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]

Financial Performance - For the third quarter ending September 30, 2024, the company's operating revenue was CNY 5,492,927,694.45, representing a 10.76% increase compared to CNY 4,959,218,430.74 in the same period last year[3]. - The net profit attributable to shareholders of the listed company was CNY 808,460,815.54, a decrease of 10.93% from CNY 907,629,044.17 year-on-year[3]. - The basic earnings per share for the quarter was CNY 0.1695, down 10.93% from CNY 0.1903 in the previous year[3]. - For the year-to-date period, the total operating revenue reached CNY 17,143,704,565.04, an increase of 3.68% from CNY 16,534,602,106.32 in the same period last year[4]. - The net profit attributable to shareholders for the year-to-date period was CNY 3,415,078,828.91, reflecting an 8.05% decrease from CNY 3,713,864,739.82 year-on-year[4]. - The weighted average return on net assets for the quarter was 2.2015%, a decrease of 0.43 percentage points compared to 2.6318% in the same period last year[3]. - The total comprehensive income attributable to the parent company for the period from January to September is approximately CNY 3.21 billion, a decrease from CNY 3.96 billion in the same period last year, representing a decline of about 18.8%[16]. - Basic earnings per share for the period is CNY 0.7158, a decrease from CNY 0.7785 in the same period last year, representing a decline of approximately 8.5%[16]. Assets and Liabilities - The total assets as of the end of the reporting period were CNY 75,187,427,894.07, a 4.31% increase from CNY 72,083,612,271.55 at the end of the previous year[4]. - The total equity attributable to shareholders of the listed company was CNY 35,977,100,890.07, an increase of 4.61% from CNY 34,391,504,390.45 at the end of the previous year[4]. - The total liabilities of the company were RMB 36,367,355,176.63, compared to RMB 34,980,288,739.23, indicating an increase of approximately 3.96%[14]. - Current assets totaled RMB 8,777,961,360.73, down from RMB 9,469,189,919.78, representing a decline of approximately 7.31%[14]. - Long-term equity investments increased to RMB 12,307,072,264.82 from RMB 10,081,911,917.05, marking a growth of about 21.93%[14]. Cash Flow - The net cash flow from operating activities for the year-to-date period was CNY 5,762,047,703.06, down 11.83% from CNY 6,535,299,505.96 in the previous year[4]. - The net cash flow generated from operating activities for the period is CNY 5.76 billion, down from CNY 6.54 billion year-on-year, indicating a decrease of approximately 11.8%[17]. - The cash inflow from operating activities totaled CNY 18.09 billion, compared to CNY 17.28 billion in the previous year, reflecting an increase of about 4.7%[17]. - The net cash flow from investing activities is negative at CNY -5.08 billion, compared to a negative CNY -0.99 billion in the same period last year, indicating a significant increase in cash outflow[18]. - The net cash flow from financing activities is negative at CNY -1.99 billion, compared to a negative CNY -3.96 billion in the same period last year, showing an improvement in cash flow[18]. - The company's cash and cash equivalents stood at RMB 90,286,942.00, a significant increase from RMB 37,701,502.03, reflecting a growth of about 139.73%[14]. - The total cash and cash equivalents at the end of the period amount to CNY 4.32 billion, down from CNY 5.93 billion at the end of the previous year, indicating a decrease of about 27.5%[18]. Operational Metrics - For the first three quarters of 2024, the average daily earnings for VLCC on the Middle East to China route (TD3C) were approximately $36,846, an increase of about 4.2% year-on-year[11]. - The average daily earnings for LR2 on the Middle East to Japan route (TC1) were approximately $47,115, reflecting a significant increase of 44.9% year-on-year[11]. - The group achieved an operating revenue of RMB 15.5 billion in the oil tanker segment for the first three quarters of 2024, a year-on-year increase of 2.4%[12]. - The total oil transportation capacity for the group was 589,984 million tons per day, up 7.8% year-on-year[12]. - The group reported a gross profit margin of 27.6% for the oil tanker segment, a decrease of 2.8 percentage points year-on-year[12]. - The LNG transportation business contributed a net profit of RMB 680 million, representing a year-on-year increase of 10.5%[12]. - The transportation volume (excluding time charter) was 12,617 million tons, a decrease of 2.2% year-on-year[12]. - The transportation turnover (excluding time charter) was 4,325 billion ton-miles, an increase of 11.3% year-on-year[12]. Expenses - Total operating costs amounted to RMB 13,777,350,397.15, up from RMB 12,962,397,183.75, indicating an increase of about 6.27%[15]. - Research and development expenses for the period were RMB 11,923,109.92, down from RMB 16,711,414.30, indicating a decrease of approximately 28.55%[15]. - The company reported a decrease in interest expenses to RMB 1,028,130,807.34 from RMB 1,068,443,859.90, reflecting a reduction of about 3.77%[15]. - The company paid CNY 8.50 billion for purchases of goods and services, which is an increase from CNY 7.28 billion year-on-year, indicating a rise of about 16.7%[17].

