons, down 2.0% year-on-year, while the transportation turnover volume increased by 7.0% to 150.35 billion ton-miles [1][8] - The average VLCC-TCE for Q1 2024 was approximately $44,100 per day, a decrease of 19.4% year-on-year [1][8] Business Segment Analysis - Revenue from domestic trade, foreign trade, and LNG transportation in Q1 2024 was 1.458 billion, 3.813 billion, and 558 million respectively, with year-on-year changes of -2.6%, +3.0%, and +37.4% [1][8] - The gross profit margins for domestic trade, foreign trade, and LNG were 25.2%, 31.9%, and 45.8%, with year-on-year changes of +6.3 percentage points, -1.1 percentage points, and -8.6 percentage points respectively [1][8] - Foreign trade oil transportation revenue was 2.482 billion for crude oil, 722 million for refined oil, and 609 million for oil vessel leasing, with respective year-on-year changes of +3.2%, +7.8%, and -3.0% [1][8] Cost Structure - Fuel costs amounted to 1.31 billion, down 3.8% year-on-year, accounting for 32.8% of total costs [1][8] - Port fees were 180 million, up 21.4% year-on-year, making up 4.6% of total costs [1][8] - Crew costs were 610 million, accounting for 15.4% of total costs, with a slight decrease of 0.4% year-on-year [1][8] Profit Forecast - The report maintains profit forecasts for 2024-2026, expecting net profits attributable to shareholders of 6.64 billion, 7.45 billion, and 8.31 billion respectively, with corresponding EPS of 1.39, 1.56, and 1.74 yuan [1][9]

Investment Rating - The report maintains a "Buy" rating for COSCO Shipping Energy Transportation Co., Ltd. (600026) [2] Core Views - The company's Q1 2024 net profit attributable to shareholders reached 1.236 billion yuan, a year-on-year increase of 12.76%, with a non-recurring net profit of 1.236 billion yuan, up 39.81% year-on-year, aligning closely with the pre-report expectations [2] - The VLCC (Very Large Crude Carrier) business continues to be the main growth driver, while the non-VLCC foreign trade tanker business has shown significant performance due to geopolitical conflicts [2] - The increase in ship prices has led to a rise in the company's replacement costs, providing a downward safety margin [2] - The current oil transportation market is in a long-term upward cycle, supported by supply scarcity and geopolitical factors, with potential for price increases despite short-term seasonal adjustments [2] - The report maintains profit forecasts for 2024-2026, projecting net profits of 6.9 billion, 8.1 billion, and 9.2 billion yuan respectively [2] Financial Summary - Total revenue for 2023 was 22.091 billion yuan, with a projected increase to 24.505 billion yuan in 2024, reflecting a year-on-year growth rate of 10.9% [3] - The net profit attributable to shareholders for 2023 was 3.351 billion yuan, expected to rise to 6.909 billion yuan in 2024, indicating a growth rate of 106.2% [3] - The gross profit margin is projected to increase from 29.9% in 2023 to 37.9% in 2024 [3] - The return on equity (ROE) is expected to improve from 9.7% in 2023 to 17.4% in 2024 [3] Market Data - As of April 26, 2024, the closing price of the stock was 15.76 yuan, with a market capitalization of 54.762 billion yuan [4] - The stock has a price-to-book ratio of 2.1 and a dividend yield based on the most recent dividend announcement [4] Asset and Liability Overview - As of March 31, 2024, the company's debt-to-asset ratio stood at 46.95% [5] - The total share capital is 4.771 billion shares, with 3.475 billion shares in circulation [5]

2024 年 04 月 27 日 公司研究 评级：买入 (维持 ) 研究所： [Table_Title] 红海绕行利好油轮需求，重点关注事件影响和传 证券分析师： 祝玉波 S0350523120005 zhouyb01@ghzq.com.cn 联系人 ： 张付哲 S0350123060017 统旺季 zhangfz@ghzq.com.cn ——中远海能（ ） 年一季报点评 600026 2024 最近一年走势 事件 : 2024年4月27日，中远海能发布2024一季报：公司2024年实现归母 净利润12.36亿元，同比增长12.76%；扣非归母净利润12.36亿元，同 比增长39.81%。 投资要点 :  红海绕行结构性利好VLCC，2024Q1运价堪比常年旺季 根据克 拉克森数据，原油轮代表航线VLCC船型中东至中国（TD3C）、苏 相对沪深300表现 2024/04/26 伊士西非至欧洲（TD20）和阿芙拉科威特至新加坡（TD8）2024Q1 表现 1M 3M 12M 平均日收益分别为44,261美元/日、44,660美元/日和44,607美元/ 中远海能 -3.4% 15.9% 22.8% 日，相当于 ...

