招商局能源运输股份有限公司 关于参加招商局集团有限公司上市公司 集体业绩说明会的公告 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个别及连带责任。 重要内容提示： 投资者可于 2025 年 4 月 9 日（星期三）至 4 月 14 日（星期一） 16:00 前通过公司投资者关系邮箱 ir@cmhk.com 进行提问。公司将在 说明会上对投资者普遍关注的问题进行回答。 招商局能源运输股份有限公司（以下简称"公司"或"本公司"） 的实际控制人招商局集团有限公司（以下简称"招商局集团"）将举 办"'创新驱动，创建一流'招商局集团上市公司集体业绩说明会"， 旨在加强与投资者沟通，推进上市公司高质量发展。招商局集团旗下 会议召开时间：2025 年 4 月 16 日（星期三）14:30-17:00 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/） 会议召开方式：现场交流、视频直播、网络文字互动 五家沪市上市公司将于 2025 年 4 月 16 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [2][4][6] Core Views - The company's oil transportation revenue is under pressure, but its profitability remains resilient. The dry bulk segment shows significant profit growth driven by both volume and price increases, while the container shipping segment benefits from structural optimization leading to improved profit margins [4][9] - For 2024, the company reported a slight decline in revenue to RMB 25.799 billion, down 0.32% year-on-year, while net profit increased by 5.59% to RMB 5.107 billion. The performance in the fourth quarter showed a significant rebound, with net profit reaching RMB 1.738 billion, a 99.31% increase quarter-on-quarter [9][10] - The outlook for 2025 suggests a tightening supply-demand balance in the oil tanker market, with expectations for VLCCs to regain leadership due to accelerated scrapping of older vessels and trade restructuring. The dry bulk segment is expected to see steady demand growth, while container shipping may face short-term oversupply pressures but is projected to maintain stable growth in trade volume [9][10] Summary by Sections Financial Performance - In 2024, the company achieved operating revenue of RMB 257.99 billion, a slight decrease of 0.32% year-on-year, and a net profit of RMB 51.07 billion, an increase of 5.59%. The breakdown by business segments shows net profits of RMB 26.35 billion for oil transport, RMB 15.48 billion for dry bulk, RMB 13.14 billion for container shipping, and RMB 3.37 billion for roll-on/roll-off services [4][9] - The company expects net profits for 2025-2027 to be RMB 59.10 billion, RMB 70.72 billion, and RMB 78.46 billion, representing year-on-year growth rates of 15.7%, 19.7%, and 10.9% respectively [6][10] Valuation Metrics - The report adjusts the earnings per share (EPS) forecast for 2025-2027 to RMB 0.73, RMB 0.87, and RMB 0.96, with corresponding price-to-earnings (PE) ratios of 8.0, 6.7, and 6.0 [6][10] - The company maintains a strong outlook for profitability driven by the dual cycles of oil and dry bulk markets, which are expected to provide earnings elasticity [6][9]

证券代码：601872 证券简称：招商轮船 公告编号：2025[015] 招商局能源运输股份有限公司 关于加快回购公司股份的自愿性披露公告 本公司董事会及董事保证本公告内容不存在虚假记载、误导性 陈述或者重大遗漏，并对其内容的真实性、准确性和完整性负个别 及连带责任。 公司将严格按照《上市公司股份回购规则》《上海证券交易所上 市公司自律监管指引第 7 号——回购股份》等相关规定，在回购期限 内根据市场情况择机做出回购决策并予以实施，并根据回购股份事项 进展情况及时履行信息披露义务，敬请广大投资者注意投资风险。 特此公告。 招商局能源运输股份有限公司董事会 2025 年 4 月 8 日 2 招商局能源运输股份有限公司（以下简称"公司"）于 2024 年 10 月 17 日召开第七届董事会第十四次临时会议，并于 2024 年 11 月 1 日召开 2024 年第二次临时股东大会，审议通过了《关于公司以集 中竞价交易方式回购公司股份的议案》，同意公司以自有或自筹资金 通过上海证券交易所以集中竞价交易方式回购公司股份，回购金额不 低于人民币 2.22 亿元（含），不超过人民币 4.43 亿元（含），回购 的股份全部用 ...

