中远海运能源运输股份有限公司 关于公司 2023 年股票期权激励计划 获国务院国资委批复的公告 证券代码：600026 证券简称：中远海能 公告编号：2024-006 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"） 2023 年第八次董事会会议于 2023 年 10 月 26 日审议通过了公司 2023 年股票期 权激励计划的相关议案。 近日，公司收到控股股东中国远洋海运集团有限公司通知，根据国务院国有 资产监督管理委员会（以下简称"国务院国资委"）《关于中远海运能源运输股份 有限公司实施股票期权激励计划的批复》（国资考分〔2024〕109 号），国务院国 资委原则同意中远海能实施股票期权激励计划。 本公司股票期权激励计划尚需提交本公司股东大会和类别股东大会批准。有 关召开本公司股东大会和类别股东大会的事宜，本公司董事会将按相关程序另行 通知。 本公司将严格按照《中华人民共和国公司法》《中华人民共和国证券法》《上 市公司股权激励管理办法》等有关规定， ...

智通财经APP获悉，中远海能(01138)现涨超4%，截至发稿，涨4.71%，报8.23港元，成交额3577.04万港 元。 国泰君安指出，24Q1淡季运价超预期，再次验证油运业产能利用率已提升至阈值附近。预计未来数年 供需将继续向好，油运景气上升与持续将超预期，当战略性重视。预计油运公司2024Q1业绩增长将超 预期，未来具有业绩与估值双重空间。 浙商证券发布研究报告称，在手订单处历史低位，供给刚性确定，全球补库提供需求端支撑，中国、印 度等亚太新兴国家的需求增量驱动油运需求向上。俄乌冲突后全球石油贸易重构带动运距显著拉长，此 外在中东减产背景下，美湾、南美及西非等长运距地区出货增加，有望进一步带动吨海里需求向上。 ...

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 19.75 CNY, based on a 2.5x PB valuation for 2024 [9][15]. Core Views - The company is a global leader in energy shipping, with stable profitability from domestic oil and LNG operations, providing a safety net for earnings. The external oil shipping business is expected to benefit from demand elasticity due to future supply constraints, with VLCC rates likely to rise, offering significant upside potential for earnings [2][12]. Summary by Sections 1. Global Energy Shipping Leader - The company operates the largest fleet of oil tankers globally, with a total capacity of 22.74 million deadweight tons, including 52 VLCCs. As of September 30, 2023, the company has 155 oil tankers in operation [3][22]. - In the first three quarters of 2023, the company achieved a revenue of 16.535 billion CNY, a year-on-year increase of 33.4%, and a net profit of 3.714 billion CNY, up 480% year-on-year [4][24]. 2. External Oil Shipping: Demand May Exceed Expectations - The external oil shipping business is primarily influenced by market rates. Global oil shipping capacity is expected to grow only by 0.6% in 2024, while demand is anticipated to rebound due to economic recovery and inventory replenishment, potentially leading to higher rates [4][34]. - The gross profit from crude oil transportation in the first three quarters of 2023 reached 2.024 billion CNY, a year-on-year increase of 580% [4][32]. 3. Domestic Oil Shipping: Leading Position and Stable Contribution - The domestic oil shipping segment has stable rates and is expected to see steady demand growth. The company holds a leading position in the domestic crude and refined oil transportation market, maintaining a stable cargo source ratio of over 90% [5][24]. - The gross profit from domestic oil shipping has consistently exceeded 1.2 billion CNY annually from 2019 to 2022 [5][32]. 4. LNG Shipping: Long-term Contracts Stabilize Earnings - The LNG shipping business is supported by long-term contracts with project partners, ensuring stable rental income and investment returns. The average gross profit margin from 2017 to 2022 was 53.9% [6][12]. - The company expects the LNG segment to contribute a net profit of 800 to 1.1 billion CNY from 2023 to 2025 as the fleet expands [6][15]. 5. Profit Forecast, Valuation, and Rating - Revenue projections for 2023-2025 are 22.59 billion CNY, 25.99 billion CNY, and 28.93 billion CNY, representing year-on-year growth rates of 21.1%, 15.1%, and 11.3%, respectively. The net profit is forecasted to be 3.64 billion CNY, 6.04 billion CNY, and 6.91 billion CNY, with a CAGR of 68% over three years [7][15]. - The report utilizes a PB valuation method due to the cyclical nature of the industry, leading to a target price of 19.75 CNY based on a 2.5x PB for 2024 [15][19].

