招商局南京油运股份有限公司 2023 年年度股东大会会议资料 2024 年 4 月 19 日 时间：2024 年 4 月 19 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：张翼董事长 会议议程 一、审议议题 招商局南京油运股份有限公司 2023 年年度股东大会议程 1.2023 年年度报告全文和摘要； 2.2023 年度董事会工作报告； 3.2023 年度监事会工作报告； 4.2023 年度财务决算和 2024 年度财务预算报告； 5.2023 年度利润分配方案； 6.2023 年度独立董事述职报告； 7.关于修订《招商南油独立董事工作制度》的议案； 8.关于调整独立董事津贴的议案； 9.关于 2024 年度日常关联交易的议案； 10.关于续签《金融服务协议》的议案； 11.关于聘任 2024 年度审计机构的议案； 12.关于选举公司第十一届监事会由股东代表出任的监事的议案； 13.关于选举公司第十一届董事会非独立董事的议案； 14.关于选举公司第十一届董事会独立董事的议案。 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 ...

证券代码：601975 证券简称：招商南油 公告编号：临 2024-018 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 投资者可于 2024 年 4 月 11 日（星期四）至 4 月 15 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 关注的问题进行解答。 招商局南京油运股份有限公司（以下简称"公司"或"本公司"）的实际控 制人招商局集团有限公司（以下简称"招商局集团"）将举办"'百年招商，创 享未来'招商局集团上市公司集体业绩说明会"，旨在加强与投资者沟通，推进 上市公司高质量发展。招商局集团旗下五家沪市上市公司（含本公司）将于 2024 年 4 月 16 日下午共同参加在上海证券交易所举办的集体业绩说明会。 一、说明会类型 本次集体业绩说明会以现场交流、视频直播、网络文字互动形式召开，公司 将针对 2023 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解答。 二、说明会召开的时间、地点 （一）会议召开时间：2024 年 4 月 16 ...

Investment Rating - The report maintains a rating of "Accumulate" for the company, indicating a positive outlook for the next six months with expected returns exceeding the Shanghai and Shenzhen 300 Index by more than 5% [10][21]. Core Insights - The company, China Merchants Energy Shipping Company (招商南油), is a specialized oil tanker transportation firm under China Merchants Group, focusing on global medium and small-sized liquid cargo transportation services. As of the end of 2023, it operates a fleet of 68 vessels with a total deadweight tonnage of 2.52 million [9]. - The core business of oil transportation contributed 98% to the company's gross profit in 2023, driven by increased domestic oil imports and processing volumes, which rose by 11.5% and 8.7% year-on-year, respectively. Global oil loading volumes also increased by approximately 5.7% [9]. - The report highlights a tight supply-demand situation in the oil transportation sector due to low levels of new oil tanker capacity and the implementation of environmental regulations, leading to fluctuating freight rates throughout the year [9]. Financial Summary - For the fiscal year 2023, the company reported total revenue of 6.2 billion yuan, a slight decrease of 1.1% year-on-year, while net profit increased by 8.6% to 1.56 billion yuan. The total cargo volume transported was 46.8 million tons [9][10]. - The financial forecasts indicate a revenue growth of 8.5% for 2024, with net profit expected to grow by 19.6% [11]. - The company's earnings per share (EPS) for 2023 was 0.32 yuan, with projections of 0.39 yuan for 2024 [11]. Market Outlook - The report anticipates a positive outlook for the refined oil transportation market in 2024, with stable conditions expected in the crude oil transportation market and a recovery in the chemical transportation sector [10].

