COSCO SHIPPING Energy(600026) 新浪财经·2025-04-02 00:32Group 1: Company Financial Performance - In 2024, the company's revenue reached 23.24 billion RMB, a year-on-year increase of 2.2% (adjusted) [1] - The net profit attributable to shareholders for the year was 4.04 billion RMB, reflecting a year-on-year growth of 19.4% (adjusted) [1] - The company's cash dividend for 2024 is set at 4.3 RMB per 10 shares (including tax), with a payout ratio of 50.82% [1] Group 2: Trade and Transportation Performance - In Q4, domestic oil transportation revenue was 1.53 billion RMB, down 6% year-on-year, with a gross margin of 22.2% [2] - LNG transportation revenue in Q4 was 620 million RMB, up 31% year-on-year, with a gross margin of 42.7% [2] - Foreign trade oil transportation revenue in Q4 was 3.45 billion RMB, a slight increase of 0.2% year-on-year, but with a gross margin of 12.7%, down 6.4 percentage points [2] Group 3: Market Outlook and Demand - The demand for VLCC (Very Large Crude Carrier) in the second half of 2024 is expected to be subdued due to OPEC's production cuts and weak demand from Chinese refineries [3] - The narrowing price difference between regions is likely to negatively impact long-distance oil trade [3] - The outlook for VLCC remains optimistic due to strong supply constraints and a potential recovery in demand in 2025, with limited growth in effective capacity [3] Group 4: Regulatory Environment and Market Dynamics - The tightening of sanctions on non-compliant trade from Iran, Venezuela, and Russia may benefit the formal market by increasing demand [4] - The U.S. "maximum pressure" campaign is extending sanctions beyond traditional targets, affecting the entire supply chain [4] - The company maintains an optimistic mid-term outlook for VLCC profitability, with projected net profits for 2025-2026 at 5.29 billion and 6.33 billion RMB, respectively [4]