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 ...

公司研 究 证 券研究 报 告 航运 2024年04月28日 中 远海能（600026）2024年一季报点评 推 荐 （维持） Q1 归母净利润 12.4 亿，同比+12.8%，持续 目标价：21.1元 看好供需格局+地缘扰动下行业景气向上 当前价：15.76元  1、公司公告2024年一季报：1）业绩表现：2024Q1营收58.4亿，同比+3.7%； 华创证券研究所 归母净利润12.4亿，同比+12.8%；扣非归母净利润12.4亿，同比+39.8%。2） 利润率：2024Q1毛利率31.6%，同比+1.1pts；归母净利率21.2%，同比+1.7pts； 证券分析师：吴一凡 扣非归母净利率21.2%，同比+5.5pts。3）经营数据：2024Q1油轮运输量4208.7 万吨，同比-2.0%；运输周转量1503.5亿吨海里，同比+7.0%。4）运价指数： 电话：021-20572539 2024Q1 VLCC-TCE 均值约 4.41 万美元/天，同比-19.4%；苏伊士型、阿芙拉 邮箱：wuyifan@hcyjs.com 型、成品油轮 TCE 均值5.31、5.47、4.21 万美元/天，同比-25.2% ...

上 市 公 司 交通运输 2024年04月27日 中远海能 (600026) 公 司 研 究 ——业绩符合预期，重置成本上行带来安全边际 公 司 点 报告原因：有业绩公布需要点评 评 买入 投资要点： （维持） ⚫ 事件：中远海能发布2024年1季度业绩公告，2024年1季度公司归母净利润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%。与我们1季度 证 市场数据： 2024年04月26日 业绩前瞻预期相近，业绩符合预期。 券 收盘价（元） 15.76 ⚫ VLCC业务继续贡献主要增量，非VLCC外贸油轮业务系地缘冲突影响表现突出。由于航 研 一年内最高/最低（元） 17.78/10.75 次完成后才确认收入，因此公司业绩滞后VLCC运价约1个月，中小型油轮约半个月。据 究 市净率 2.1 报 息率（分红/股价） - 克拉克森运价显示，2023年12月-2024年2月VLCC平均运价为50856美元/天，环比 告 流通A股市值（百万元） 54762 公司2023年4季度业绩期（2023年9-11月）运价提高20%，或8405美元/天。按照 上证指数/深证成指 3088 ...

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 ...

