Core Insights - The company reported a revenue of 23.24 billion yuan for 2024, a year-on-year increase of 2.2%, with a gross profit of 6.33 billion yuan, down 4.3% year-on-year, resulting in a gross margin of 27.2% [1] - The net profit attributable to shareholders for 2024 was 4.04 billion yuan, up 19.4% year-on-year, with a net profit margin of 17.4% [1] - The company plans to distribute a dividend of 0.43 yuan per share for 2024, representing a dividend payout ratio of 50.82% and a dividend yield of 3.8% based on the stock price of 11.41 yuan [3] Revenue Breakdown - In the foreign trade oil transportation segment, the company achieved a revenue of 14.574 billion yuan, an increase of 4.1% year-on-year, but the gross profit decreased by 13.5% to 3.586 billion yuan, resulting in a gross margin of 24.6% [2] - The domestic oil transportation segment reported a revenue of 5.909 billion yuan, a decline of 4.8% year-on-year, with a gross profit of 1.475 billion yuan, down 0.9%, and a gross margin of 25.0% [2] - The LNG transportation segment contributed a net profit of 0.811 billion yuan, an increase of 2.66% year-on-year [3] - The LPG and chemical transportation segments reported revenues of 0.206 billion yuan and 0.314 billion yuan, respectively, with declines of 18.6% and 19.1% year-on-year [3] Fleet Capacity - As of December 31, 2024, the company had the largest oil tanker fleet globally, with 159 vessels totaling 23.74 million deadweight tons, and 12 additional vessels under construction [4] - The LNG fleet consists of 50 operational vessels with a total capacity of 8.42 million cubic meters, and 37 vessels under construction [4] - The LPG fleet includes 11 vessels with a capacity of 42,600 cubic meters, and 2 vessels under construction [4] - The chemical transportation fleet comprises 8 vessels with a total capacity of 72,900 deadweight tons, with 1 vessel under construction [4] Future Outlook - The company is projected to achieve revenues of 26 billion yuan, 26.9 billion yuan, and 28.3 billion yuan for 2025 to 2027, with year-on-year growth rates of 11.8%, 3.3%, and 5.3% respectively [5] - The net profit attributable to shareholders is expected to reach 5.026 billion yuan, 5.416 billion yuan, and 5.769 billion yuan for the same period [5] - The current stock price corresponds to a price-to-earnings ratio of 11, 10, and 9 for the years 2025 to 2027 [5]

Performance Summary - In 2024, the company reported operating revenue of 23.244 billion yuan, a year-on-year increase of 2.25% [1] - The net profit attributable to shareholders was 4.037 billion yuan, up 19.37% year-on-year [1] - In Q4 2024, the company achieved operating revenue of 6.1 billion yuan, a 9.8% increase year-on-year, and a net profit of 621 million yuan, a significant increase of 271.1% year-on-year [1] Operational Metrics - The company transported 180 million tons in 2024, a 3.8% increase year-on-year, with a turnover of 604 billion ton-miles, up 13.6% year-on-year [1] - Average daily earnings for the VLCC TD3C route (Middle East to China) were approximately $34,900, a decrease of 3% year-on-year, while the LR2 TC1 route (Middle East to Japan) averaged $40,400 per day, remaining at historical highs [1] - The gross profit from foreign trade oil transportation was 3.586 billion yuan, down 13.5% year-on-year, while domestic oil transportation gross profit was 1.475 billion yuan, a slight decrease of 0.9% [1] - The LNG transportation business contributed a net profit of 811 million yuan, an increase of 2.66% year-on-year [1] Profitability and Cost Structure - The company's gross margin for 2024 was 27.24%, a decrease of 2.3 percentage points year-on-year, primarily due to the addition of new VLCC capacity and rising charter rates [2] - The operating expense ratio improved slightly, with a decrease of 0.15 percentage points year-on-year; selling expenses were 0.36% (+0.02 percentage points), management expenses were 4.63% (+0.30 percentage points), and financial expenses were 4.63% (-0.60 percentage points) [2] - The net profit margin for 2024 was 17.12%, an increase of 2.5 percentage points year-on-year, as there were no asset impairment losses compared to 10 billion yuan in 2023 [2] Industry Outlook - The oil transportation industry is expected to see improved supply-demand fundamentals, with a projected 0.7% increase in crude oil ton-mile demand and a 0.1% increase in refined oil ton-mile demand in 2025 [3] - Total deadweight tonnage