COSCO SHIPPING Energy(600026) 国信证券·2025-03-28 03:17Investment Rating - The investment rating for the company is "Outperform the Market" [6][4]. Core Views - The company reported weak performance in 2024, with revenue of 23.244 billion yuan, a year-on-year increase of 5.22%, and a net profit of approximately 4.037 billion yuan, up 20.47% year-on-year. However, the net profit excluding non-recurring items decreased by 3.77% to 3.979 billion yuan [10][4]. - The foreign trade oil transportation business volume increased by 14.4% year-on-year, but gross profit fell by 13.5% to 3.59 billion yuan, primarily due to weak global economic performance and a shift towards lower-cost black market oil [10][14]. - The domestic oil and LNG segments showed stable growth, with domestic oil transportation turnover increasing by 4.2% and LNG contributing a net profit of 0.81 billion yuan, up 2.7% year-on-year [2][15]. - The acquisition of LPG and chemical transportation businesses is expected to broaden the company's operational scope and enhance energy logistics [2][15]. - Looking ahead to 2025, the supply-demand dynamics are expected to improve, with potential upward elasticity in freight rates due to anticipated OPEC+ production increases and a return of black market demand to compliant markets [2][15]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 23.244 billion yuan, a 5.22% increase year-on-year, and a net profit of approximately 4.037 billion yuan, reflecting a 20.47% increase year-on-year. However, the net profit excluding non-recurring items decreased by 3.77% to 3.979 billion yuan [10][4]. - The gross profit from foreign trade oil transportation was 3.59 billion yuan, down 13.5% year-on-year, with specific contributions from crude oil, refined oil, and chartering showing significant variances [14][10]. Business Segments - Domestic oil transportation (crude + refined oil) turnover grew by 4.2% year-on-year, with a gross profit of 1.48 billion yuan, a slight decline of 0.9% [2][15]. - The LNG business contributed a net profit of 0.81 billion yuan, showing a stable performance with a year-on-year growth of 2.7% [2][15]. - The acquisition of LPG and chemical transportation businesses is expected to enhance the company's operational capabilities and logistics efficiency [2][15]. Future Outlook - The supply-demand situation is projected to improve in 2025, with expectations of increased freight rates due to OPEC+ production increases and a potential return of black market oil demand to compliant markets [2][15]. - The company maintains a strong confidence in the global oil transportation market, anticipating a tightening supply side and potential upward elasticity in freight rates [2][15].