Financial Performance - The total revenue for 2023 reached RMB 21,912,456, an increase of 18.9% compared to RMB 18,566,795 in 2022[7]. - The profit before tax for the year was RMB 4,740,196, up from RMB 2,752,847 in the previous year, representing a growth of 72.3%[7]. - The net profit attributable to the company for 2023 was RMB 3,348,717, a significant increase from RMB 1,460,862 in 2022, marking a growth of 129.5%[7]. - Earnings per share (basic) for the year stood at RMB 0.7019, compared to RMB 0.3064 in 2022, reflecting a growth of 129.5%[7]. - The company’s EBITDA for 2023 was RMB 9.35 billion, reflecting a year-on-year growth of 42.6%[20]. - The company’s main business revenue for 2023 was RMB 21.91 billion, an increase of 18.0% year-on-year, while net profit attributable to shareholders rose by 129.2% to RMB 3.35 billion[20]. - The company’s operating costs for the fiscal year 2023 were RMB 15,417,366 thousand, slightly higher than RMB 15,157,996 thousand in 2022, showing a marginal increase of 1.7%[121]. - The company’s financial expenses for the fiscal year 2023 amounted to RMB 1,453,793 thousand, compared to RMB 993,999 thousand in 2022, representing an increase of approximately 46.2%[121]. Assets and Liabilities - The total assets of the company as of December 31, 2023, amounted to RMB 72,083,612, an increase from RMB 68,250,453 in 2022[7]. - The total liabilities and non-controlling interests were RMB 37,692,108, compared to RMB 36,679,782 in the previous year[7]. - The equity attributable to the owners of the company increased to RMB 34,391,504 from RMB 31,570,671 in 2022, showing a growth of 5.8%[7]. - The total debt as of December 31, 2023, was RMB 29,720,403,000, compared to RMB 30,215,794,000 in the previous year[34]. - The group’s net debt to equity ratio decreased to 65% in 2023, down from 77% in 2022, primarily due to a significant reduction in borrowings during the reporting period[35]. Market Position and Strategy - The company plans to expand its market presence and enhance its operational efficiency through the development of VLCC POOL operational models[4]. - The company aims to leverage the "Belt and Road" initiative to enhance its global service capabilities and customer satisfaction[5]. - The company is committed to maintaining a leading position in LNG transportation, with significant investments in safety management and operational efficiency[4]. - The company maintains a leading position in China's LNG transportation market and is a significant player in the global LNG transportation sector[11]. - The company aims to expand its LNG capacity and enhance profitability through strategic market positioning and resource allocation[20]. Operational Highlights - As of December 31, 2023, the company operates a fleet of 156 oil tankers with a total deadweight tonnage of 23.06 million tons, making it the largest oil tanker operator globally[10]. - The company has invested in 83 LNG vessels, all of which are project vessels, providing stable revenue; 43 of these vessels are operational with a capacity of 7.2 million cubic meters, while 40 vessels are under construction with a capacity of 6.96 million cubic meters[11]. - The company’s operational model includes spot market charters, time charters, and contracts of affreightment (COA), allowing for flexible logistics solutions[12]. - The company established new high-revenue routes in regions such as the Americas and Oceania, enhancing its operational efficiency and market presence[24]. Risk Management and Compliance - The company faces risks from macroeconomic fluctuations, which significantly impact the demand for shipping of bulk resources like oil and LNG[126]. - Increased geopolitical uncertainties and trade frictions may affect the global energy transportation market, introducing further unpredictability[127]. - The ongoing global energy transition towards carbon neutrality poses challenges to the company's business planning and operational layout[128]. - The company has established compliance procedures to ensure adherence to relevant laws and regulations, which may incur additional operational costs[138]. - The company acknowledges the risks associated with international trade and compliance, which could significantly affect its international business operations[133]. Corporate Governance - The board of directors is responsible for overseeing the company's governance policies and ensuring compliance with legal and regulatory requirements[80]. - The board consists of executive directors, non-executive directors, and independent non-executive directors, all elected by the shareholders for a term of three years[82]. - The company emphasizes the importance of good corporate governance to enhance decision-making and risk management capabilities[64]. - The company has established a comprehensive internal control and risk management system, integrating compliance management and risk control, and has revised the "Company Risk and Internal Control Manual" in 2023[67]. - The company has received independence confirmation letters from all four independent non-executive directors, affirming their independence from the company and major shareholders[88]. Future Outlook - The group expects global oil demand to increase by 1.24 million barrels per day in 2024, with China and India being the main growth contributors[51]. - The group anticipates a 4.1% year-on-year increase in crude oil ton-mile trade demand and a 7.3% increase in refined oil ton-mile trade demand in 2024[51]. - The global LNG trade volume is projected to grow by 5.3% in 2024, with an average annual compound growth rate of 9.1% from 2023 to 2028[53]. - The company aims to enhance its global operations and marketing network to improve resource allocation and overall fleet revenue[57]. - The company plans to pursue green and low-carbon development paths, including the research and development of new energy-powered vessels[60].

| 会议议程…………………………………………………………………3 | | --- | | 会议须知…………………………………………………………………5 | | 议案 1、关于《中远海运能源运输股份有限公司 2023 年股票期权激 | | 励计划（草案）》及其摘要的议案………………………………………..7 | | 议案 2、关于《中远海运能源运输股份有限公司 2023 年股票期权激 | | 励计划管理办法（草案）》的议案………………………………………9 | | 议案 3、关于《中远海运能源运输股份有限公司 2023 年股票期权激 | | 励计划实施考核管理办法（草案）》的议案……………………………11 | | 议案 4、关于提请股东大会授权董事会处理 2023 年股票期权激励计 | | 划相关事宜的议案……………………………………………………..12 | 2 中远海运能源运输股份有限公司 2024 年第二次临时股东大会 2024 年第一次 A 股类别股东大会 2024 年第一次 H 股类别股东大会 会议资料 二〇二四年五月十日 1 | 目录 | | --- | 中远海运能源运输股份有限公司 2024 年第二次临 ...