Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 9.14 CNY [3][9]. Core Views - The company reported a total revenue of 19.23 billion CNY for the first three quarters of 2024, a year-on-year increase of 1.4%, while the net profit attributable to shareholders decreased by 10.4% to 3.37 billion CNY [1]. - The dry bulk segment showed significant growth, while the oil tanker and container shipping sectors faced demand pressures [1]. - The company plans to repurchase shares worth 2.22 to 4.43 billion CNY, reflecting confidence in its future performance [1]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 19.23 billion CNY, with a net profit of 3.37 billion CNY, down 10.4% year-on-year [1]. - The oil transportation segment generated a net profit of 2.06 billion CNY, a decrease of 2.9% year-on-year, while the dry bulk segment saw a net profit increase of 106.7% to 1.17 billion CNY [1]. - The company’s revenue structure is composed of oil transportation (36%), dry bulk (31%), container shipping (21%), roll-on/roll-off (7%), and other businesses (4%) [1]. Earnings Forecast - The company’s projected net profits for 2024, 2025, and 2026 are 5.21 billion CNY, 5.68 billion CNY, and 6.33 billion CNY, respectively, with corresponding EPS of 0.64 CNY, 0.70 CNY, and 0.78 CNY [2][3].

Investment Rating - The report maintains a "Recommend" rating for the company, with a target price of 8.52 yuan, implying a 26% upside potential from the current price [1][2] Core Views - The company's Q3 2024 non-GAAP net profit attributable to shareholders was 840 million yuan, down 4% YoY, mainly due to foreign exchange losses [1] - The report is optimistic about the upward cycle of the oil shipping industry, citing strong supply constraints and risk asset premium attributes [2] - The company plans to repurchase shares worth 222-443 million yuan to maintain its value, with the repurchased shares to be canceled [1] Financial Performance - Q3 2024 revenue was 6.06 billion yuan, up 0.5% YoY, while the first three quarters' revenue reached 19.3 billion yuan, up 1.4% YoY [1] - Q3 2024 gross margin was 24.4%, up 1.7 percentage points YoY, with the first three quarters' gross margin at 26.5%, up 0.7 percentage points YoY [1] - Q3 2024 net profit attributable to shareholders was 870 million yuan, down 11.7% YoY, while the first three quarters' net profit was 3.37 billion yuan, down 10.4% YoY [1] Business Segment Analysis - In Q3 2024, the bulk shipping segment saw a 22.7% YoY increase in revenue, while the oil shipping segment revenue decreased by 5% YoY [1] - The bulk shipping segment's Q3 2024 net profit surged 75.4% YoY, while the oil shipping segment's net profit dropped 27.8% YoY [1] - The average VLCC-TCE rate in Q3 2024 was $31,000 per day, down 7.6% YoY, while the BDI index averaged 1,871 points, up 56.7% YoY [1] Industry Outlook - The VLCC order book remains at historically low levels, with only 7.98% of total capacity on order, supporting a rise in freight rates [2] - Seasonal demand recovery, the issuance of the third batch of refined oil export quotas, and OPEC+'s expected production increase in December are expected to drive freight rates higher [2] Valuation and Forecast - The report adjusts the 2024-2026 net profit forecasts to 4.9 billion, 6.94 billion, and 7.89 billion yuan, respectively, with corresponding EPS of 0.60, 0.85, and 0.97 yuan [2] - The target market capitalization is 69.5 billion yuan, based on a 10x PE for the 2025 cycle, with a target price of 8.52 yuan [2]

证券代码：601872 证券简称：招商轮船 公告编号：2024[070] 招商局能源运输股份有限公司 关于与招商南油联合召开 2024 年第三季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个别及连带责任。 重要内容提示： http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络文字互动 投资者可于 2024 年 10 月 30 日（星期三）至 11 月 6 日（星期三） 12:00 前通过公司邮箱 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"）已于 2024 年 11 月 29 日发布公司 2024 年第三季度报告，为便于广大投资者更全面深入 地了解公司 2024 年前三季度经营成果、财务状况，也为了增进投资者对 招商局集团旗下航运板块的了解，本公司拟联合招商局集团旗下航运板 块另一上市公司招商局南京油运股份有限公司（601975.SH 简称"招商 会议召开时间：2024 年 11 月 6 日（星 ...

