Investment Rating - Buy (First Coverage) [2][5] Core Views - The company is a global leader in oil and gas shipping, with the largest oil tanker fleet globally [2][5] - The crude oil shipping cycle is on an upward trend, and the refined oil shipping market remains highly prosperous [2][3] - The company's performance is highly correlated with the oil shipping cycle, with international oil shipping being the main source of earnings elasticity [2][13] - The demand for crude oil shipping is expected to increase due to longer shipping distances and limited supply, particularly for VLCCs [2][21][27] - The refined oil shipping market is expected to remain strong due to increased demand from east-to-west oil movements and limited supply growth [34][37] Business Overview - The company focuses on oil and gas transportation, including international and domestic crude oil, refined oil, and LNG shipping [2][13] - The company's historical performance was influenced by both dry bulk and oil shipping cycles, but since 2016, it has focused solely on oil and gas transportation [13][14] - The company's VLCC fleet is the core driver of its earnings elasticity, with each $10,000/day change in TCE contributing approximately RMB 950 million in marginal profit [18][19] Market Outlook Crude Oil Shipping - Demand for crude oil shipping is expected to grow due to increased global crude oil production and longer shipping distances, particularly from the Americas to the Far East [21][27] - Supply is constrained by limited shipyard capacity, with VLCC deliveries expected to be very limited from 2024-2026 [21][22] - The VLCC fleet is aging, with the number of ships expected to decline from 908 in 2024 to 807 in 2028 due to retirements exceeding new deliveries [30][31] - OPEC+ production cuts and non-OPEC production increases are expected to support VLCC demand, particularly in the Q4 2024 peak season [30][31] Refined Oil Shipping - Demand for refined oil shipping is expected to remain strong due to the east-to-west movement of refined oil and increased refining capacity in Asia [34][37] - Supply growth is limited by an aging fleet and environmental regulations, with only 45.15% of the current order book expected to be delivered by 2025 [37][41] - The aging fleet and environmental regulations are expected to further constrain supply, particularly for older ships [41] Financial Projections - Revenue is expected to grow from RMB 26.37 billion in 2024 to RMB 29.66 billion in 2026, with net profit increasing from RMB 5.81 billion to RMB 7.48 billion over the same period [5][43] - The oil transportation business is expected to contribute the majority of revenue and profit, with revenue growing from RMB 24.44 billion in 2024 to RMB 27.48 billion in 2026 [6][43] - LNG transportation revenue is expected to grow modestly, from RMB 1.84 billion in 2024 to RMB 2.11 billion in 2026 [6][43] Valuation - The company's current PE ratios are 10.84x for 2024, 8.92x for 2025, and 8.04x for 2026, based on projected earnings [5][43] - The company's ROE is expected to increase from 15.45% in 2024 to 16.74% in 2026, reflecting improved profitability [4][43]

证券代码：600026 证券简称：中远海能 公告编号：临 2024-047 中远海运能源运输股份有限公司 关于建造 LNG 运输船舶的公告 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。 重要内容提示： 一、交易概述 经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"，连同其附属公司简称"本集团"）于 2024 年 9 月 9 日召开的 2024 年第九次 董事会会议批准（详见本公司发布的临 2024-046 号公告《中远海运能源运输股 份有限公司二〇二四年第九次董事会会议决议公告》），本公司间接持股 100%的 远兴液化天然气运输有限公司及远致液化天然气运输有限公司（上述及以下统称 "两家单船公司"）与卖方签署 2 艘 LNG 运输船舶造船合同。 二、合同方介绍 1．船东及买方：远兴液化天然气运输有限公司及远致液化天然气运输有限 公司，为远海液化天然气投资有限公司（以下简称"远海液化天然气投资"）在香 1 两家单船公司与联合卖方（大连船舶重工集团有限公司、中国船舶工业贸易 公司）于 2024 年 ...

