NJTC(601975) 新浪财经·2025-03-28 02:29Core 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]