Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The oil transportation industry is facing short-term pressure on performance, but the OPEC+ production increase is favorable for the oil transportation market [6] Financial Performance Summary - Revenue projections for the company are as follows: - 2023: 22,091 million RMB - 2024: 23,244 million RMB (growth of 5.22%) - 2025E: 25,911 million RMB (growth of 11.48%) - 2026E: 27,856 million RMB (growth of 7.51%) - 2027E: 28,891 million RMB (growth of 3.72%) [7] - Net profit attributable to shareholders is projected as: - 2023: 3,351 million RMB - 2024: 4,037 million RMB (growth of 20.47%) - 2025E: 5,035 million RMB (growth of 24.73%) - 2026E: 6,412 million RMB (growth of 27.36%) - 2027E: 7,020 million RMB (growth of 9.49%) [7] - Earnings per share (EPS) forecast: - 2023: 0.70 RMB - 2024: 0.85 RMB - 2025E: 1.06 RMB - 2026E: 1.34 RMB - 2027E: 1.47 RMB [7] Key Financial Ratios - Return on Equity (ROE) is expected to improve: - 2023: 9.74% - 2024: 11.25% - 2025E: 12.95% - 2026E: 15.00% - 2027E: 14.95% [7] - Price-to-Earnings (P/E) ratio forecast: - 2024: 12.34 - 2025E: 9.89 - 2026E: 7.77 - 2027E: 7.09 [7] Market Data - Closing price as of April 29, 2025: 10.44 RMB - Market capitalization: 49,806.91 million RMB - Total shares outstanding: 4,770.78 million [4]

Financial Performance - The operating revenue for the first quarter of 2025 was CNY 5,753,004,599.20, a decrease of 4.01% compared to the same period last year[6]. - Net profit attributable to shareholders was CNY 707,702,522.84, down 43.31% year-on-year[6]. - Basic and diluted earnings per share were both CNY 0.1483, reflecting a decline of 43.33% compared to the previous year[6]. - Total revenue for Q1 2025 was CNY 5,753,004,599.20, a decrease of 4.01% compared to CNY 5,993,141,250.70 in Q1 2024[27]. - Net profit for Q1 2025 was CNY 801,240,569.00, down 40.25% from CNY 1,343,295,671.04 in Q1 2024[27]. - Basic earnings per share for Q1 2025 was CNY 0.1483, compared to CNY 0.2617 in Q1 2024, reflecting a decline of 43.29%[28]. Cash Flow and Investments - The net cash flow from operating activities was CNY 1,028,994,836.35, a decrease of 29.96% from the same period last year[6]. - In Q1 2025, the company generated operating cash inflow of CNY 5,598,007,354.03, an increase of 8.0% compared to CNY 5,182,066,169.18 in Q1 2024[29]. - The net cash flow from operating activities for Q1 2025 was CNY 1,469,134,552.85, up from CNY 1,028,994,836.35 in Q1 2024, representing a growth of 43.0%[29]. - The company reported a net cash outflow from investing activities of CNY -2,327,695,808.10 in Q1 2025, compared to CNY -729,550,710.71 in Q1 2024, indicating a significant increase in investment expenditures[30]. - The ending cash and cash equivalents balance for Q1 2025 was CNY 5,211,527,756.86, compared to CNY 3,727,628,356.49 in Q1 2024, showing an increase of 39.8%[30]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 81,746,381,969.46, an increase of 0.87% from the end of the previous year[9]. - Total liabilities decreased to CNY 41,807,659,144.74 as of March 31, 2025, from CNY 42,057,159,780.00 as of December 31, 2024[25]. - Long-term borrowings increased to CNY 27,787,533,621.00 as of March 31, 2025, up from CNY 27,039,085,450.42 as of December 31, 2024[25]. - Total current assets as of March 31, 2025, amounted to RMB 10.24 billion, an increase from RMB 9.54 billion at the end of 2024[23]. - Total non-current assets remained stable at CNY 71,505,303,610.59 as of March 31, 2025, compared to CNY 71,506,603,439.02 as of December 31, 2024[25]. Shareholder Information - The total number of shareholders was 107,927 at the end of the reporting period[13]. - The largest shareholder, China Shipping Group Co., Ltd., held 32.22% of the shares[15]. - As of March 31, 2025, China Ocean Shipping Group held 676,639,159 A-shares, representing 46.40% of the total issued