Summary of Conference Call for Zhongyuan Marine Energy Q3 2024 Company Overview - **Company**: Zhongyuan Marine Energy - **Industry**: Shipping and Logistics, specifically focusing on energy and chemical transportation Key Financial Performance - **Operating Profit**: For the first three quarters of 2024, the company reported a net profit of RMB 3.349 billion, a year-on-year increase of 0.77% [1] - **Gross Profit**: The gross profit for the same period was RMB 3.415 billion, reflecting a year-on-year decrease of 8.05% [1] - **Debt Ratio**: As of September 2024, the company's debt ratio stood at 48.4%, remaining stable compared to June [1] Segment Performance - **Foreign Trade Shipping**: The foreign trade shipping segment achieved a gross profit of RMB 3.147 billion, down 9.8% year-on-year, primarily due to high base effects from last year's price surge in VLCC rates [1] - **Domestic Trade Shipping**: The domestic trade shipping segment maintained stability with a gross profit of RMB 1.134 billion, an increase of 1.47% year-on-year [2] - **LNG Transportation**: The LNG transportation business contributed RMB 0.682 billion in profit, marking a 10.5% increase year-on-year [2] Fleet and Asset Management - **Fleet Size**: As of September 2024, the company operated 156 vessels, with 6 new ship orders and 2 chemical tanker orders [2] - **Drag Reduction Technology**: The company has installed drag reduction technology on 13 owned VRCCs and 1 LR2, with plans for additional installations [2] - **LNG Investments**: The company has invested in 87 LNG vessels, with 48 currently in operation [3] Strategic Acquisitions - **Acquisition Announcement**: The company announced plans to acquire stakes and assets from Dalian Investment and Shanghai Zhongyuan Shipping for approximately RMB 1.26 billion [3] - **Management Role**: The company will act as a trustee for the acquired assets, which are expected to have a limited impact on overall profitability [3] Market Outlook - **Energy and Chemical Transportation**: The company aims to consolidate its energy and chemical logistics under the Zhongyuan Marine platform to enhance operational efficiency and customer service [4] - **LPG and Chemical Transport Demand**: The domestic LPG and chemical transportation markets are expected to grow steadily, supported by China's ongoing energy demand [4] - **Global Trade Trends**: The global LPG trade is projected to grow moderately from 2024 to 2029, with increasing demand for ethane and other low-cost fossil fuels [5] Pricing and Market Dynamics - **VLCC Rates**: VLCC rates have shown seasonal characteristics, with a decline in the second and third quarters due to reduced import demand and OPEC production cuts [6] - **Aging Fleet**: The global fleet is aging, with a significant portion of vessels over 15 years old, indicating potential for fleet renewal and increased demand for new vessels [7] Additional Information - **Financial and Operational Data**: Detailed financial data, market performance, and cost structures are available in the appendix of the presentation [8]

证券代码：600026 证券简称：中远海能 公告编号：2024-062 中远海运能源运输股份有限公司 关于购置办公用房的关联交易进展公告 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、 关联交易概述 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"， 连同附属公司，简称"本集团"）于 2023 年 9 月 21 日召开二〇二三年第七次董事 会会议，审议通过《关于公司购置广州办公用房的议案》，董事会批准公司向关 1 兹提述本公司于 2023 年 9 月 22 日发布的《中远海能二〇二三年第七次董事 会会议决议公告》（公告编号：2023-038），其中包括本公司董事会批准公 司向广州海珑置业购置航运大厦第 17 层办公房。 2024 年 11 月 14 日，本公司与广州海珑置业完成签订商品房买卖合同，总价 为人民币 124,175,205 元（含税），交易金额在董事会审批额度内。 本公司间接控股股东为中远海运，广州海珑置业为中远海运的间接全资附属 公司，根据上交所《股票上市规则》有关 ...

独立董事关于公司关联交易的独立意见 中远海运能源运输股份有限公司（以下简称"公司"）全体独立董 事参加了公司于 2023 年 9 月 21 日召开的二〇二三年第七次董事会 会议。 全体独立董事承诺独立履行了职责，未受公司主要股东、实际控 制人或者与公司及其主要股东、实际控制人存在利害关系的单位或个 人的影响。 作为公司的独立董事，根据《上市公司独立董事规则》《上海证 券交易所股票上市规则》等的有关规定，我们审议了《关于公司购置 广州办公用房的议案》。因上述交易的对手方广州海珑置业有限公司 与本公司的控股股东皆为中国远洋海运集团有限公司，广州海珑置业 有限公司构成本公司的关联人，本次交易构成关联交易。基于上述， 我们发表如下独立意见： 1. 公司已将本次交易所涉关联交易事项事先与我们进行了沟通， 我们听取了有关人员的汇报并审阅了意向楼盘比选报告等相关材料； 中远海运能源运输股份有限公司 （以下无正文） 1 （此页无正文，为《中远海运能源运输股份有限公司独立董事关于 公司关联交易的专项意见》的签字页） 黄伟德 李润生 赵劲松 王祖温 2023 年 9 月 21 日 2 2. 本次交易遵循了公平、公正、诚信的原则， ...

证券代码：600026 证券简称：中远海能 公告编号：2024-061 中远海运能源运输股份有限公司 二〇二四年第十三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"） 二〇二四年第十三次董事会会议通知和材料于 2024 年 11 月 6 日以电子邮件/专 人送达形式发出，会议于 2024 年 11 月 12 日以通讯表决的方式召开。公司所有 八名董事参加会议。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《关于并购贷款的议案》 经审议，董事会批准本公司及下属新设的大连中远海运能源供应链有限公司 （以下简称"能源 LPG 公司"）就整合控股股东化工品物流供应链相关股权及资 产实施项目（该议案已经公司二〇二四年第十一次董事会会议审议通过，详见公 司于 2024 年 10 月 15 日发布的编号 2024-049 公告及 2024-052 公告）向中远海 运集团 ...

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 ...