各位投资者大家下午好我是招商证券交易行业的分析师肖清晨今天的话也是非常荣幸邀请到了招商男友的领导来参加今天的2024年度的业绩交流会那么首先也是恭喜招商男友在2024年度取得了比较不错的业绩 那么首先有请赵少南邮的领导对2024年全年的一个业绩做一个简单的总结发言谢谢好的公司24年度延续了22年以来的良好态势抢抓了比较好的市场机遇质量效益规模得到全面提升全年完成货运量4656万吨周转量1006亿吨千米 实现营业收入64.75亿元利润总额22.47亿元规模净利润19.21亿元静音效应第三年再创历史新高到20年末公司资产负债情况总资产129.27亿总负债仅为19.5个亿有两项关键的财务指标一个资产负债率15.08%较年初 进一步下降6.36个百分点尤其债务较年初也是减少了6.56个亿利润实现情况就是本年刚才说的利润总额22.47亿同比增加了3.9亿元增幅达到了两位数20.99%其中一个是运输利润同比增加了1.09亿元主要还是得益于24年全年尤其是 上半年外贸运价同比比上一年要高我们的化学品外贸业务占比提高贡献的利润相应产生了增量第二个公司总体财务费用同比减少了6709万元主要是因为公司货币资金比较充足到年末达到了 ...

招商局南京油运股份有限公司 2024 年年度股东大会会议资料 2025 年 4 月 22 日 招商局南京油运股份有限公司 2024 年年度股东大会议程 时间：2025 年 4 月 22 日上午 9:30 地点：南京市中山北路 324 号油运大厦 16 楼会议室 主持人：丁磊董事长 会议议程 一、审议议题 1.2024 年年度报告全文和摘要 2.2024 年度董事会工作报告 3.2024 年度监事会工作报告 4.2024 年度财务决算和 2025 年度财务预算报告 5.2024 年度利润分配方案 6.2024 年度独立董事述职报告 7.关于与招行南京分行续签金融服务协议的议案 8.关于 2025 年度日常关联交易的议案 9.关于聘任 2025 年度审计机构的议案 二、股东发言及股东提问。 三、与会股东和股东代表对议案投票表决。 四、大会休会（统计现场投票表决结果）。 五、宣布现场表决结果。 招商局南京油运股份有限公司 2024 年年度股东大会会议资料 议案一：2024 年年度报告全文和摘要 各位股东： 根据《证券法》和《上海证券交易所股票上市规则》的规定，以及 中国证监会《公开发行证券的公司信息披露内容与格式准 ...

会议召开方式：现场交流、视频直播、网络文字互动 证券代码：601975 证券简称：招商南油 公告编号：临 2025-011 招商局南京油运股份有限公司 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法律责任。 重要内容提示： 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/） 投资者可于 2025 年 4 月 9 日（星期三）至 4 月 14 日（星期一）16:00 前通过公司邮箱 irm@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。 一、说明会类型 本次集体业绩说明会以现场交流、视频直播、网络文字互动等形式召开，公 司将针对 2024 年度的经营成果及财务指标的具体情况与投资者进行坦诚互动、 交流和沟通，在信息披露允许的范围内就投资者普遍关注的问题进行回答。 招商局 ...

根据《公司法》和《公司章程》的有关规定，张翼先生的辞职报告自送达公 司董事会之日起生效。张翼先生的辞职不会影响公司董事会依法规范运作，也不 会影响公司正常的经营发展。 张翼先生任职期间恪尽职守、勤勉尽责，为公司的战略发展、规范治理等方 面做出了重要贡献，公司对其表示衷心的感谢。 特此公告。 招商局南京油运股份有限公司董事会 2025 年 4 月 3 日 证券代码：601975 证券简称：招商南油 公告编号：临 2025-009 招商局南京油运股份有限公司 关于公司董事长辞职的公告 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。 招商局南京油运股份有限公司（以下简称"公司"）董事会于近日收到公司 董事长张翼先生的书面辞职报告。张翼先生因工作变动调整，申请辞去公司董事 长、董事及董事会战略委员会主任委员职务，辞职后将不再担任公司任何职务。 1 ...

证券代码：601975 证券简称：招商南油 公告编号：临 2025-010 招商局南京油运股份有限公司 第十一届董事会第九次会议决议公告 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、董事会会议召开情况 公司于 2025 年 3 月 31 日以电子邮件的方式发出召开第十一届董事会第九次 会议的通知，会议于 2025 年 4 月 3 日以通讯表决的方式召开。会议应参与表决 董事 8 人，实际参与表决董事 8 人。本次会议的召开符合《公司法》和《公司章 程》的规定，会议决议合法、有效。 二、董事会会议审议情况 会议表决通过了如下决议： （一）通过《关于选举公司董事长的议案》。 董事会选举丁磊先生为公司第十一届董事会董事长。 同意 8 票，反对 0 票，弃权 0 票。 （二）通过《关于选举董事会战略委员会主任委员的议案》。 董事会同意丁磊先生担任董事会战略委员会主任委员。调整后的战略委员会 成员如下： 主任委员：丁磊 委员：李增忠、梅向才、周德全 同意 8 票，反对 0 票，弃权 0 票。 招商局南京油运股份有限公司董事会 2 ...