Financial Performance - Operating revenue for the third quarter reached ¥5,492,927,694.45, an increase of 10.76% year-on-year[2] - Net profit attributable to shareholders was ¥808,460,815.54, a decrease of 10.93% compared to the same period last year[2] - Net profit excluding non-recurring gains and losses was ¥732,086,002.56, down 19.00% year-on-year[2] - Basic earnings per share decreased to ¥0.1695, a decline of 10.93% from the previous year[2] - Total operating revenue for the first three quarters of 2024 reached CNY 17,143,704,565.04, an increase from CNY 16,534,602,106.32 in the same period of 2023, representing a growth of approximately 3.7%[15] - Net profit for the first three quarters of 2024 was CNY 3,650,736,662.24, down from CNY 4,008,126,553.86 in 2023, reflecting a decrease of approximately 8.9%[16] - Total comprehensive income attributable to shareholders of the parent company was CNY 3,206,315,838.03 for the first three quarters of 2024, compared to CNY 3,964,188,329.15 in 2023, a decrease of approximately 19.1%[16] - The total comprehensive income for the third quarter was CNY 3,471,182,793.44, compared to CNY 4,354,481,143.65 in the same quarter last year, reflecting a decline of 20.2%[17] - Basic earnings per share for the third quarter were CNY 0.7158, down from CNY 0.7785 in the same period last year[17] Assets and Liabilities - Total assets increased to ¥75,187,427,894.07, reflecting a growth of 4.31% compared to the end of the previous year[3] - The total assets as of the end of the third quarter of 2024 were CNY 75,187,427,894.07, an increase from CNY 72,083,612,271.55 at the end of 2023, representing a growth of about 2.9%[14] - The company's cash and cash equivalents were reported at RMB 4.32 billion, down from RMB 5.63 billion at the end of 2023[11] - The company's cash and cash equivalents at the end of the third quarter of 2024 were CNY 5,000,000,000, compared to CNY 4,500,000,000 at the end of 2023, indicating an increase of approximately 11.1%[14] - The total liabilities of the company included short-term borrowings of RMB 2.2 billion, a decrease from RMB 2.95 billion at the end of 2023[12] - The total liabilities as of the end of the third quarter of 2024 amounted to CNY 36,367,355,176.63, an increase from CNY 34,980,288,739.23 at the end of 2023, representing a growth of about 3.9%[14] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 52,448[6] - The largest shareholder, China Shipping Group Co., Ltd., held 1,536,924,595 shares, representing 32.22% of the total[6] Operational Metrics - In the first three quarters of 2024, the average daily earnings for VLCC TD3C route (Middle East to China) were approximately $36,846, an increase of about 4.2% year-on-year[10] - The average daily earnings for LR2 TC1 route (Middle East to Japan) reached approximately $47,115, reflecting a significant increase of 44.9% compared to the same period last year[10] - The group's oil tanker capacity input was 589,984 million ton-days, representing a year-on-year increase of 7.8%[10] - The total revenue from the oil tanker segment was RMB 15.5 billion, an increase of 2.4% year-on-year, while operating costs rose by 6.5% to RMB 11.22 billion[10] - The gross profit margin for the oil tanker segment was 27.6%, a decrease of 2.8 percentage points year-on-year[10] - The LNG transportation business contributed a net profit of RMB 680 million, marking a year-on-year increase of 10.5%[10] Cash Flow - Operating cash inflow for the first three quarters of 2024 was CNY 18,089,151,149.59, an increase of 4.7% from CNY 17,275,866,857.88 in the previous year[18] - Net cash flow from operating activities was CNY 5,762,047,703.06, down 11.8% from CNY 6,535,299,505.96 in the same period last year[19] - Net cash flow from investing activities was -CNY 5,078,038,853.78, compared to -CNY 986,377,253.89 in the previous year, indicating increased investment outflows[19] - Net cash flow from financing activities was -CNY 1,995,994,588.09, a significant improvement from -CNY 3,958,686,367.18 in the same period last year[19] Research and Development - Research and development expenses for the first three quarters of 2024 were CNY 11,923,109.92, a decrease from CNY 16,711,414.30 in the same period of 2023, reflecting a decline of about 28.6%[15] Future Plans - The company plans to expand its market presence and invest in new technologies to enhance operational efficiency and service offerings in the upcoming quarters[16]

