CMES(601872) 信达证券·2025-03-30 15:18Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company reported a revenue of 25.799 billion yuan in 2024, a slight decrease of 0.32% year-on-year, with a fourth-quarter revenue of 6.503 billion yuan, down 5.18% year-on-year [3] - The net profit attributable to the parent company for 2024 was 5.107 billion yuan, an increase of 5.59% year-on-year, with a fourth-quarter net profit of 1.738 billion yuan, up 61.14% year-on-year [3] - The non-recurring net profit attributable to the parent company was 5.015 billion yuan, a growth of 8.07% year-on-year, with a fourth-quarter figure of 1.727 billion yuan, up 68.87% year-on-year [3] - The company’s cargo volume in 2024 was 199 million tons, a decrease of 0.17% year-on-year, while the turnover volume increased by 11.01% year-on-year to 1.12 trillion ton-nautical miles, benefiting from a higher proportion of long-haul routes for bulk carriers and improved vessel loading rates [3] - The company maintains the world's largest VLCC fleet, consisting of 52 VLCCs (16.11 million deadweight tons) and 8 Aframax vessels (0.5358 million deadweight tons) [3] - The financial performance of the VLCC segment showed a revenue of 9.206 billion yuan, down 4.82% year-on-year, and a segment net profit of 2.635 billion yuan, down 14.52% year-on-year [3] - The dry bulk shipping segment achieved a net profit growth of 72.24% year-on-year, with a fleet of 93 vessels (18.5595 million deadweight tons) [3][4] - The container shipping segment saw a net profit increase of 50.58% year-on-year, with a fleet of 19 vessels (0.424 million deadweight tons, 30,500 TEU capacity) [6] Financial Summary - The company is projected to achieve revenues of 27.650 billion yuan, 28.735 billion yuan, and 29.446 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 7.17%, 3.93%, and 2.47% [6] - The net profit attributable to the parent company is expected to reach 6.055 billion yuan, 6.528 billion yuan, and 6.723 billion yuan for the same years, with growth rates of 18.56%, 7.81%, and 2.99% respectively [6] - The earnings per share (EPS) are projected to be 0.74 yuan, 0.80 yuan, and 0.83 yuan for 2025, 2026, and 2027 respectively [6] - The price-to-earnings (P/E) ratio is expected to be 8.58, 7.96, and 7.73 for the same years [6]