COSCO SHIPPING Energy(600026) 新浪财经·2025-04-03 00:28Group 1: Financial Performance - In 2024, the company achieved a revenue of 23.24 billion yuan (+2.3%) and a net profit attributable to shareholders of 4.037 billion yuan (+19.4%), marking a new high since the 2016 restructuring. The non-recurring net profit was 3.98 billion yuan (-3.8%) [1] - For Q4, the company reported a revenue of 6.1 billion yuan (-1.6%) and a net profit attributable to shareholders excluding non-recurring items of 630 million yuan (-22.4%). The total annual dividend was 2.05 billion yuan, with a payout ratio of 50.8%, distributing 4.3 yuan per 10 shares [1] Group 2: Oil Transportation and LNG Contribution - Foreign trade oil transportation generated revenue of 14.57 billion yuan (+4.1%), with the VLCC TD3C route's average TCE at approximately 34,900 USD (-3%). In Q4, TCE dropped to 28,800 USD, a year-on-year decline of 24% due to OPEC+ production cuts and slower replenishment in China [2] - Domestic oil transportation revenue was 5.91 billion yuan (-4.8%), with a gross margin of 25.5% (+1 percentage point). The company secured 91% of its base cargo sources and flexibly allocated 21 vessel trips, demonstrating stable profitability [2] - LNG transportation revenue increased to 2.23 billion yuan (+22.5%), with project vessel deliveries enhancing revenue certainty. The company participated in a joint bid for six 270,000 cubic meter QC-Max LNG carriers and completed several other LNG projects, expanding its fleet to 87 vessels by the end of 2024 [2] Group 3: Market Outlook and Fleet Management - For 2025, the oil transportation market is expected to maintain a high price level, driven by multiple factors. The nominal capacity of the VLCC fleet is projected to decrease, with effective supply likely reducing more significantly due to restrictions on "shadow fleets" and the aging fleet being less efficient [3] - The company plans to invest in constructing six VLCCs in November 2024, which will further modernize its fleet, currently averaging 11.9 years in age [3] Group 4: Profit Forecast and Investment Recommendation - The company forecasts net profits attributable to shareholders of 5.56 billion yuan, 5.54 billion yuan, and 5.77 billion yuan for 2025-2027. Given the anticipated sustained high demand in the global oil transportation market, the company is positioned to benefit and maintains a "buy" rating [4]