share capital of the company[19]. Operational Metrics - In Q1 2025, the average Time Charter Equivalent (TCE) for Very Large Crude Carriers (VLCC) was $39,404 per day, which is higher than the average over the past seven years but decreased by approximately 10% compared to Q1 2024[18]. - The Group's oil transportation capacity increased by 16.3% year-on-year to 234,555 thousand tons per day, while the transportation volume (excluding time charter) rose by 13.8% to 47.91 million tons[20]. - The Group's revenue from the oil tanker segment was RMB 4.97 billion, a decrease of 5.6% year-on-year, with operating costs rising by 11.3% to RMB 4.10 billion[20]. - The gross profit margin for the oil tanker segment was approximately 17.5%, down 12.6 percentage points year-on-year[20]. - The Group's foreign trade oil transportation business achieved a gross profit of RMB 540 million, a decrease of 55.9% year-on-year due to lower freight rates[20]. - The average TCE for LR2 tankers was $28,073 per day, reflecting a year-on-year decrease of approximately 50%[18]. Future Outlook - The company completed the acquisition of controlling stakes in logistics-related enterprises in 2024, which was treated as a business combination under common control[10]. - The Group expects the delivery of 5 new vessels between April and December 2025[18].

中远海运能源运输股份有限公司 2025 年 4 月 29 日 关于公司 2025 年度向特定对象发行 A 股股票 申请获得上海证券交易所受理的公告 本公司将根据进展情况，严格按照上市公司向特定对象发行 A 股股票相关 法律法规的要求进行信息披露，敬请投资者注意投资风险。 特此公告。 证券代码：600026 证券简称：中远海能 公告编号：2025-024 中远海运能源运输股份有限公司董事会 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"本公司"）于 2025 年 4 月 29 日收到上海证券交易所（以下简称"上交所"）出具的《关于受理中远海运能源 运输股份有限公司沪市主板上市公司发行证券申请的通知》（上证上审（再融资） [2025]132 号）。上交所依据相关规定对本公司报送的沪市主板上市公司发行证券 的募集说明书及相关申请文件进行了核对，认为该项申请文件齐备，符合法定形 式，决定予以受理并依法进行审核。 公司 2025 年度向特定对象发行 A 股股票事项尚需经上交所审核通过，并获 得 ...

Financial Performance - The company reported a significant increase in revenue, reaching approximately $1.2 billion for the fiscal year ending December 31, representing a year-over-year growth of 15%[15]. - The company's revenue for 2024 reached RMB 23,133.5 million, an increase of 2.6% compared to RMB 22,553.5 million in 2023[16]. - The profit before tax for 2024 was RMB 5,243.1 million, up 9.4% from RMB 4,790.9 million in 2023[16]. - The net profit attributable to equity holders for 2024 was RMB 4,038.1 million, representing a 19.5% increase from RMB 3,379.2 million in 2023[16]. - Basic earnings per share for 2024 were RMB 0.8464, compared to RMB 0.7083 in 2023, reflecting a growth of 19.5%[16]. - The gross profit for the fiscal year 2024 was RMB 6,243,407 thousand, a decrease of 5.23% from RMB 6,587,454 thousand in 2023[183]. - The company reported a pre-tax profit of RMB 5,243,098 thousand for 2024, an increase of 9.4% from RMB 4,790,886 thousand in 2023[183]. Market Expansion and Strategy - The company provided an optimistic outlook for the next fiscal year, projecting a revenue growth of 10% to 12% based on anticipated market expansion and new product launches[15]. - The company plans to expand its market presence in Southeast Asia, targeting a 30% increase in market share within the next three years[15]. - A strategic acquisition of a smaller competitor was completed, expected to contribute an additional $200 million in annual revenue[15]. - The company aims to enhance its competitiveness and innovation while fulfilling its mission of being a global leader in energy transportation[93]. - The company aims to transition towards becoming a "resource integrator" and "solution provider" in the energy transportation sector[25]. Operational Efficiency and Cost Management - Cost management initiatives have led to a 5% reduction in operational expenses, improving overall profitability margins[15]. - Investment in new technologies and product development increased by 25%, totaling $150 million, aimed at enhancing operational efficiency and service