scheduled for delivery in 2025 is expected to increase by 160%, primarily in LR2 and smaller oil tankers, with only 5 VLCCs expected to be delivered [3] - The aging fleet and ongoing sanctions on black oil transportation in Western countries are expected to enhance the potential for scrapping older vessels, further optimizing supply-demand dynamics [3] - The company's net profit forecasts for 2025 and 2026 have been revised down to 5.54 billion yuan and 6.05 billion yuan, respectively, with a new forecast of 6.22 billion yuan for 2027 [3]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4]. Core Views - The company reported weak performance in 2024, with revenue of 23.244 billion yuan, a year-on-year increase of 5.22%, and a net profit of approximately 4.037 billion yuan, up 20.47% year-on-year. However, the net profit excluding non-recurring items decreased by 3.77% to 3.979 billion yuan [10][4]. - The foreign trade oil transportation business volume increased by 14.4% year-on-year, but gross profit fell by 13.5% to 3.59 billion yuan, primarily due to weak global economic performance and a shift towards lower-cost black market oil [10][14]. - The domestic oil and LNG segments showed stable growth, with domestic oil transportation turnover increasing by 4.2% and LNG contributing a net profit of 0.81 billion yuan, up 2.7% year-on-year [2][15]. - The acquisition of LPG and chemical transportation businesses is expected to broaden the company's operational scope and enhance energy logistics [2][15]. - Looking ahead to 2025, the supply-demand dynamics are expected to improve, with potential upward elasticity in freight rates due to anticipated OPEC+ production increases and a return of black market demand to compliant markets [2][15]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 23.244 billion yuan, a 5.22% increase year-on-year, and a net profit of approximately 4.037 billion yuan, reflecting a 20.47% increase year-on-year. However, the net profit excluding non-recurring items decreased by 3.77% to 3.979 billion yuan [10][4]. - The gross profit from foreign trade oil transportation was 3.59 billion yuan, down 13.5% year-on-year, with specific contributions from crude oil, refined oil, and chartering showing significant variances [14][10]. Business Segments - Domestic oil transportation (crude + refined oil) turnover grew by 4.2% year-on-year, with a gross profit of 1.48 billion yuan, a slight decline of 0.9% [2][15]. - The LNG business contributed a net profit of 0.81 billion yuan, showing a stable performance with a year-on-year growth of 2.7% [2][15]. - The acquisition of LPG and chemical transportation businesses is expected to enhance the company's operational capabilities and logistics efficiency [2][15]. Future Outlook - The supply-demand situation is projected to improve in 2025, with expectations of increased freight rates due to OPEC+ production increases and a potential return of black market oil demand to compliant markets [2][15]. - The company maintains a strong confidence in the global oil transportation market, anticipating a tightening supply side and potential upward elasticity in freight rates [2][15].

Investment Rating - The report maintains a "Buy" rating for the company [2][8] Core Views - The company achieved a record net profit of approximately 4.04 billion yuan in 2024, representing a year-on-year increase of 20.47% [8] - The company continues to offer a high dividend payout ratio of 50.82%, with a cash dividend of 2.1 yuan per 10 shares for the 2024 fiscal year [8] - The demand for VLCC vessels is expected to improve in the medium term, driven by stable demand from China and increased production from oil-producing countries [8] Financial Data and Profit Forecast - Total revenue for 2024 is projected at 23.24 billion yuan, with a year-on-year growth of 5.22% [8] - The company's net profit for 2025 is forecasted to be 4.38 billion yuan, with a year-on-year increase of 8.6% [7] - The company’s earnings per share (EPS) for 2025 is estimated at 0.92 yuan [7] - The gross profit margin is expected to be 28.3% in 2025, with a return on equity (ROE) of 11.4% [7] Market Data - The closing price of the company's stock is 11.41 yuan, with a market capitalization of 39.65 billion yuan [2] - The company has a price-to-net asset value (P/NAV) of 0.95, which is considered reasonable compared to peers [8]