Core Viewpoint - The China Oil and Gas Industry Index has experienced a significant decline, reflecting broader market trends and specific sector challenges [1][2]. Group 1: Index Performance - The China Oil and Gas Industry Index fell by 8.92% to 1632.1 points, with a trading volume of 26.382 billion yuan [1]. - Over the past month, the index has increased by 2.07%, but it has decreased by 0.87% over the last three months and by 3.18% year-to-date [2]. Group 2: Index Composition - The index includes companies involved in oil and gas exploration, equipment manufacturing, transportation, sales, refining, and primary petrochemical production [2]. - The top ten weighted companies in the index are: China National Petroleum (10.09%), China National Offshore Oil (9.82%), Sinopec (9.34%), Guanghui Energy (5.09%), and others [2]. - The index is primarily composed of companies listed on the Shanghai Stock Exchange (70.67%) and the Shenzhen Stock Exchange (29.33%) [2]. Group 3: Sector Allocation - The index's sector allocation is as follows: Energy (61.70%), Materials (20.44%), Industrials (15.07%), Financials (1.75%), and Utilities (1.03%) [2]. Group 4: Index Adjustment Mechanism - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [3]. - In special circumstances, the index may undergo temporary adjustments, such as when a sample company is delisted or undergoes significant corporate changes [3]. Group 5: Related Funds - Public funds tracking the oil and gas industry include: Guotai China Oil and Gas Industry Link A, Guotai China Oil and Gas Industry Link C, and Guotai China Oil and Gas Industry ETF [3].

Investment Rating - The investment rating for the company is "Buy" and it is maintained [8]. Core Views - The company is expected to achieve a revenue of 25.8 billion yuan in 2024, a slight decrease of 0.3% year-on-year, while the net profit attributable to shareholders is projected to be 5.11 billion yuan, an increase of 5.6% year-on-year. The net profit after deducting non-recurring items is estimated at 5.02 billion yuan, reflecting an 8.1% year-on-year growth [2][5]. Financial Performance - The average daily freight rates for various oil tanker types in 2024 are projected to be 37,000 USD for VLCC, 40,000 USD for Suezmax, and 40,000 USD for Aframax, with year-on-year changes of +59.5%, -24.8%, and -16.3% respectively [10]. - The company has secured 30.7% of its oil tanker freight income from transactions with Unipec, a state-owned enterprise, ensuring a stable supply of cargo [10]. - The company’s VLCC fleet is undergoing continuous upgrades, resulting in a decrease of approximately 6% in the average breakeven point year-on-year [10]. Market Dynamics - The dry bulk freight index (BDI) and its sub-indices have shown significant year-on-year increases, with BDI at 1755 (+27.3%), BCI at 2724 (+37.8%), and BPI at 1567 (+9.7%) [10]. - The company has adopted a flexible strategy for its smaller vessel types, including long-term transportation agreements with miners and opportunistic chartering [10]. - The company’s container shipping segment has benefited from high demand, with freight rates for routes to Australia and Southeast Asia increasing by 214% and 180% respectively in 2024 [10]. Future Outlook - The company is positioned to benefit from a potential recovery in oil and dry bulk shipping markets, with expectations of improved demand due to geopolitical factors and economic recovery [10]. - The projected net profits for the company for 2025, 2026, and 2027 are 6.4 billion yuan, 7.0 billion yuan, and 7.2 billion yuan respectively, with corresponding price-to-earnings ratios of 8.4, 7.7, and 7.5 [10].