quality[15]. - The total operating costs for the main business reached approximately RMB 16.890 billion, an increase of 5.8% year-on-year[55]. - The fuel costs for oil transportation increased by 6.0% to RMB 5.335 billion, while the crew costs decreased by 2.7% to RMB 2.281 billion[56]. Fleet Development and Capacity - The fleet development strategy includes the addition of 10 new vessels, enhancing capacity by 15% to meet growing demand[15]. - The company maintained a strong market position in oil and LNG transportation, with a fleet of 159 oil tankers totaling 23.74 million deadweight tons as of December 31, 2024[22]. - As of December 31, 2024, the group has invested in a total of 87 LNG vessels, with 50 vessels already in operation, totaling 8.42 million cubic meters[24]. - The group operates 11 LPG vessels with a total capacity of 42,599 cubic meters, and has 2 LPG vessels under construction with a capacity of 15,300 cubic meters as of December 31, 2024[24]. - The group has 8 chemical transportation vessels with a total deadweight tonnage of 72,940 tons, and 1 vessel under construction with a deadweight tonnage of 11,500 tons as of December 31, 2024[25]. Safety and Compliance - Safety management protocols have been enhanced, maintaining a leading position in the industry with a 98% safety compliance rate[15]. - The company has implemented compliance procedures to ensure adherence to various laws and regulations, including the Civil Code and Company Law of the People's Republic of China[197]. - The company has successfully complied with significant laws and regulations affecting its operations during the reporting period[200]. Shareholder Engagement and Governance - The company held four shareholder meetings in 2024, passing 26 resolutions, ensuring effective communication with shareholders[118]. - The board of directors is committed to enhancing shareholder value and has adhered to corporate governance principles throughout the reporting period[117]. - The company has implemented a stock option incentive plan for 2023, granting a total of 22,309,600 stock options, which represents approximately 0.589% of the total share capital as of October 26, 2023[113]. - The board consists of 9 members, including 4 independent non-executive directors, ensuring compliance with listing rules requiring at least one-third of the board to be independent[122]. Future Projections and Industry Trends - In 2024, global oil demand is projected to average 102.8 million barrels per day, an increase of 840,000 barrels per day compared to 2023[28]. - The global oil supply is expected to increase by approximately 630,000 barrels per day in 2024, reaching 102.9 million barrels per day, driven mainly by production growth in non-OPEC countries[28]. - By 2025, global oil demand is expected to increase by 1.1 million barrels per day, primarily driven by growth in China and India[86]. - The global LNG trade volume is projected to grow by 6.4% to 43.9 million tons by 2025, with liquefaction capacity expected to reach 529 million tons, a year-on-year increase of 10.9%[90]. Risk Management - The company faces risks from macroeconomic fluctuations, which significantly impact the demand for shipping of bulk resources like oil and gas[188]. - The company is navigating uncertainties in the global political economy, which may affect the energy transportation market[188]. - The company has established a risk management and internal control system deemed sufficient and effective during the reporting period[166]. Environmental and Sustainability Initiatives - The company aims to peak its carbon emissions from its owned tanker fleet by 2030 and achieve carbon neutrality by 2050, with ongoing initiatives in biofuel applications and methanol dual-fuel supertankers[196]. - The company will focus on low-carbon development and optimize its fleet structure while managing carbon emissions[99].