Financial Performance - Operating revenue for the first quarter of 2024 was RMB 5,837,973,993.47, representing a year-on-year increase of 3.68%[5] - Net profit attributable to shareholders of the listed company reached RMB 1,235,674,062.54, up 12.76% compared to the same period last year[5] - Net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 1,235,525,702.68, showing a significant increase of 39.81% year-on-year[5][8] - Basic and diluted earnings per share were both RMB 0.2590, an increase of 12.76%[5] - Total revenue for Q1 2024 reached ¥5,837,973,993.47, an increase from ¥5,630,759,524.57 in Q1 2023, representing a growth of approximately 3.67%[20] - Operating profit for Q1 2024 was ¥1,557,541,847.84, compared to ¥1,549,278,821.88 in Q1 2023, indicating a slight increase[20] - Net profit attributable to shareholders for Q1 2024 was ¥1,235,674,062.54, up from ¥1,095,888,082.06 in Q1 2023, reflecting a growth of about 12.76%[20] - Total comprehensive income for Q1 2024 was ¥1,490,061,350.68, compared to ¥1,080,217,966.56 in Q1 2023, reflecting an increase of approximately 37.99%[21] Assets and Equity - Total assets at the end of the reporting period were RMB 72,798,641,287.47, a slight increase of 1.00% from the end of the previous year[6] - Equity attributable to shareholders of the listed company was RMB 35,728,391,767.86, up 4.00% from the previous year[6] - The group’s total assets as of March 31, 2024, amounted to RMB 72.799 billion, compared to RMB 72.084 billion as of December 31, 2023[17] - Total equity increased from ¥37,103,323,532.32 to ¥38,619,847,547.02, marking a growth of about 4.08%[20] Cash Flow - Net cash flow from operating activities was RMB 1,426,295,384.68, reflecting a decrease of 22.58% compared to the previous year[5] - In Q1 2024, the net cash flow from operating activities was CNY 1,426,295,384.68, a decrease of 22.6% compared to CNY 1,842,207,664.70 in Q1 2023[22] - Total cash inflow from investing activities was CNY 183,673,854.49, down from CNY 559,889,817.68 in the same period last year[22] - The net cash flow from financing activities was negative CNY 1,181,900,793.49, compared to a negative CNY 650,325,153.17 in Q1 2023, indicating increased cash outflows[23] - The company reported a total cash and cash equivalents balance of CNY 3,670,827,157.36 at the end of Q1 2024, down from CNY 4,249,463,555.80 at the end of Q1 2023[23] - Cash inflow from operating activities totaled CNY 5,458,365,317.44, while cash outflow was CNY 4,032,069,932.76, resulting in a net cash inflow of CNY 1,426,295,384.68[22] - The company’s cash and cash equivalents decreased by CNY 1,952,089,583.39 in Q1 2024, compared to an increase of CNY 11,097,875.58 in Q1 2023[23] Shareholder Information - The total number of shareholders at the end of the reporting period was 53,575[9] - The largest shareholder, China Shipping Group Co., Ltd., held 1,536,924,595 shares, accounting for 32.22% of the total shares[10] - As of March 31, 2024, China Ocean Shipping Group Co., Ltd. holds 619,426,195 A-shares, representing approximately 45.20% of the total issued share capital of the company[12] Operational Highlights - In Q1 2024, the average daily earnings for VLCC TD3C (Middle East to China) were $44,261, with rates peaking near $70,000 per day due to market conditions[13] - The group achieved an operating revenue of RMB 5.271 billion in Q1 2024, a year-on-year increase