Investment Rating - The investment rating for the company is "Buy" with a target price of 23.54 CNY, maintaining the previous rating of "Buy" [1][2]. Core Views - The company's non-recurring performance meets expectations, and shareholder returns continue to improve. The oil transportation industry's capacity utilization is nearing its threshold, and future supply-demand dynamics are expected to remain favorable, benefiting the company significantly [1][2]. Summary by Sections Financial Performance - The company reported a net profit of 33.5 billion CNY for 2023, a 197% increase compared to 2022. The non-recurring net profit for Q4 2023 was 8.1 billion CNY, aligning with expectations despite a challenging environment due to reduced oil production in the Middle East [1][2]. - The forecast for 2024 indicates a net profit of 72 billion CNY, with a projected increase to 86 billion CNY in 2025 [1]. Revenue and Profitability - Revenue is expected to grow from 22,091 million CNY in 2023 to 28,318 million CNY in 2024, reflecting an 18% increase. Operating profit is projected to rise significantly from 5,440 million CNY in 2023 to 10,184 million CNY in 2024 [2]. - The company's gross profit margin is anticipated to improve, with a net profit margin projected at 25.4% for 2024 [2]. Market Position and Strategy - The company is positioned as a leading player in the global oil transportation sector, with a fleet that is continuously optimized to benefit from rising market conditions. The report emphasizes the company's strategic focus on enhancing operational efficiency and market share [1][2]. - The dividend yield is projected to reach approximately 5% in 2023, indicating a commitment to improving shareholder returns [1][2]. Future Outlook - The report suggests that the oil transportation market will continue to experience robust demand, driven by global trade restructuring and increased oil consumption. The company is expected to leverage its operational advantages to enhance profitability [1][2]. - The anticipated increase in global oil shipping volumes and the company's strategic initiatives are expected to support sustained growth in the coming years [1][2].

证券研究报告 公 2024年04月01日 司 报 告 中远海能(600026) 行 业： 交通运输/航运港口 │ 公 投资评级： 买入（维持） 司 当前价格： 16.83元 分红比例提高，看好油运景气上行 年 目标价格： 20.25元 报 点 事件： 评 基本数据 2024年3月28日，公司发布2023年年度报告。2023年全年公司实现归母 总股本/流通股本(百万股) 4,770.78/4,770.78 净利33.5亿元，同比+130%，扣非归母净利41.3亿元，同比+197%。其中， 流通A股市值(百万元) 58,480.49 四季度扣非归母净利 8.11 亿元，同比+8.2%。此前业绩预增公告归母净利 每股净资产(元) 7.21 31-39亿元，扣非归母净利39-47亿元，业绩符合预期。同时，跟据公司公 资产负债率(%) 48.53 告，公司拟派发现金红利16.7亿元，23年度公司现金分红比例达到49.84%。 一年内最高/最低(元) 17.03/10.75  外贸油运盈利大幅提高，看好油运景气持续上行 外贸油运业务，公司2023年实现营业收入、毛利分别为140、41.5亿元， 股价相对走势 同比分别+ ...

证券研究报告 ＃industryId＃ 交通运输 ＃investSuggestion＃ ＃d中yCo远mpa海ny＃能 （600026.SH） 增持 ( 维持） 000009 ＃title＃ 扣非归母净利润再创新高，分红水平持续提升 ＃createTime1＃ 2024年3月31 日 投资要点 ＃市场ma数rk据etData＃ ＃＃ssuummmmaarryy＃＃  中远海能2023年财报实现归母净利润33.51亿元，同比增长129.95%。中远海能发布 日期 2024-3-29 2023年全年财报，公司实现营业收入全年为220.91亿元，同比增长18.4%；实现归母 收盘价（元） 16.83 净利润为33.51亿元，同比增长129.95%；实现扣非归母净利润为41.34亿元，同比增 总股本（百万股） 4770.78 长197.31%。 流通股本（百万股） 3474.78  2023 年的国际油运市场在上行周期中稳步发展，运价表现强劲且波动剧烈，运价中 净资产（百万元） 34391.5 枢位于历史相对高位区间。原油轮方面，2023 年中国原油进口量创历史新高，大西 总资产（百万元） 72083.61 洋区 ...

