COSCO SHIPPING Energy(600026) 信达证券·2024-12-26 00:35Investment Rating - The report assigns an "Accumulate" rating to the company, indicating that it is currently undervalued and presents a good investment opportunity [21]. Core Insights - The company is positioned as a leader in the oil and gas transportation sector, benefiting from strong demand in China and a diversified business structure that includes oil and gas transportation, as well as chemical logistics [18][28]. - The financial performance shows significant growth, with a revenue increase of 18.40% year-on-year in 2023, reaching 22.09 billion yuan, and a net profit growth of 129.91% to 3.35 billion yuan [23][24]. - The company plans to enhance its business structure by establishing a wholly-owned subsidiary for LPG and chemical transportation, which will further diversify its operations [3][28]. Financial Performance - In 2023, the company achieved a revenue of 22.09 billion yuan, with a compound annual growth rate (CAGR) of 10.47% from 2020 to 2023 [23]. - The net profit for 2023 was 3.35 billion yuan, reflecting a significant increase of 129.91% compared to the previous year [23]. - For the first three quarters of 2024, the company reported a revenue of 17.14 billion yuan, showing a year-on-year growth of 3.68% [23]. Business Segments - The oil transportation segment remains the primary contributor to the company's profits, accounting for over 90% of the net profit, although it exhibits cyclical fluctuations [24]. - The external LNG transportation segment is characterized by stable investment returns, with projected net profits of 9 billion yuan in 2024, increasing to 11 billion yuan by 2026 [32][29]. Market Position - The company holds the largest oil tanker fleet globally, with a total capacity of 23.02 million deadweight tons, and is a leading player in the LNG transportation market in China [48]. - The fleet includes various types of vessels, ensuring a comprehensive service offering to meet diverse customer needs [51]. Future Outlook - The company anticipates a recovery in domestic crude oil demand starting in 2025, with projected revenue growth rates of 1%, 3%, and 3% for 2024 to 2026 [16]. - The establishment of the new LPG subsidiary and the acquisition of related assets are expected to enhance operational efficiency and profitability [28][27].