证券代码：600026 证券简称：中远海能 公告编号：2024-018 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 及 2024 年第一次 H 股类别股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2024 年 5 月 10 日 (二)股东大会召开的地点：上海市虹口区东大名路 1171 号远洋宾馆三楼 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 2024 年第二次临时股东大会 | 1、出席会议的 | A 股股东和代理人人数 | 271 | | --- | --- | --- | | 2、出席会议的 | A 股股东所持有表决权的股份总数（股） | 2,404,224,220 | | 3、出席会议的 | A 股股东所持有表决权股份数占公司有表 | 69.2028 | | 决权 | A 股股份总数的比例（%） | | 1 1、出席会议的 ...

Investment Rating - The investment rating for the company is "Buy" [1][6]. Core Views - The report maintains a positive outlook on the oil shipping sector, anticipating a super bull market in the coming years. The company is expected to see a significant increase in its profit center, with net profit forecasts for 2024-2026 set at 7.2 billion, 8.6 billion, and 9.4 billion RMB respectively [6][7]. - The company's Q1 2024 non-GAAP net profit increased by 40% year-on-year, aligning with expectations. The report highlights that the oil shipping industry's capacity utilization is at a high level, and demand is expected to remain robust, leading to a favorable supply-demand balance [6][7]. Summary by Sections Financial Performance - In Q1 2024, the company's net profit reached 1.2 billion RMB, a 13% increase year-on-year, while the non-GAAP profit surged by 40% [6][7]. - The report projects revenue growth from 18.57 billion RMB in 2022 to 28.08 billion RMB in 2024, reflecting a 28% increase [7]. Market Outlook - The oil shipping market is expected to see continued demand growth, particularly from traditional energy sources, with Asian demand potentially exceeding expectations. The report notes that the restructuring of oil trade will persist, particularly in the Atlantic region [6][7]. - The report emphasizes that the company's management has confidence in the market's upward trajectory, as evidenced by the implementation of a stock incentive plan for executives [6][7]. Valuation - The target price for the company's stock is set at 11.87 HKD, indicating potential upside from the current price of 9.74 HKD [1][6]. - The report suggests that the company's valuation has room for improvement due to the anticipated increase in earnings and market conditions [6][7].

证券代码：600026 证券简称：中远海能 公告编号：2024-017 中远海运能源运输股份有限公司 关于 2024 年第二次临时股东大会、2024 年第一次 A 股类别股东大会及 2024 年第一次 H 股类别股东大会 现场会议召开地点变更的公告 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。 2. 原股东大会召开日期：2024 年 5 月 10 日 3. 原股东大会股权登记日： 现场会议召开地点：上海市虹口区东大名路 1171 号远洋宾馆五楼。 变更后： 现场会议召开地点：上海市虹口区东大名路 1171 号远洋宾馆三楼。 三、 除了上述更正补充事项外，于 2024 年 4 月 23 日公告的原股东大会通知 一、 股东大会有关情况 1. 原股东大会的类型和届次： 2024 年第二次临时股东大会、2024 年第一次 A 股类别股东大会及 2024 年第一 次 H 股类别股东大会 | 股份类别 | 股票代码 | 股票简称 | 股权登记日 | | --- | --- | --- | --- | | Ａ股 | 600026 | 中远 ...

Investment Rating - The report maintains an "Accumulate" rating for the company, with a target price of 23.54 CNY, unchanged from the previous rating [1][2]. Core Views - The company's non-net profit increased significantly, aligning with expectations, and the outlook for the second half of the year is optimistic. The report emphasizes the potential for a super bull market in oil transportation [1][2]. - The report highlights that the oil transportation industry's capacity utilization has reached a threshold, and supply-demand dynamics are expected to improve over the coming years, leading to a sustained rise in profitability [1][2]. - The report suggests that investors should focus on the central trend of short-term fluctuations and that contrarian investments will enhance the investment experience [1][2]. Summary by Sections Financial Performance - In Q1 2024, the company's net profit attributable to shareholders was 1.2 billion CNY, a 40% year-on-year increase, meeting expectations. The report notes that the profit from non-operating activities exceeded 200 million CNY [1][2]. - The report forecasts a net profit of 3.35 billion CNY for 2024, with projections of 7.2 billion CNY for 2025 and 8.58 billion CNY for 2026 [1][2]. Revenue and Profitability - The company's revenue is projected to grow from 22.09 billion CNY in 2023 to 28.32 billion CNY in 2024, reflecting an 18% increase [2]. - The operating profit (EBIT) is expected to rise significantly from 5.44 billion CNY in 2023 to 10.18 billion CNY in 2024 [2]. Market Outlook - The report indicates that the oil transportation market is expected to see continued growth, with a favorable supply-demand balance anticipated in the coming years. The company is positioned to benefit from this trend, with shareholder returns expected to improve [1][2]. - The report also notes that the company's management has implemented equity incentives for executives, reflecting confidence in the upward trend of the market [1][2].

[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 ...