证券代码：601975 证券简称：招商南油 公告编号：临 2025-008 招商局南京油运股份有限公司 关于控股股东增持公司股份计划完成的公告 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： 二、增持计划的主要内容 本次权益变动属于增持变动，不涉及要约收购，招商局南京油运股份有限公 司（以下简称"招商南油"或"公司"）控股股东、实际控制人未发生变化。 增持计划基本情况：公司于 2024 年 10 月 14 日披露了《关于控股股东增持 公司股份计划的公告》（临 2024-034），公司控股股东中国长江航运集团有限公 司（以下简称"长航集团"）拟于前述公告披露之日起 6 个月内，通过上海证券 交易所允许的方式（包括但不限于集中竞价交易、大宗交易等）增持公司 A 股股 份；本次拟增持股份不低于公司总股本的 1%，不超过公司总股本的 1.72%；本次 增持计划的价格上限为不超过 4.67 元/股（以下简称"本次增持计划"）。 增持计划实施结果：截至 2025 年 3 月 31 日，长航集团累计增持公司股份 82,591 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [7][11][13] Core Views - The company is experiencing pressure on performance due to fluctuations in freight rates, but its flexible operations are expected to stabilize performance [5][11] - In 2024, the company achieved operating revenue of 6.475 billion yuan, a year-on-year increase of 4.5%, and a net profit attributable to shareholders of 1.921 billion yuan, a year-on-year increase of 23.4% [5][11] - The company is a leader in the refined oil transportation market in the Far East, with a strong ability to withstand risks and navigate through cycles [5][11][13] Financial Performance Summary - In Q4 2024, the company reported operating revenue of 1.467 billion yuan, a year-on-year decrease of 5.3%, and a net profit of 265 million yuan, a year-on-year decrease of 25.0% [5][11] - The refined oil transportation business generated revenue of 3.751 billion yuan in 2024, with a gross margin of 32.8%, down 2.88 percentage points year-on-year [11][12] - The crude oil transportation business maintained stable revenue of 1.866 billion yuan, with a gross margin of 37.7% [11][12] Future Outlook - The company expects operating revenues for 2025, 2026, and 2027 to be 6.520 billion yuan, 7.006 billion yuan, and 7.536 billion yuan respectively, with year-on-year growth rates of 0.7%, 7.5%, and 7.6% [13][14] - Net profit attributable to shareholders is projected to be 1.630 billion yuan in 2025, reflecting a year-on-year decrease of 15.1%, followed by increases in subsequent years [13][14] - The company is anticipated to maintain a strong position in the market due to its flexible fleet operations [5][11][13]

Investment Rating - The investment rating for the company is Neutral, downgraded from Outperform [3][5][12]. Core Views - The company reported a rapid growth in annual performance for 2024, achieving a revenue of 6.475 billion yuan, a year-on-year increase of 4.5%, and a net profit attributable to shareholders of 1.921 billion yuan, up 23.38% year-on-year. However, Q4 showed a significant decline in performance, with revenue of 1.467 billion yuan, down 0.89% quarter-on-quarter, and a net profit of 265 million yuan, down 39.10% quarter-on-quarter [1][6]. - The transportation demand for refined oil in 2024 was highly volatile, with freight rates peaking and then declining. Despite strong performance in the first half of the year, the average freight rate for the year did not show significant increases due to geopolitical factors and competition from crude oil tankers [1][9]. - The outlook for 2025 suggests a return to normal demand for refined oil, supported by OPEC+ production increases and a long-term trend of "refining energy moving east," which is expected to bolster medium to long-term demand [2][11]. Summary by Sections Financial Performance - In 2024, the company's refined oil transportation revenue increased by 9.3% to 3.75 billion yuan, but the gross margin declined by 2.88 percentage points to 32.8% [1][9]. - The crude oil transportation business generated revenue of 1.87 billion yuan, a year-on-year increase of 4.1%, with a gross margin of 37.7% [2][9]. - Chemical transportation revenue reached 470 million yuan, up 6.4% year-on-year, with a gross margin of 18.7% [2][9]. - The company disposed of four old vessels in 2024, contributing 270 million yuan in asset disposal gains, which helped drive overall performance growth [3][12]. Earnings Forecast - The earnings forecast for 2025-2026 has been revised down from 2.26 billion yuan and 2.37 billion yuan to 1.57 billion yuan and 1.61 billion yuan, respectively, with a new forecast for 2027 set at 1.64 billion yuan [3][12]. - The corresponding PE ratios are projected at 9.3, 9.0, and 8.9 for 2025, 2026, and 2027, respectively [3][12]. Key Financial Metrics - The company’s revenue for 2024 is projected at 6.475 billion yuan, with a net profit of 1.921 billion yuan [4][13]. - The gross margin is expected to stabilize around 32% in the coming years, with a slight decline in ROE from 17.7% in 2024 to 10.5% by 2027 [4][13].

