中远海能（600026）：LNG业务成亮点，能源化工业务并表

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - In 2024, the company achieved operating revenue of 23.244 billion yuan, a year-on-year increase of 2.25%, and a net profit attributable to shareholders of 4.037 billion yuan, representing a year-on-year growth of 19.37% [2][5]. - The LNG business has become a highlight, with significant contributions from the energy and chemical sectors following their consolidation into the company's financials [9]. Summary by Sections Business Performance - The company's internal and external oil transportation and LNG businesses reported gross profits of 1.47 billion yuan, 3.59 billion yuan, and 1.08 billion yuan, respectively, with year-on-year changes of -0.9%, -13.5%, and +25.2% [9]. - The LNG fleet expanded to 51 vessels in 2024, an increase of 8 vessels compared to the previous year [9]. - The energy and chemical business acquisition added stable profit sources, with gross profits from chemical and LPG shipping operations each at 50 million yuan [9]. Future Outlook - The company anticipates a 55% increase in stable profits from internal trade and LNG operations by 2028, reaching 4.35 billion yuan [9]. - The expected performance for 2025-2027 is projected at 5.32 billion yuan, 6.20 billion yuan, and 6.32 billion yuan, with corresponding price-to-earnings ratios of 10.1, 8.6, and 8.5 times [9].