重要内容提示： 股东大会召开日期：2025年4月29日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票系统 一、 召开会议的基本情况 (一)股东大会类型和届次 2024 年年度股东大会 证券代码：601872 证券简称：招商轮船 公告编号：2025-014 招商局能源运输股份有限公司 关于召开 2024 年年度股东大会的通知 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。 方式 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 4 月 29 日 14 点 30 分 召开地点：深圳市南山区太子路 1 号新时代广场 13 楼会议室 (五)网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2025 年 4 月 29 日 至 2025 年 4 月 29 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过互联 网投票平台的 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][8][20] Core Views - The company's performance in 2024 was weak, with total revenue of 25.799 billion yuan, a decrease of 0.32% year-on-year, and a net profit attributable to shareholders of 5.107 billion yuan, an increase of 5.59% year-on-year. The profit breakdown by segment shows net profits of 2.635 billion yuan for oil tankers, 1.548 billion yuan for bulk carriers, 1.314 billion yuan for container ships, and 0.337 billion yuan for ro-ro ships, with significant variances across segments [1][12] - The oil transportation sector was the main drag on performance due to weak global economic conditions leading to OPEC+ production cuts and a shift towards lower-cost black market oil, which reduced demand for compliant oil transportation. Conversely, the bulk shipping sector benefited from increased imports of bulk goods in China and longer shipping distances, resulting in a 27.3% year-on-year increase in the average BDI [2][15] - The company plans to distribute a cash dividend of 1.56 yuan per 10 shares, totaling approximately 1.264 billion yuan, with a total dividend payout of 2.079 billion yuan for 2024, resulting in a payout ratio of 40.7%. Additionally, the company will repurchase approximately 5.562 million shares, further enhancing shareholder returns [3][16] Financial Summary - The company has adjusted its profit forecasts for 2025 and 2026 from 6.15 billion yuan and 6.58 billion yuan to 5.97 billion yuan and 6.54 billion yuan, respectively, while introducing a 2027 profit forecast of 6.83 billion yuan. The corresponding PE ratios are projected to be 8.9, 8.1, and 7.8 times [5][17] - The financial indicators for 2024 show a net profit of 5.107 billion yuan, with a projected increase to 5.971 billion yuan in 2025, reflecting a growth rate of 16.9%. Revenue is expected to rise to 28.973 billion yuan in 2025, marking a 12.3% increase [6][18]

Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company reported a net profit that exceeded expectations in Q4 2024, driven by significant contributions from VLCC and container shipping [2] - The outlook for 2025 suggests that the tanker freight market will remain strong, with a reduction in nominal capacity expected due to restrictions on the "shadow fleet" and the inefficiency of aging vessels [3] - The company is expected to maintain a high dividend payout ratio, with a proposed dividend of 1.56 CNY per 10 shares, representing a total payout of 43.3% of net profit [3][4] Financial Summary - The company forecasts revenues of 257.99 billion CNY in 2024, increasing to 275.20 billion CNY in 2025, with a projected growth rate of 6.67% [5] - The net profit is expected to rise from 5.107 billion CNY in 2024 to 6.685 billion CNY in 2025, reflecting a growth rate of 30.89% [5] - Earnings per share (EPS) is projected to increase from 0.63 CNY in 2024 to 0.82 CNY in 2025, with a P/E ratio decreasing from 10.17 to 7.77 [5] Business Performance - The company achieved a revenue of 92.06 billion CNY from oil transportation, despite a decline of 4.8%, while net profit from this segment was 26.35 billion CNY, down 14.5% [9] - The dry bulk segment saw an increase in revenue to 79.40 billion CNY, up 11.7%, with net profit rising by 72% to 15.48 billion CNY [9] - Container shipping revenue was 54.34 billion CNY, a slight decrease of 1.9%, but net profit increased by 50.5% to 13.14 billion CNY [9] Capital Expenditure and Future Outlook - The company plans significant capital expenditures of 117 billion CNY in 2025 and 142 billion CNY in 2026 [3] - The overall supply-demand fundamentals for the oil tanker market are expected to remain favorable, with VLCC likely to regain its leading position in the coming years [4]

