CMES(601872) 国海证券·2025-03-31 12:02Investment Rating - The investment rating for the company is "Buy" (maintained) [1][11] Core Views - The report highlights a diversified business growth outlook, particularly optimistic about the oil transportation market's upward trend in 2025 [5][10] - The company achieved a revenue of 25.799 billion yuan in 2024, a slight decrease of 0.3% year-on-year, while the net profit attributable to shareholders increased by 5.6% to 5.11 billion yuan [5][10] - The report emphasizes the company's strong performance in the dry bulk shipping sector, with a significant net profit increase of 72.2% year-on-year [6][10] Summary by Sections Recent Performance - In Q4 2024, the company reported a revenue of 6.5 billion yuan, down 5.2% year-on-year, but net profit surged by 61.1% to 1.74 billion yuan [5][6] Oil Transportation - The average Time Charter Equivalent (TCE) for Very Large Crude Carriers (VLCC) was $39,239 per day in 2024, a decline of 20.5% year-on-year, yet the company's VLCC fleet outperformed the industry average [6][7] - Revenue from oil transportation was 9.21 billion yuan, with a net profit of 2.64 billion yuan, reflecting a decrease of 4.8% and 14.5% respectively [6] Dry Bulk Transportation - Supported by increased imports and longer shipping distances, the Cape-sized bulk carrier earnings rose by 58%, with the company achieving a revenue of 7.94 billion yuan and a net profit of 1.55 billion yuan, marking increases of 11.7% and 72.2% respectively [6][10] Container Transportation - The container shipping market saw demand growth and tight supply, leading to a significant rise in freight rates, although the company's revenue from this segment slightly decreased by 1.9% to 5.43 billion yuan, while net profit increased by 50.5% to 1.31 billion yuan [6][10] Future Outlook - The oil transportation market is expected to remain strong due to OPEC+ exiting voluntary production cuts and ongoing sanctions against Iran and Venezuela [7][10] - The dry bulk market is anticipated to balance upward, with freight rates expected to gradually increase [8][10] Financial Projections - Projected revenues for 2025, 2026, and 2027 are 27.73 billion yuan, 29.33 billion yuan, and 30.32 billion yuan respectively, with net profits expected to be 6.36 billion yuan, 7.36 billion yuan, and 7.89 billion yuan [9][10]