Investment Rating - The investment rating for COSCO Shipping Energy Transportation Co., Ltd. (600026.SH) is "Buy" [1][4]. Core Views - The report highlights significant growth in the foreign trade oil transportation sector, with expectations for a favorable oil transportation market in 2024 [1][9]. - In 2023, the company reported a revenue of 22.09 billion yuan, an increase of 18.4% year-on-year, and a net profit of 3.35 billion yuan, up 130.0% year-on-year [1][6]. - The foreign trade oil transportation segment was the main driver of growth, achieving a revenue of 14 billion yuan, a 22.9% increase, and a gross profit of 4.15 billion yuan, up 184.6% [1][9]. Summary by Sections Financial Performance - In Q4 2023, the company generated a revenue of 5.56 billion yuan, a decrease of 11.3% year-on-year, and a net profit of -360 million yuan, down 114.4% [1][6]. - The company plans to distribute a cash dividend of 1.67 billion yuan, resulting in a cash dividend payout ratio of 49.84% for 2023 [1][6]. Business Segments - The foreign trade oil transportation segment's average daily earnings (TCE) for VLCC-TD3C (Middle East to Far East route) reached 35,416 USD/day, a year-on-year increase of approximately 110% [1][9]. - The domestic oil and LNG business showed steady growth, with domestic oil and refined oil transportation volume reaching approximately 90.37 million tons, generating revenue of 6.2 billion yuan, a 4.9% increase [1][9]. Future Outlook - For 2024, the report anticipates a simultaneous increase in volume and price for foreign trade oil transportation, with a projected global oil transportation supply-demand gap of 4.1% [1][9]. - The company’s earnings forecasts for 2024-2025 have been adjusted to 6.15 billion yuan and 6.86 billion yuan, respectively, with a new profit forecast for 2026 set at 7.4 billion yuan [1][9].

Investment Rating - The report maintains a "Recommend" rating for COSCO Shipping Energy Transportation Co., Ltd. (600026) [1] Core Views - The company reported a net profit attributable to shareholders of 3.35 billion yuan in 2023, a year-on-year increase of 130.0%, with a non-recurring net profit of 4.13 billion yuan, up 197.3% year-on-year [1] - The cash dividend payout ratio for 2023 is approximately 49.8%, reflecting strong cash flow and shareholder returns [1] - The report highlights a positive outlook on the oil transportation market, driven by geopolitical tensions and a robust demand for oil transportation [1] Financial Performance Summary - **Revenue**: In 2023, total revenue reached 22.09 billion yuan, an increase of 18.4% year-on-year [2] - **Net Profit**: The net profit attributable to shareholders was 3.35 billion yuan, with a significant year-on-year growth of 130.0% [2] - **Earnings Per Share (EPS)**: The EPS for 2023 was 0.70 yuan, with projections of 1.39 yuan, 1.56 yuan, and 1.74 yuan for 2024, 2025, and 2026 respectively [2] - **Profit Margins**: The gross profit margin for 2023 was 29.9%, an increase of 11.4 percentage points year-on-year [1] Market Dynamics - **Demand**: The report notes a 6.2% year-on-year increase in oil transportation demand, driven by geopolitical conflicts and record-high crude oil imports in China [1] - **Supply**: The global tanker fleet saw a low growth rate, with only 141 new tankers delivered in 2023, a decrease of 45% year-on-year [1] - **Freight Rates**: The average VLCC-TCE (Time Charter Equivalent) rate for 2023 was approximately $43,200 per day, reflecting an 80.9% increase year-on-year [1] Investment Forecast - **Profit Projections**: The report slightly adjusts the profit forecasts for 2024 and 2025 to 6.64 billion yuan and 7.45 billion yuan respectively, with a new forecast for 2026 at 8.31 billion yuan [1] - **Valuation**: The target price is set at 21.1 yuan, indicating a potential upside of 26% from the current price of 16.73 yuan [1]

Investment Rating - The report maintains an "Outperform" rating for COSCO Shipping Energy Transportation [12][19]. Core Views - The 2023 annual report performance is in line with expectations, with operating income of 22.091 billion yuan, a year-on-year increase of 18.40%, and net profit attributable to shareholders of 3.351 billion yuan, a year-on-year increase of 129.95% [11][17]. - The oil transportation sector's profitability is expected to continue improving, with potential for both freight rates and valuations to rise due to solid supply-side logic and a favorable outlook for VLCC (Very Large Crude Carrier) market conditions [19]. Financial Performance Summary - The gross profit from foreign trade oil transportation was 4.15 billion yuan, a year-on-year increase of 184.6%, while domestic oil transportation gross profit was 1.49 billion yuan, a year-on-year increase of 15.6% [11][18]. - The LNG transportation segment contributed a net profit of 790 million yuan, a year-on-year increase of 18.4% [11][18]. - The report forecasts net profit attributable to shareholders for 2024-2026 to be 7.377 billion yuan, 8.141 billion yuan, and 8.949 billion yuan, respectively, with corresponding PE ratios of 10.9x, 9.9x, and 9.0x [19]. Dividend and Shareholder Returns - The company proposes a cash dividend of 3.5 yuan for every 10 shares, resulting in a cash dividend ratio of 49.84% [11][17].

