COSCO SHIPPING Energy(600026) 华源证券·2024-11-03 06:22Investment Rating - The investment rating for China COSCO Shipping Energy Transportation Co., Ltd. is "Buy" (maintained) [1] Core Views - The report highlights that supply tightness supports freight rates, while long-distance cost increases and tax burdens are dragging down profits [1] Financial Performance Summary - Revenue projections for the company are as follows: - 2022: 18,657.84 million RMB - 2023: 22,090.52 million RMB (growth of 18.40%) - 2024E: 24,414.86 million RMB (growth of 10.52%) - 2025E: 26,663.67 million RMB (growth of 9.21%) - 2026E: 28,742.56 million RMB (growth of 7.80%) [2] - Net profit attributable to shareholders is projected as: - 2022: 1,457.33 million RMB - 2023: 3,350.58 million RMB (growth of 129.29%) - 2024E: 4,603.98 million RMB (growth of 37.41%) - 2025E: 6,009.56 million RMB (growth of 30.53%) - 2026E: 7,134.69 million RMB (growth of 18.72%) [2] - Earnings per share (EPS) forecast: - 2023: 0.70 RMB - 2024E: 0.97 RMB - 2025E: 1.26 RMB - 2026E: 1.50 RMB [2] Financial Ratios - Return on Equity (ROE) is expected to improve from 9.74% in 2023 to 14.90% in 2026 [2] - Price-to-Earnings (P/E) ratio is projected to decrease from 18.64 in 2023 to 8.75 in 2026 [2] Balance Sheet Overview - Total assets are projected to grow from 72,083.61 million RMB in 2023 to 85,411.75 million RMB in 2026 [3] - Total liabilities are expected to remain stable around 34,980.29 million RMB in 2023, decreasing slightly to 33,558.42 million RMB by 2026 [3] Cash Flow Analysis - Operating cash flow is projected to increase from 8,822.16 million RMB in 2023 to 11,029.02 million RMB in 2026 [3] - Net cash flow is expected to turn positive by 2026, reaching 3,015.40 million RMB [3]