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company is a global leader in oil transportation, with a positive supply-demand outlook and undervalued asset value [1] - The foreign trade oil transportation business is actively expanding into Western markets, maintaining diversified sources of cargo [2] - The LNG transportation business is experiencing steady growth [3] Financial Summary - In 2024, the company achieved total revenue of 232.44 billion, a year-on-year increase of 2.25%, with Q4 revenue of 61.00 billion, down 1.59% year-on-year [4] - The net profit attributable to the parent company for 2024 was 40.37 billion, up 19.37% year-on-year, with Q4 net profit of 6.21 billion, turning from loss to profit [4] - The company's operating volume (excluding time charter) reached 18 million tons in 2024, a year-on-year increase of 3.8%, with a transportation turnover of 604 billion ton-miles, up 13.6% year-on-year [4] - The company maintained the world's largest fleet of oil tankers, with 159 owned tankers totaling 23.74 million deadweight tons [4] - The foreign trade oil transportation business generated revenue of 145.74 billion in 2024, a year-on-year increase of 4.1%, but gross profit decreased by 13.5% [4] - The LNG transportation business achieved revenue of 22.29 billion, a year-on-year increase of 22.4%, with gross profit of 10.76 billion, up 25.23% [4] Earnings Forecast - The company is expected to achieve revenues of 265.50 billion, 281.14 billion, and 288.00 billion from 2025 to 2027, with year-on-year growth rates of 14.22%, 5.89%, and 2.44% respectively [7] - The net profit attributable to the parent company is projected to be 46.84 billion, 51.88 billion, and 54.77 billion for the same period, with year-on-year growth rates of 16.05%, 10.75%, and 5.56% respectively [7] - The corresponding EPS for 2025 is expected to be 0.98, with a P/E ratio of 11.64 [7]

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company has shown a positive trend in its oil transportation business, actively expanding into Western markets and maintaining a diversified source of cargo [2] - The LNG transportation business has demonstrated steady growth [3] - The company reported a total revenue of 232.44 billion yuan for 2024, representing a year-on-year increase of 2.25%, while the net profit attributable to the parent company reached 40.37 billion yuan, up 19.37% year-on-year [4] - The company maintained the world's largest fleet of oil tankers, with 159 owned vessels totaling 23.74 million deadweight tons [4] - The foreign trade oil transportation business generated revenue of 145.74 billion yuan in 2024, a 4.1% increase year-on-year, despite a 13.5% decline in gross profit [4] - The LNG transportation business achieved revenue of 22.29 billion yuan, a 22.4% increase year-on-year, with a gross profit of 10.76 billion yuan, up 25.23% [4] Financial Summary - The company expects to achieve revenues of 265.50 billion yuan, 281.14 billion yuan, and 288.00 billion yuan for the years 2025 to 2027, with corresponding net profits of 46.84 billion yuan, 51.88 billion yuan, and 54.77 billion yuan, reflecting growth rates of 16.05%, 10.75%, and 5.56% respectively [7] - The earnings per share (EPS) are projected to be 0.98 yuan, 1.09 yuan, and 1.15 yuan for 2025 to 2027, with the price-to-earnings (P/E) ratio expected to be 11.64, 10.51, and 9.96 [7] - The company reported a gross profit margin of 27.2% for 2024, with a return on equity (ROE) of 11.3% [6]

Investment Rating - The investment rating for the company is "Buy" [8][9] Core Views - The company reported a revenue of 23.24 billion RMB for 2024, a year-on-year increase of 2.3%, and a net profit attributable to shareholders of 4.04 billion RMB, up 19.4% year-on-year, aligning with performance forecasts [1] - The international oil transportation market is expected to experience fluctuations in 2024, with a decline in freight rates in the second half due to weak global macro demand and ongoing OPEC+ production cuts [1] - The company announced a year-end dividend of 0.21 RMB per share, corresponding to an annual payout ratio of 50.8% [1] - For 2025, the company anticipates a recovery in domestic demand and an increase in oil production by OPEC+, leading to a projected growth in international crude and refined oil freight rates, which will boost profitability [1] - The company has expanded its business scope by acquiring LPG and chemical shipping operations, enhancing its energy logistics capabilities [3] Summary by Sections Financial