Zhi Tong Cai Jing·2026-01-26 06:47Group 1 - The core viewpoint of the report is that the oil shipping industry has been experiencing an upward trend for four consecutive years, with China Merchants Energy Shipping Company (中远海能) expected to achieve record profits in 2025 and significant year-on-year growth in Q1 2026 [1] - The report anticipates that the oil shipping market will continue to outperform expectations in the coming years, with foreign trade oil shipping profits showing substantial elasticity [1] - The target price for China Merchants Energy Shipping Company is set at HKD 20.26, with a maintained "Buy" rating [1] Group 2 - The report has adjusted the 2025 net profit forecast for China Merchants Energy Shipping Company to RMB 4.5 billion, considering factors such as profit lag and losses from the scrapping of older vessels [1] - The profit forecast for 2026 remains at RMB 6.6 billion, with an expectation of reaching RMB 7 billion in 2027 [1]