2024 年 03 月 29 日 公司研究 评级：增持(维持) 事件: 运价持续历史高位，归母净利逆势增长显α 用 2023 年的 BCTI-TC7 的 相对沪深 300 表现 2024/03/28 TCE 水平作为公司 2023 年度业绩的参考基准，该时段 BCTI-TC7 TCE 均值为 25,842 美元/天，同比下降 24.22%。然而，公司 2023 年度归母 净利润同比升幅 8.55%，优于市场平均水平，显示出公司较强的经营能 力。运价的下滑并非周期性下行，因为当前的运价水平仍处于历史上的 较高水准，据克拉克森数据，2011 年至 2024 年 3 月 26 日的 TC7 TCE 均值仅为 17,011 美元/天。 表现 1M 3M 12M 招商南油 5.9% 13.7% -14.3% 沪深 300 2.0% 3.1% -12.0% 市场数据 2024/03/28 盈利预测和投资评级 招商南油是亚洲成品油运输龙头，聚焦内外贸 成品油、化学品、气体运输。基于行业最新的供需关系，我们调整了盈 利预测，预计招商南油 2024-2026 年营业收入分别为 69.85、71.83 与 72.49 亿元，归母 ...

Investment Rating - The report maintains a "Recommend" rating for the company, with a target price of 4.59 CNY, indicating a potential upside of 41% from the current price of 3.26 CNY [20][21]. Core Views - The company achieved a net profit of 1.56 billion CNY in 2023, representing an 8.6% year-on-year increase, which aligns with expectations. The outlook for the product oil tanker market remains positive [20]. - The report highlights that the international product oil market experienced a high-to-low trend throughout 2023, with average TCE for MR TC7 at 26,212 USD/day, down from 34,370 USD/day in 2022 [20]. - The company’s revenue for 2023 was 6.20 billion CNY, a slight decrease of 1.1% year-on-year, with Q4 revenue at 1.55 billion CNY, down 17.4% year-on-year [20]. - The gross margin for 2023 was 32.8%, an increase of 2.8 percentage points year-on-year, while the net profit margin was 25.1%, up 2.2 percentage points year-on-year [20]. Financial Summary - The company’s main revenue (in million CNY) for 2023 was 6,197, with a projected increase to 7,131 in 2024, reflecting a year-on-year growth rate of 15.1% [7]. - The net profit attributable to the parent company for 2023 was 1,557 million CNY, with projections of 2,203 million CNY for 2024, indicating a growth rate of 41.5% [7]. - The earnings per share (EPS) for 2023 was 0.32 CNY, expected to rise to 0.46 CNY in 2024 [7]. - The company’s total assets for 2023 were 11,648 million CNY, with a projected increase to 14,917 million CNY in 2024 [16]. Operational Insights - The company operates a fleet of 68 vessels with a total deadweight tonnage of 2.52 million, of which 30% are energy-efficient ships [20]. - The report notes that the demand for oil transportation is supported by geopolitical factors in Europe and the Middle East, with global product oil trade volume increasing by 3.0% in 2023 [20]. - The supply side shows a recovery in new orders for product oil tanker construction, but the current order book only represents 6.9% of the existing fleet capacity, indicating a historically low level [20].

Investment Rating - The report maintains an "Accumulate" rating for the company [3][6]. Core Views - The company has demonstrated significant advantages in both domestic and foreign trade, with foreign trade revenue increasing by 1.87% year-on-year in 2023. The company achieved a foreign trade revenue of 3.512 billion yuan in 2023, with a gross margin of 33.9%, up by 2.92 percentage points year-on-year [3][4]. - The company's oil transportation business reported a stable performance despite a decline in international refined oil transportation rates, achieving an operating income of 5.224 billion yuan in 2023, a year-on-year increase of 3.42%, with a gross margin of 36.25%, up by 2.42 percentage points year-on-year [4][6]. - The company's net profit attributable to shareholders reached 1.557 billion yuan in 2023, reflecting a year-on-year growth of 8.55% [4][5]. Financial Summary - The company’s operating income for 2023 was 6.197 billion yuan, a decrease of 1.08% year-on-year. The projected operating income for 2024-2026 is 6.996 billion yuan, 7.307 billion yuan, and 7.508 billion yuan, respectively [5][6]. - The net profit attributable to shareholders for 2023 was 1.557 billion yuan, with projections of 1.924 billion yuan, 2.116 billion yuan, and 2.261 billion yuan for 2024-2026, representing year-on-year growth rates of 23.5%, 10.0%, and 6.8% respectively [5][6]. - The gross margin is expected to improve from 32.8% in 2023 to 37.2% by 2026 [5][6]. - The earnings per share (EPS) for 2023 was 0.32 yuan, with forecasts of 0.40 yuan, 0.44 yuan, and 0.47 yuan for 2024-2026, leading to price-to-earnings (PE) ratios of 10.1, 8.1, 7.4, and 6.9 respectively [5][6].