Group 1: Oil Tanker Market - VLCC, Suez, and Aframax rates have all exceeded $50,000/day, indicating a potentially strong market despite the seasonal downturn [1] - VLCC rates increased by 15% to $51,289/day this week, driven by a relatively abundant cargo supply post-Easter [2] - Suezmax rates rose by 3% to $58,839/day, while Aframax rates decreased by 8% to $51,676/day, reflecting mixed performance across different vessel types [2] Group 2: Shipping and Logistics - The dry bulk index (BDI) increased by 8.9% to 1,373 points, with large vessel rates recovering while smaller vessel rates remain strong [2] - The SCFI index for container shipping fell by 1.7% to 1,347.84 points, with European routes seeing a 4.3% decline [2] - The logistics sector is expected to benefit from policy support aimed at optimizing costs, with major players likely to gain market share through pricing strategies [3] Group 3: Rail and Road Transport - Railway freight volume and highway truck traffic remain strong during the off-season, with a new railway project expected to enhance coal transportation capacity significantly [4] - The project aims to create a 15 million tons/year coal transport capacity, addressing logistical challenges in coal transportation from Xinjiang [4]

智通财经4月9日电，香港交易所信息显示，贝莱德（BlackRock）在中远海能的持股比例于04月04日从 5.15%降至4.59%。 ...

Financial Performance - The group's revenue increased from RMB 22.55 billion in 2023 to RMB 23.13 billion in 2024, representing a growth of approximately RMB 580 million or 2.57%[4] - The profit attributable to equity holders of the company for 2024 was RMB 4.04 billion, compared to RMB 3.38 billion in 2023, reflecting a significant increase[7] - Basic and diluted earnings per share for 2024 were RMB 0.8464, up from RMB 0.7083 in 2023[6] - The total comprehensive income for the year amounted to RMB 4.83 billion, compared to RMB 3.88 billion in the previous year[7] - The company's total equity reached RMB 38,985,157 thousand in December 2024, compared to RMB 37,961,559 thousand in December 2023, showing an increase of approximately 2.7%[9] - The net profit attributable to shareholders for 2024 was RMB 4.038 billion, representing a year-on-year increase of 19.5%, marking the best performance since the company's merger in 2016[62] Operating Costs and Profitability - The group's gross profit for 2024 was RMB 6.24 billion, down from RMB 6.59 billion in 2023[5] - Operating costs increased from RMB 15.97 billion in 2023 to RMB 16.89 billion in 2024[5] - The gross profit margin decreased by 2.2 percentage points year-on-year, standing at 27.0%[64] - The main operating revenue for 2024 was RMB 23.133 billion, a year-on-year growth of 2.6%, while the main operating cost increased by 5.8% to RMB 16.890 billion[64] Assets and Liabilities - The total assets of the group increased to RMB 81.04 billion in 2024 from RMB 73.43 billion in 2023[8] - Non-current liabilities increased to RMB 31,836,699 thousand in December 2024, up from RMB 26,499,524 thousand in December 2023, representing a growth of approximately 8.5%[9] - Total liabilities reached RMB 42,057,160 thousand in December 2024, compared to RMB 35,468,238 thousand in December 2023, indicating an increase of about 18.5%[9] - The company's current liabilities totaled RMB 10,220,461 thousand in December 2024, an increase from RMB 8,968,714 thousand in December 2023, representing a growth of about 14%[9] Cash Flow and Financial Position - The group's cash and cash equivalents stood at RMB 5.66 billion as of December 31, 2024, compared to RMB 5.75 billion in 2023[8] - The net cash generated from operating activities for the group was approximately RMB 8.63 billion, a decrease of about 3.4% compared to RMB 8.93 billion for the year ended December 31, 2023[77] - The net debt to equity ratio as of December 31, 2024, was 78%, an increase of 14% from 64% on December 31, 2023, primarily due to increased borrowings during the reporting period[81] Market