COSCO SHIPPING Energy(600026) 华创证券·2024-07-07 23:31Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 21.0 CNY, representing a 35% upside from the current price of 15.60 CNY [1][2]. Core Views - The company's Q2 performance aligns with expectations, with a forecasted net profit of 25.5 billion CNY for the first half of 2024, reflecting a year-on-year decrease of 9.1%. However, the non-recurring net profit is expected to increase by 5.4% year-on-year [1]. - The report highlights a positive trend in the international oil transportation market, with the company effectively capturing market opportunities across different vessel types and optimizing its global capacity [1][2]. - The supply-side dynamics indicate a limited increase in new capacity over the next 2-3 years, with the current order book for oil tankers at a low level of 7.7% [2]. Financial Summary - The company is projected to achieve total revenue of 26,090 million CNY in 2024, with a year-on-year growth rate of 18.1%. The net profit attributable to the parent company is expected to reach 6,413 million CNY, reflecting a significant increase of 91.4% [3]. - Earnings per share (EPS) are forecasted to be 1.34 CNY in 2024, with a price-to-earnings (P/E) ratio of 12 [3]. - The report provides a detailed financial outlook, with projected revenues and profits for 2025 and 2026 also showing positive growth trends [3][11].