业绩简评 2024年 3月 28 日，中远海能发布2023年年报。2023年公司营业 收入为 220.91 亿元，同比增长18.4%；归母净利润为33.51 亿元， 同比增长129.95%。其中 Q4公司实现营业收入55.6 亿元，同比下 降 11.3%；实现归母净利润-3.6亿元，同比下降 114.4%。 经营分析 VLCC 运价表现强劲，公司营收同比上升。2023年，公司营业收入 为 220.91 亿元，同比增长 18.4%，主要系油轮行业运价持续上行， 油轮运输业务收入同比增加。从运价表现来看，受中国进口需求回 升、大西洋-亚洲长航线增加等因素影响，VLCC 运价在 Q1及 Q4表 现较好，2023 年 VLCC-TD3C 平均日收益（TCE）为 35416 美元/天， 同比增长110%。2023 年公司外贸油运业务实现营收140.0 亿元， 同比增长22.9%。 毛利率同比大幅增长，净利率同比增长。2023 年受 VLCC运价大幅 人民币(元) 成交金额(百万元) 上涨的影响，公司实现毛利率29.94%，同比增长 11.4pct，主要系 18.00 1,600 外贸油运运价上涨，公司外贸油运毛利率同比 ...

2024年3月31日 公司研究 油运景气持续，业绩大幅提升 ——中远海能（600026.SH）2023 年报点评 要点 增持（维持） ◆事件：公司发布2023年报。公司2023年实现营业收入为221亿元，同比增 当 前价：16.83元 长18.4%（调整后，下同）；归母净利润为33.5亿元，同比增长130%；扣非 归母净利润为41.3亿元，同比增长197%；非经常损失为7.8亿元，主要包括 作者 处置5艘船舶收益4.0亿元及境外合营单位潜在投资损失11.9亿元。Q4实现营 分析师：程新星 业收入为55.6亿元，同比下降11.3%，环比增长12.0%；归母净亏损为3.6亿 执业证书编号：S0930518120002 元，同比由盈转亏，环比由盈转亏；扣非归母净利润为8.1亿元，同比增长8.2%， 021-52523841 环比下降10.3%。公司拟派发现金股利16.7亿元，分红派息率为49.84%，较 chengxx@ebscn.com 上年值49.10%进一步提升。 联系人：卢浩敏 ◆23Q4外贸油运业务环比下降。外贸油运业务2023年实现收入140亿元，同 021-52523659 比增长22.9%，毛利41 ...

[Table_Page] 年报点评|航运港口 证券研究报告 [中Table_远Title] 海能（600026.SH） [公Tab司le_I评nves级t] 增持 当前价格 16.83元 兼具高分红和成长性 合理价值 18.5元 报告日期 2024-03-29 [ 核Tabl 心e_Su 观mm 点ary] ： [相Tab对le_P市icQ场uote表] 现 ⚫ 事件：公司发布年报，2023年实现收入220.91亿元，同比18.40%； 归母净利润 33.51 亿元，同比+129.95%；扣非归母净利润 41.34 亿 22% 13% 元，同比+197.31%。同时2023年股息支付率上升至49.84%。 4% ⚫ 受OPEC+减产影响，4Q2023旺季偏弱，1Q2024或因红海冲突而淡 -4%03/23 05/23 07/23 09/23 11/23 01/24 03/24 季不淡。2023 年整个四季度都笼罩在 OPEC+减产的阴影之下，受此 -13% 影响，中东货盘减少致使旺季强度有限。据克拉克森数据，2023年 -22% 中远海能 沪深300 9-11月的VLCC-TD3C、TD22的TCE均值分别为 ...

Investment Rating - The report maintains a "Buy" rating for COSCO Shipping Energy Transportation Co., Ltd. (600026) [2] Core Views - COSCO Shipping Energy reported a net profit attributable to shareholders of 3.35 billion yuan for 2023, a year-on-year increase of 130%, with a non-recurring net profit of 4.13 billion yuan, up 197% year-on-year [2] - The company plans to distribute a cash dividend of 1.67 billion yuan, resulting in a cash dividend payout ratio of 49.84% for the year [2] - The report highlights that the company's performance lags behind freight rates by about one month, with VLCC-TD3C average rates showing a decline of 6% from September [2] - The report notes that the increase in ship prices is driving up the company's replacement costs, providing a downward safety margin [2] - The oil transportation market is in a long-term upward cycle, with current freight rates remaining strong despite short-term fluctuations due to geopolitical factors [2] - The report maintains profit forecasts for 2024-2025 and introduces a new forecast for 2026, projecting a net profit of 9.2 billion yuan for 2026 [2] Financial Summary - Total revenue for 2023 was 22.09 billion yuan, with a year-on-year growth rate of 18.4% [3] - The net profit attributable to shareholders for 2023 was 3.35 billion yuan, with a projected net profit of 6.91 billion yuan for 2024 [3] - The report indicates an increase in gross margin from 29.9% in 2023 to 38.2% in 2024 [3] - The return on equity (ROE) is expected to rise from 9.7% in 2023 to 17.4% in 2024 [3] Market Data - As of March 29, 2024, the closing price of the stock was 16.83 yuan, with a market capitalization of 58.48 billion yuan [4] - The stock has a price-to-book ratio of 2.3 [4] - The stock's highest and lowest prices over the past year were 17.03 yuan and 10.75 yuan, respectively [4] Additional Insights - The report emphasizes the potential for improved performance in the first quarter of 2024 due to strong demand and geopolitical disruptions affecting freight rates [2] - The report also discusses the impact of new refinery capacities in China and increased oil production in the U.S. and South America on long-distance oil trade [2]