Investment Rating - The report maintains a "Buy" rating for the company [5][6]. Core Views - The company is expected to benefit from the release of capacity and an industry upturn, driven by both oil and bulk shipping segments [5]. - The company's Q3 2024 performance showed a net profit of 8.72 billion yuan, a year-on-year decline of 11.67%, primarily impacted by exchange rate fluctuations [5]. - The oil and bulk shipping segments contributed 89.5% to the company's net profit, with the oil tanker segment experiencing a net profit of 3.85 billion yuan, down 28% year-on-year [5]. - The company is actively optimizing its fleet structure and has placed orders for new energy-efficient vessels, expecting rapid capacity expansion in the coming years [5]. Financial Summary - For 2024, the company forecasts total revenue of 27.347 billion yuan, with a year-on-year growth rate of 5.7% [6]. - The net profit for 2024 is projected at 4.895 billion yuan, reflecting a slight increase of 1.2% year-on-year [6]. - The earnings per share (EPS) for 2024 is estimated to be 0.60 yuan, with a projected price-to-earnings (PE) ratio of 12 [6]. - The company plans to reduce its profit forecast for 2024-2026 due to lower-than-expected demand impacting freight rates [5].

证券代码：601872 证券简称：招商轮船 公告编号：2024[069] 招商局能源运输股份有限公司 关于回购股份事项前十大股东和前十大无限售条件 股东持股情况的公告 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。 招商局能源运输股份有限公司（以下简称"公司"）拟通过上海 证券交易所交易系统以集中竞价交易方式进行股份回购。公司已于 2024 年 10 月 17 日召开第七届董事会第十四次临时会议审议通过了 《关于审议<公司以集中竞价方式回购公司股份的方案>的议案》。回 购方案具体情况详见公司在《中国证券报》《证券时报》及上海证券 交易所网站（http://www.sse.com.cn）上披露的《关于以集中竞价方式 回购公司股份方案的公告》（公告编号 2024[063]）。本方案尚需提交 本公司 2024 年度第二次临时股东大会审议。 根据《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，现将公司审议回购事项 所召开的 2024 年第二次临时股东大会股权登记日（即 2024 年 10 ...

证券代码：601872 证券简称：招商轮船 公告编号：2024[068] 招商局能源运输股份有限公司 第七届董事会第十五次会议决议公告 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。 招商局能源运输股份有限公司（以下简称"公司"、"本公司" 及"招商轮船"）2024 年 10 月 15 日以电子邮件、书面送达等方式向 公司全体董事、监事和高级管理人员书面发出《公司第七届董事会第 十五次会议通知》。2024 年 10 月 28 日，公司第七届董事会第十五 次会议（以下简称"本次会议"）以书面审议方式召开。本次会议应 参加董事 12 名，实际参加董事 12 名。会议召开的时间、方式符合 《中华人民共和国公司法》等法律、行政法规和部门规章以及《公司 章程》的规定。 本次会议以书面投票表决方式审议通过了以下议案： 一、关于审议《公司 2024 年第三季度报告》的议案 董事会审议通过了《公司 2024 年第三季度报告》。 1 董事会审计委员已于本次会议前审议通过了公司 2024 年第三季 度报告。 详细内容请见公司于同日在《中国证券报》《 ...