Investment Rating - The report assigns an "Accumulate" rating for the company, with a target price of 7.37 CNY, maintaining the previous forecast of the same price [1]. Core Insights - The company is expected to achieve record high annual performance, benefiting from the rising demand in refined oil transportation, which is anticipated to exceed expectations in the coming years [1][8]. - The company is positioned to enter a new development phase, with improvements in shareholder returns and market value management expected [1][8]. Summary by Sections Financial Performance - The company's net profit for 2023 is projected to reach 1.56 billion CNY, a 9% increase compared to the previous year, marking a historical high [1]. - The average daily transaction volume is reported at 102.83 million shares, with an average daily transaction value of 316.78 million CNY [1]. - The company's revenue for 2023 is estimated at 6.197 billion CNY, with a slight decrease from 2022 [1][16]. Market Position - The company operates primarily in refined oil transportation, with a fleet that includes various types of tankers, positioning it as a key player in the market [1][20]. - The report highlights that the company's operational capabilities are recognized by clients and peers, leading to continuous improvements in efficiency [1][8]. Future Outlook - The report anticipates that the company will fully benefit from the favorable market conditions in the refined oil sector, with expectations of sustained high profitability [1][8]. - The company is expected to gradually eliminate historical burdens and embrace new growth opportunities, supported by a favorable industry outlook [1][8].

特此公告。 招商局南京油运股份有限公司董事会 2024 年 3 月 28 日 1 证券代码：601975 证券简称：招商南油 公告编号：临 2024-017 招商局南京油运股份有限公司 关于独立董事逝世的公告 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"）近日获悉，公司独立董 事、提名委员会主任委员、薪酬与考核委员会委员李玉平先生因病不幸逝世。 李玉平先生担任公司独立董事期间，恪尽职守，勤勉尽责，积极维护股东权 益，忠实履行了作为独立董事应尽的职责和义务。公司董事会对李玉平先生所做 的贡献深表感谢，对李玉平先生的逝世表示沉痛哀悼，并向其亲属致以深切慰问。 此前，公司已启动董事会换届法定流程。公司 2023 年年度股东大会将选举 产生第十一届董事会非独立董事和独立董事。 ...

交通运输 证 券 研 究 报 告 ——业绩符合预期，2024 年公司利润加速释放 | --- | --- | |------------------------------------|------------------------| | 市场数据： | 年 03 月 25 日 | | 收盘价（元） | 3.28 | | 一年内最高/最低（元） | 3.97/2.62 | | 市净率 | 1.8 | | 息率（分红/股价） | - | | 流通 A 股市值（百万元） | 15750 | | 上证指数/深证成指 | 3031.48/9449.43 | | 注："息率"以最近一年已公布分红计算 | | 一年内股价与大盘对比走势： 03-2704-2705-2706-2707-2708-2709-2710-2711-2712-2701-2702-27 -40% -30% -20% -10% 0% 10% 招商南油 沪深300指数（收益率） 《招商南油（601975）点评：业绩符合预 期，关注新船交付成本影响》 2023/10/25 《招商南油（601975）点评：业绩符合预 期，疫情结束内外贸兼营船网状航线恢复 ...