Expansion and Strategic Developments - The company has plans for market expansion and new product development, although specific details were not disclosed in the earnings call[3] - The company completed the acquisition of 100% equity in China COSCO Shipping Chemical Transportation Co., Ltd. for a total consideration of approximately RMB 1,050,341,000[16] - The acquisition of Shenzhen Longpeng and Hainan Zhaogang was finalized on October 31, 2024, enhancing the company's operational capabilities in LPG and chemical transportation[16] Segment Performance - The oil transportation segment generated revenue of RMB 17,863,640,000 with a profit of RMB 4,015,894,000 in 2024, compared to RMB 17,780,411,000 and RMB 4,711,714,000 in 2023[26] - The LNG transportation segment reported revenue of RMB 2,229,170,000 and a profit of RMB 1,075,550,000 for 2024, up from RMB 1,820,881,000 and RMB 859,131,000 in 2023[26] - The total revenue from international operations was RMB 17,031,488,000 in 2024, with a profit of RMB 4,724,992,000, compared to RMB 16,074,263,000 and RMB 5,050,878,000 in 2023[30] Employee and Operational Costs - The company reported a significant increase in employee benefits payable, which rose to RMB 238,746 thousand in December 2024 from RMB 201,743 thousand in December 2023, marking an increase of about 18.3%[9] - Employee costs for the reporting period were approximately RMB 3.67 billion, compared to RMB 3.73 billion in the previous year[145] Regulatory and Market Conditions - The shipping industry is highly cyclical, closely tied to trade development and economic conditions, leading to fluctuating transportation demand[39] - The regulatory environment is strict, with regulations enhancing safety and environmental standards, increasing operational costs and complexity[40] Future Outlook and Projections - The company anticipates a moderate increase in global oil demand, with IEA projecting an increase of 1.1 million barrels per day in 2025, primarily driven by China and India[105] - The global LNG trade volume is projected to grow by 6.4% to 43.9 million tons by 2025, driven by increased liquefaction capacity expected to reach 529 million tons, a 10.9% year-on-year increase[109] Corporate Governance and Shareholder Matters - The board recommends a final dividend of RMB 0.21 per share (pre-tax) for the fiscal year ending December 31, 2024, pending approval at the upcoming annual general meeting[121] - The company has established five specialized committees within the board, including the audit committee, remuneration and assessment committee, nomination committee, strategic committee, and risk and compliance management committee[137]

Financial Performance - For the third quarter ending September 30, 2024, the company's operating revenue was CNY 5,492,927,694.45, representing a 10.76% increase compared to CNY 4,959,218,430.74 in the same period last year[3]. - The net profit attributable to shareholders of the listed company was CNY 808,460,815.54, a decrease of 10.93% from CNY 907,629,044.17 year-on-year[3]. - The basic earnings per share for the quarter was CNY 0.1695, down 10.93% from CNY 0.1903 in the previous year[3]. - For the year-to-date period, the total operating revenue reached CNY 17,143,704,565.04, an increase of 3.68% from CNY 16,534,602,106.32 in the same period last year[4]. - The net profit attributable to shareholders for the year-to-date period was CNY 3,415,078,828.91, reflecting an 8.05% decrease from CNY 3,713,864,739.82 year-on-year[4]. - The weighted average return on net assets for the quarter was 2.2015%, a decrease of 0.43 percentage points compared to 2.6318% in the same period last year[3]. - The total comprehensive income attributable to the parent company for the period from January to September is approximately CNY 3.21 billion, a decrease from CNY 3.96 billion in the same period last year, representing a decline of about 18.8%[16]. - Basic earnings per