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： 中远海运能源运输股份有限公司（以下简称"公司"）已于 2024 年 10 月 30 日晚发布公司 2024 年第三季度报告，为便于广大投资者更全面深入地了解公司 2024 年第三季度经营成果、财务状况，公司计划于 2024 年 11 月 20 日下午 15:00- 16:30 举行 2024 年第三季度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以视频结合网络互动召开，公司将针对 2024 年第三季度 经营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许 的范围内就投资者普遍关注的问题进行回答。 证券代码：600026 证券简称：中远海能 公告编号：2024-059 中远海运能源运输股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 独立董事：李润生先生 总会计师：田超先生 董事会秘书：倪艺丹女士 会议召开时间：2024 年 11 月 20 日（星期三）下午 15:00-16:30 会 议 召 开 地 点 ...

证券代码：600026 证券简称：中远海能 公告编号：2024-060 中远海运能源运输股份有限公司 关联交易进展公告 1 公司 87%股权，大连西中岛中连港口有限公司 15%股权，以及大连投资本部 2 艘 LPG 船舶"金桂源"轮和"牡丹源"轮；（2）本公司与中远海运已完成签署中远 海运委托管理协议：本公司将代为管理存续大连投资。 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。 兹提述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"）于 2024 年 10 月 15 日发布的《中远海能二〇二四年第十一次董事会会 议决议公告》（公告编号：2024-049）、《中远海能关于购买有关公司股权、资产暨 关联交易的公告》（公告编号：2024-052）及《中远海能关于拟签署<委托管理协 议>暨关联交易的公告》（公告编号：2024-053）（以下简称"该等公告"），内容有 关本公司收购控股股东化工品物流供应链相关股权及资产事项，并拟签订委托管 理协议。除本公告另有规定者外，本公告所用词汇与该等公告所界定者具有相 ...

Investment Rating - The investment rating for China COSCO Shipping Energy Transportation Co., Ltd. is "Buy" (maintained) [1] Core Views - The report highlights that supply tightness supports freight rates, while long-distance cost increases and tax burdens are dragging down profits [1] Financial Performance Summary - Revenue projections for the company are as follows: - 2022: 18,657.84 million RMB - 2023: 22,090.52 million RMB (growth of 18.40%) - 2024E: 24,414.86 million RMB (growth of 10.52%) - 2025E: 26,663.67 million RMB (growth of 9.21%) - 2026E: 28,742.56 million RMB (growth of 7.80%) [2] - Net profit attributable to shareholders is projected as: - 2022: 1,457.33 million RMB - 2023: 3,350.58 million RMB (growth of 129.29%) - 2024E: 4,603.98 million RMB (growth of 37.41%) - 2025E: 6,009.56 million RMB (growth of 30.53%) - 2026E: 7,134.69 million RMB (growth of 18.72%) [2] - Earnings per share (EPS) forecast: - 2023: 0.70 RMB - 2024E: 0.97 RMB - 2025E: 1.26 RMB - 2026E: 1.50 RMB [2] Financial Ratios - Return on Equity (ROE) is expected to improve from 9.74% in 2023 to 14.90% in 2026 [2] - Price-to-Earnings (P/E) ratio is projected to decrease from 18.64 in 2023 to 8.75 in 2026 [2] Balance Sheet Overview - Total assets are projected to grow from 72,083.61 million RMB in 2023 to 85,411.75 million RMB in 2026 [3] - Total liabilities are expected to remain stable around 34,980.29 million RMB in 2023, decreasing slightly to 33,558.42 million RMB by 2026 [3] Cash Flow Analysis - Operating cash flow is projected to increase from 8,822.16 million RMB in 2023 to 11,029.02 million RMB in 2026 [3] - Net cash flow is expected to turn positive by 2026, reaching 3,015.40 million RMB [3]

