Hua Yuan Zheng Quan·2025-04-30 07:51Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The oil transportation industry is facing short-term pressure on performance, but the OPEC+ production increase is favorable for the oil transportation market [6] Financial Performance Summary - Revenue projections for the company are as follows: - 2023: 22,091 million RMB - 2024: 23,244 million RMB (growth of 5.22%) - 2025E: 25,911 million RMB (growth of 11.48%) - 2026E: 27,856 million RMB (growth of 7.51%) - 2027E: 28,891 million RMB (growth of 3.72%) [7] - Net profit attributable to shareholders is projected as: - 2023: 3,351 million RMB - 2024: 4,037 million RMB (growth of 20.47%) - 2025E: 5,035 million RMB (growth of 24.73%) - 2026E: 6,412 million RMB (growth of 27.36%) - 2027E: 7,020 million RMB (growth of 9.49%) [7] - Earnings per share (EPS) forecast: - 2023: 0.70 RMB - 2024: 0.85 RMB - 2025E: 1.06 RMB - 2026E: 1.34 RMB - 2027E: 1.47 RMB [7] Key Financial Ratios - Return on Equity (ROE) is expected to improve: - 2023: 9.74% - 2024: 11.25% - 2025E: 12.95% - 2026E: 15.00% - 2027E: 14.95% [7] - Price-to-Earnings (P/E) ratio forecast: - 2024: 12.34 - 2025E: 9.89 - 2026E: 7.77 - 2027E: 7.09 [7] Market Data - Closing price as of April 29, 2025: 10.44 RMB - Market capitalization: 49,806.91 million RMB - Total shares outstanding: 4,770.78 million [4]