share for the period is CNY 0.7158, a decrease from CNY 0.7785 in the same period last year, representing a decline of approximately 8.5%[16]. Assets and Liabilities - The total assets as of the end of the reporting period were CNY 75,187,427,894.07, a 4.31% increase from CNY 72,083,612,271.55 at the end of the previous year[4]. - The total equity attributable to shareholders of the listed company was CNY 35,977,100,890.07, an increase of 4.61% from CNY 34,391,504,390.45 at the end of the previous year[4]. - The total liabilities of the company were RMB 36,367,355,176.63, compared to RMB 34,980,288,739.23, indicating an increase of approximately 3.96%[14]. - Current assets totaled RMB 8,777,961,360.73, down from RMB 9,469,189,919.78, representing a decline of approximately 7.31%[14]. - Long-term equity investments increased to RMB 12,307,072,264.82 from RMB 10,081,911,917.05, marking a growth of about 21.93%[14]. Cash Flow - The net cash flow from operating activities for the year-to-date period was CNY 5,762,047,703.06, down 11.83% from CNY 6,535,299,505.96 in the previous year[4]. - The net cash flow generated from operating activities for the period is CNY 5.76 billion, down from CNY 6.54 billion year-on-year, indicating a decrease of approximately 11.8%[17]. - The cash inflow from operating activities totaled CNY 18.09 billion, compared to CNY 17.28 billion in the previous year, reflecting an increase of about 4.7%[17]. - The net cash flow from investing activities is negative at CNY -5.08 billion, compared to a negative CNY -0.99 billion in the same period last year, indicating a significant increase in cash outflow[18]. - The net cash flow from financing activities is negative at CNY -1.99 billion, compared to a negative CNY -3.96 billion in the same period last year, showing an improvement in cash flow[18]. - The company's cash and cash equivalents stood at RMB 90,286,942.00, a significant increase from RMB 37,701,502.03, reflecting a growth of about 139.73%[14]. - The total cash and cash equivalents at the end of the period amount to CNY 4.32 billion, down from CNY 5.93 billion at the end of the previous year, indicating a decrease of about 27.5%[18]. Operational Metrics - For the first three quarters of 2024, the average daily earnings for VLCC on the Middle East to China route (TD3C) were approximately $36,846, an increase of about 4.2% year-on-year[11]. - The average daily earnings for LR2 on the Middle East to Japan route (TC1) were approximately $47,115, reflecting a significant increase of 44.9% year-on-year[11]. - The group achieved an operating revenue of RMB 15.5 billion in the oil tanker segment for the first three quarters of 2024, a year-on-year increase of 2.4%[12]. - The total oil transportation capacity for the group was 589,984 million tons per day, up 7.8% year-on-year[12]. - The group reported a gross profit margin of 27.6% for the oil tanker segment, a decrease of 2.8 percentage points year-on-year[12]. - The LNG transportation business contributed a net profit of RMB 680 million, representing a year-on-year increase of 10.5%[12]. - The transportation volume (excluding time charter) was 12,617 million tons, a decrease of 2.2% year-on-year[12]. - The transportation turnover (excluding time charter) was 4,325 billion ton-miles, an increase of 11.3% year-on-year[12]. Expenses - Total operating costs amounted to RMB 13,777,350,397.15, up from RMB 12,962,397,183.75, indicating an increase of about 6.27%[15]. - Research and development expenses for the period were RMB 11,923,109.92, down from RMB 16,711,414.30, indicating a decrease of approximately 28.55%[15]. - The company reported a decrease in interest expenses to RMB 1,028,130,807.34 from RMB 1,068,443,859.90, reflecting a reduction of about 3.77%[15]. - The company paid CNY 8.50 billion for purchases of goods and services, which is an increase from CNY 7.28 billion year-on-year, indicating a rise of about 16.7%[17].