Investment Rating - The report maintains a "Buy" rating for the company [2][3]. Core Views - The company reported a revenue of 17.14 billion RMB for Q1-Q3 2024, a year-on-year increase of 3.68%, while the net profit attributable to shareholders was 3.42 billion RMB, a decrease of 8.05% [2]. - In Q3 2024, the company achieved a revenue of 5.49 billion RMB, reflecting a year-on-year growth of 10.8%, but the net profit attributable to shareholders was 0.81 billion RMB, down 10.9% year-on-year [2]. - The decline in gross profit from foreign trade oil transportation was offset by growth in domestic trade and LNG profits [2]. - The supply-demand fundamentals in the oil transportation industry are expected to remain healthy, supporting the industry's outlook [2]. Summary by Sections Performance Analysis - For Q1-Q3 2024, the company’s tanker capacity input was 5.9 billion ton-days, an increase of 7.8% year-on-year, while the transportation volume (excluding time charter) was 12.6 million tons, a decrease of 2.2% year-on-year [2]. - The average daily earnings for VLCC TD3C route (Middle East to China) were approximately 36,846 USD/day, up 4.2% year-on-year, and for LR2 TC1 route (Middle East to Japan) were approximately 47,115 USD/day, up 44.9% year-on-year [2]. - The gross profit from the tanker segment was 4.28 billion RMB, a year-on-year decline of 7%, with foreign trade oil transportation contributing 3.15 billion RMB (down 9.8%) and domestic oil transportation contributing 1.13 billion RMB (up 1.5%) [2]. Financial Metrics - The gross margin for Q3 2024 was 23.98%, a decrease of 2.4 percentage points year-on-year, primarily due to the addition of new VLCC capacity and rising charter rates [2]. - The net profit margin for Q3 2024 was 14.7%, down 3.6 percentage points year-on-year [2]. - The company’s net profit forecasts for 2024-2026 have been adjusted to 4.4 billion RMB, 6.67 billion RMB, and 7.61 billion RMB, respectively [3]. Market Outlook - According to Clarkson's forecast, the demand for crude oil ton-miles is expected to grow by 2.8% year-on-year in 2024, and the demand for refined oil ton-miles is expected to grow by 7.9% year-on-year [2]. - The supply growth rate for crude oil tankers is projected at 0.3% in 2024, with a continued low growth trend for VLCC capacity [2].

证 券 研 究 报 告 中远海能（600026）2024 年三季报点评 推荐（维持） Q3 扣非净利 7.3 亿，同比-19%，淡季需求偏 弱影响业绩表现，继续看好油运周期上行 公司公告 2024 年三季报： 1）业绩表现：2024 年前三季度营收 171 亿，同比+3.7%；归母净利润 34.2 亿， 同比-8.0%；扣非归母净利润 33.5 亿，同比+0.77%。Q3 营收 54.9 亿，同比 +10.8%；归母净利润 8.1 亿，同比-10.9%；扣非归母净利润 7.3 亿，同比-19%。 2）分业务来看：2024 年前三季度外贸油运业务实现毛利 31.5 亿，同比-9.8%； 内贸油运业务实现毛利 11.3 亿，同比+1.5%；LNG 业务贡献归母净利 6.8 亿， 同比+10.5%。2024Q3 外贸油运业务实现毛利 6.1 亿，同比-14.4%；内贸油运 业务实现毛利 4.2 亿，同比+1.9%；LNG 业务贡献归母净利 2.8 亿，同比+30.8%。 3）运营数据：2024 年前三季度外贸油品运输量（不含期租，下同）6484 万吨， 同比+4.9%；运输周转量 4016 亿吨海里，同比+11.7 ...