Core Viewpoint - The company reported its 2024 annual results, showing a modest increase in revenue and a significant rise in net profit, despite a decline in Q4 performance [1] Revenue and Profit Summary - In 2024, the company achieved operating revenue of 6.475 billion yuan, up 4.5% year-on-year; net profit attributable to shareholders was 1.921 billion yuan, up 23.4% year-on-year; and net profit excluding non-recurring items was 1.669 billion yuan, up 8.6% year-on-year [1] - In Q4 2024, the company reported operating revenue of 1.467 billion yuan, down 5.3% year-on-year; net profit attributable to shareholders was 265 million yuan, down 25.0% year-on-year; and net profit excluding non-recurring items was 281 million yuan, down 19.5% year-on-year [1] Business Segment Performance - The company's refined oil transportation business generated revenue of 3.751 billion yuan in 2024, up 9.3% year-on-year, with a gross margin of 32.8%, down 2.88 percentage points [2] - The average Time Charter Equivalent (TCE) for MR-TC7 routes dropped significantly from 37,717 USD/day in the first half to 18,061 USD/day in the second half, a decline of 52.1% [2] - The crude oil transportation business generated revenue of 1.866 billion yuan, up 4.1% year-on-year, with a gross margin of 37.7%, remaining stable [3] - The company’s chemical and ethylene transportation businesses reported revenues of 466 million yuan and 199 million yuan, up 6.4% and 10.6% year-on-year, respectively, with gross margins of 18.7% and 32.4% [4] Future Outlook and Investment Recommendations - The company forecasts operating revenues of 6.520 billion yuan, 7.006 billion yuan, and 7.536 billion yuan for 2025-2027, with year-on-year growth rates of 0.7%, 7.5%, and 7.6% respectively [5] - Net profits are expected to be 1.630 billion yuan, 1.729 billion yuan, and 2.046 billion yuan for the same period, with year-on-year changes of -15.1%, +6.1%, and +18.4% respectively [5] - The company is recognized as a leader in the refined oil transportation market in the Far East, with flexible fleet operations and strong risk resilience, maintaining a "buy" rating [5]

Core Viewpoint - The company reported a revenue of 6.475 billion yuan for 2024, a year-on-year increase of 4.5%, and a net profit attributable to shareholders of 1.921 billion yuan, representing a year-on-year growth of 23.4% due to the sale of four old vessels, with asset disposal gains of 267 million yuan in 2024 [1] Group 1: Company Performance - In Q4 2024, the company achieved a revenue of 1.467 billion yuan, a year-on-year decrease of 5.3% and a quarter-on-quarter decrease of 0.9%, with a net profit of 265 million yuan, down 25.0% year-on-year and 39.1% quarter-on-quarter, primarily due to weak product oil freight rates in the previous year's Q4 [1] - The average freight rate for MR vessels on the Pacific route in 2024 was $29,779 per day, a year-on-year increase of 1.2% [1] Group 2: Industry Trends - The supply tightness logic remains, with sanctions on shadow fleets expected to further reduce effective capacity supply, indicating a continued upward industry cycle [2] - According to Clarksons, the current order backlog for MR vessels accounts for 16% of capacity, while vessels over 15 years old account for 41%, indicating that new orders are insufficient to meet future replacement needs [2] Group 3: Company Strategy - The company optimized its fleet structure and balance sheet by selling four old vessels and repurchasing two leased vessels to reduce interest-bearing debt [3] - As of the end of 2024, the company operated a total of 75 vessels, including 39 MR vessels, and continued to improve shareholder returns through share buybacks, which accounted for 1.05% of total equity in 2024 [3] - The company plans to use capital reserves to cover losses and expedite dividends to investors, enhancing shareholder returns and supporting valuation improvement [3] Group 4: Profit Forecast and Valuation - Due to underperformance in freight rates, the company revised its 2025 profit forecast down by 33.8% to 1.51 billion yuan and introduced a 2026 net profit estimate of 1.52 billion yuan [4] - The current stock price corresponds to a P/E ratio of 9.7 for 2025 and 9.6 for 2026, with a target price reduction of 11.9% to 3.7 yuan per share, indicating a potential upside of 21.7% from the current price [4]