证券代码：601975 证券简称：招商南油 公告编号：临 2024-032 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 2024 年 9 月 5 日以电子邮件的方式发出召开第十一届董事会第五次 会议的通知，会议于 2024 年 9 月 9 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。会议由董事长张翼先生主持。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《关于新建四艘 5 万吨级 MR 油化船的议案》。 为优化公司成品油船队运力结构，改善船队运营能力，提升公司成品油运输 市场竞争力，进一步增强公司可持续发展能力，公司董事会同意下属全资子公司 南京油运（新加坡）有限公司或其指定方投资不超过 1.828 亿美元，在非关联方 广船国际有限公司新建四艘 5 万吨级方便旗节能型 MR 油品/化学品船。新船为建 造方设计的最新一代 MR 型油化船，满足 TierⅢ排放标准，EEDI ...

p 司京评报 张晓云 zhangxiaoyun@xyzq.com.cn S0190514070002 公司大客户优质资源得到保障。招商南油重视大客户战略的执行，与大石 油公司建立了良好的合作关系，已与美孚、中石油、中石化等公司签订了 长期优质 COA 合同，具有优质货源保障。与其他国际大油公司和贸易商 等优质客户建立长期稳定合作关系。 肖祎 xiaoyiyjy@xyzq.com.cn S0190521080006 投资建议：预计公司 2024-2026 年归母净利润为 19.23/21.16/22.61 亿元， 对应 2024-2026 年 EPS 为 0.4/0.44/0.47 元，以公司 2024 年 8 月 23 日收盘 价计算，对应 2024-2026 年 PE 为 7.4/6.7/6.3 倍，维持公司"增持"评级。 王凯 wangkai21@xyzq.com.cn S0190521090002 | --- | --- | |------------------------------|-----------| | | | | ＃市场 ma 数 rk 据 etData ＃ | | | 日期 | 202 ...

招商南油（601975.SH） 优于大市 成品油运高景气，公司业绩高增长 招商南油公布 2024 年中报，Q2 业绩表现优异。招商南油发布 2024 年半年度 报告，2024H1 实现营业收入35.28 亿元，同比+11.78%，实现归母净利润12.20 亿元，同比+44.76%，实现扣非归母净利润 10.28 亿元，同比+23.97%。其中， 因处置 3 艘老旧船舶，资产处置收益约 2.1 亿元。 红海危机刺激需求，供需错配带来国际成品油运输市场高景气。需求侧来看， 一方面，预计 2024 年全球炼能增长 3.2%，带动成品油海运贸易需求提升； 另一方面，受红海危机的影响，船舶绕行好望角使得平均航行里程增长，带 动全球成品油吨海里数增长约 7%。供给侧来看，根据 Clarksons 数据，截至 2024 年 6 月，全球 MR 船舶共 1760 艘，订单船舶 242 艘，订单船舶占比 13.8%， 预计 2024 年将继续交付 27 艘，叠加环保新规制约，成品油轮有效运力供给 有限。供不应求的格局下，运价表现强劲，上半年成品油运输指数 BCTI 均 值 996 点，同比+20.28%，成品油运输 TC7 航 ...

[ T able_StockInfo] 2024 年 08 月 20 日 证券研究报告•2024 年半年报点评 当前价：3.02 元 招商南油（601975）交通运输 目标价：——元（6 个月） 营收及资产处置收益增加，业绩稳步增长 [Table_Summary 事件：招商南油公告 ] 2024 年半年报，2024 年上半年公司实现营业收入 35.28 亿元，同比增长 11.78%，归母净利润 12.20 亿元，同比增长 44.76%，归母净 利率为 34.59%。其中，第二季度实现营业收入 16.89亿元，同比增加 9.80%， 归母净利润 5.49 亿元，同比增加 25.66%，实现业绩稳步增长。 加快现有船队运力的优化和更新，提高船队竞争力。公司第十届董事会第二十 四次会议审议通过了《关于处置四艘 MR 船舶的议案》，授权经营层择机以不 低于评估值对外处置四艘老旧成品油 MR 船舶。公司将"CSC BRAVE"轮以 1895万美元的价格转让给Asian Express Shipping (Hong Kong) Limited；将"长 航发现"轮以 14280 万元的价格转让给山东港航油运有限公司；将"C ...

