智通财经APP获悉，中远海能(01138)绩后涨超5%，截至发稿，涨5.02%，报7.32港元，成交额6730.96万 港元。 消息面上，8月29日，中远海能公布2025年中期业绩，营业额约为人民币115.73亿元，同比减少约 2.5%。归属于公司权益持有人的溢利约为人民币18.94亿元，同比下降约29.0%。每股收益39.71分。 2025年上半年，该集团外贸油轮船队完成外贸油运运输收入人民币72.9亿元，同比减少5.5%，二季度环 比一季度增长3.3%；运输毛利为人民币13.0亿元，同比减少48.9%，二季度环比一季度增长42.9%；毛利 率17.9%，同比减少15.2个百分点，二季度环比一季度增长5.7个百分点。 2025年上半年，该集团内贸油轮船队完成内贸油运运输收入人民币27.4亿元，同比减少5.5%；运输毛利 人民币6.7亿元，同比减少6.9%；毛利率24.4%，同比减少0.4个百分点。 浙商证券指出， 作为中远海能业绩核心弹性的外贸油运板块，受国际市场波动影响，上半年实现毛利 12.89亿元，同比下降49.1%。该行认为这主要由于去年同期红海危机推高成品油轮运价基数，以及今年 新交付运力增加所致 ...

Core Insights - The company reported a revenue of approximately RMB 11.573 billion for the first half of 2025, representing a year-on-year decrease of about 2.5% [1] - The profit attributable to equity holders was approximately RMB 1.894 billion, down about 29.0% year-on-year, with earnings per share at 39.71 cents [1] Revenue Breakdown - The foreign trade tanker fleet generated transportation revenue of RMB 7.29 billion, a year-on-year decrease of 5.5%, with a quarter-on-quarter increase of 3.3% in Q2 [1] - The domestic trade tanker fleet achieved transportation revenue of RMB 2.74 billion, also down 5.5% year-on-year [1] - The LNG transportation segment contributed a profit of RMB 424 million, reflecting a year-on-year increase of 5.7% [1] - The LPG fleet completed transportation revenue of RMB 140 million, up 26.5% year-on-year, with a profit of RMB 30 million, an increase of 21.3% [1] Profitability Metrics - The gross profit from the foreign trade tanker fleet was RMB 1.3 billion, down 48.9% year-on-year, but showed a quarter-on-quarter increase of 42.9% in Q2 [1] - The gross profit margin for the foreign trade segment was 17.9%, a decrease of 15.2 percentage points year-on-year, but increased by 5.7 percentage points quarter-on-quarter [1] - The gross profit margin for the domestic trade segment was 24.4%, down 0.4 percentage points year-on-year [1] - The chemical tanker fleet generated transportation revenue of RMB 160 million, a year-on-year decrease of 13.1%, while gross profit was RMB 40 million, an increase of 7.0% [2] - The gross profit margin for the chemical segment was 26.7%, an increase of 5.0 percentage points year-on-year [2]

Core Viewpoint - The company reported a decline in revenue and net profit for Q1 2025, with specific segments showing mixed performance, indicating challenges in the oil transportation sector [1] Financial Performance - Q1 revenue was 5.75 billion, down 4.0% year-on-year and 5.7% quarter-on-quarter [1] - Net profit attributable to shareholders was 710 million, a decrease of 43.3% year-on-year but an increase of 13.9% quarter-on-quarter [1] - Non-recurring net profit was also 710 million, down 42.7% year-on-year and up 12.4% quarter-on-quarter [1] Segment Analysis - LNG Transportation: Q1 revenue was 620 million, up 10.6% year-on-year but down 1% quarter-on-quarter; gross margin was 49.4%, up 3.6% year-on-year and 6.7 percentage points quarter-on-quarter [1] - Domestic Oil Transportation: Q1 revenue was 1.39 billion, down 4.7% year-on-year and 9% quarter-on-quarter; gross margin was 24%, down 1.2% year-on-year but up 1.7 percentage points quarter-on-quarter [1] - Foreign Oil Transportation: Q1 revenue was 3.58 billion, down 6% year-on-year but up 4% quarter-on-quarter; gross margin was 15.0%, down 16.9% year-on-year but up 2.2 percentage points quarter-on-quarter [1] Market Trends - The Q1 product tanker index rebounded, with expectations for stronger mid-sized crude carriers in Q2 due to seasonal price increases driven by OPEC+ production and sanctions on Iranian and Russian oil [2] - VLCC rates showed a seasonal decline after an initial spike, with TCE indices for various tanker types reflecting significant year-on-year decreases [2] Future Outlook - The company remains optimistic about VLCC supply constraints and a return to demand in the regulated market, despite potential macroeconomic challenges [3] - Even under pessimistic scenarios, oil transportation demand is expected to remain resilient due to low global oil inventories and stable non-OPEC production [3] Profit Forecast and Investment Recommendations - The company maintains a positive mid-term outlook for VLCC, projecting net profits of 5.29 billion, 6.33 billion, and 7.08 billion for 2025-2027, with corresponding PE ratios of 9, 8, and 7 [4] - The current price suggests a dividend yield of approximately 5.3% for A shares and 9.9% for H shares in 2025, maintaining a "recommended" rating [4]

Core Insights - The company reported a revenue of 23.24 billion yuan for 2024, 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 net profit attributable to shareholders for 2024 was 4.04 billion yuan, up 19.4% year-on-year, with a net profit margin of 17.4% [1] - The company plans to distribute a dividend of 0.43 yuan per share for 2024, representing a dividend payout ratio of 50.82% and a dividend yield of 3.8% based on the stock price of 11.41 yuan [3] Revenue Breakdown - In the foreign trade oil transportation segment, the company achieved a revenue of 14.574 billion yuan, an increase of 4.1% year-on-year, but the gross profit decreased by 13.5% to 3.586 billion yuan, resulting in a gross margin of 24.6% [2] - The domestic oil transportation segment reported a revenue of 5.909 billion yuan, a decline of 4.8% year-on-year, with a gross profit of 1.475 billion yuan, down 0.9%, and a gross margin of 25.0% [2] - The LNG transportation segment contributed a net profit of 0.811 billion yuan, an increase of 2.66% year-on-year [3] - The LPG and chemical transportation segments reported revenues of 0.206 billion yuan and 0.314 billion yuan, respectively, with declines of 18.6% and 19.1% year-on-year [3] Fleet Capacity - As of December 31, 2024, the company had the largest oil tanker fleet globally, with 159 vessels totaling 23.74 million deadweight tons, and 12 additional vessels under construction [4] - The LNG fleet consists of 50 operational vessels with a total capacity of 8.42 million cubic meters, and 37 vessels under construction [4] - The LPG fleet includes 11 vessels with a capacity of 42,600 cubic meters, and 2 vessels under construction [4] - The chemical transportation fleet comprises 8 vessels with a total capacity of 72,900 deadweight tons, with 1 vessel under construction [4] Future Outlook - The company is projected to achieve revenues of 26 billion yuan, 26.9 billion yuan, and 28.3 billion yuan for 2025 to 2027, with year-on-year growth rates of 11.8%, 3.3%, and 5.3% respectively [5] - The net profit attributable to shareholders is expected to reach 5.026 billion yuan, 5.416 billion yuan, and 5.769 billion yuan for the same period [5] - The current stock price corresponds to a price-to-earnings ratio of 11, 10, and 9 for the years 2025 to 2027 [5]