COSCO SHIPPING Energy(600026) 新浪财经·2025-03-28 04:29Performance Summary - In 2024, the company reported operating revenue of 23.244 billion yuan, a year-on-year increase of 2.25% [1] - The net profit attributable to shareholders was 4.037 billion yuan, up 19.37% year-on-year [1] - In Q4 2024, the company achieved operating revenue of 6.1 billion yuan, a 9.8% increase year-on-year, and a net profit of 621 million yuan, a significant increase of 271.1% year-on-year [1] Operational Metrics - The company transported 180 million tons in 2024, a 3.8% increase year-on-year, with a turnover of 604 billion ton-miles, up 13.6% year-on-year [1] - Average daily earnings for the VLCC TD3C route (Middle East to China) were approximately 40,400 per day, remaining at historical highs [1] - The gross profit from foreign trade oil transportation was 3.586 billion yuan, down 13.5% year-on-year, while domestic oil transportation gross profit was 1.475 billion yuan, a slight decrease of 0.9% [1] - The LNG transportation business contributed a net profit of 811 million yuan, an increase of 2.66% year-on-year [1] Profitability and Cost Structure - The company's gross margin for 2024 was 27.24%, a decrease of 2.3 percentage points year-on-year, primarily due to the addition of new VLCC capacity and rising charter rates [2] - The operating expense ratio improved slightly, with a decrease of 0.15 percentage points year-on-year; selling expenses were 0.36% (+0.02 percentage points), management expenses were 4.63% (+0.30 percentage points), and financial expenses were 4.63% (-0.60 percentage points) [2] - The net profit margin for 2024 was 17.12%, an increase of 2.5 percentage points year-on-year, as there were no asset impairment losses compared to 10 billion yuan in 2023 [2] Industry Outlook - The oil transportation industry is expected to see improved supply-demand fundamentals, with a projected 0.7% increase in crude oil ton-mile demand and a 0.1% increase in refined oil ton-mile demand in 2025 [3] - Total deadweight tonnage scheduled for delivery in 2025 is expected to increase by 160%, primarily in LR2 and smaller oil tankers, with only 5 VLCCs expected to be delivered [3] - The aging fleet and ongoing sanctions on black oil transportation in Western countries are expected to enhance the potential for scrapping older vessels, further optimizing supply-demand dynamics [3] - The company's net profit forecasts for 2025 and 2026 have been revised down to 5.54 billion yuan and 6.05 billion yuan, respectively, with a new forecast of 6.22 billion yuan for 2027 [3]