请参会人员务必注意本次电话会议交流内容仅限参会人员内部参考任何机构或个人不得以任何形式对电话会议任何内容进行泄露或外发请勿以任何方式索要、泄露、散布、转发电话会议纪要任何泄露电话会议纪要等信息的行为均为侵权行为申望洪源研究保留追究泄露转发者法律责任的权利 各位投资者大家好我是深万交易的首席分析师严海今天我们非常荣幸请到了招商南游的总快董秘金敏先生副总经理容晓琳先生跟我们做一个中报电话会的一个交流南游也是我们近期重点推荐的一个标的下面我们先请金敏先生对最近的中报还有 市场的情况做这么一个介绍后面我们会有问答的一个时间好的各位投资者大家早上好今天这个业绩交流会我们这边从我一般来讲 公关公司的一个经营和发展的副总经理游晓明先生以及我们总办和财务部的部门负责人参加了这个会议我想按照严老师刚才所讲我把我们上半年的业绩情况简要地说一说 然后再来看严老师和大家有什么具体的问题我们针对大家的具体的问题再来进行一个相对详细的答复那么今天早上我们发布了2014年度的半年报应该说我们交出了一份较好的成绩单具体的数据请大家记小心来阅读一下我们公司的半年报 公司认为上半年的主要的工作成绩体现在四个根一个是效益更高我们在上半年实现的营业 ...

Investment Rating - The investment rating for the company is "Buy" [3][5] - The target price is set at 7.37 CNY, unchanged from the previous forecast [3][5] Core Views - The report highlights that the refined oil transportation industry is experiencing historical highs in profitability, with the company's net profit increasing by over 45% year-on-year [4][5] - There is significant divergence in market expectations regarding the future outlook of refined oil transportation, but the report suggests that the eastward shift of refineries will support continued demand growth [4][5] - The report recommends a contrarian investment approach, suggesting that the current market concerns about new ship deliveries are overblown [4][5] Summary by Sections Financial Performance - In the first half of 2024, the company recorded a net profit of 1.22 billion CNY, a 45% increase year-on-year [5] - The average daily TCE (Time Charter Equivalent) for MR vessels reached historical highs, with the company’s quarterly net profit showing a slight decline due to the disposal of three MR vessels [5] - The report adjusts the net profit forecast for 2024-2026 to 2.1 billion, 2.4 billion, and 2.5 billion CNY respectively, down from previous estimates of 2.4 billion, 2.5 billion, and 2.7 billion CNY [5] Market Dynamics - The report notes that the capacity utilization rate for refined oil transportation has exceeded threshold levels, and the global shift of refineries is expected to continue driving demand growth [5] - It estimates that refined oil shipping volume increased by 9% in the first half of 2024 compared to 2019, with the average shipping distance extending by over 10% [5] - The report anticipates that the ongoing eastward shift of refineries will help absorb new ship deliveries, maintaining a favorable supply-demand balance [5] Corporate Developments - The company has completed a board restructuring and is expected to leverage its market-oriented capabilities for future growth [5] - The shareholder structure is improving, with bank-related shareholders reducing their stake to 6% [5] - The report indicates that the company’s retained earnings are expected to improve gradually, with a projected return to shareholders in the coming year [5]

