油轮板块步入高景气度，分红水平提升至40%

Investment Rating - The report maintains a "Buy" rating for the company, with a recommendation to "Increase Holdings" [1][2]. Core Insights - The company's financial performance in 2023 showed a total revenue of 25.881 billion RMB, a year-on-year decrease of 12.88%, and a net profit attributable to shareholders of 4.837 billion RMB, down 4.92% year-on-year [2][3]. - The oil tanker segment experienced significant improvement, with revenues of 9.672 billion RMB and a net profit of 3.083 billion RMB. The container shipping and bulk shipping segments also contributed positively, with revenues of 5.539 billion RMB and 7.108 billion RMB, and net profits of 0.873 billion RMB and 0.899 billion RMB, respectively [1][2]. - The company plans to distribute a cash dividend of 2.38 RMB per 10 shares, totaling 1.938 billion RMB, which represents 40.07% of the net profit [1][2]. Financial Projections - The projected net profit attributable to shareholders for 2024-2026 is expected to be 7.296 billion RMB, 7.932 billion RMB, and 8.716 billion RMB, respectively, with corresponding EPS of 0.90 RMB, 0.97 RMB, and 1.07 RMB [1][3]. - The PE ratios for 2024-2026 are projected to be 8.6, 7.9, and 7.2 times, respectively [1][3]. Market Conditions - The international oil transportation market is showing signs of recovery, benefiting the company's oil tanker fleet as freight rates have increased. The average daily earnings for VLCC and Aframax tankers rose by 104% and 1.7% year-on-year, reaching 48,700 USD and 56,900 USD, respectively [2][3].