Investment Rating - The report gives a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [6][13]. Core Views - The company is expected to see a significant improvement in its profitability, with a projected net profit of 50.26 billion yuan in 2025, reflecting a year-on-year growth of 24.5% [4][5]. - The company is positioned as a leader in global oil transportation and a key player in China's LNG transportation market, benefiting from a favorable supply-demand balance in the oil shipping sector [4][5]. Revenue and Profit Analysis - In 2024, the company achieved a revenue of 232.4 billion yuan, a year-on-year increase of 2.2%, with a gross profit of 63.3 billion yuan, down 4.3% from the previous year [1]. - The net profit attributable to shareholders for 2024 was 40.4 billion yuan, up 19.4% year-on-year, with a net profit margin of 17.4% [1][5]. Business Segment Performance - The foreign trade oil transportation segment generated a revenue of 145.74 billion yuan in 2024, up 4.1% year-on-year, while the gross profit decreased by 13.5% [2]. - The domestic oil transportation segment saw a revenue of 59.09 billion yuan, down 4.8% year-on-year, but the gross profit margin improved by 1.0 percentage points to 25.0% [2]. - The LNG transportation segment contributed a net profit of 8.11 billion yuan, reflecting a year-on-year increase of 2.66% [2]. Dividend Policy - The company declared a dividend payout ratio of 50.82% for 2024, with an annual dividend of 0.43 yuan per share, an increase of 0.08 yuan per share compared to 2023 [2]. Capacity and Fleet Overview - As of December 31, 2024, the company holds the world's largest oil tanker fleet with 159 vessels totaling 23.74 million deadweight tons [3]. - The LNG fleet consists of 50 operational vessels with a total capacity of 842,000 cubic meters, and there are 37 LNG vessels under construction [3]. Financial Forecast - The company is projected to achieve revenues of 260 billion yuan in 2025, 269 billion yuan in 2026, and 283 billion yuan in 2027, with corresponding net profits of 50.26 billion yuan, 54.16 billion yuan, and 57.69 billion yuan respectively [4][5].

Investment Rating - The report gives a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [6][13]. Core Views - The company achieved a net profit attributable to shareholders of 4.04 billion yuan in 2024, representing a year-on-year increase of 19.4%. The report is optimistic about the improvement in the oil transportation supply-demand structure, which is expected to enhance the company's performance [1][4]. - The company is recognized as a global leader in oil transportation and a key player in China's LNG transportation sector, with significant competitive advantages in the oil and gas import transportation market [4]. Revenue and Profit Analysis - In 2024, the company reported total revenue of 23.24 billion yuan, a year-on-year increase of 2.2%, with a gross profit of 6.33 billion yuan, down 4.3% year-on-year, resulting in a gross margin of 27.2% [1]. - The company’s net profit margin for 2024 was 17.4%, with a net profit of 4.04 billion yuan, while the net profit attributable to shareholders after deducting non-recurring items was 3.98 billion yuan, down 3.8% year-on-year [1][5]. Business Segment Performance - The foreign trade oil transportation segment generated revenue of 14.57 billion yuan in 2024, up 4.1% year-on-year, but the gross profit decreased by 13.5% to 3.59 billion yuan, with a gross margin of 24.6% [2]. - The domestic oil transportation segment saw a revenue decline of 4.8% to 5.91 billion yuan, with a gross profit of 1.48 billion yuan, reflecting a slight increase in gross margin to 25.0% [2]. - The LNG transportation segment contributed a net profit of 0.81 billion yuan, up 2.66% year-on-year [2]. Dividend Policy - The company declared a dividend payout ratio of 50.82% for 2024, with an annual dividend of 0.43 yuan per share, an increase of 0.08 yuan per share compared to 2023. This results in a dividend yield of 3.8% based on the stock price of 11.41 yuan as of March 27, 2025 [2]. Capacity and Fleet - As of December 31, 2024, the company had the world's largest oil tanker fleet, comprising 159 vessels with a total deadweight tonnage of 23.74 million tons. Additionally, there are 12 oil tankers under construction [3]. - The LNG fleet includes 50 operational vessels with a total capacity of 8.42 million cubic meters, and 37 LNG vessels are under construction [3]. Financial Forecast - The company is projected to achieve revenues of 26 billion yuan in 2025, 26.85 billion yuan in 2026, and 28.28 billion yuan in 2027, with corresponding growth rates of 11.8%, 3.3%, and 5.3% respectively [5][10]. - The net profit attributable to shareholders is expected to reach 5.03 billion yuan in 2025, 5.42 billion yuan in 2026, and 5.77 billion yuan in 2027, with growth rates of 24.5%, 7.8%, and 6.5% respectively [5][10].