Investment Rating - The investment rating for the company is "Buy" with a target price of 23.54 CNY, maintaining the previous rating of "Buy" [1][2]. Core Views - The company's non-recurring performance meets expectations, and shareholder returns continue to improve. The oil transportation industry's capacity utilization is nearing its threshold, and future supply-demand dynamics are expected to remain favorable, benefiting the company significantly [1][2]. Summary by Sections Financial Performance - The company reported a net profit of 33.5 billion CNY for 2023, a 197% increase compared to 2022. The non-recurring net profit for Q4 2023 was 8.1 billion CNY, aligning with expectations despite a challenging environment due to reduced oil production in the Middle East [1][2]. - The forecast for 2024 indicates a net profit of 72 billion CNY, with a projected increase to 86 billion CNY in 2025 [1]. Revenue and Profitability - Revenue is expected to grow from 22,091 million CNY in 2023 to 28,318 million CNY in 2024, reflecting an 18% increase. Operating profit is projected to rise significantly from 5,440 million CNY in 2023 to 10,184 million CNY in 2024 [2]. - The company's gross profit margin is anticipated to improve, with a net profit margin projected at 25.4% for 2024 [2]. Market Position and Strategy - The company is positioned as a leading player in the global oil transportation sector, with a fleet that is continuously optimized to benefit from rising market conditions. The report emphasizes the company's strategic focus on enhancing operational efficiency and market share [1][2]. - The dividend yield is projected to reach approximately 5% in 2023, indicating a commitment to improving shareholder returns [1][2]. Future Outlook - The report suggests that the oil transportation market will continue to experience robust demand, driven by global trade restructuring and increased oil consumption. The company is expected to leverage its operational advantages to enhance profitability [1][2]. - The anticipated increase in global oil shipping volumes and the company's strategic initiatives are expected to support sustained growth in the coming years [1][2].

证券研究报告 公 2024年04月01日 司 报 告 中远海能(600026) 行 业： 交通运输/航运港口 │ 公 投资评级： 买入（维持） 司 当前价格： 16.83元 分红比例提高，看好油运景气上行 年 目标价格： 20.25元 报 点 事件： 评 基本数据 2024年3月28日，公司发布2023年年度报告。2023年全年公司实现归母 总股本/流通股本(百万股) 4,770.78/4,770.78 净利33.5亿元，同比+130%，扣非归母净利41.3亿元，同比+197%。其中， 流通A股市值(百万元) 58,480.49 四季度扣非归母净利 8.11 亿元，同比+8.2%。此前业绩预增公告归母净利 每股净资产(元) 7.21 31-39亿元，扣非归母净利39-47亿元，业绩符合预期。同时，跟据公司公 资产负债率(%) 48.53 告，公司拟派发现金红利16.7亿元，23年度公司现金分红比例达到49.84%。 一年内最高/最低(元) 17.03/10.75  外贸油运盈利大幅提高，看好油运景气持续上行 外贸油运业务，公司2023年实现营业收入、毛利分别为140、41.5亿元， 股价相对走势 同比分别+ ...

证券研究报告 ＃industryId＃ 交通运输 ＃investSuggestion＃ ＃d中yCo远mpa海ny＃能 （600026.SH） 增持 ( 维持） 000009 ＃title＃ 扣非归母净利润再创新高，分红水平持续提升 ＃createTime1＃ 2024年3月31 日 投资要点 ＃市场ma数rk据etData＃ ＃＃ssuummmmaarryy＃＃  中远海能2023年财报实现归母净利润33.51亿元，同比增长129.95%。中远海能发布 日期 2024-3-29 2023年全年财报，公司实现营业收入全年为220.91亿元，同比增长18.4%；实现归母 收盘价（元） 16.83 净利润为33.51亿元，同比增长129.95%；实现扣非归母净利润为41.34亿元，同比增 总股本（百万股） 4770.78 长197.31%。 流通股本（百万股） 3474.78  2023 年的国际油运市场在上行周期中稳步发展，运价表现强劲且波动剧烈，运价中 净资产（百万元） 34391.5 枢位于历史相对高位区间。原油轮方面，2023 年中国原油进口量创历史新高，大西 总资产（百万元） 72083.61 洋区 ...

