事件：中远海能（600026.SH）2025年三季度报告。 营业收入：25Q1～3 累计实现171.08 亿元，同比下滑-2.55%，其中25Q3 实现54.66 亿元，同比增速 为-2.55%。 归母净利润：25Q1～3 累计实现27.23 亿元，同比下滑21.22%，其中25Q3 实现8.53 亿元，同比增速为 4.37%。 扣非归母净利润：25Q1～3 累计实现24.84 亿元，同比下滑25.85%，其中25Q3 分别实现7.10 亿元，同 比增速为-3.00%。 点评： 油运业务：9 月单月TD3C-TCE 接近8 万美元/日，提振25Q4 财务效益预期。 外贸油运业务：25Q1～3 累计实现毛利润17.9 亿元，同比下滑43.2%，其中25Q1、25Q2、25Q3 分别实 现5.4、7.5、5.0，同比增速分别为-55.90%、-43.13%、-18.64%。 内贸油运业务：25Q1～3 累计实现毛利润10.2 亿元，同比下滑9.7%，其中25Q1、25Q2、25Q3 分别实现 3.3、3.3、3.6，同比增速分别为-9.30%、-3.28%、-14.70%。 其他业务：LNG 运输业务维持稳健，L ...

[Table_ReportType] 公司点评报告 [Table_StockAndRank] 中远海能(600026) | 投资评级 | 增持 | | --- | --- | | 上次评级 | 增持 | 证券研究报告 公司研究 [Table_Author] 匡培钦 交运行业首席分析师 执业编号 S1500524070004 邮箱 kuangpeiqin@cindasc.com 黄安 交运行业分析师 执业编号 S1500524110001 邮箱 huangan@cindasc.com 相关研究 [Table_OtherReport] 中远海能（600026.SH）2024 年年报点 评：归母净利润+19.37%，外贸油运积 极拓展西方市场 中远海能（600026.SH）深度报告：全 球油运龙头，供需向好资产价值低估 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 中远海能（600026.SH）2025 年三季度报告点评： Q3 归母净利润+4.37%，9 月运价上涨提振业绩预期 [Table ...

中远海能（600026）(01138)涨超9%，截至发稿，涨9.24%，报10.88港元，成交额2.63亿港元。 消息面上，10月28日，中远海能发布公告，本公司拟进行拟议收购事项。根据上海液化气股权转让协 议，中远海运大连投资同意出售而大连海能(本公司全资附属公司)同意收购上海液化气的全部股权，惟 须遵守协议的条款及条件。大连海能将有权承担或享有根据上海液化气股权转让协议将予转让股权于过 渡期间内的损益。 上海液化气的全部股权的代价为人民币5.98亿元，并应于上海液化气股权转让协议生效日期起5个工作 日内，由大连海能通过银行转账方式向中远海运大连投资支付交易对价全部的价款。 公告称，本次拟议收购事项完成后，本集团内已投产LPG运输业务资产将进一步整合至上市公司体系 内，有利于本公司后续相关重大项目的开展在资本市场创造有利条件；同时，长期来看预计将增加公司 归属于母公司股东的净利润，有利于提升本公司整体经营业绩，对提升本公司持续经营能力产生积极影 响。 ...

智通财经APP获悉，中远海能(01138)涨超9%，截至发稿，涨9.24%，报10.88港元，成交额2.63亿港元。 消息面上，10月28日，中远海能发布公告，本公司拟进行拟议收购事项。根据上海液化气股权转让协 议，中远海运大连投资同意出售而大连海能(本公司全资附属公司)同意收购上海液化气的全部股权，惟 须遵守协议的条款及条件。大连海能将有权承担或享有根据上海液化气股权转让协议将予转让股权于过 渡期间内的损益。 上海液化气的全部股权的代价为人民币5.98亿元，并应于上海液化气股权转让协议生效日期起5个工作 日内，由大连海能通过银行转账方式向中远海运大连投资支付交易对价全部的价款。 公告称，本次拟议收购事项完成后，本集团内已投产LPG运输业务资产将进一步整合至上市公司体系 内，有利于本公司后续相关重大项目的开展在资本市场创造有利条件；同时，长期来看预计将增加公司 归属于母公司股东的净利润，有利于提升本公司整体经营业绩，对提升本公司持续经营能力产生积极影 响。 ...

Core Viewpoint - The company, COSCO Shipping Energy Transportation Co., Ltd. (中远海能), is planning to acquire 100% equity of Shanghai Liquefied Gas for RMB 598 million, which is a strategic move to enhance its logistics supply chain in the energy and chemical sector [1][2] Group 1 - The acquisition is part of the first phase of integrating the energy and chemical logistics supply chain, aimed at optimizing resource allocation and improving the company's quality [1] - The acquisition will be completed within five working days after the agreement takes effect, with the payment made via bank transfer [1] - This move is aligned with the company's goals of state-owned enterprise reform and better service to customer needs [1] Group 2 - Following the completion of the first phase of logistics supply chain integration, this acquisition is a key initiative for the second phase of reform [2] - The acquisition is expected to improve the financial performance of COSCO Shipping Dalian Investment and accelerate its overall reform efforts [2] - The integration of LPG transportation business assets into the listed company structure is anticipated to create favorable conditions for future major projects in the capital market and enhance the company's net profit attributable to shareholders [2]

于2024年第四季度，本公司透过初次收购事项对中远海运集团能源化工品物流供应链整合进行第一阶段 工作，其为落实国企改革、优化资源配置，提升本公司质量的重要举措。初次收购事项是本公司聚焦能 源化工品物流资源集成、实现协同发展、更好服务客户需求的重要举措，更是建设能源化工品物流供应 链、打造行业标杆、更好服务管理升级的关键引擎。 继完成物流供应链整合的第一阶段后，本次收购上海液化气的全部股权是本集团继续推进第二阶段改革 任务的首要举措。根据目前的评估，中远海运大连投资通过受让上海液化气100%股权有利于改善其财 务盈利状况，有利于加快推进后续中远海运大连投资整体改革工作。同时，通过本次收购，大连海能作 为本公司下属LPG业务统一运营平台，将实现本集团已投产LPG运输业务在业务运营、资产管理、财务 核算、人员配置等方面的统一管理，形成规模效应，增强市场竞争力。 中远海能（600026）(01138)发布公告，本公司拟进行拟议收购事项，详情如下。根据上海液化气股权 转让协议，中远海运大连投资同意出售而大连海能(本公司全资附属公司)同意收购上海液化气的全部股 权，惟须遵守协议的条款及条件。大连海能将有权承担或享有根据上 ...