Leasing Agreements - The company signed a 10-year lease agreement with ICBC Financial Leasing Co., Ltd. for the FOREVER CORDIALITY and FOREVER CONFIDENCE vessels, starting from November 25, 2022[2]. - The company entered into a leasing agreement for a 25,000-ton chemical tanker with Hai Long No. 2 (Tianjin) Leasing Co., Ltd. on September 10, 2021, with a lease term of 7 years, which was completed on July 24, 2023[2]. - A leasing contract was signed with Shandong Port and Shipping Oil Transportation Co., Ltd. for the Daqing 454 vessel, effective from August 25, 2022, with a lease term of 3+2 years[2]. - The company has signed three leasing agreements with Guoyin Financial Leasing Co., Ltd. for vessels CL XUNYANG, CL YINGDU, and CL ZHAOGE, with lease terms starting from December 23, 2023, January 17, 2024, and December 30, 2023, respectively, each having a term of 1 year plus two optional years[2]. Financial Performance - Total operating revenue for 2023 was CNY 6,196,600,296.92, a slight decrease of 1.08% compared to CNY 6,264,414,542.28 in 2022[30]. - Total operating costs decreased to CNY 4,354,224,374.05, down 4.97% from CNY 4,582,671,972.05 in the previous year[30]. - Net profit for 2023 was CNY 834,648,481.92, an increase of 9.06% from CNY 765,249,790.22 in 2022[32]. - Basic earnings per share for 2023 increased, reflecting improved profitability[32]. - The company reported a significant increase in interest income to CNY 48,232,914.36, up from CNY 14,869,802.81 in 2022[30]. - The company’s net profit for 2023 reached ¥1,568,441,145.14, an increase from ¥1,447,236,591.46 in the previous year, representing a growth of approximately 8.34%[61]. - The company's operating revenue for 2023 was approximately ¥3.23 billion, a decrease of 4.4% from ¥3.38 billion in 2022[62]. - The net profit for 2023 reached approximately ¥834.65 million, representing an increase of 9.1% compared to ¥765.25 million in 2022[62]. Assets and Liabilities - Total assets increased to CNY 11,647,545,698.50 in 2023, up from CNY 10,518,714,117.66 in 2022, representing a growth of approximately 10.7%[27]. - Non-current assets totaled CNY 7,433,428,049.86 in 2023, compared to CNY 7,075,526,107.70 in 2022, indicating an increase of about 5.1%[27]. - Current liabilities decreased to CNY 844,939,407.45 in 2023 from CNY 1,365,063,121.69 in 2022, a reduction of approximately 38.1%[27]. - Long-term borrowings rose to CNY 1,248,669,680.00 in 2023, up from CNY 1,069,659,075.45 in 2022, reflecting an increase of about 16.7%[27]. - Total liabilities decreased to CNY 2,498,112,086.23 in 2023 from CNY 2,985,889,333.26 in 2022, a decline of approximately 16.3%[27]. - Owner's equity remained stable at CNY 4,852,783,848.00 in both 2023 and 2022[27]. Cash Flow and Investments - Cash and cash equivalents at the end of 2023 reached CNY 3,061,289,340.46, up from CNY 2,083,185,742.56 at the end of 2022[33]. - Net cash flow from investing activities was negative at CNY -1,087,312,994.81, compared to CNY -669,689,917.49 in 2022, indicating increased investment outflows[33]. - Cash flow from financing activities showed a net outflow of CNY -424,877,381.87, slightly improved from CNY -454,006,260.12 in the previous year[33]. - The cash flow from operating activities for 2023 was approximately ¥2.46 billion, an increase of 25.6% from ¥1.96 billion in 2022[63]. Shareholder Information - There were no changes in the total number of shares or the capital structure during the reporting period[6]. - No changes occurred in the top ten shareholders compared to the previous period[10]. - The company holds significant stakes in various listed companies, including 74.35% in China Merchants Jinling Shipyard and 69.15% in Liaoning Port Co., Ltd.[13]. Operational Highlights - The company is primarily engaged in the transportation of crude oil, refined oil, chemicals, and gases, with operations extending to various international and domestic routes[71]. - The company has expanded its business to include crew labor services and fuel supply, utilizing both owned and contracted crew members[71]. - The company’s operations include time-charter shipping, market pool operations, and voyage chartering, enhancing its market presence[71]. - The company aims to enhance its core competitiveness by focusing on specialized and differentiated services in the liquid cargo transportation sector[181]. - The company operates a fleet of 68 vessels with a total deadweight tonnage of 2.52 million tons, primarily engaged in the transportation of crude oil, refined oil, chemicals, and gases[181]. Market and Strategic Initiatives - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[30]. - The company has identified strategic opportunities for mergers and acquisitions to enhance its competitive position in the market[30]. - The company has a focus on expanding its market reach in Southeast Asia, Northeast Asia, and Australia for crude oil and refined oil transportation[71]. - The company is well-positioned to leverage its dual trade capabilities to mitigate market risks and enhance competitiveness[184].