业绩简评 2024年 3月 28 日，中远海能发布2023年年报。2023年公司营业 收入为 220.91 亿元，同比增长18.4%；归母净利润为33.51 亿元， 同比增长129.95%。其中 Q4公司实现营业收入55.6 亿元，同比下 降 11.3%；实现归母净利润-3.6亿元，同比下降 114.4%。 经营分析 VLCC 运价表现强劲，公司营收同比上升。2023年，公司营业收入 为 220.91 亿元，同比增长 18.4%，主要系油轮行业运价持续上行， 油轮运输业务收入同比增加。从运价表现来看，受中国进口需求回 升、大西洋-亚洲长航线增加等因素影响，VLCC 运价在 Q1及 Q4表 现较好，2023 年 VLCC-TD3C 平均日收益（TCE）为 35416 美元/天， 同比增长110%。2023 年公司外贸油运业务实现营收140.0 亿元， 同比增长22.9%。 毛利率同比大幅增长，净利率同比增长。2023 年受 VLCC运价大幅 人民币(元) 成交金额(百万元) 上涨的影响，公司实现毛利率29.94%，同比增长 11.4pct，主要系 18.00 1,600 外贸油运运价上涨，公司外贸油运毛利率同比 ...

2024年3月31日 公司研究 油运景气持续，业绩大幅提升 ——中远海能（600026.SH）2023 年报点评 要点 增持（维持） ◆事件：公司发布2023年报。公司2023年实现营业收入为221亿元，同比增 当 前价：16.83元 长18.4%（调整后，下同）；归母净利润为33.5亿元，同比增长130%；扣非 归母净利润为41.3亿元，同比增长197%；非经常损失为7.8亿元，主要包括 作者 处置5艘船舶收益4.0亿元及境外合营单位潜在投资损失11.9亿元。Q4实现营 分析师：程新星 业收入为55.6亿元，同比下降11.3%，环比增长12.0%；归母净亏损为3.6亿 执业证书编号：S0930518120002 元，同比由盈转亏，环比由盈转亏；扣非归母净利润为8.1亿元，同比增长8.2%， 021-52523841 环比下降10.3%。公司拟派发现金股利16.7亿元，分红派息率为49.84%，较 chengxx@ebscn.com 上年值49.10%进一步提升。 联系人：卢浩敏 ◆23Q4外贸油运业务环比下降。外贸油运业务2023年实现收入140亿元，同 021-52523659 比增长22.9%，毛利41 ...

[Table_Page] 年报点评|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 16.83元 兼具高分红和成长性 合理价值 18.5元 报告日期 2024-03-29 [ 核Tabl 心e_Su 观mm 点ary] ： [相Tab对le_P市icQ场uote表] 现 ⚫ 事件：公司发布年报，2023年实现收入220.91亿元，同比18.40%； 归母净利润 33.51 亿元，同比+129.95%；扣非归母净利润 41.34 亿 22% 13% 元，同比+197.31%。同时2023年股息支付率上升至49.84%。 4% ⚫ 受OPEC+减产影响，4Q2023旺季偏弱，1Q2024或因红海冲突而淡 -4%03/23 05/23 07/23 09/23 11/23 01/24 03/24 季不淡。2023 年整个四季度都笼罩在 OPEC+减产的阴影之下，受此 -13% 影响，中东货盘减少致使旺季强度有限。据克拉克森数据，2023年 -22% 中远海能 沪深300 9-11月的VLCC-TD3C、TD22的TCE均值分别为 ...

Investment Rating - The report maintains a "Buy" rating for COSCO Shipping Energy Transportation Co., Ltd. (600026) [2] Core Views - COSCO Shipping Energy reported a net profit attributable to shareholders of 3.35 billion yuan for 2023, a year-on-year increase of 130%, with a non-recurring net profit of 4.13 billion yuan, up 197% year-on-year [2] - The company plans to distribute a cash dividend of 1.67 billion yuan, resulting in a cash dividend payout ratio of 49.84% for the year [2] - The report highlights that the company's performance lags behind freight rates by about one month, with VLCC-TD3C average rates showing a decline of 6% from September [2] - The report notes that the increase in ship prices is driving up the company's replacement costs, providing a downward safety margin [2] - The oil transportation market is in a long-term upward cycle, with current freight rates remaining strong despite short-term fluctuations due to geopolitical factors [2] - The report maintains profit forecasts for 2024-2025 and introduces a new forecast for 2026, projecting a net profit of 9.2 billion yuan for 2026 [2] Financial Summary - Total revenue for 2023 was 22.09 billion yuan, with a year-on-year growth rate of 18.4% [3] - The net profit attributable to shareholders for 2023 was 3.35 billion yuan, with a projected net profit of 6.91 billion yuan for 2024 [3] - The report indicates an increase in gross margin from 29.9% in 2023 to 38.2% in 2024 [3] - The return on equity (ROE) is expected to rise from 9.7% in 2023 to 17.4% in 2024 [3] Market Data - As of March 29, 2024, the closing price of the stock was 16.83 yuan, with a market capitalization of 58.48 billion yuan [4] - The stock has a price-to-book ratio of 2.3 [4] - The stock's highest and lowest prices over the past year were 17.03 yuan and 10.75 yuan, respectively [4] Additional Insights - The report emphasizes the potential for improved performance in the first quarter of 2024 due to strong demand and geopolitical disruptions affecting freight rates [2] - The report also discusses the impact of new refinery capacities in China and increased oil production in the U.S. and South America on long-distance oil trade [2]