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company is a global leader in oil transportation, with a positive supply-demand outlook and undervalued asset value [1] - The foreign trade oil transportation business is actively expanding into Western markets, maintaining diversified sources of cargo [2] - The LNG transportation business is experiencing steady growth [3] Financial Summary - In 2024, the company achieved total revenue of 232.44 billion, a year-on-year increase of 2.25%, with Q4 revenue of 61.00 billion, down 1.59% year-on-year [4] - The net profit attributable to the parent company for 2024 was 40.37 billion, up 19.37% year-on-year, with Q4 net profit of 6.21 billion, turning from loss to profit [4] - The company's operating volume (excluding time charter) reached 18 million tons in 2024, a year-on-year increase of 3.8%, with a transportation turnover of 604 billion ton-miles, up 13.6% year-on-year [4] - The company maintained the world's largest fleet of oil tankers, with 159 owned tankers totaling 23.74 million deadweight tons [4] - The foreign trade oil transportation business generated revenue of 145.74 billion in 2024, a year-on-year increase of 4.1%, but gross profit decreased by 13.5% [4] - The LNG transportation business achieved revenue of 22.29 billion, a year-on-year increase of 22.4%, with gross profit of 10.76 billion, up 25.23% [4] Earnings Forecast - The company is expected to achieve revenues of 265.50 billion, 281.14 billion, and 288.00 billion from 2025 to 2027, with year-on-year growth rates of 14.22%, 5.89%, and 2.44% respectively [7] - The net profit attributable to the parent company is projected to be 46.84 billion, 51.88 billion, and 54.77 billion for the same period, with year-on-year growth rates of 16.05%, 10.75%, and 5.56% respectively [7] - The corresponding EPS for 2025 is expected to be 0.98, with a P/E ratio of 11.64 [7]

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company has shown a positive trend in its oil transportation business, actively expanding into Western markets and maintaining a diversified source of cargo [2] - The LNG transportation business has demonstrated steady growth [3] - The company reported a total revenue of 232.44 billion yuan for 2024, representing a year-on-year increase of 2.25%, while the net profit attributable to the parent company reached 40.37 billion yuan, up 19.37% year-on-year [4] - The company maintained the world's largest fleet of oil tankers, with 159 owned vessels totaling 23.74 million deadweight tons [4] - The foreign trade oil transportation business generated revenue of 145.74 billion yuan in 2024, a 4.1% increase year-on-year, despite a 13.5% decline in gross profit [4] - The LNG transportation business achieved revenue of 22.29 billion yuan, a 22.4% increase year-on-year, with a gross profit of 10.76 billion yuan, up 25.23% [4] Financial Summary - The company expects to achieve revenues of 265.50 billion yuan, 281.14 billion yuan, and 288.00 billion yuan for the years 2025 to 2027, with corresponding net profits of 46.84 billion yuan, 51.88 billion yuan, and 54.77 billion yuan, reflecting growth rates of 16.05%, 10.75%, and 5.56% respectively [7] - The earnings per share (EPS) are projected to be 0.98 yuan, 1.09 yuan, and 1.15 yuan for 2025 to 2027, with the price-to-earnings (P/E) ratio expected to be 11.64, 10.51, and 9.96 [7] - The company reported a gross profit margin of 27.2% for 2024, with a return on equity (ROE) of 11.3% [6]

Core Insights - COSCO Shipping Energy Transportation Co., Ltd. (中远海能) reported a net profit attributable to shareholders of RMB 4.038 billion for the year ending December 31, 2024, representing a year-on-year increase of 19.5% [1] - The company's total revenue reached RMB 23.133 billion, reflecting a growth of 2.57% compared to the previous year [1] - The company holds the world's largest tanker fleet, with a total of 159 vessels and a deadweight tonnage of 23.74 million [1] Group 1: Business Operations - The company operates a diverse range of oil transportation services, utilizing both owned and controlled vessels for spot market charters, time charters, and contracts with cargo owners [1] - The company provides comprehensive logistics solutions, including foreign trade imports, domestic transshipment, refined oil transportation, and downstream chemical product transport [1] - The company has established strong strategic partnerships with major oil companies and independent refineries, enhancing its business development and value creation capabilities [2] Group 2: LNG and LPG Transportation - COSCO Shipping is a leader in China's LNG transportation sector and a significant player in the global LNG market, with investments in 87 LNG vessels [2] - As of December 31, 2024, the company has 50 operational LNG vessels with a total capacity of 8.42 million cubic meters and 37 vessels under construction [2] - The LPG transportation business operates 11 vessels with a capacity of 42,599 cubic meters, focusing on domestic and international LPG water transportation [3] Group 3: Chemical Transportation - The chemical transportation segment is managed by Shanghai COSCO Shipping Chemical Transportation Co., Ltd., specializing in bulk chemical transportation [3] - The company operates 8 chemical vessels with a total deadweight tonnage of 72,940 and has 1 vessel under construction [3]