2024 年 03 月 30 日 公司研究 评级：买入 (上调 ) 研究所： [Table_Title] 原油油运步步登高，持续 成分红显红利属性 5 证券分析师： 祝玉波 S0350523120005 zhouyb01@ghzq.com.cn 联系人 ： 张付哲 S0350123060017 ——中远海能（ ） 年报点评 600026 2023 zhangfz@ghzq.com.cn 最近一年走势 事件 : 2024年3月28日，中远海能发布2023年报：公司2023年实现归母净 利润33.51亿元，同比增长129.95%；扣非归母净利润41.34亿元，同 比增长197.31%。同时由于船舶非常规性修理、潜在投资损失等原因， 公司2023年非经营性净损失7.84亿元。 投资要点 :  供给紧张提升运价中枢 根据克拉克森数据，2023 年原油油轮市 相对沪深300表现 2024/03/29 场供给紧张加剧，需求增长 5.4%，而供给增速仅为 3.8%。根据波 表现 1M 3M 12M 罗的海交易所数据，原油轮代表航线 VLCC 船型中东至中国 中远海能 22.1% 37.5% 26.1% （TD3C）、苏伊 ...

Financial Performance - The company reported significant financial metrics for the year, including total revenue and net profit, which are detailed in the financial report section [20]. - The company's operating revenue for 2023 reached ¥22,090,522,303.98, representing an 18.40% increase compared to ¥18,657,843,200.85 in 2022 [21]. - Net profit attributable to shareholders for 2023 was ¥3,350,584,670.61, a significant increase of 129.95% from ¥1,457,074,605.98 in 2022 [21]. - The basic earnings per share (EPS) for 2023 was ¥0.7023, up 129.81% from ¥0.3056 in 2022 [21]. - The weighted average return on equity (ROE) increased to 10.05% in 2023, up 5.33 percentage points from 4.72% in 2022 [21]. - The net cash flow from operating activities for 2023 was ¥8,822,157,069.56, reflecting a 109.50% increase from ¥4,210,969,546.22 in 2022 [21]. - The total assets at the end of 2023 amounted to ¥72,083,612,271.55, a 5.62% increase from ¥68,250,453,937.90 at the end of 2022 [21]. - The net assets attributable to shareholders at the end of 2023 were ¥34,391,504,390.45, an 8.93% increase from ¥31,570,671,392.82 at the end of 2022 [21]. - The company reported a non-recurring gain of ¥402,961,720.44 from the disposal of non-current assets in 2023 [28]. - The company experienced a significant increase in net profit after deducting non-recurring gains, which reached ¥4,134,398,748.59, up 197.31% from ¥1,390,621,607.14 in 2022 [21]. Dividend Policy - The company plans to distribute a cash dividend of RMB 3.5 per 10 shares, totaling approximately RMB 1,669.77 million, with a dividend payout ratio of 49.84% [5]. - The board of directors recommended a cash dividend of RMB 3.50 per 10 shares for the fiscal year 2023, based on a net profit attributable to shareholders of RMB 3.351 billion [193]. - The total cash dividend amount for 2023 is projected to be RMB 1.669 billion, representing 49.84% of the net profit attributable to shareholders [196]. - The company has established a comprehensive decision-making process for profit distribution, ensuring independent directors' involvement and consideration of minority shareholders' opinions [188]. - Cash dividends for domestic shareholders will be paid in RMB, while foreign shareholders will receive dividends in foreign currency based on the exchange rate on the day of the shareholders' meeting [191]. Market Expansion and Strategy - The company is focusing on expanding its market presence and enhancing operational efficiency through new technologies and product development initiatives [20]. - The company is actively pursuing opportunities in the new energy transportation sector as part of its "14th Five-Year Plan" strategy [129]. - The company aims to develop a full LNG value chain by tracking upstream energy companies and exploring long-term LNG transportation projects [134]. - The company is focusing on digital empowerment and sustainable development to enhance its brand image [119]. - The company is exploring strategic partnerships for market expansion in Southeast Asia, targeting a 10% market share by 2025 [157]. LNG and Oil Transportation - The company's LNG trade volume grew by approximately 2.8% year-on-year, with China becoming the largest LNG importer, reaching 71.32 million tons, a 12% increase [41]. - The global LNG export volume from the US reached 88.8 million tons, marking an 