COSCO SHIPPING ENERGY TRANSPORTATION CO., LTD.* 中遠海運能源運輸股份有限公司 （在中華人民共和國註冊成立之股份有限公司） （股份代號：1138） 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部 或 任 何 部 份 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 董事會會議通知 本公告乃根據香港聯合交易所有限公司證券上市規則第13.43條 而 作 出。 中遠海運能源運輸股份有限公司（「本公司」）之董事會（「董事會」）茲宣佈本公司謹訂 於二零二四年十月十四日（星 期 一）舉 行 董 事 會 會 議，藉 以 審 議 及 通 過（其 中 包 括）派 發中期股息（如 有）之 建 議。 承董事會命 中遠海運能源運輸股份有限公司 公司秘書 倪藝丹 中 華 人 民 共 和 國，上 海 二零二四年九月三十日 於 本 公 告 刊 發 日 期，董 事 會 由 執 行 董 事 ...

Investment Rating - Buy (First Coverage) [2][5] Core Views - The company is a global leader in oil and gas shipping, with the largest oil tanker fleet globally [2][5] - The crude oil shipping cycle is on an upward trend, and the refined oil shipping market remains highly prosperous [2][3] - The company's performance is highly correlated with the oil shipping cycle, with international oil shipping being the main source of earnings elasticity [2][13] - The demand for crude oil shipping is expected to increase due to longer shipping distances and limited supply, particularly for VLCCs [2][21][27] - The refined oil shipping market is expected to remain strong due to increased demand from east-to-west oil movements and limited supply growth [34][37] Business Overview - The company focuses on oil and gas transportation, including international and domestic crude oil, refined oil, and LNG shipping [2][13] - The company's historical performance was influenced by both dry bulk and oil shipping cycles, but since 2016, it has focused solely on oil and gas transportation [13][14] - The company's VLCC fleet is the core driver of its earnings elasticity, with each $10,000/day change in TCE contributing approximately RMB 950 million in marginal profit [18][19] Market Outlook Crude Oil Shipping - Demand for crude oil shipping is expected to grow due to increased global crude oil production and longer shipping distances, particularly from the Americas to the Far East [21][27] - Supply is constrained by limited shipyard capacity, with VLCC deliveries expected to be very limited from 2024-2026 [21][22] - The VLCC fleet is aging, with the number of ships expected to decline from 908 in 2024 to 807 in 2028 due to retirements exceeding new deliveries [30][31] - OPEC+ production cuts and non-OPEC production increases are expected to support VLCC demand, particularly in the Q4 2024 peak season [30][31] Refined Oil Shipping - Demand for refined oil shipping is expected to remain strong due to the east-to-west movement of refined oil and increased refining capacity in Asia [34][37] - Supply growth is limited by an aging fleet and environmental regulations, with only 45.15% of the current order book expected to be delivered by 2025 [37][41] - The aging fleet and environmental regulations are expected to further constrain supply, particularly for older ships [41] Financial Projections - Revenue is expected to grow from RMB 26.37 billion in 2024 to RMB 29.66 billion in 2026, with net profit increasing from RMB 5.81 billion to RMB 7.48 billion over the same period [5][43] - The oil transportation business is expected to contribute the majority of revenue and profit, with revenue growing from RMB 24.44 billion in 2024 to RMB 27.48 billion in 2026 [6][43] - LNG transportation revenue is expected to grow modestly, from RMB 1.84 billion in 2024 to RMB 2.11 billion in 2026 [6][43] Valuation - The company's current PE ratios are 10.84x for 2024, 8.92x for 2025, and 8.04x for 2026, based on projected earnings [5][43] - The company's ROE is expected to increase from 15.45% in 2024 to 16.74% in 2026, reflecting improved profitability [4][43]

