CMES(SH:601872) Shenwan Hongyuan Securities·2026-01-09 07:10Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [6]. Core Insights - The company is expected to achieve a net profit of 6.0 to 6.6 billion yuan for the year 2025, representing a year-on-year growth of 17% to 29%. The fourth quarter net profit is projected to be between 2.7 to 3.3 billion yuan, reflecting a significant increase of 55% to 90% year-on-year [4][6]. - The report highlights a strong performance in the oil transportation sector, with VLCC freight rates increasing significantly, contributing to the company's profit growth. The average VLCC freight rate for the fourth quarter is approximately 95,500 USD per day, a year-on-year increase of 167% [6]. - The company has seen a substantial increase in non-recurring income, primarily from the disposal of old vessels and gains from equity investments [6]. Financial Summary - The total revenue for 2025 is estimated at 28.61 billion yuan, with a year-on-year growth rate of 10.9%. The net profit for the same year is projected at 6.5 billion yuan, reflecting a growth rate of 27.3% [5][8]. - The report provides a detailed financial forecast for the years 2024 to 2027, indicating a steady increase in revenue and net profit, with net profit expected to reach 8.92 billion yuan by 2027 [5][8]. - The company's return on equity (ROE) is projected to improve from 12.8% in 2024 to 15.8% in 2027, indicating enhanced profitability [5].