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 究 ——中远海能 2024 年三季报点评 Q3 业绩符合预期，放低旺季逆向布局 中远海能(600026) [Table_Industry] 运输/工业 | --- | --- | --- | |----------|-----------------------------------|--------------------| | | | | | | [table_Authors] 岳鑫 ( 分析师 ) | 尹嘉骐 ( 分析师 ) | | | 0755-23976758 | 021-38038322 | | | yuexin@gtjas.com | yinjiaqi@gtjas.com | | 登记编号 | S0880514030006 | S0880524030004 | 本报告导读： 2024Q3 地缘油价导致油运市场经历压力测试，公司业绩同比下降符合预期。继续看 好未来数年油运供需向好，原油增产将助力油运需求增长。建议放低旺季逆向布局。 投资要点： 公 司 更 新 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [2] Core Views - The company experienced a decline in Q3 performance due to pressure on oil shipping rates, but the LNG business is expected to accelerate its development [2][4] - The company is positioned to benefit from a recovery in oil shipping demand as macroeconomic conditions improve and OPEC+ enters a production increase cycle in 2025 [8] Summary by Sections Revenue Performance - For the first three quarters of 2024, the company achieved total revenue of 17.1 billion yuan, a year-on-year increase of 3.68%, and a net profit attributable to shareholders of 3.415 billion yuan, a year-on-year decrease of 8.05% [3] - In Q3 2024 alone, the company reported revenue of 5.5 billion yuan, a year-on-year increase of 10.76%, but a quarter-on-quarter decrease of 5.50%, with a net profit of 808 million yuan, down 10.93% year-on-year and down 41.03% quarter-on-quarter [3] Business Segments - The foreign trade oil transportation business generated a gross profit of 3.15 billion yuan in the first three quarters, a decrease of 9.8% year-on-year, with Q3 gross profit at 620 million yuan, down 13.3% year-on-year and down 52.8% quarter-on-quarter [4] - The average TCE for the TD3C route was $36,846 per day, up 4.24% year-on-year, while the average TCE for the TC1 route was $47,115 per day, up 44.9% year-on-year [4] LNG Business Development - The company is actively introducing new clean energy capacity and accelerating the installation of desulfurization towers, with 8 new ship orders in hand [6] - As of June 30, 2024, the company has invested in 85 LNG vessels, with 45 in operation and 40 under construction, contributing a net profit of 680 million yuan from LNG transportation, a year-on-year increase of 10.5% [7] Future Outlook - The company expects a recovery in oil shipping demand due to a mismatch between supply and demand, with a projected increase in oil shipping rates as the industry recovers [8] - The profit forecasts for 2024-2026 have been adjusted to 4.587 billion yuan, 5.553 billion yuan, and 6.766 billion yuan respectively, with corresponding EPS of 0.96, 1.16, and 1.42 yuan per share [9]

Investment Rating - The investment rating for the company is "Buy" [9][10]. Core Views - The company reported a net profit of 810 million RMB for Q3 2024, which is a decline of 10.9% quarter-on-quarter and 41.0% year-on-year, falling short of expectations [3]. - The overall net profit for the first three quarters of 2024 was 3.42 billion RMB, representing a year-on-year decrease of 8.1% [3]. - The report anticipates continued weak demand in the international oil transportation market, with freight rates expected to remain flat in Q4 [3]. - In the medium to long term, the supply of oil tankers is expected to tighten gradually from 2025 to 2026, which may lead to a recovery in freight rates as demand improves [3]. Summary by Sections Oil Transportation Business - The international crude oil transportation business generated a gross profit of 1.42 billion RMB in the first three quarters, down 29.9% year-on-year. Q3 gross profit was 140 million RMB, a significant decline of 56.9% quarter-on-quarter and 78.5% year-on-year, primarily due to falling freight rates [4]. - China's crude oil imports decreased by 2.8% year-on-year from January to September, with a 3.7% quarter-on-quarter decline in Q3 [4]. - The average freight rate for VLCC from the Middle East to China (TD3C) in Q3 fell by 10.1% quarter-on-quarter and 37.9% year-on-year [4]. Product Oil Transportation Business - The international product oil transportation business achieved a gross profit of 820 million RMB in the first three quarters, an increase of 23.8% year-on-year. However, Q3 gross profit was 170 million RMB, showing a quarter-on-quarter decline of 46.6% [5]. - The Baltic Dirty Tanker Index (BCTI) average for Q3 decreased by 4.5% quarter-on-quarter and 26.0% year-on-year [5]. Domestic Oil Transportation and LNG Business - The domestic oil transportation market remains stable, with a gross profit of 1.13 billion RMB in the first three quarters, a slight increase of 1.5% year-on-year. Q3 gross profit was 410 million RMB, up 3.0% quarter-on-quarter [6]. - The LNG business reported a net profit of 680 million RMB in the first three quarters, a year-on-year increase of 10.5%, attributed to fleet expansion [6]. Profit Forecast and Target Price Adjustment - The profit forecasts for 2024, 2025, and 2026 have been reduced by 23%, 21%, and 15% respectively, to 4.30 billion RMB, 5.38 billion RMB, and 6.11 billion RMB [7]. - The target price has been adjusted downwards by 12% and 9% to 9.20 HKD and 16.00 RMB respectively, while maintaining the "Buy" rating [7].