of 1.4%[15] - The group’s oil transportation segment reported a gross profit margin of approximately 30%, up by 1.1 percentage points year-on-year[15] - LNG transportation contributed a net profit of RMB 182 million in Q1 2024, reflecting a 5% increase compared to the previous quarter[15] - The total cargo volume transported (excluding time charter) was 42.09 million tons, a year-on-year decrease of 2.0%[14] Expenses - Research and development expenses for Q1 2024 were ¥5,442,441.44, up from ¥4,136,516.17 in Q1 2023, indicating a growth of about 31.69%[20] - The company reported a decrease in financial expenses from ¥409,409,798.73 in Q1 2023 to ¥261,353,440.68 in Q1 2024, a reduction of about 36.24%[20] - The company experienced a foreign exchange impact of CNY 32,184,590.89 on cash and cash equivalents in Q1 2024, contrasting with a negative impact of CNY 8,084,194.93 in Q1 2023[23]

经审议，监事会通过了《中远海运能源运输股份有限公司 2024 年第一季度 报告》。 监事会全体成员对公司的二〇二四年第一季度报告发表如下意见： 1、公司二〇二四年第一季度报告的编制和审议程序符合法律、法规、公司 章程和公司内部管理制度的各项规定； 2、公司二〇二四年第一季度报告的内容和格式符合中国证监会、上海证券 交易所和香港联合交易所有限公司的相关规定，所包含的信息从各个方面真实 地反映出公司二〇二四年第一季度的经营管理和财务状况等事项； 3、参与公司二〇二四年第一季度报告编制和审议的人员没有违反保密规定 的行为。 证券代码：600026 证券简称：中远海能 公告编号：2024-014 中远海运能源运输股份有限公司 二〇二四年第二次监事会会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担法律责任。 中远海运能源运输股份有限公司（以下简称"中远海能"、"本公司"或"公 司"）二〇二四年第二次监事会会议通知和材料于 2023 年 4 月 12 日以电子邮件 /专人送达形式发出，会议于 2024 年 4 月 26 日上海市虹口区 ...

Financial Performance - The company's operating revenue for Q1 2024 was CNY 5,837,973,993.47, representing a year-on-year increase of 3.68%[3] - The net profit attributable to shareholders for Q1 2024 was CNY 1,235,674,062.54, reflecting a year-on-year growth of 12.76%[3] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 1,235,525,702.68, which increased by 39.81% compared to the same period last year[3] - The basic earnings per share for Q1 2024 was CNY 0.2590, an increase of 12.76% compared to the previous year[3] - Total revenue for Q1 2024 reached approximately $5.84 billion, an increase of 3.68% compared to $5.63 billion in Q1 2023[16] - Net profit for Q1 2024 was approximately $1.33 billion, an increase of 11.89% compared to $1.19 billion in Q1 2023[17] - Basic earnings per share for Q1 2024 were $0.259, up from $0.230 in Q1 2023, representing an increase of 12.61%[17] - The company achieved a total comprehensive income of approximately $1.49 billion in Q1 2024, up from $1.08 billion in Q1 2023, reflecting a growth of 37.93%[17] Cash Flow and Financial Stability - The net cash flow from operating activities for Q1 2024 was CNY 1,426,295,384.68, showing a decrease of 22.58% year-on-year[3] - Cash flow from operating activities for Q1 2024 was approximately $1.43 billion, a decrease of 22.55% from $1.84 billion in Q1 2023[19] - Net cash flow from investing activities was -$2.23 billion, compared to -$1.17 billion in the previous period[20] - Total cash outflow from financing activities was $1.55 billion, down from $3.19 billion year-over-year[20] - Net cash flow from financing activities was -$1.18 billion, compared to -$650.33 million in the previous period[20] - Cash and cash equivalents at the end of the period totaled $3.67 billion, down from $4.25 billion year-over-year[20] - The company experienced a net decrease in cash and cash equivalents of -$1.95 billion, contrasting with an increase of $11.1 million in the previous period[20] - Cash inflow from financing activities was $369.79 million, significantly lower than $2.54 billion in the previous period[20] - Cash outflow from investment activities totaled $2.41 billion, compared to $1.73 billion in the previous period[20] - The company received $333.12 million in cash from borrowings, a decrease from $2.51 billion year-over-year[20] Assets and Liabilities - The total assets at the end of Q1 2024 amounted to CNY 72,798,641,287.47, which is a 1.00% increase from the end of the previous year[3] - The total assets as of March 31, 2024, amounted to RMB 72.799 billion, compared to RMB 72.084 billion at the end of 2023[12] - The total liabilities decreased from RMB 34.980 billion to RMB 34.179 billion, indicating improved financial stability[13] - The equity attributable to shareholders at the end of Q1 2024 was CNY 35,728,391,767.86, reflecting a year-on-year increase of 4.00%[3] Operational Highlights - The company ordered 24 new vessels in Q1 2024, with only 1 vessel remaining to be delivered for the year[9] - The company's tanker capacity input increased by 8.8% year-on-year to 201,757 million ton-days, while the transportation volume decreased by 2.0% to 42.09 million tons[9] - The LNG transportation business contributed a net profit of RMB 182 million, reflecting a 5% increase compared to the previous quarter[9] - The operating revenue for the tanker segment reached RMB 5.271 billion, a year-on-year increase of 1.4%, with a gross margin of approximately 30%, up by 1.1 percentage points[9] - The average daily earnings for VLCC TD3C (Middle East to China) were $44,261, with a peak of nearly $70,000/day due to concentrated cargo releases in March[9] - The average daily earnings for LR2 TC1 (Middle East to Japan) exceeded $100,000/day, indicating strong performance in the product tanker market[9] - The company reported a decrease in operating costs for the tanker segment by 0.3% year-on-year to RMB 3.687 billion[9] Tax and Subsidies - The company received government subsidies amounting to CNY 883,926.95 during the reporting period[4] - The company reported a tax expense of approximately $228.68 million for Q1 2024, down from $362.08 million in Q1 2023[17] Other Financial Metrics - The company reported a decrease in financial expenses compared to the previous year, contributing to the increase in net profit attributable to shareholders[5] - The weighted average return on equity for Q1 2024 was 3.5194%, an increase of 0.22 percentage points compared to the previous year[3] - Other comprehensive income for Q1 2024 was approximately $161.20 million, compared to a loss of $106.99 million in Q1 2023, indicating improved financial health[17] - Research and development expenses for Q1 2024 were not specified, but the previous year's figure was approximately $5.44 million, indicating a focus on innovation[16] - The company did not apply new accounting standards or interpretations for the first quarter of 2024[21]

一、审议并通过《关于公司 2024 年第一季度报告的议案》 经审议，董事会批准发布公司 2024 年第一季度报告。 表决情况：8 票赞成，0 票反对，0 票弃权。 特此公告。 中远海运能源运输股份有限公司 二〇二四年第二次董事会会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担法律责任。 中远海运能源运输股份有限公司（以下简称"中远海能"、"本公司"或"公司"） 二〇二四年第二次董事会会议通知和材料于 2024 年 4 月 12 日以电子邮件/专人 送达形式发出，会议于 2024 年 4 月 26 日在上海市虹口区东大名路 670 号以现 场及视频会议的方式召开。会议由公司董事长任永强先生主持，公司应出席会议 董事 8 名，实到 8 名。公司监事及高级管理人员列席了会议。会议的召开符合 《中华人民共和国公司法》和本公司《公司章程》的有关规定。与会董事听取并 审议通过了以下议案： 证券代码：600026 证券简称：中远海能 公告编号：2024-013 中远海运能源运输股份有限公司董事会 2024年4月26日 1 ...