Investment Rating - The report maintains a rating of "Buy" for China Cosco Shipping Energy Transportation Co., Ltd. (中远海能) [1] Core Views - The company's non-GAAP performance in the first half of 2024 showed a year-on-year growth that met expectations. Despite pressure from geopolitical oil prices in Q3 2024, the report suggests that the oil transportation market remains in a super bull market phase, with a recommendation to consider reverse layout opportunities [3][6]. Summary by Sections Financial Performance - In the first half of 2024, the company's net profit attributable to shareholders was 2.61 billion yuan, a year-on-year decrease of 7%. However, the non-GAAP net profit increased by 8%, slightly better than the performance forecast. The average TCE for VLCC from the Middle East to China for the six quarters from 2023 to 2024 was reported as 34,000/52,000/31,000/29,000/42,000/44,000 USD [6][7]. - The report forecasts net profits for 2024-2026 to be adjusted to 5.5 billion, 7 billion, and 8 billion yuan respectively, down from previous estimates of 7.2 billion, 8.6 billion, and 9.4 billion yuan due to short-term impacts from geopolitical oil prices [6][7]. Market Outlook - The report indicates that the oil transportation market is expected to see continued improvement in supply and demand over the next few years, with the market conditions likely to exceed expectations. The report emphasizes that the company's earnings are highly elastic and will benefit significantly from the favorable oil transportation market [3][6]. Dividend Policy - The company has maintained a high dividend payout ratio of around 50% in recent years, and it is expected that this high dividend policy will continue. The estimated dividend yield for 2024 is approximately 4% [6][7].

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 ...

证券研究报告 非金融公司|公司点评|中远海能（600026） 业绩高于预告，看好旺季弹性 请务必阅读报告末页的重要声明 glzqdatemark1 2024年09月02日 证券研究报告 |报告要点 2024 年 8 月 29 日，公司发布 2024 年半年度报告。2024 年上半年公司实现营业收入 116.51 亿元，同比+0.65%；实现归母净利润、扣非归母净利润分别为 26.07、26.17 亿元，同比分别 -7.11%、+8.15%，均高于业绩预告值。公司拥有运力领先、船型全面的油轮船队，有望享受国 际油运市场景气情况下带来的盈利弹性，维持"买入"评级。 |分析师及联系人 李蔚 李天琛 SAC：S0590522120002 请务必阅读报告末页的重要声明 1 / 5 2023/9 2024/1 2024/5 2024/8 非金融公司|公司点评 glzqdatemark2 2024年09月02日 中远海能(600026) 业绩高于预告，看好旺季弹性 | --- | --- | |----------------------------|---------------------| | | | | 行 业： ...

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].