Investment Rating - The report maintains a "Recommended" investment rating for the company, with a target price of 4.5 CNY, representing a potential upside of 49% from the current price of 3.02 CNY [1][2]. Core Insights - The company's net profit attributable to shareholders for the first half of 2024 reached 1.22 billion CNY, a year-on-year increase of 44.8%. The second quarter net profit was 550 million CNY, up 25.7% year-on-year but down 18.2% quarter-on-quarter [1]. - Revenue for the first half of 2024 was 3.53 billion CNY, reflecting an 11.8% year-on-year growth. The second quarter revenue was 1.69 billion CNY, showing a 9.8% year-on-year increase but an 8.1% decrease quarter-on-quarter [1]. - The company disposed of three old vessels in the first half of 2024, generating asset disposal gains of 210 million CNY, with 72 million CNY in the second quarter [1]. - The report highlights that the product tanker market remains in a favorable cycle due to geopolitical tensions and manageable supply levels, which support demand growth [1]. Financial Performance Summary - **Net Profit**: 2024H1 net profit was 1.22 billion CNY, with a 44.8% increase year-on-year. The second quarter net profit was 550 million CNY, a 25.7% increase year-on-year [1][4]. - **Revenue**: 2024H1 revenue was 3.53 billion CNY, up 11.8% year-on-year. The second quarter revenue was 1.69 billion CNY, reflecting a 9.8% year-on-year increase [1][4]. - **Cost and Expenses**: The total expense ratio for 2024H1 was 1.5%, down 0.56 percentage points year-on-year, primarily due to a decrease in financial expenses [1][4]. - **Earnings Forecast**: The report adjusts the profit forecast for 2024-2026, estimating net profits of 2.16 billion CNY, 2.30 billion CNY, and 2.40 billion CNY respectively [1][6]. Market and Pricing Insights - **Freight Rate Index**: The average MR-TCE for Q1 2024 was approximately 35,000 USD/day, a year-on-year increase of 11.6%. For Q2 2024, it remained around 35,000 USD/day, reflecting a 26% year-on-year increase [1][4]. - **Supply and Demand Dynamics**: The report notes that geopolitical factors and the aging fleet are expected to drive demand for tanker services, while new capacity additions remain controlled [1][4].

Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company achieved a revenue of 3.528 billion yuan in H1 2024, representing a year-on-year increase of 11.78%, and a net profit attributable to shareholders of 1.22 billion yuan, up 44.76% year-on-year [2] - The international market saw a significant increase in shipping rates, with the TC7 route price rising by 31.81% year-on-year, driven by geopolitical factors and increased demand for refined oil transportation [2][4] - The domestic market faced challenges with a decline in oil transportation demand due to refinery losses and maintenance, leading to a slower recovery in domestic refined oil transportation [3] - Future outlook indicates a strong supply-demand gap, supporting an upward trend in refined oil shipping rates during the peak season [4] Summary by Sections Financial Performance - In H1 2024, the company reported a net profit of 1.22 billion yuan, with a significant increase in asset disposal gains of approximately 210 million yuan from the sale of three old vessels [2] - The Q2 2024 results showed a revenue of 1.689 billion yuan, a year-on-year increase of 9.80%, but a quarter-on-quarter decrease of 8.14% [2] Market Analysis - Internationally, the average BCTI index for refined oil shipping was 996 points, up 20.28% year-on-year, indicating a volatile market influenced by geopolitical events [2] - The global demand for refined oil shipping is expected to grow by 3.2% in 2024, while the effective supply of MR vessels is limited due to new environmental regulations [2][4] Future Projections - The company is projected to benefit from the upward cycle in the refined oil shipping industry, with net profits expected to reach 2.268 billion yuan in 2024, 2.318 billion yuan in 2025, and 2.353 billion yuan in 2026 [5][7] - The supply-demand gap is anticipated to provide strong support for refined oil shipping rates, with a projected demand growth of 7.5% in ton-miles [4]

交通运输 2024年08月20日 招商南油 (601975) -业绩符合预期,运价淡季回调至底部静待旺季反弹 研究 公司店 报告原因:有业绩公布需要点评 买入(维持) | --- | --- | |-----------------------|-------------------------------------| | 市场数据: | 2024年08月20日 | | 收盘价 (元) | 3.02 | | 一年内最高/最低(元) | 4.11/2.62 | | 市净率 | 1.5 | | 息率(分红/股价) | | | 流通 A 股市值(百万元) | 14,502 | | | 上证指数/深证成指 2,866.66/8,252.87 | 注:"息率"以最近一年已公布分红计算 | --- | --- | |------------------------------------|-------------------| | | | | 基础数据: | 2024年06月30日 | | 每股净资产(元) | 2.10 | | 资产负债率% 总股本/流通 A 股(百万) | 18.87 4,802/4,802 | ...

2024 年半年度报告 公司代码：601975 公司简称：招商南油 招商局南京油运股份有限公司 2024 年半年度报告 1 / 190 2024 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确性、 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 未出席董事情况 未出席董事职务 未出席董事姓名 未出席董事的原因说明 被委托人姓名 董事 丁磊 工作原因 李增忠 三、 本半年度报告未经审计。 四、 公司负责人戴荣辉先生、主管会计工作负责人金敏先生及会计机构负责人（会计主管人员） 蒋雪伟先生声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质承诺，敬请 投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告 ...