CMES(601872)2024-10-29 03:49Investment Rating - The report maintains a "Buy" rating for the company [5][6]. Core Views - The company is expected to benefit from the release of capacity and an industry upturn, driven by both oil and bulk shipping segments [5]. - The company's Q3 2024 performance showed a net profit of 8.72 billion yuan, a year-on-year decline of 11.67%, primarily impacted by exchange rate fluctuations [5]. - The oil and bulk shipping segments contributed 89.5% to the company's net profit, with the oil tanker segment experiencing a net profit of 3.85 billion yuan, down 28% year-on-year [5]. - The company is actively optimizing its fleet structure and has placed orders for new energy-efficient vessels, expecting rapid capacity expansion in the coming years [5]. Financial Summary - For 2024, the company forecasts total revenue of 27.347 billion yuan, with a year-on-year growth rate of 5.7% [6]. - The net profit for 2024 is projected at 4.895 billion yuan, reflecting a slight increase of 1.2% year-on-year [6]. - The earnings per share (EPS) for 2024 is estimated to be 0.60 yuan, with a projected price-to-earnings (PE) ratio of 12 [6]. - The company plans to reduce its profit forecast for 2024-2026 due to lower-than-expected demand impacting freight rates [5].