Fleet and Operations - As of June 30, 2024, the company operates a fleet of 154 oil tankers with a total deadweight tonnage of 22.43 million tons, maintaining the largest oil tanker fleet globally[5]. - The company has invested in 85 LNG vessels, all of which are project vessels, providing stable revenue; 45 of these vessels are operational with a capacity of 7.55 million cubic meters, while 40 are under construction with a capacity of 7.15 million cubic meters[7]. - The company is a leader in China's LNG transportation sector and a significant player in the global LNG market, benefiting from strong partnerships with major oil companies and independent refineries[7]. - The company’s coastal oil transportation business serves as a safety cushion for operational performance, while international oil transportation provides strong cyclical flexibility[8]. - The company leverages its extensive marketing and service network, along with a strong safety management system, to provide high-quality energy transportation services[7]. - The company’s operational model includes spot market charters, time charters, and contracts of affreightment (COA), allowing for flexible and efficient logistics solutions[8]. - The global LNG transportation industry has entered a phase of rapid development and stable returns, with a noticeable trend of increasing LNG transportation over pipeline transport in recent years[4]. - The company expanded its LNG fleet to 85 vessels, an increase of 12 vessels from the end of 2023, enhancing its capacity in LNG transportation[24]. - The company is focusing on deepening cooperation with international oil companies to enhance global capacity deployment and is actively pursuing new business opportunities in the Oceania region[21]. Market Trends and Demand - In the first half of 2024, global oil demand was approximately 102 million barrels per day, an increase of about 850,000 barrels per day year-on-year, primarily driven by non-OECD countries[9]. - The international oil transportation market has been influenced by geopolitical tensions and changes in global oil trade, affecting tanker transportation demand[9]. - In the first half of 2024, the global oil shipping trade volume remained flat year-on-year, with a significant drop of approximately 20% in the number of oil tankers passing through the Suez Canal compared to the beginning of the year[10]. - The global refined oil shipping trade volume slightly increased by 0.8% year-on-year, while the number of refined oil tankers passing through the Suez Canal decreased by about 40%[11]. - The global oil demand is expected to continue growing, with a forecasted increase of 3.3% in crude oil ton-mile demand and 7.5% in refined oil ton-mile demand for 2024[49]. - The supply growth rate for crude oil tankers is projected at -0.1% for 2024, indicating a tighter supply environment compared to demand growth[49]. - The global LNG trade volume is anticipated to reach 424 million tons in 2024, reflecting a year-on-year growth of 3.9% driven by strong demand from China and other Asian countries[51]. Financial Performance - The main business revenue for the group was RMB 11.57 billion, an increase of 0.8% year-on-year, while net profit attributable to shareholders decreased by 9.0% to RMB 2.63 billion[16]. - The group achieved a transportation volume of 82.65 million tons in the first half of 2024, a year-on-year decrease of 4.1%, while the transportation turnover increased by 7.5% to 287.4 billion ton-miles[16]. - The company’s total revenue for the first half of 2024 reached RMB 11,571.73 million, with a gross profit margin of 32.6%, reflecting a year-on-year increase of 0.8% in revenue but a decrease of 2.4% in gross profit margin[18]. - Domestic transportation revenue was RMB 2,902.42 million, down 4.9% year-on-year, while international transportation revenue was RMB 8,669.31 million, up 2.8% year-on-year, resulting in a gross profit margin of 35.2% for international operations[19]. - The foreign trade oil transportation segment generated revenue of RMB 7,710.86 million, with a gross profit margin of 33.1%, which decreased by 4.4 percentage points compared to the previous year[20]. - The LNG transportation segment contributed a net profit of RMB 401 million, remaining stable compared to the previous year[23]. - The group implemented six strategic measures to optimize operations amid complex geopolitical environments, including enhancing customer and route structures and focusing on LNG transportation projects[17]. Costs and Expenses - The total operating costs for the first half of 2024 amounted to RMB 7,801,863,000, representing a 4.5% increase compared to RMB 7,465,501,000 in the same period of 2023[25]. - The cost of fuel for oil transportation decreased by 1.7% year-on-year to RMB 