Performance - The company achieved a foreign trade transportation turnover growth of 14.4% in 2024, but gross profit decreased by 13.5% to 3.59 billion RMB [2] - The gross profit from crude oil transportation fell significantly by 29.6% due to weak global demand and OPEC+ production cuts, while the average freight rates for crude oil and refined oil showed mixed results [2] - Domestic oil transportation turnover grew by 4.2% in 2024, with a slight decline in gross profit [3] Market Outlook - The oil transportation market is expected to improve in 2025 due to OPEC+ production increases and tightening supply from sanctioned vessels, leading to a favorable supply-demand structure [4] - The projected nominal supply growth for global crude oil tankers is 0.2% in 2024, 0.8% in 2025, and 2.7% in 2026, while demand is expected to decline in 2024 and grow modestly in subsequent years [4] Valuation and Price Target - The company maintains net profit forecasts of 5.38 billion RMB for 2025 and 6.11 billion RMB for 2026, with a new forecast of 6.47 billion RMB for 2027 [5] - The target prices are set at 9.20 HKD for H shares and 16.00 RMB for A shares, based on historical price-to-book ratios [5]

Core Insights - COSCO Shipping Energy Transportation Co., Ltd. (中远海能) reported a net profit attributable to shareholders of RMB 4.038 billion for the year ending December 31, 2024, representing a year-on-year increase of 19.5% [1] - The company's total revenue reached RMB 23.133 billion, reflecting a growth of 2.57% compared to the previous year [1] - The company holds the world's largest tanker fleet, with a total of 159 vessels and a deadweight tonnage of 23.74 million [1] Group 1: Business Operations - The company operates a diverse range of oil transportation services, utilizing both owned and controlled vessels for spot market charters, time charters, and contracts with cargo owners [1] - The company provides comprehensive logistics solutions, including foreign trade imports, domestic transshipment, refined oil transportation, and downstream chemical product transport [1] - The company has established strong strategic partnerships with major oil companies and independent refineries, enhancing its business development and value creation capabilities [2] Group 2: LNG and LPG Transportation - COSCO Shipping is a leader in China's LNG transportation sector and a significant player in the global LNG market, with investments in 87 LNG vessels [2] - As of December 31, 2024, the company has 50 operational LNG vessels with a total capacity of 8.42 million cubic meters and 37 vessels under construction [2] - The LPG transportation business operates 11 vessels with a capacity of 42,599 cubic meters, focusing on domestic and international LPG water transportation [3] Group 3: Chemical Transportation - The chemical transportation segment is managed by Shanghai COSCO Shipping Chemical Transportation Co., Ltd., specializing in bulk chemical transportation [3] - The company operates 8 chemical vessels with a total deadweight tonnage of 72,940 and has 1 vessel under construction [3]

Financial Performance - The group's revenue increased from RMB 22.55 billion in 2023 to RMB 23.13 billion in 2024, representing a growth of approximately RMB 580 million or 2.57%[4] - The profit attributable to equity holders of the company for 2024 was RMB 4.04 billion, compared to RMB 3.38 billion in 2023, reflecting a significant increase[7] - Basic and diluted earnings per share for 2024 were RMB 0.8464, up from RMB 0.7083 in 2023[6] - The total comprehensive income for the year amounted to RMB 4.83 billion, compared to RMB 3.88 billion in the previous year[7] - The company's total equity reached RMB 38,985,157 thousand in December 2024, compared to RMB 37,961,559 thousand in December 2023, showing an increase of approximately 2.7%[9] - The net profit attributable to shareholders for 2024 was RMB 4.038 billion, representing a year-on-year increase of 19.5%, marking the best performance since the company's merger in 2016[62] Operating Costs and Profitability - The group's gross profit for 2024 was RMB 6.24 billion, down from RMB 6.59 billion in 2023[5] - Operating costs increased from RMB 15.97 billion in 2023 to RMB 16.89 billion in 2024[5] - The gross profit margin decreased by 2.2 percentage points year-on-year, standing at 27.0%[64] - The main operating revenue for 2024 was RMB 23.133 billion, a year-on-year growth of 2.6%, while the main operating