Financial Performance - The group's revenue for the six months ended June 30, 2024, increased by approximately 1% year-on-year to approximately RMB 11.57 billion[2]. - Profit attributable to equity holders of the company decreased by approximately 9% year-on-year to approximately RMB 2.64 billion[2]. - Basic and diluted earnings per share were RMB 55.22[5]. - Gross profit for the period was RMB 3.77 billion, with a gross margin of approximately 32.5%[3]. - Other income and gains decreased significantly to RMB 238 million from RMB 704 million in the previous year[3]. - Total revenue for the six months ended June 30, 2024, was RMB 11,571,727,000, an increase from RMB 11,483,491,000 for the same period in 2023, representing a growth of 0.77%[22]. - The gross profit for the oil transportation segment was RMB 719,855,000, while the LNG transportation segment reported a gross profit of RMB 3,050,009,000 for the six months ended June 30, 2024[22]. - The company's net profit attributable to shareholders for the six months ended June 30, 2024, was RMB 2,634,620,000, a decrease of 8.95% compared to RMB 2,894,849,000 for the same period in 2023[30]. - Basic earnings per share for the six months ended June 30, 2024, was RMB 55.22, down from RMB 60.68 in the same period of 2023[30]. - Total income tax expense for the six months ended June 30, 2024, was RMB 545,703,000, a decrease of 36.1% from RMB 854,166,000 in the same period of 2023[28]. - The company declared a dividend of RMB 1,669,772,000 for the six months ended June 30, 2024, compared to RMB 715,616,000 for the same period in 2023[29]. Assets and Liabilities - Total assets as of June 30, 2024, amounted to RMB 75.41 billion, an increase from RMB 72.08 billion as of December 31, 2023[6]. - Total liabilities increased to RMB 36.98 billion from RMB 34.98 billion as of December 31, 2023[7]. - Non-current assets, including property, plant, and equipment, rose to RMB 51.11 billion from RMB 50.05 billion[6]. - The total liabilities of the group as of June 30, 2024, were RMB 36,984,257,000, an increase from RMB 34,980,289,000 as of December 31, 2023, representing a growth of 5.7%[21]. - The net debt to equity ratio as of June 30, 2024, was 67%, up from 65% at the end of 2023[59]. - The group’s total liabilities amounted to RMB 29,958,445,000, with cash and cash equivalents of RMB 4,305,733,000, a decrease of 23% from the previous year-end[58]. Cash Flow and Operating Activities - The company reported a net cash flow from operating activities of RMB 4.31 billion, down from RMB 5.63 billion in the previous year[6]. - The group generated a net cash flow from operating activities of approximately RMB 3,586,631,000, a decrease of about 22% from RMB 4,607,220,000 in the previous year[55]. Business Operations and Strategy - The company plans to continue expanding its market presence and investing in new technologies to enhance operational efficiency[2]. - The company operates primarily in investment holding, coastal and international oil transportation, ship leasing, and LNG transportation[1]. - The business segments include oil transportation and LNG transportation, with each segment representing a strategic operating unit[15][16]. - The company aims to progress towards becoming a "resource integrator" and "solution provider" in the energy transportation sector[36]. - The company is evaluating the potential impact of the upcoming legislation related to the Global Anti-Base Erosion Proposal, which may require payment of a top-up tax between the effective tax rate in each jurisdiction and a minimum rate of 15%[28]. - The company aims to deepen cooperation with major international oil companies to enhance global capacity deployment and capitalize on market opportunities[47]. Market Trends and Industry Insights - The global oil demand in the first half of 2024 was approximately 102 million barrels per day, an increase of about 850,000 barrels per day year-on-year, primarily driven by non-OECD countries[37]. - The global oil supply for the same period was also around 102 million barrels per day, with a year-on-year increase of approximately 630,000 barrels per day, led by non-OPEC countries[37]. - The LNG shipping sector is experiencing rapid growth, with a significant trend towards LNG transportation over pipeline transportation in recent years[33]. - The international oil transportation market is expected to maintain a healthy supply-demand balance in the second half of 2024, with oil demand projected to grow, primarily driven by China and India[75]. - Global LNG trade volume is expected to reach 424 million tons in 2024, a year-on-year increase of 3.9% driven by strong demand from China and other Asian countries[78]. Governance and Compliance - The company established five specialized committees within the board, including the Audit Committee, Compensation and Assessment Committee, Strategic Committee, Nomination Committee, and Risk and Compliance Management Committee[87]. - The company is committed to enhancing shareholder value and maintaining independence and accountability within its governance structure[87]. - The stock option incentive plan is subject to approval by the shareholders' meeting and related parties are required to abstain from voting[84]. - The Audit Committee reviewed the interim financial statements for the six months ending June 30, 2024, and met with the independent auditor[88]. Employee and Operational Metrics - The total number of employees as of June 30, 2024, is 7,711, a decrease from 8,339 employees on June 30, 2023[94]. - Employee costs for the reporting period amounted to RMB 1.697 billion, compared to RMB 1.736 billion in the same period of 2023[94]. Future Outlook and Strategic Initiatives - The company plans to strengthen its LNG shipping capabilities by closely tracking key LNG projects and optimizing shipbuilding management[81]. - The company will accelerate digital transformation and technology innovation, focusing on safety, cost control, and the development of intelligent management platforms[82]. - The company will continue to adapt its strategies in response to changes in international trade and geopolitical situations to ensure robust operational support for the global energy supply chain[80].

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 ...