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 ...

重要内容提示： 每股分配比例 A 股每股现金红利 0.1 元(含税) 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2024/10/30 | － | 2024/10/31 | 2024/10/31 | 差异化分红送转： 否 证券代码：601872 证券简称：招商轮船 公告编号：2024-066 招商局能源运输股份有限公司 2024 年半年度权益分派实施公告 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。 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司 2024 年 6 月 26 日的 2023 年年度股东大会授权，由 2024 年 8 月 28 日召开的公司第七届董事会第十三次会议审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 本次利润分配以方 ...