Investment Rating - The report maintains a "Buy" rating for COSCO SHIPPING Energy Transportation (600026 SH) [1] Core Views - COSCO SHIPPING Energy Transportation is a global leader in oil and LNG shipping, with its performance highly correlated to the oil shipping cycle [7] - The oil shipping industry is cyclical, with market cycles driven by supply and demand but heavily influenced by external factors, leading to significant price volatility [7] - The crude oil shipping cycle is on an upward trend, while the refined oil shipping market remains at a high level [7] - The company's earnings elasticity is primarily driven by its VLCC fleet, with marginal revenue increasing by RMB 1 058 million for every USD 10 000/day increase in TCE [7] Company Overview - COSCO SHIPPING Energy Transportation is a global leader in oil and LNG shipping, with a focus on oil and gas transportation since its 2016 restructuring [5][7] - The company's market position is strong, ranking among the top global oil tanker owners and being a major LNG shipowner [5][15] - Financial indicators show that international oil shipping is the primary source of earnings elasticity, while domestic oil shipping and LNG transportation maintain stable gross margins [18] Industry Overview - The oil shipping industry is highly cyclical, with customers primarily being international oil majors [5][22] - Crude oil shipping is characterized by a single product type, large volumes, and a global market with point-to-point networks [25] - Refined oil shipping involves complex product types, smaller volumes, and regional markets with triangular trade routes [28] - Shipping rates are driven by supply and demand but are highly susceptible to external shocks, leading to significant price fluctuations [33] Cycle Trends - The crude oil shipping cycle is on an upward trend, with VLCCs being the primary source of earnings elasticity [5][39] - Crude oil shipping demand is driven by factors such as increased oil production, the lifting of sanctions, and geopolitical conflicts leading to longer shipping routes [42][46][49][51] - Supply constraints in the crude oil shipping market are due to low new orders, an aging fleet, and limited shipyard capacity [56][58][63] - The refined oil shipping market has entered a recovery phase, with demand driven by uneven refinery capacity distribution and geopolitical conflicts leading to route restructuring [65][69][71] Investment Recommendation - The company's earnings elasticity is highly dependent on its fleet structure, with the VLCC fleet contributing the most to marginal revenue [74][76] - The report forecasts COSCO SHIPPING Energy Transportation's revenue for 2023-2025 to be RMB 22 029 million, RMB 25 895 million, and RMB 27 905 million, respectively, with net profits of RMB 3 676 million, RMB 7 024 million, and RMB 8 330 million [76] - The company's PE ratios for 2023-2025 are projected to be 19 09x, 9 99x, and 8 42x, respectively, supporting the "Buy" rating [76]

关于公司"提质增效重回报"行动方案的公告 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。 中远海运能源运输股份有限公司（以下简称"公司"或"本公司"） 积极践行国之大者责任，履行航运强国使命，服务能源安全保障；认 真贯彻落实央企控股上市公司质量提升工作部署，通过内抓"公司治 理"和"提质增效"、外抓"客户营销"和"业务开拓"，不断提高企 业价值，树立优秀资本市场形象；助力"提振投资者信心"、增进"资 本市场活力"。现将公司落实"提质增效"工作目标任务和重点举措 公告如下： 一、 聚焦两大主业，共促高质量发展 本公司主要业务包括国际和中国沿海原油及成品油运输，以及国 际液化天然气运输。依托中国巨大的油气进口需求、丰富的国内外大 型客户资源以及控股股东完善的产业链资源优势，凭借着自身优异的 管理水平和领先的运力规模，本公司在中国油气进口运输中始终保持 在领先地位，并拥有较好的市场影响力和品牌美誉度。 油品运输方面，本公司将以经营效益为核心，实现油运板块可持 续创效；持续推进全球化经营，强化海外网点建设，完善全球营销网 证券代码： ...

证券代码：600026 证券简称：中远海能 公告编号：2024-004 中远海运能源运输股份有限公司 2024 年第一次临时股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2024 年 2 月 26 日 (二)股东大会召开的地点：上海市虹口区东大名路 1171 号远洋宾馆三楼 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 311 | | --- | --- | | 其中：A 股股东人数 | 310 | | 境外上市外资股股东人数（H 股） | 1 | | 2、出席会议的股东所持有表决权的股份总数（股） | 718,373,598 | | 其中：A 股股东持有股份总数 | 433,609,523 | | 境外上市外资股股东持有股份总数（H 股） | 284,764,075 | | 3、出席会议的股东所持有表决权股份数占公司股份总数的 | | | 比例（% ...