cost increased by 5.8% to RMB 16.890 billion[64] Assets and Liabilities - The total assets of the group increased to RMB 81.04 billion in 2024 from RMB 73.43 billion in 2023[8] - Non-current liabilities increased to RMB 31,836,699 thousand in December 2024, up from RMB 26,499,524 thousand in December 2023, representing a growth of approximately 8.5%[9] - Total liabilities reached RMB 42,057,160 thousand in December 2024, compared to RMB 35,468,238 thousand in December 2023, indicating an increase of about 18.5%[9] - The company's current liabilities totaled RMB 10,220,461 thousand in December 2024, an increase from RMB 8,968,714 thousand in December 2023, representing a growth of about 14%[9] Cash Flow and Financial Position - The group's cash and cash equivalents stood at RMB 5.66 billion as of December 31, 2024, compared to RMB 5.75 billion in 2023[8] - The net cash generated from operating activities for the group was approximately RMB 8.63 billion, a decrease of about 3.4% compared to RMB 8.93 billion for the year ended December 31, 2023[77] - The net debt to equity ratio as of December 31, 2024, was 78%, an increase of 14% from 64% on December 31, 2023, primarily due to increased borrowings during the reporting period[81] Market Expansion and Strategic Developments - The company has plans for market expansion and new product development, although specific details were not disclosed in the earnings call[3] - The company completed the acquisition of 100% equity in China COSCO Shipping Chemical Transportation Co., Ltd. for a total consideration of approximately RMB 1,050,341,000[16] - The acquisition of Shenzhen Longpeng and Hainan Zhaogang was finalized on October 31, 2024, enhancing the company's operational capabilities in LPG and chemical transportation[16] Segment Performance - The oil transportation segment generated revenue of RMB 17,863,640,000 with a profit of RMB 4,015,894,000 in 2024, compared to RMB 17,780,411,000 and RMB 4,711,714,000 in 2023[26] - The LNG transportation segment reported revenue of RMB 2,229,170,000 and a profit of RMB 1,075,550,000 for 2024, up from RMB 1,820,881,000 and RMB 859,131,000 in 2023[26] - The total revenue from international operations was RMB 17,031,488,000 in 2024, with a profit of RMB 4,724,992,000, compared to RMB 16,074,263,000 and RMB 5,050,878,000 in 2023[30] Employee and Operational Costs - The company reported a significant increase in employee benefits payable, which rose to RMB 238,746 thousand in December 2024 from RMB 201,743 thousand in December 2023, marking an increase of about 18.3%[9] - Employee costs for the reporting period were approximately RMB 3.67 billion, compared to RMB 3.73 billion in the previous year[145] Regulatory and Market Conditions - The shipping industry is highly cyclical, closely tied to trade development and economic conditions, leading to fluctuating transportation demand[39] - The regulatory environment is strict, with regulations enhancing safety and environmental standards, increasing operational costs and complexity[40] Future Outlook and Projections - The company anticipates a moderate increase in global oil demand, with IEA projecting an increase of 1.1 million barrels per day in 2025, primarily driven by China and India[105] - The global LNG trade volume is projected to grow by 6.4% to 43.9 million tons by 2025, driven by increased liquefaction capacity expected to reach 529 million tons, a 10.9% year-on-year increase[109] Corporate Governance and Shareholder Matters - The board recommends a final dividend of RMB 0.21 per share (pre-tax) for the fiscal year ending December 31, 2024, pending approval at the upcoming annual general meeting[121] - The company has established five specialized committees within the board, including the audit committee, remuneration and assessment committee, nomination committee, strategic committee, and risk and compliance management committee[137]

中远海运能源运输股份有限公司 2024 年度 审计报告 | 索引 | | 页码 | | --- | --- | --- | | 审计报告 | | 1-5 | | 公司财务报表 | | | | — | 合并资产负债表 | 1-2 | | — | 母公司资产负债表 | 3-4 | | — | 合并利润表 | 5 | | — | 母公司利润表 | 6 | | — | 合并现金流量表 | 7 | | — | 母公司现金流量表 | 8 | | — | 合并股东权益变动表 | 9-10 | | — | 母公司股东权益变动表 | 11-12 | | — | 财务报表附注 | 13-120 | 审计报告 XYZH/2025BJAA13B0265 中远海运能源运输股份有限公司 中远海运能源运输股份有限公司全体股东： 一、 审计意见 我们审计了中远海运能源运输股份有限公司（以下简称中远海能）财务报表，包括 2024 年 12 月 31 日的合并及母公司资产负债表，2024 年度的合并及母公司利润表、合 并及母公司现金流量表、合并及母公司股东权益变动表，以及相关财务报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则 ...