Investment Rating - The investment rating for the company is "Buy" [1][18][25] Core Views - The company reported a 2023 revenue of 6.2 billion yuan, a year-on-year decrease of 1.1%, and a net profit attributable to shareholders of 1.56 billion yuan, an increase of 8.6% year-on-year [1][20] - The company demonstrated strong fleet management capabilities, achieving a revenue of 3.51 billion yuan from foreign trade business, a year-on-year increase of 1.9%, with a gross margin of 33.9%, up 2.9 percentage points [1][5] - The outlook for 2024 is positive, with expected improvements in supply and demand dynamics, leading to a projected increase in freight rates [24][25] Summary by Sections Financial Performance - In 2023, the company achieved an operating income of 6.2 billion yuan, down 1.1% year-on-year, and a net profit of 1.56 billion yuan, up 8.6% year-on-year [1][20] - The non-recurring gains mainly came from the disposal of an old vessel, generating approximately 15.58 million yuan [1][20] Business Segments - The oil transportation segment generated 5.22 billion yuan in revenue, a year-on-year increase of 3.4%, with a gross margin of 36.3%, up 2.4 percentage points [22] - The chemical transportation segment reported revenue of 440 million yuan, a year-on-year increase of 3.8%, with a gross margin of 17.3%, down 3.5 percentage points [22] - The ethylene transportation segment achieved revenue of 180 million yuan, a year-on-year increase of 8.4%, with a gross margin of 28.3%, down 8.2 percentage points [7][22] Market Outlook - The global oil refining shift eastward and the impact of sanctions on Russian oil are expected to drive demand in the industry [24][25] - The projected growth in global refined oil transportation demand is approximately 7.3% in ton-miles for 2024, while effective supply growth is expected to be around 1.8%, resulting in a supply-demand gap of about 5.5% [24][25]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has demonstrated strong operational capabilities, with a year-on-year increase in net profit attributable to shareholders of 8.55% in 2023, despite a 24.22% decline in average TCE levels [2] - The current freight rates remain at historically high levels, indicating that the decline is not cyclical but rather a result of market dynamics [2] - The supply side of the market is under pressure due to aging vessels and environmental regulations, while demand for refined oil trade in the Asia-Pacific region is expected to grow [2][8] Financial Forecasts - Revenue projections for the company from 2024 to 2026 are estimated at 6.985 billion, 7.183 billion, and 7.249 billion yuan respectively, with net profits expected to be 2.045 billion, 2.105 billion, and 2.133 billion yuan [2][20] - The company is projected to maintain a P/E ratio of approximately 8, 7, and 7 times for the years 2024, 2025, and 2026 respectively [2] - The return on equity (ROE) is expected to be 19% in 2024, decreasing to 14% by 2026 [20] Market Dynamics - The MR vessel order book represents only 10% of the total DWT, indicating tight supply conditions [8] - The aging fleet poses significant challenges, with 10% of vessels over 20 years old and 27% between 15-19 years old, which will be impacted by upcoming carbon intensity regulations [8] - The refined oil trade volume in the Asia-Pacific region is projected to grow by 3% in 2024 and 2% in 2025, supporting sustained market demand [8]

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。 ...

Investment Rating - The report maintains a "Buy" rating for the company [8][22]. Core Views - The company reported a net profit of 1.557 billion yuan for 2023, an increase of 8.55% year-on-year, with a non-recurring net profit of 1.537 billion yuan, up 8.71% year-on-year [8]. - The fourth quarter net profit was 354 million yuan, a decrease of 26.33% year-on-year, aligning closely with the forecast of 333 million yuan [8]. - The average TCE (Time Charter Equivalent) for the TC7 route in 2023 was 25,840 USD/day, significantly higher than the historical average of approximately 13,000 USD/day from 2012 to 2021, indicating a 97% increase [8]. - The company delivered three new MR tankers in 2023, and with the rising market rates, profit release is expected to accelerate in 2024 [8]. Financial Data and Profit Forecast - The total revenue for 2023 was 6.197 billion yuan, with a projected increase to 6.923 billion yuan in 2024 [17]. - The net profit forecast for 2024 has been raised from 1.92 billion yuan to 2.11 billion yuan, with further projections of 2.104 billion yuan for 2025 and 2.144 billion yuan for 2026 [8][18]. - The average TCE for MR tankers is expected to be 35,000 USD/day for 2024 and 2025, and 35,500 USD/day for 2026 [8].