8% increase and establishing a new historical high for the country [41]. - The company is actively expanding its LNG capacity, with ongoing projects expected to enhance operational efficiency and profitability [34]. - The company has expanded its LNG fleet to 73 vessels, an increase of 11 vessels compared to the previous year, enhancing its competitive strength in LNG transportation [63]. - The company’s LNG transportation business provides stable revenue growth, contributing to approximately 36.4% of total revenue in 2023 [50]. Cost Management and Financial Health - The company's total operating costs for 2023 amounted to RMB 15.476 billion, representing a year-on-year increase of 1.7% [64]. - The gross margin for the water transportation industry increased by 11.2 percentage points to 29.5% [58]. - The company is focused on cost control by managing fuel procurement prices and consumption to reduce fuel costs [135]. - The company aims to reduce operational costs by 5% through efficiency improvements in the supply chain [160]. Governance and Management - The board of directors consists of 8 members, with 4 independent directors, ensuring effective governance and oversight [146]. - The company has implemented a comprehensive internal control system to enhance management and risk prevention capabilities [150]. - The company has established and effectively implemented an internal control system in accordance with the internal control norms [200]. - The management is responsible for the daily operation of the internal control system [200]. - The company has committed to maintaining operational independence from its controlling shareholder, China Ocean Shipping Group, ensuring compliance with regulatory requirements [151]. Future Outlook - The company anticipates a 4.1% year-on-year growth in crude oil ton-mile trade demand and a 7.3% increase in refined oil ton-mile trade demand for 2024 [113]. - The global LNG trade is projected to grow by 5.3% in 2024, with an average annual compound growth rate of 9.1% from 2023 to 2028 [117]. - The company expects the global LNG fleet to grow by 11% in 2024, adding 71 new LNG carriers to the market [117]. - The company plans to add 2 chemical tankers and 6 LNG vessels in 2024, increasing its fleet capacity significantly [120]. - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 10% to 12% [160]. Employee and Training Initiatives - The total number of employees in the parent company is 6,543, and the total number of employees in major subsidiaries is 1,368, resulting in a combined total of 7,911 employees [179]. - The company has organized 80 specialized training projects in 2023, with a total of 12,907 participants and 118,002 training hours, achieving a 100% coverage rate for employee education training [183]. - The company emphasizes a performance-based salary system, linking employee income closely to performance evaluation results [182]. Risk Management - The company faces risks from macroeconomic fluctuations, geopolitical uncertainties, and competition from alternative transportation methods [121][122][124]. - The company has implemented a risk management strategy that aims to reduce operational risks by 15% over the next fiscal year [157]. - The company is implementing measures to mitigate risks associated with freight price volatility and fuel price fluctuations [125][126].

关于中远海运能源运输股份有限公司 2023 年度涉及财务公司关联交易的 存款、贷款等金融业务的 专项说明 | 索引 | 页码 | | --- | --- | | 专项说明 | 1-2 | | 2023 年度涉及财务公司关联交易的存款、贷款等金融 | 1 | | 业务汇总表 | | | 1 | | --- | | . | 联系电话: +86 (010) 6554 2288 北京市东城区朝阳门北大街 telephone: +86 (010) 6554 2288 8 号留华人厦A座9层 9/F, Block A, Fu Hua Mansion, No.8. Chaovangmen Beidajie +86 (010) 6554 7190 Dongcheng District, Beijing, H. II rtified public accountants 100027. P.R.China +86 (010) 6554 7190 关于中远海运能源运输股份有限公司 2023 年度涉及财务公司关联交易的存款、贷款等金融业务的专项说明 XYZH/2024BJAA13F0248 中远海运能源运输股份有限公司 中远海运能 ...