CMES(601872) 信达证券·2025-03-30 22:33Investment 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 for 2024 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 [3] Summary by Sections Revenue and Profitability - The company achieved total revenue of 25.799 billion yuan in 2024, with a year-on-year decline of 0.32% [3] - The gross profit margin for 2024 was 28.4%, with a net profit margin of 19.8% [5] - The projected revenues for 2025 to 2027 are 27.650 billion, 28.735 billion, and 29.446 billion yuan, respectively, with expected growth rates of 7.17%, 3.93%, and 2.47% [6] Segment Performance - The oil tanker segment maintained a leading position with a fleet of 52 VLCCs and 8 Aframax vessels, although revenue decreased by 4.82% year-on-year to 9.206 billion yuan in 2024 [3][6] - The dry bulk shipping segment saw a significant net profit increase of 72.24% year-on-year, with total revenue of 7.940 billion yuan in 2024 [6] - The container shipping segment reported a net profit increase of 50.58% year-on-year, with total revenue of 5.434 billion yuan in 2024 [6] Financial Projections - The company is expected to achieve a net profit of 6.055 billion yuan in 2025, representing an 18.56% year-on-year increase, with projected EPS of 0.74 yuan [6] - The projected P/E ratios for 2025 to 2027 are 8.58, 7.96, and 7.73, respectively [6]