证券代码：600026 证券简称：中远海能 公告编号：临 2024-046 中远海运能源运输股份有限公司 二〇二四年第九次董事会会议决议公告 3.本公司向上海中远海运 LNG 增资约 15,300 万美元（以等值人民币增资， 具体增资金额以实际增资时汇率为准）。 4.上海中远海运 LNG 向远海液化天然气投资增资 15,300 万美元，后期由远 海液化天然气投资向单船公司投资造船。 1 表决情况：8 票赞成，0 票反对，0 票弃权。 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"） 二〇二四年第九次董事会会议通知和材料于 2024 年 9 月 3 日以电子邮件/专人送 达形式发出，会议于 2024 年 9 月 9 日以通讯表决的方式召开。公司应出席会议 董事 8 名，实到 8 名。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： 一、审议并通过《关于上海中远海运 LNG 新造 2 艘 17.5 ...

证券代码：600026 证券简称：中远海能 公告编号：2024-045 中远海运能源运输股份有限公司 关于召开 2024 年半年度业绩说明会的公告 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。 重要内容提示： https://roadshow.sseinfo.com） 中远海运能源运输股份有限公司（以下简称"公司"）已于 2024 年 8 月 29 日晚发布公司 2024 年半年度报告，为便于广大投资者更全面 深入地了解公司 2024 年半年度经营成果、财务状况，公司计划于 2024 年 09 月 10 日下午 15:00-16:30 举行 2024 年半年度业绩说明会，就投 资者关心的问题进行交流。 二、说明会召开的时间、地点 （一） 会议召开时间：2024 年 09 月 10 日下午 15:00-16:30 （二） 会议召开地点：上海证券交易所上证路演中心（网址： http://roadshow.sseinfo.com） （三） 会议召开方式：上证路演中心网络互动 三、参加人员 一、说明会类型 本次投资者说明会以视频结合 ...

Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 10.50 and RMB 17.60 [7][8]. Core Views - The report indicates that global oil demand growth has slowed, impacting freight rates in the first half of 2024. The company reported revenue of RMB 11.65 billion, a year-on-year increase of 0.7%, and a net profit attributable to shareholders of RMB 2.61 billion, down 7.1% year-on-year. The decline in profitability is attributed to reduced transportation volumes due to OPEC's production cuts and a drop in international crude oil freight rates. However, the long-term outlook for the oil transportation market is optimistic, with tightening supply expected to drive freight rates higher as demand recovers [2][3][4]. Summary by Sections Financial Performance - In the first half of 2024, the company's foreign trade oil transportation gross profit was RMB 2.58 billion, a decrease of 8.5% year-on-year, with a gross margin of 33.2%, down 3.8 percentage points. The gross profit from foreign crude oil transportation was RMB 1.28 billion, down 24.7% year-on-year, while the gross profit from foreign refined oil transportation was RMB 0.65 billion, up 26.3% year-on-year [3][4]. Domestic Oil Transportation - The domestic oil transportation segment achieved a gross profit of RMB 0.73 billion in the first half of 2024, a slight increase of 0.6% year-on-year, with a gross margin of 24.8%, up 1.4 percentage points. The stable demand in the domestic market has allowed the company to maintain a leading market share [4]. LNG Business - The LNG business contributed a net profit of RMB 0.40 billion in the first half of 2024, remaining flat year-on-year. The company has been expanding its LNG fleet, operating 45 LNG vessels as of the first half of 2024, with an additional 40 vessels under construction [4]. Market Outlook - According to Clarksons data, the global crude oil tanker supply growth is projected at 0.8%/1.5%/3.0% for 2024/2025/2026, while demand growth is expected to be 3.2%/2.5%/2.8%. The refined oil tanker supply growth is forecasted at 2.4%/5.8%/5.9%, with demand growth at 7.0%/-1.3%/3.0%. The report suggests that the crude oil tanker market's supply-demand structure is more favorable compared to the refined oil tanker market, indicating potential for freight rate increases as demand recovers [5][10].

