Changjiang Securities·2025-09-07 23:30Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - In Q2, the company achieved operating revenue of 5.89 billion yuan, a year-on-year increase of 1.3%, while net profit attributable to the parent company was 1.16 billion yuan, a year-on-year decrease of 15.3% but a quarter-on-quarter increase of 64.2% [2][4] - The foreign trade oil transportation sector is showing signs of improvement, while external chartering has increased costs; domestic trade has been affected by a decrease in business volume but maintains stable profitability; LNG transportation continues to show growth due to fleet expansion [2][10] - Looking ahead, LNG transportation benefits from stable project-based revenue and fleet expansion, solidifying baseline profits; the oil transportation sector is expected to see a peak season in Q4 due to increased compliance oil imports from India and ongoing OPEC production increases [2][10] Summary by Sections Revenue and Profit Analysis - In the first half of 2025, the company reported operating revenue of 11.64 billion yuan, a year-on-year decrease of 2.6%, and net profit of 1.87 billion yuan, down 29.2% year-on-year [4] - In Q2, the company’s operating revenue was 5.89 billion yuan, with a net profit of 1.16 billion yuan, reflecting a significant quarter-on-quarter recovery [4] Business Segment Performance - Foreign trade oil transportation revenue was 3.73 billion yuan in Q2, down 5.4% year-on-year, with a gross profit of 750 million yuan, a decrease of 44.7% year-on-year [10] - Domestic trade oil transportation revenue was 1.37 billion yuan, down 6.3% year-on-year, but maintained a gross profit margin of 24.0% [10] - LNG transportation revenue reached 630 million yuan, a year-on-year increase of 56.5%, with a gross profit margin of 49.9% [10] Future Outlook - The LNG transportation sector is expected to continue solidifying profits due to stable project revenues and fleet expansion [10] - The oil transportation sector is anticipated to benefit from seasonal demand in Q4, with potential for price increases [10] - The report suggests that the oil tanker sector is currently undervalued and may experience a rebound [2][10]