国浩律师（上海）事务所 法律意见书 国浩律师（上海）事务所 关于中远海运能源运输股份有限公司 2024 年第一次临时股东大会的法律意见书 致：中远海运能源运输股份有限公司 国浩律师（上海）事务所（以下简称"本所"），接受中远海运能源运输股份 有限公司（以下简称"公司"）的委托，指派本所律师出席公司 2024 年第一次临 时股东大会（以下简称"本次股东大会"），并根据《中华人民共和国公司法》（以 下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、《上 市公司股东大会规则》（以下简称"《股东大会规则》"）以及《中远海运能源运 输股份有限公司章程》（以下简称"《公司章程》"）的规定出具本法律意见书。 本所依据本法律意见书出具日之前已经发生或存在的事实及中国（为出具本 法律意见书之目的，本法律意见书中的"中国"仅指中国大陆地区，不包括香港特 别行政区和澳门特别行政区及台湾地区）现行法律、法规及规范性文件发表法律 意见。 本所同意将本法律意见书作为公司本次股东大会公告的法定文件，随公司其 他公告一并提交上海证券交易所审查并予公告。 在本律师意见书中，本所律师仅对本次股东大会的召集和召开程序、出 ...

Investment Rating - The report maintains a rating of "Buy" for the company [4]. Core Views - The VLCC freight rates have exceeded expectations during the off-season, confirming that the oil shipping capacity utilization is at a threshold level, indicating a strategic focus is necessary. The oil shipping industry is expected to see continued improvement in supply and demand over the next few years, with a sustained or even exceeding expected boom [3]. - The report forecasts the company's net profit for 2023-2025 to be 3.5 billion, 7.2 billion, and 8.6 billion RMB respectively, with a target price of HKD 11.87 [3]. - The recent surge in freight rates has validated that capacity utilization is near its threshold. The TCE for VLCC has recently surged to USD 70,000, showcasing unexpected elasticity in freight rates during the traditional off-season [3]. - The geopolitical situation in the Red Sea is gradually diminishing in impact, presenting a favorable opportunity for oil shipping [3]. Financial Summary - Revenue for 2021 was 12,699 million RMB, with projections of 18,658 million RMB for 2022, 22,912 million RMB for 2023, 28,704 million RMB for 2024, and 31,511 million RMB for 2025, reflecting a growth rate of 47% in 2022 and 23% in 2023 [2]. - The net profit is projected to recover from a loss of 4,975 million RMB in 2022 to 1,457 million RMB in 2023, and further to 3,538 million RMB in 2024, with a growth rate of 143% [2]. - The PE ratio is expected to improve significantly, with estimates of 22.98 for 2023, 9.47 for 2024, and 4.65 for 2025 [2]. Market Data - The current stock price is HKD 7.65, with a market capitalization of 36,496 million HKD and a 52-week price range of HKD 6.11 to 9.32 [4].

智通财经APP获悉，中远海能(01138)涨超4%，截至发稿，涨4.59%，报7.75港元，成交额5411.52万港 元。 消息面上，根据克拉克森数据，2月15日VLCC-TCE录得62188美元/天，环比上周上涨43%；达到最近十 年2月最高值。主要原因是美湾市场表现强劲，运力调转下中东湾市场出现运力紧张，推动运价上涨。 光大证券指出，对油运而言，春节过后炼厂开工逐步恢复，叠加此前进出口配额下放，原油进出口需求 有望继续回升；长期油运供需关系改善具备强确定性，运价中枢有望持续提升。 ...

智通财经APP获悉，中远海能(01138)再跌超4%，近5日累计跌幅超20%。截至发稿，跌4.68%，报6.31港 元，成交额5256.04万港元。 消息面上，中远海能近期发布业绩快报，预计全年实现归母净利31-39亿元人民币，同比增长 113%-168%；扣非归母净利39-47亿元人民币，同比增长180%-238%，其中，公司2023年非经营性净损 失7.5亿元人民币。 国泰君安指出，2023下半年受中东减产与油价波动影响，油运贸易需求受到抑制，虽不改2023年原油运 价中枢上升趋势，但令2023Q4旺季不旺。自2023年12月油运市场逐步进入传统淡季，而2024年1月上旬 运价出现快速上冲，中东-中国航线VLCC TCE最高达4.4万美元/天。根据我们高频数据跟踪分析，应源 于美湾原油短期集中出货，而受红海局势影响尚有限。美湾集中出货缩减后运价回落，但仍维持3万美 元/天以上盈利水平。我们认为，淡季不淡，印证油运业产能利用率已处阈值附近。 ...