招商局南京油运股份有限公司 财务报表及审计报告 2023 年 12 月 31 日止年度 招商局南京油运股份有限公司 2023 年 12 月 31 日 | 内容 | 页码 | | | --- | --- | --- | | 审计报告 | 1 - | 6 | | 合并资产负债表 | 7 - | 8 | | 母公司资产负债表 | 9 - | 10 | | 合并利润表 | 11 | | | 母公司利润表 | 12 | | | 合并现金流量表 | 13 | | | 母公司现金流量表 | 14 | | | 合并所有者权益变动表 | 15 - | 16 | | 母公司所有者权益变动表 | 17 - | 18 | | 财务报表附注 | 19 -137 | | 联系申话: 信永中和会计师事务所 北京市东城区朝阳门北大街 telephone: +86 (010) 6554 2288 8 号富华大厦 A 座 9 层 ShineWing certified public accountants 窗计报告 XYZH/2024BJAA5B0128 共6页之第1页 招商局南京油运股份有限公司全体股东: 一、审计意见 我们审计了招商局南京油 ...

1.机构信息 机构名称：普华永道中天会计师事务所（特殊普通合伙） 成立日期：普华永道中天前身为 1993 年 3 月 28 日成立的普华大华会计师事 务所，经批准于 2000 年 6 月更名为普华永道中天会计师事务所有限公司；经 2012 年 12 月 24 日财政部财会函[2012]52 号批准，于 2013 年 1 月 18 日转制为普华 1 证券代码：601975 证券简称：招商南油 公告编号：临 2024-015 招商局南京油运股份有限公司 关于变更会计师事务所的公告 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： 一、拟聘任会计师事务所的基本情况 （一）机构信息 拟聘任的会计师事务所名称：普华永道中天会计师事务所（特殊普通合 伙） 原聘任的会计师事务所名称：信永中和会计师事务所（特殊普通合伙） 变更会计师事务所的简要原因及前任会计师的异议情况：鉴于信永中和 审计团队已经连续多年为公司提供审计服务，根据财政部、国务院国资 委、证监会印发的《国有企业、上市公司选聘会计师事务所管理办法》 的相关精神，为进一 ...

独立董事候选人声明与承诺 本人祝默泉,已充分了解并同意由提名人中国长江航运集团有 限公司提名为招商局南京油运股份有限公司第十一届董事会独立 董事候选人。本人公开声明,本人具备独立董事任职资格,保证不 存在任何影响本人担任招商局南京油运股份有限公司独立董事独 立性的关系,具体声明并承诺如下: 一、本人具备上市公司运作的基本知识,熟悉相关法律、行政 法规、部门规章及其他规范性文件,具有５年以上法律、经济、会 计、财务、管理或者其他履行独立董事职责所必需的工作经验。 本人将尽快参加培训并取得证券交易所认可的相关培训证明 材料。 二、本人任职资格符合下列法律、行政法规和部门规章以及公 司规章的要求: 1 (四)存在重大失信等不良记录; (五)本所认定的其他情形。 五、本人不是过往任职独立董事期间因连续两次未能亲自出席 也不委托其他董事出席董事会会议被董事会提议召开股东大会予 以解除职务的人员,如是,需说明自解除职务之日起是否届满 12 个月。 六、包括招商局南京油运股份有限公司在内,本人兼任独立董 事的境内上市公司数量未超过3家;本人在招商局南京油运股份有 限公司连续任职未超过六年。 七、本人不存在影响独立董事诚信或 ...