研报掘金丨财通证券：首予中远海能“增持”评级，外贸油运高景气助力业绩释放

Core Viewpoint - China Merchants Energy has established an integrated chain operation model encompassing oil, gas, chemicals, and storage after years of business restructuring and integration [1] Group 1: Business Overview - The core business of the company is oil transportation, which has consistently accounted for over 80% of revenue for nearly a decade [1] - The foreign trade crude oil and refined oil transportation segments contribute significantly to the company's profit elasticity, while domestic oil transportation and LNG transportation form the profit foundation [1] Group 2: Performance Outlook - The high demand in foreign oil transportation is expected to drive performance release, while domestic and LNG transportation will steadily increase profits [1] - As a global leader in oil transportation, the company is anticipated to enter a performance release period, leading to an initial coverage with a "Buy" rating [1]