Core Insights - The company achieved a revenue of 25.799 billion yuan in 2024, a slight decrease of 0.32%, while the net profit attributable to shareholders was 5.107 billion yuan, an increase of 5.59% [1] - In Q4 alone, the revenue was 6.503 billion yuan, down 5.18%, but the net profit reached 1.738 billion yuan, up 61.1%, marking a three-year quarterly high [1] Business Performance Analysis - Oil transportation revenue was 9.206 billion yuan, down 4.8%, with a net profit of 2.635 billion yuan, down 14.5%. The freight rates for oil tankers showed a fluctuating trend, with average TCE for VLCC, Suezmax, and Aframax at $39,000/day, $47,000/day, and $44,000/day, reflecting year-on-year declines of 20.5%, 15.5%, and 21.7% respectively [1] - Bulk shipping revenue increased to 7.940 billion yuan, up 11.7%, with net profit reaching 1.548 billion yuan, up 72% due to favorable seasonal conditions [1] - Container shipping revenue was 5.434 billion yuan, down 1.9%, with net profit of 1.314 billion yuan, up 50.5%, driven by significant capacity increases in Southeast Asia and South Asia routes [1] Fleet Optimization and Capital Expenditure - The company received three new Aframax tankers in 2024 and has placed orders for additional vessels, with capital expenditures projected at 11.7 billion yuan in 2025 and 14.2 billion yuan in 2026 [2] - Operating cash flow for 2024 is expected to be 8.476 billion yuan, down 4.95%, with a debt-to-asset ratio of 42.2%, an increase of 2 percentage points [2] - The company plans to distribute a dividend of 1.56 yuan per 10 shares, resulting in a total dividend payout ratio of 40.7%, alongside a share buyback amounting to 132 million yuan, which together accounts for 43.3% of net profit attributable to shareholders [2] Market Outlook - The freight market for oil tankers is expected to maintain a positive trend in 2025, with a reduction in nominal capacity for VLCCs anticipated due to restrictions on "shadow fleets" and the aging fleet being less efficient [3] - If sanctions are lifted, older tankers may face a peak in scrapping, leading to a favorable supply-demand balance in the oil tanker market [3] Profit Forecast and Investment Recommendation - The company’s net profit is projected to reach 6.685 billion yuan, 6.953 billion yuan, and 7.311 billion yuan for 2025, 2026, and 2027 respectively, supported by a favorable outlook for the VLCC sector and benefits from the commencement of the West Manganese iron ore project [4] - The company is expected to maintain a "buy" rating due to the synergistic growth across its various business segments [4]

Core Viewpoint - In 2024, the company reported a slight decrease in revenue but a notable increase in net profit, indicating resilience in a challenging market environment [1] Group 1: Financial Performance - In 2024, the company achieved operating revenue of 25.799 billion yuan, a year-on-year decrease of 0.3%, while net profit attributable to shareholders was 5.11 billion yuan, an increase of 5.6% [1] - In Q4 2024, the company recorded operating revenue of 6.5 billion yuan, a year-on-year decrease of 5.2%, but net profit rose significantly by 61.1% to 1.74 billion yuan [1] - The company's non-recurring net profit for 2024 was 5.02 billion yuan, reflecting an 8.1% year-on-year increase [1] Group 2: Industry Analysis - The oil transportation sector faced challenges due to declining crude oil demand, with the average TCE for VLCC in 2024 at $39,239 per day, down 20.5% year-on-year [2] - Despite the downturn in the oil sector, the company's VLCC fleet outperformed industry averages, with a significant reduction in the average breakeven point by approximately 6% [2] - The dry bulk shipping sector saw a positive trend, with Cape-sized bulk carrier earnings increasing by 58% in 2024, supported by rising imports and longer shipping distances [2] Group 3: Market Outlook - The oil transportation market is expected to remain strong in 2025, driven by OPEC+'s exit from voluntary production cuts and ongoing U.S. sanctions on Iran and Venezuela [3] - The dry bulk market is anticipated to balance upwards in the medium to long term, influenced by U.S. tariff policies and geopolitical developments [3] - The company forecasts revenue growth for 2025-2027, with expected revenues of 27.730 billion yuan, 29.328 billion yuan, and 30.324 billion yuan, respectively [3]