Investment Rating - The investment rating for the company is "Buy" [1][6]. Core Views - The report maintains a positive outlook on the oil shipping sector, anticipating a super bull market in the coming years. The company is expected to see a significant increase in its profit center, with net profit forecasts for 2024-2026 set at 7.2 billion, 8.6 billion, and 9.4 billion RMB respectively [6][7]. - The company's Q1 2024 non-GAAP net profit increased by 40% year-on-year, aligning with expectations. The report highlights that the oil shipping industry's capacity utilization is at a high level, and demand is expected to remain robust, leading to a favorable supply-demand balance [6][7]. Summary by Sections Financial Performance - In Q1 2024, the company's net profit reached 1.2 billion RMB, a 13% increase year-on-year, while the non-GAAP profit surged by 40% [6][7]. - The report projects revenue growth from 18.57 billion RMB in 2022 to 28.08 billion RMB in 2024, reflecting a 28% increase [7]. Market Outlook - The oil shipping market is expected to see continued demand growth, particularly from traditional energy sources, with Asian demand potentially exceeding expectations. The report notes that the restructuring of oil trade will persist, particularly in the Atlantic region [6][7]. - The report emphasizes that the company's management has confidence in the market's upward trajectory, as evidenced by the implementation of a stock incentive plan for executives [6][7]. Valuation - The target price for the company's stock is set at 11.87 HKD, indicating potential upside from the current price of 9.74 HKD [1][6]. - The report suggests that the company's valuation has room for improvement due to the anticipated increase in earnings and market conditions [6][7].
2024年一季报点评：Q1扣非业绩大增，未来数年盈利中枢上升