Fleet and Operations - As of June 30, 2024, the company operates a fleet of 154 oil tankers with a total deadweight tonnage of 22.43 million tons, maintaining the largest oil tanker fleet globally[5]. - The company has invested in 85 LNG vessels, all of which are project vessels, providing stable revenue; 45 of these vessels are operational with a capacity of 7.55 million cubic meters, while 40 are under construction with a capacity of 7.15 million cubic meters[7]. - The company is a leader in China's LNG transportation sector and a significant player in the global LNG market, benefiting from strong partnerships with major oil companies and independent refineries[7]. - The company’s coastal oil transportation business serves as a safety cushion for operational performance, while international oil transportation provides strong cyclical flexibility[8]. - The company leverages its extensive marketing and service network, along with a strong safety management system, to provide high-quality energy transportation services[7]. - The company’s operational model includes spot market charters, time charters, and contracts of affreightment (COA), allowing for flexible and efficient logistics solutions[8]. - The global LNG transportation industry has entered a phase of rapid development and stable returns, with a noticeable trend of increasing LNG transportation over pipeline transport in recent years[4]. - The company expanded its LNG fleet to 85 vessels, an increase of 12 vessels from the end of 2023, enhancing its capacity in LNG transportation[24]. - The company is focusing on deepening cooperation with international oil companies to enhance global capacity deployment and is actively pursuing new business opportunities in the Oceania region[21]. Market Trends and Demand - In the first half of 2024, global oil demand 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[9]. - The international oil transportation market has been influenced by geopolitical tensions and changes in global oil trade, affecting tanker transportation demand[9]. - In the first half of 2024, the global oil shipping trade volume remained flat year-on-year, with a significant drop of approximately 20% in the number of oil tankers passing through the Suez Canal compared to the beginning of the year[10]. - The global refined oil shipping trade volume slightly increased by 0.8% year-on-year, while the number of refined oil tankers passing through the Suez Canal decreased by about 40%[11]. - The global oil demand is expected to continue growing, with a forecasted increase of 3.3% in crude oil ton-mile demand and 7.5% in refined oil ton-mile demand for 2024[49]. - The supply growth rate for crude oil tankers is projected at -0.1% for 2024, indicating a tighter supply environment compared to demand growth[49]. - The global LNG trade volume is anticipated to reach 424 million tons in 2024, reflecting a year-on-year growth of 3.9% driven by strong demand from China and other Asian countries[51]. Financial Performance - The main business revenue for the group was RMB 11.57 billion, an increase of 0.8% year-on-year, while net profit attributable to shareholders decreased by 9.0% to RMB 2.63 billion[16]. - The group achieved a transportation volume of 82.65 million tons in the first half of 2024, a year-on-year decrease of 4.1%, while the transportation turnover increased by 7.5% to 287.4 billion ton-miles[16]. - The company’s total revenue for the first half of 2024 reached RMB 11,571.73 million, with a gross profit margin of 32.6%, reflecting a year-on-year increase of 0.8% in revenue but a decrease of 2.4% in gross profit margin[18]. - Domestic transportation revenue was RMB 2,902.42 million, down 4.9% year-on-year, while international transportation revenue was RMB 8,669.31 million, up 2.8% year-on-year, resulting in a gross profit margin of 35.2% for international operations[19]. - The foreign trade oil transportation segment generated revenue of RMB 7,710.86 million, with a gross profit margin of 33.1%, which decreased by 4.4 percentage points compared to the previous year[20]. - The LNG transportation segment contributed a net profit of RMB 401 million, remaining stable compared to the previous year[23]. - The group implemented six strategic measures to optimize operations amid complex geopolitical environments, including enhancing customer and route structures and focusing on LNG transportation projects[17]. Costs and Expenses - The total operating costs for the first half of 2024 amounted to RMB 7,801,863,000, representing a 4.5% increase compared to RMB 7,465,501,000 in the same period of 2023[25]. - The cost of fuel for oil transportation decreased by 1.7% year-on-year to RMB 2,536,452,000, while port fees dropped by 18.2% to RMB 369,043,000[25][26]. - The company reported a significant increase in crew costs for LNG transportation, which rose by 29.5% year-on-year to RMB 116,415,000[25][26]. - The total operating costs, selling expenses, and administrative expenses combined reached RMB 8,332,862 thousand, compared to RMB 7,973,818 thousand in 2023[125]. Debt and Financial Position - The company’s net debt to equity ratio increased to 67% as of June 30, 2024, up from 65% at the end of 2023[32]. - The total debt as of June 30, 2024, was RMB 29,958,445,000, with cash and cash equivalents of RMB 4,305,733,000, a decrease of 23% from the previous year[32]. - The total liabilities reached RMB 36,984,257 thousand, an increase of 5.73% from RMB 34,980,289 thousand[96]. - The company’s total liabilities increased, with deferred tax liabilities rising to RMB (1,623,193,000) as of June 30, 2024, compared to RMB (1,454,627,000) as of December 31, 2023[165]. - The total accounts payable increased to RMB 1,718,320,000 as of June 30, 2024, slightly up from RMB 1,707,876,000 as of December 31, 2023[180]. Shareholder and Governance - The total issued share capital of the company is 4,770,776,395 shares, with 1,296,000,000 shares being H shares and 3,474,776,395 shares being A shares[60]. - China Shipping Group holds 44.23% of the company's shares, while COSCO Shipping holds 62.06%[58]. - The company has approved a stock option incentive plan, granting 22,309,600 stock options at a price of RMB 13.00 per A share[62]. - The company has established five specialized committees within the board, including the Audit Committee and the Strategic Committee, to oversee various aspects of governance and strategy[79][82]. - The company actively manages investor relations and ensures timely and accurate information disclosure through various channels[86]. Employee and Management - The total number of employees as of June 30, 2024, was 7,711, a decrease from 8,339 employees as of June 30, 2023[85]. - Employee costs for the reporting period were approximately RMB 1.697 billion, compared to RMB 1.736 billion in the same period last year[85]. - Key management personnel compensation decreased to RMB 5,099 thousand from RMB 5,892 thousand, a decline of 13.4% year-over-year[191]. Future Outlook and Strategy - The company plans to enhance its global service network and improve business resilience in response to complex international trade and geopolitical conditions in the second half of 2024[52]. - The company is optimizing its global shipping layout and focusing on high-revenue cargo in the Atlantic market, aiming to enhance operational efficiency and profitability[53]. - The company is actively tracking LNG key projects and optimizing its LNG vessel management capabilities to meet potential customer demands[53]. - The company plans to continue focusing on expanding its LNG transportation capabilities and enhancing operational efficiency in the oil transportation segment to drive future growth[116].

证券代码：600026 证券简称：中远海能 公告编号：临 2024-047 中远海运能源运输股份有限公司 关于建造 LNG 运输船舶的公告 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： 一、交易概述 经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"，连同其附属公司简称"本集团"）于 2024 年 9 月 9 日召开的 2024 年第九次 董事会会议批准（详见本公司发布的临 2024-046 号公告《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》），本公司间接持股 100%的 远兴液化天然气运输有限公司及远致液化天然气运输有限公司（上述及以下统称 "两家单船公司"）与卖方签署 2 艘 LNG 运输船舶造船合同。 二、合同方介绍 1．船东及买方：远兴液化天然气运输有限公司及远致液化天然气运输有限 公司，为远海液化天然气投资有限公司（以下简称"远海液化天然气投资"）在香 1 两家单船公司与联合卖方（大连船舶重工集团有限公司、中国船舶工业贸易 公司）于 2024 年 ...

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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