COSCO SHIPPING Energy(600026) 民生证券·2025-03-28 08:23Investment Rating - The report gives a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [6][13]. Core Views - The company is expected to see a significant improvement in its profitability, with a projected net profit of 50.26 billion yuan in 2025, reflecting a year-on-year growth of 24.5% [4][5]. - The company is positioned as a leader in global oil transportation and a key player in China's LNG transportation market, benefiting from a favorable supply-demand balance in the oil shipping sector [4][5]. Revenue and Profit Analysis - In 2024, the company achieved a revenue of 232.4 billion yuan, a year-on-year increase of 2.2%, with a gross profit of 63.3 billion yuan, down 4.3% from the previous year [1]. - The net profit attributable to shareholders for 2024 was 40.4 billion yuan, up 19.4% year-on-year, with a net profit margin of 17.4% [1][5]. Business Segment Performance - The foreign trade oil transportation segment generated a revenue of 145.74 billion yuan in 2024, up 4.1% year-on-year, while the gross profit decreased by 13.5% [2]. - The domestic oil transportation segment saw a revenue of 59.09 billion yuan, down 4.8% year-on-year, but the gross profit margin improved by 1.0 percentage points to 25.0% [2]. - The LNG transportation segment contributed a net profit of 8.11 billion yuan, reflecting a year-on-year increase of 2.66% [2]. Dividend Policy - The company declared a dividend payout ratio of 50.82% for 2024, with an annual dividend of 0.43 yuan per share, an increase of 0.08 yuan per share compared to 2023 [2]. Capacity and Fleet Overview - As of December 31, 2024, the company holds the world's largest oil tanker fleet with 159 vessels totaling 23.74 million deadweight tons [3]. - The LNG fleet consists of 50 operational vessels with a total capacity of 842,000 cubic meters, and there are 37 LNG vessels under construction [3]. Financial Forecast - The company is projected to achieve revenues of 260 billion yuan in 2025, 269 billion yuan in 2026, and 283 billion yuan in 2027, with corresponding net profits of 50.26 billion yuan, 54.16 billion yuan, and 57.69 billion yuan respectively [4][5].