2,536,452,000, while port fees dropped by 18.2% to RMB 369,043,000[25][26]. - The company reported a significant increase in crew costs for LNG transportation, which rose by 29.5% year-on-year to RMB 116,415,000[25][26]. - The total operating costs, selling expenses, and administrative expenses combined reached RMB 8,332,862 thousand, compared to RMB 7,973,818 thousand in 2023[125]. Debt and Financial Position - The company’s net debt to equity ratio increased to 67% as of June 30, 2024, up from 65% at the end of 2023[32]. - The total debt as of June 30, 2024, was RMB 29,958,445,000, with cash and cash equivalents of RMB 4,305,733,000, a decrease of 23% from the previous year[32]. - The total liabilities reached RMB 36,984,257 thousand, an increase of 5.73% from RMB 34,980,289 thousand[96]. - The company’s total liabilities increased, with deferred tax liabilities rising to RMB (1,623,193,000) as of June 30, 2024, compared to RMB (1,454,627,000) as of December 31, 2023[165]. - The total accounts payable increased to RMB 1,718,320,000 as of June 30, 2024, slightly up from RMB 1,707,876,000 as of December 31, 2023[180]. Shareholder and Governance - The total issued share capital of the company is 4,770,776,395 shares, with 1,296,000,000 shares being H shares and 3,474,776,395 shares being A shares[60]. - China Shipping Group holds 44.23% of the company's shares, while COSCO Shipping holds 62.06%[58]. - The company has approved a stock option incentive plan, granting 22,309,600 stock options at a price of RMB 13.00 per A share[62]. - The company has established five specialized committees within the board, including the Audit Committee and the Strategic Committee, to oversee various aspects of governance and strategy[79][82]. - The company actively manages investor relations and ensures timely and accurate information disclosure through various channels[86]. Employee and Management - The total number of employees as of June 30, 2024, was 7,711, a decrease from 8,339 employees as of June 30, 2023[85]. - Employee costs for the reporting period were approximately RMB 1.697 billion, compared to RMB 1.736 billion in the same period last year[85]. - Key management personnel compensation decreased to RMB 5,099 thousand from RMB 5,892 thousand, a decline of 13.4% year-over-year[191]. Future Outlook and Strategy - The company plans to enhance its global service network and improve business resilience in response to complex international trade and geopolitical conditions in the second half of 2024[52]. - The company is optimizing its global shipping layout and focusing on high-revenue cargo in the Atlantic market, aiming to enhance operational efficiency and profitability[53]. - The company is actively tracking LNG key projects and optimizing its LNG vessel management capabilities to meet potential customer demands[53]. - The company plans to continue focusing on expanding its LNG transportation capabilities and enhancing operational efficiency in the oil transportation segment to drive future growth[116].

Investment Rating - The report maintains a rating of "Buy" for China Cosco Shipping Energy Transportation Co., Ltd. (中远海能) [1] Core Views - The company's non-GAAP performance in the first half of 2024 showed a year-on-year growth that met expectations. Despite pressure from geopolitical oil prices in Q3 2024, the report suggests that the oil transportation market remains in a super bull market phase, with a recommendation to consider reverse layout opportunities [3][6]. Summary by Sections Financial Performance - In the first half of 2024, the company's net profit attributable to shareholders was 2.61 billion yuan, a year-on-year decrease of 7%. However, the non-GAAP net profit increased by 8%, slightly better than the performance forecast. The average TCE for VLCC from the Middle East to China for the six quarters from 2023 to 2024 was reported as 34,000/52,000/31,000/29,000/42,000/44,000 USD [6][7]. - The report forecasts net profits for 2024-2026 to be adjusted to 5.5 billion, 7 billion, and 8 billion yuan respectively, down from previous estimates of 7.2 billion, 8.6 billion, and 9.4 billion yuan due to short-term impacts from geopolitical oil prices [6][7]. Market Outlook - The report indicates that the oil transportation market is expected to see continued improvement in supply and demand over the next few years, with the market conditions likely to exceed expectations. The report emphasizes that the company's earnings are highly elastic and will benefit significantly from the favorable oil transportation market [3][6]. Dividend Policy - The company has maintained a high dividend payout ratio of around 50% in recent years, and it is expected that this high dividend policy will continue. The estimated dividend yield for 2024 is approximately 4% [6][7].