CMES(SH:601872) Shenwan Hongyuan Securities·2025-10-31 06:53Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's performance in Q3 2025 met expectations, with a notable acceleration in profits in Q4, driven by strong oil and dry bulk shipping markets [7][8] - The oil tanker segment contributed a profit of 597 million yuan in Q3, a year-on-year increase of 55.06%, while the dry bulk segment saw a profit of 292 million yuan, a year-on-year decrease of 21.08% [4][5] - The company is expected to benefit from a strong performance in Q4, with oil tanker rates exceeding 80,000 USD/day, potentially contributing over 2 billion yuan in profits [4][8] Financial Performance Summary - For the first three quarters of 2025, the company achieved a revenue of 19.31 billion yuan, a year-on-year increase of 0.07%, and a net profit of 3.30 billion yuan, a year-on-year decrease of 2.06% [7] - The projected total revenue for 2025 is 28.61 billion yuan, with a net profit forecast of 6.50 billion yuan, reflecting a year-on-year growth of 27.3% [6][10] - The company’s earnings per share (EPS) is expected to reach 0.81 yuan in 2025, with a projected return on equity (ROE) of 14.5% [6][10] Segment Performance - The oil tanker segment is expected to see continued strength, with the average TCE (Time Charter Equivalent) for VLCCs projected to be around 40,000 USD/day, outperforming market averages [4][8] - The dry bulk segment is anticipated to improve as it enters the peak season, with Capesize rates expected to average around 26,000 USD/day [5][8] - The LNG segment contributed a net profit of 239 million yuan in Q3, with expectations for rapid growth in the LNG fleet [5][8]