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Investment Rating - The report maintains a "Buy" rating for the company, with a recommendation to "Increase Holdings" [2][3]. Core Insights - The company's foreign trade refined oil business has seen a significant recovery in gross profit margin, while the foreign trade crude oil transportation business remains stable. In the first half of 2024, the total revenue from foreign trade tanker operations was 7.753 billion yuan, a year-on-year increase of 2%, with a gross profit margin of 32.7%, down 3.8 percentage points year-on-year [1]. - The average TCE (Time Charter Equivalent) for VLCC routes in the first half of 2024 was $41,629 per day, a decrease of 4% compared to the same period last year. In contrast, the LR2 tanker type benefited from increased demand due to geopolitical events, with an average TCE of $55,867 per day, up 52% year-on-year [1]. - The company reported a net profit attributable to shareholders of 2.607 billion yuan for the first half of 2024, a year-on-year decrease of 7.11%, while the net profit excluding non-recurring items grew by 8.15% [2][3]. Financial Summary - For 2024, the company is projected to achieve a net profit of 6.014 billion yuan, with an EPS of 1.26 yuan, corresponding to a PE ratio of 11.6 times. The expected growth rates for net profit are 79.5% in 2024, 13.5% in 2025, and 20.6% in 2026 [3]. - The gross profit margin is expected to improve from 29.9% in 2023 to 37.6% in 2024, indicating a positive trend in profitability [3]. - The company's total assets are projected to grow from 72.084 billion yuan in 2023 to 81.002 billion yuan in 2024, reflecting a strong asset base [5].

中远海运能源运输股份有限公司 关于中远海运集团财务有限责任公司 2024年上半年风险持续评估报告 根据证监会监管规定及公司制度要求，中远海运能源运输股 份有限公司（以下简称"中远海能"）通过查验中远海运集团财 务有限责任公司（以下简称 "财务公司"）《金融许可证》《营 业执照》等证件资料，并查阅财务公司2024年6月财务报表，对 财务公司的经营资质、业务和风险状况进行了评估，具体情况报 告如下： 一、财务公司基本概况 2015年12月，中国海运（集团）总公司、广州海运（集团） 有限公司和中海集装箱运输股份有限公司签订了关于中海集团 财务有限责任公司的资产购买协议，协议约定中海集装箱运输股 份有限公司拟向中国海运（集团）总公司、广州海运（集团）有 限公司购买其分别持有的中海集团财务有限责任公司合计40%的 1 / 18 股权，并于2016年3月完成交割。 2016年10月，中国海运（集团）总公司受让中海（海南）海 盛船务股份有限公司持有的5%股权，中海集团财务有限责任公司 于2016年12月15日完成工商变更登记。 2017年1月，根据中海集团财务有限责任公司召开的第二十 六次股东会决议，增加注册资本人民币60 ...

证券代码：600026 证券简称：中远海能 公告编号：2024-043 中远海运能源运输股份有限公司 二〇二四年第八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"） 二〇二四年第八次董事会会议通知和材料于 2024 年 8 月 15 日以电子邮件/专人 送达形式发出，会议于 2024 年 8 月 29 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： 一、审议并通过《关于公司 2024 年上半年总经理工作报告的议案》 本议案已经公司董事会审计委员会审议通过。 1 三、审议并通过《关于中远海运集团财务有限责任公司风险持续评估报告的 议案》 经审议，董事会批准发布《关于中远海运集团财务有限责任公司 20 ...

中远海运能源运输股份有限公司 2024 年半年度报告 公司代码：600026 公司简称：中远海能 中远海运能源运输股份有限公司 2024 年半年度报告 二〇二四年八月 1 / 190 中远海运能源运输股份有限公司 2024 年半年度报告 重要提示 一、本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确性、 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、公司全体董事出席董事会会议。 三、本半年度报告未经审计。 四、公司负责人任永强 、主管会计工作负责人田超 及会计机构负责人（会计主管人员）徐寅生 声明：保证半年度报告中财务报告的真实、准确、完整。 五、董事会决议通过的本报告期利润分配预案或公积金转增股本预案 不适用 六、前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划不构成公司对投资者的实质承诺，投资者及相关人士均应当对此 保持足够的风险认识，并且应当理解计划、预测与承诺之间的差异。 七、是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、是否存在违反规定决策程序对外提供担保的情况 否 九、是否存在半数以上董事无法保证公司所披 ...