Financial Performance - The company's operating revenue for Q3 2024 was CNY 6,061,716,597.86, representing a year-on-year increase of 0.48%[2] - The net profit attributable to shareholders for Q3 2024 was CNY 872,247,922.27, a decrease of 11.67% compared to the same period last year[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 843,484,231.74, down 4.40% year-on-year[3] - The basic earnings per share for Q3 2024 was CNY 0.11, reflecting a decrease of 8.33% compared to the previous year[3] - The weighted average return on equity for Q3 2024 was 2.32%, a decline of 0.44 percentage points year-on-year[3] - Total operating revenue for the first three quarters of 2024 reached CNY 19.30 billion, a slight increase from CNY 19.02 billion in the same period of 2023, representing a growth of approximately 1.42%[26] - Net profit for the first three quarters of 2024 was CNY 3.44 billion, down from CNY 3.82 billion in 2023, reflecting a decrease of approximately 9.83%[27] - Basic earnings per share for the first three quarters of 2024 were CNY 0.41, compared to CNY 0.46 in the same period of 2023, a decline of about 10.87%[29] - The company reported a decrease in comprehensive income total to CNY 3.18 billion in 2024 from CNY 4.68 billion in 2023, a decline of about 32.06%[29] Assets and Liabilities - Total assets at the end of Q3 2024 amounted to CNY 65,913,442,235.93, an increase of 5.64% from the end of the previous year[3] - The equity attributable to shareholders at the end of Q3 2024 was CNY 37,313,113,179.08, up 1.14% from the end of the previous year[3] - The company's current assets decreased to CNY 9.49 billion from CNY 11.08 billion, a decline of about 14.25%[22] - The total liabilities increased to CNY 27.83 billion from CNY 25.06 billion, reflecting a rise of approximately 11.06%[24] - Short-term borrowings surged to CNY 8.82 billion, up from CNY 4.99 billion, indicating a significant increase of around 76.00%[23] - The company's long-term investments rose to CNY 6.19 billion, compared to CNY 5.22 billion, marking an increase of approximately 18.59%[23] - The total equity attributable to shareholders increased to CNY 37.31 billion from CNY 36.89 billion, a growth of about 1.14%[24] - The cash and cash equivalents decreased to CNY 4.03 billion from CNY 4.95 billion, a decline of approximately 18.56%[22] - The company's inventory decreased to CNY 1.24 billion from CNY 1.31 billion, reflecting a reduction of about 5.00%[22] - The company reported a decrease in accounts payable to CNY 2.52 billion from CNY 2.79 billion, a decline of approximately 9.59%[23] - The company’s non-current liabilities decreased to CNY 11.31 billion from CNY 12.53 billion, a reduction of about 9.73%[24] Cash Flow - The net cash flow from operating activities for the year-to-date was CNY 6,402,162,610.49, a decrease of 4.13% year-on-year[3] - Cash flow from operating activities for the first three quarters of 2024 was CNY 6.40 billion, a decrease from CNY 6.68 billion in 2023, representing a decline of approximately 4.12%[30] - The company recorded a net cash inflow from investment activities of CNY 367.35 million in 2024, compared to CNY 324.80 million in 2023, reflecting an increase of about 13.09%[30] - The net cash flow from investing activities was negative at approximately -$6.69 billion, worsening from -$2.96 billion year-over-year[31] - Cash inflow from financing activities totaled approximately $10.78 billion, up from $5.66 billion in the previous period, reflecting increased borrowing[31] - Cash outflow for debt repayment was approximately $8.30 billion, a decrease from $13.05 billion in the previous period, indicating improved cash management[31] - The net cash flow from financing activities was negative at approximately -$637 million, an improvement from -$10.07 billion year-over-year[31] - The ending balance of cash and cash equivalents was approximately $4.03 billion, down from $4.83 billion in the previous period[31] Market and Operational Insights - The average TCE for the TD3C route was $36,846 per day, an increase of 4.24% year-on-year, with a TCE of $28,341 per day for the period from July to September 2024, up 38.7% year-on-year[13] - The VLCC market was impacted by OPEC+ voluntary production cuts and lower-than-expected Chinese imports, leading to a fluctuating WS50 point range for the Middle East-China route[13] - The company has placed orders for 5 VLCC and 5 Aframax new vessels, while 10 existing VLCC vessels have been retrofitted with desulfurization towers, enhancing service capabilities and future profitability potential[14] - The average BDI for the first three quarters was 1,845 points, a year-on-year increase of 57%, driven by strong performance in the Capesize market[15] - The company's dry bulk fleet achieved an average TCE growth of 21% year-on-year, outperforming the market through strategic operations and capacity management[15] - The company continues to strengthen its global operations and market share in long-haul routes while ensuring the successful loading rate of its VLCC fleet[14] - The company actively utilizes market fluctuations to implement a ship-cargo separation strategy, enhancing revenue generation[15] - The effective operating days of the fleet were reduced due to dry-docking and retrofitting costs, which also led to a temporary increase in depreciation expenses[14] Strategic Developments - The company is committed to upgrading its existing fleet and has made significant progress in new vessel construction and retrofitting projects[15] - The company's foreign trade market benefited from the continuous appreciation of Chinese automobile exports, leading to a demand increase and maintaining high volatility[16] - The company added 3 vessels for foreign trade and actively expanded new routes to Mexico and Brazil, achieving good results[16] - In the domestic trade market, demand is under pressure with freight rates declining; however, the company is enhancing customer and route expansion to solidify its international operations[16] - In the third quarter, container shipping demand grew by 4.9% year-on-year, a decrease from 6.4% in the second quarter, indicating a slowdown in trade volume growth[17] - The company added new routes to India and increased chartered capacity for Southeast Asia, showing a significant recovery in fleet performance in the second half of the year[17] - The LNG shipping business remains stable, with ongoing breakthroughs in new projects by the wholly-owned subsidiary CMLNG and the joint venture CLNG[18] - The newly established subsidiary "Cloud Chain Digital Technology" aims to provide digital upgrades and customized services for the shipping trade, leveraging blockchain technology[19] - The company signed digital project cooperation agreements with several organizations, marking a milestone in its digitalization strategy[19] Research and Development - Research and development expenses increased significantly to CNY 8.23 million in 2024 from CNY 2.23 million in 2023, marking an increase of about 269.73%[26] Accounting and Reporting Changes - The company has adopted new accounting standards starting in 2024, which may affect future financial reporting[32]