中远海能（600026.SH） 优于大市 外贸油运需求疲软导致 Q3 业绩承压，继续看好刚性供给下运价弹性 中远海能发布 2024 年三季报，业绩表现偏弱。中远海能 2024 年前 3 季度实 现收入 171.44 亿元，同比+3.68%；归母净利润 34.15 亿元，同比-8.05%； 扣非归母净利润 33.49 亿元，同比+0.77%。其中，第三季度，海能实现营业 收入54.93 亿元，同比增长10.80%；归母净利润8.08 亿元，同比下滑 10.93%； 扣非归母净利润 7.32 亿元，同比下滑 19.00%。此外，公司三季度处置一艘 19 年船龄的 VLCC"新金洋"轮，贡献 0.76 亿元非经常损益。 6-8 月外贸油运景气度较低。中远海能 24Q3 实现单季度外贸油运业务收入 33.67 亿元，同比+14%，毛利 6.13 亿元，同比-14%，毛利率 18%，同比下降 3.8 pct。主要来自于原油运价的拖累。据克拉克森运价显示，2024 年 6 月 -8 月 VLCC 平均运价为 30317 美元/天，环比 2 季度业绩期 3-5 月的平均运价 48769 美元/天下滑 38%，主要受到 OP ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company reported a decline in net profit for the first three quarters of 2024, with a net profit of 3.415 billion yuan, down 8.05% year-on-year, while the non-recurring net profit was 3.349 billion yuan, up 0.77% year-on-year [3] - The decline in performance is attributed to falling freight rates for oil tankers, with the average freight rate for VLCCs dropping by 38% from the previous quarter [3] - The company plans to distribute a cash dividend of 0.22 yuan per share, which is approximately 40.3% of the net profit for the first half of 2024 [3] - The major shareholder, China Ocean Shipping Group, plans to increase its stake in the company by no less than 679 million yuan and no more than 1.358 billion yuan, which is expected to boost investor confidence [3] - The supply side is expected to continue contracting, indicating a potential upward trend in market conditions [3] - The profit forecast has been revised downwards due to weaker-than-expected demand, with net profit estimates for 2024-2026 adjusted to 4.5 billion, 5.6 billion, and 6.9 billion yuan respectively [3] Summary by Sections Financial Performance - For Q3 2024, the company's net profit was 808 million yuan, down 41.03% quarter-on-quarter and down 10.93% year-on-year [3] - The company's total revenue for 2024 is projected to be 21.547 billion yuan, with a year-on-year growth rate of -2.5% [4] - The gross profit margin is expected to be 29.4% in 2024, increasing to 35.8% by 2026 [4] Market Conditions - The average freight rate for VLCCs in Q3 2024 was approximately 35,000-36,000 USD/day, slightly above the market average [3] - The global order book represents 8% of the current fleet, indicating limited new capacity coming online [3] Shareholder Returns - The company announced a mid-term dividend of 0.22 yuan per share, reflecting a commitment to return value to shareholders [3] - The major shareholder's planned increase in stake is seen as a positive signal for the market [3]