1.本次日常关联交易协议的订立和批准程序符合《公司章程》、上海证券交 易所及香港联合交易所有限公司的上市规则及国内有关法律法规的规定； 中远海运能源运输股份有限公司 二〇二四年第五次独立董事专门会议决议 中远海运能源运输股份有限公司（以下简称"公司"）2024 年第五次独立董 事专门会议于 2024 年 10 月 22 日以视频方式召开。本次会议应出席独立董事 4 人，实际出席独立董事 4 人，本次会议由独立董事李润生先生主持，会议的召 集、召开和表决程序符合《公司法》《上市公司独立董事管理办法》等规定。全 体独立董事本着基于客观、独立的立场，对拟提交公司 2024 年第十二次董事会 会议的部分议案进行了会前审核并发表审核意见，具体如下： 一、《关于签署 2025-2027 年持续性关联交易协议并批准协议上限金额申请的议 案》 根据《上市公司独立董事规则》、《上市公司治理准则》和本公司《公司章 程》的有关规定，我们作为公司的独立董事，仔细审阅了公司提交的会议材料， 并对公司与中国远洋海运集团有限公司（以下简称"中远海运集团"）及其附属 公司签署《船舶服务总协议》等六份 2025-2027 年持续性关联交易及申 ...

关于建议变更公司 2024 年度境外审计机构的公告 证券代码：600026 证券简称：中远海能 公告编号：2024-058 中远海运能源运输股份有限公司 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、拟聘任的境外会计师事务所的基本情况 （一）机构信息 1 拟聘任的境外会计师事务所名称：信永中和（香港）会计师事务所有限公司 （简称"信永中和香港"）。 原聘任的境外会计师事务所名称：罗兵咸永道会计师事务所（简称"罗兵咸永 道"）。 基于谨慎性考虑，并综合考虑公司现有业务状况及对未来审计服务的需求， 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"） 与罗兵咸永道沟通关于更换境外会计师事务所的建议后，罗兵咸永道于2024 年10月30日提交辞任函，辞任公司2024年度境外审计机构，自2024年10月30 日起生效。公司已就境外审计机构变更事项与罗兵咸永道进行了充分沟通， 罗兵咸永道对变更事宜无异议。公司与罗兵咸永道之间不存在任何意见分歧 或未决事项。 聘任信永中和香港为公司2024年度 ...

证券代码：600026 证券简称：中远海能 公告编号：2024-055 中远海运能源运输股份有限公司 二〇二四年第十二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"） 二〇二四年第十二次董事会会议通知和材料分别于 2024 年 10 月 16 日和 10 月 18 日以电子邮件/专人送达形式发出，会议于 2024 年 10 月 30 日在上海市虹口 区东大名路 670 号 602 会议室以现场及视频会议结合的方式召开。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 年第三季度报告的议案》 经审议，董事会批准发布公司 2024 年第三季度报告。 三、审议并通过《关于签署 2025-2027 年持续性关联交易协议并批准协议 上限金 ...

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： 1 中远海运能源运输股份有限公司（以下简称"中远海能"、"中远海运能源"、 "本公司"或"公司"，连同附属公司，简称"本集团"）与本公司间接控股股东 中国远洋海运集团有限公司（以下简称"中远海运"，连同其合并报表范围内 子公司（不包括本集团），合称为"中远海运集团"）签订的一系列关联交易 协议将于 2024 年 12 月 31 日到期。由于本公司拟于该等关联交易协议有效 期届满后继续进行同类交易，本公司已于 2024 年 10 月 30 日与中远海运（或 其附属公司）签署了《船舶服务总协议》、《船员租赁总协议》、《物业租 赁总协议》、《综合服务总协议》、 《金融财务服务协议》、《商标使用许 可协议》共六项日常关联交易框架协议（以下简称"日常关联交易协议"）。 本次日常关联交易协议及其交易上限金额已经公司二〇二四年第十二次董 事会会议审议通过，还须经本公司股东大会批准后方可生效。 本公司独立董事认为，本次关联交易中，《商标使用许可协议》约定以每年 1 元的价格使用 ...