招商轮船：前三季度净利润33.69亿元 同比下降10.35% 财联社10月28日电，招商局能源运输股份有限公 司发布2024年第三季度报告，前三季度实现营业收入192.96亿元，同比增长1.44%；归属于上市公司股 东的净利润33.69亿元，同比下降10.35%；基本每股收益0.41元。 第三季度实现营业收入60.62亿元，同比增长0.48%；归属于上市公司股东的净利润8.72亿元，同比下降 11.67%。 公司表示，净利润下降主要系本年度中期所得税费用增加，同时收到的政府补助减少共同影响所致。 查看公告原文 ...

2024年第二次临时股东大会 会议资料 二、本公司根据《公司法》、《证券法》、《上市公司股 东大会规则》及《公司章程》的规定，认真做好召开股东大会 的各项工作。 三、股东大会设立秘书处，负责大会的程序安排和会务工 作。 四、董事会在股东大会的召开过程中，应当以维护股东的 合法权益，确保正常程序和议事效率为原则，认真履行法定职 责。 五、股东参加股东大会，依法享有发言权、表决权等各项 权利，认真履行法定义务，不得侵犯其他股东的合法权益，不 得扰乱大会的正常秩序。 六、每一股东发言原则上不得超过两次，每次发言不得超 二〇二四年十一月一日 | 2024年第二次临时股东大会会议须知 1 | | --- | | 会议议案 3 | | 议案1：关于审议《公司以集中竞价方式回购公司股份的方案》的议案 4 | | 议案1.01：回购股份的目的 5 | | 议案1.02：回购股份符合相关条件 5 | | 议案1.03：回购股份的方式、价格区间 5 | | 议案1.04：回购股份的种类、用途、金额、数量和比例 6 | | 议案1.05：回购股份的资金来源 7 | | 议案1.06：回购股份的实施期限 7 | | 议案1.07：回 ...

证券代码：601872 证券简称：招商轮船 公告编号：2024[067] 招商局能源运输股份有限公司 关于回购股份事项前十大股东和前十大无限售条件 股东持股情况的公告 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。 招商局能源运输股份有限公司（以下简称"公司"）拟通过上海 证券交易所交易系统以集中竞价交易方式进行股份回购。公司已于 2024 年 10 月 17 日召开第七届董事会第十四次临时会议审议通过了 《关于审议<公司以集中竞价方式回购公司股份的方案>的议案》。回 购方案具体情况详见公司在《中国证券报》《证券时报》及上海证券 交易所网站（http://www.sse.com.cn）上披露的《关于以集中竞价方式 回购公司股份方案的公告》（公告编号 2024[063]）。本方案尚需提交 本公司 2024 年度第二次临时股东大会审议。 根据《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，现将公司董事会公告回 购股份决议的前一个交易日（即 2024 年 10 月 17 日）登记在册的 ...