智通财经4月9日电，香港交易所信息显示，贝莱德（BlackRock）在中远海能的持股比例于04月04日从 5.15%降至4.59%。 ...

二、 增持计划的主要内容 证券代码：600026 证券简称：中远海能 公告编号：2025-021 中远海运能源运输股份有限公司 关于控股股东增持计划进展的自愿性披露公告 本公司董事会及全体董事保证本公告内容不存在任何虚假 记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性 和完整性承担法律责任。 重要内容提示： 自增持计划公布以来，本公司间接控股股东中国远洋海运集团有限公司（以 下简称"中远海运集团"）积极实施增持计划。现将有关情况公告如下： 一、 增持主体的基本情况 1. 增持主体：中远海运集团，为本公司间接控股股东。 2. 增持主体持股数量及持股比例：增持计划实施前，中远海运集团直接和 间接合计持有公司 2,156,350,790 股 A 股股份，占公司总股本的 45.20%。 基于对公司未来发展前景的坚定信心及中长期价值的认可，为增强投资者对 1 增持计划主要内容：本公司间接控股股东中远海运集团计划自 2024 年 10 月 21 日起 6 个月内，以专项贷款及自有资金通过上海证券交易所以集中竞价交 易方式增持公司 A 股股份，增持股份总金额不低于人民币 6.79 亿元，不超 过人民币 13.58 ...

Group 1: Financial Performance - In 2024, the company achieved a revenue of 23.24 billion yuan (+2.3%) and a net profit attributable to shareholders of 4.037 billion yuan (+19.4%), marking a new high since the 2016 restructuring. The non-recurring net profit was 3.98 billion yuan (-3.8%) [1] - For Q4, the company reported a revenue of 6.1 billion yuan (-1.6%) and a net profit attributable to shareholders excluding non-recurring items of 630 million yuan (-22.4%). The total annual dividend was 2.05 billion yuan, with a payout ratio of 50.8%, distributing 4.3 yuan per 10 shares [1] Group 2: Oil Transportation and LNG Contribution - Foreign trade oil transportation generated revenue of 14.57 billion yuan (+4.1%), with the VLCC TD3C route's average TCE at approximately 34,900 USD (-3%). In Q4, TCE dropped to 28,800 USD, a year-on-year decline of 24% due to OPEC+ production cuts and slower replenishment in China [2] - Domestic oil transportation revenue was 5.91 billion yuan (-4.8%), with a gross margin of 25.5% (+1 percentage point). The company secured 91% of its base cargo sources and flexibly allocated 21 vessel trips, demonstrating stable profitability [2] - LNG transportation revenue increased to 2.23 billion yuan (+22.5%), with project vessel deliveries enhancing revenue certainty. The company participated in a joint bid for six 270,000 cubic meter QC-Max LNG carriers and completed several other LNG projects, expanding its fleet to 87 vessels by the end of 2024 [2] Group 3: Market Outlook and Fleet Management - For 2025, the oil transportation market is expected to maintain a high price level, driven by multiple factors. The nominal capacity of the VLCC fleet is projected to decrease, with effective supply likely reducing more significantly due to restrictions on "shadow fleets" and the aging fleet being less efficient [3] - The company plans to invest in constructing six VLCCs in November 2024, which will further modernize its fleet, currently averaging 11.9 years in age [3] Group 4: Profit Forecast and Investment Recommendation - The company forecasts net profits attributable to shareholders of 5.56 billion yuan, 5.54 billion yuan, and 5.77 billion yuan for 2025-2027. Given the anticipated sustained high demand in the global oil transportation market, the company is positioned to benefit and maintains a "buy" rating [4]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - In 2024, the company achieved operating revenue of 23.244 billion yuan, a year-on-year increase of 2.25%, and a net profit attributable to shareholders of 4.037 billion yuan, representing a year-on-year growth of 19.37% [2][5]. - The LNG business has become a highlight, with significant contributions from the energy and chemical sectors following their consolidation into the company's financials [9]. Summary by Sections Business Performance - The company's internal and external oil transportation and LNG businesses reported gross profits of 1.47 billion yuan, 3.59 billion yuan, and 1.08 billion yuan, respectively, with year-on-year changes of -0.9%, -13.5%, and +25.2% [9]. - The LNG fleet expanded to 51 vessels in 2024, an increase of 8 vessels compared to the previous year [9]. - The energy and chemical business acquisition added stable profit sources, with gross profits from chemical and LPG shipping operations each at 50 million yuan [9]. Future Outlook - The company anticipates a 55% increase in stable profits from internal trade and LNG operations by 2028, reaching 4.35 billion yuan [9]. - The expected performance for 2025-2027 is projected at 5.32 billion yuan, 6.20 billion yuan, and 6.32 billion yuan, with corresponding price-to-earnings ratios of 10.1, 8.6, and 8.5 times [9].

Group 1: Company Financial Performance - In 2024, the company's revenue reached 23.24 billion RMB, a year-on-year increase of 2.2% (adjusted) [1] - The net profit attributable to shareholders for the year was 4.04 billion RMB, reflecting a year-on-year growth of 19.4% (adjusted) [1] - The company's cash dividend for 2024 is set at 4.3 RMB per 10 shares (including tax), with a payout ratio of 50.82% [1] Group 2: Trade and Transportation Performance - In Q4, domestic oil transportation revenue was 1.53 billion RMB, down 6% year-on-year, with a gross margin of 22.2% [2] - LNG transportation revenue in Q4 was 620 million RMB, up 31% year-on-year, with a gross margin of 42.7% [2] - Foreign trade oil transportation revenue in Q4 was 3.45 billion RMB, a slight increase of 0.2% year-on-year, but with a gross margin of 12.7%, down 6.4 percentage points [2] Group 3: Market Outlook and Demand - The demand for VLCC (Very Large Crude Carrier) in the second half of 2024 is expected to be subdued due to OPEC's production cuts and weak demand from Chinese refineries [3] - The narrowing price difference between regions is likely to negatively impact long-distance oil trade [3] - The outlook for VLCC remains optimistic due to strong supply constraints and a potential recovery in demand in 2025, with limited growth in effective capacity [3] Group 4: Regulatory Environment and Market Dynamics - The tightening of sanctions on non-compliant trade from Iran, Venezuela, and Russia may benefit the formal market by increasing demand [4] - The U.S. "maximum pressure" campaign is extending sanctions beyond traditional targets, affecting the entire supply chain [4] - The company maintains an optimistic mid-term outlook for VLCC profitability, with projected net profits for 2025-2026 at 5.29 billion and 6.33 billion RMB, respectively [4]

Investment Rating - The report maintains a "Recommendation" rating for COSCO Shipping Energy Transportation Co., Ltd. (600026) [1] Core Views - The company is expected to achieve a net profit attributable to shareholders of 4 billion CNY in 2024, representing a year-on-year increase of 19% [1] - The oil transportation market is anticipated to improve in the medium term, with attention to variables such as sanctions and production increases [7] Financial Performance Summary - **2024 Financial Results**: - Revenue: 23.2 billion CNY, up 2% year-on-year - Net Profit: 4.04 billion CNY, up 19.4% year-on-year - Non-recurring Net Profit: 3.98 billion CNY, down 3.8% year-on-year - Q4 Revenue: 6.1 billion CNY, down 1.6% year-on-year - Q4 Net Profit: 620 million CNY, returning to profit [1][2] - **Business Segment Performance**: - Foreign trade oil transportation: Gross profit of 3.59 billion CNY, down 13.6% - Domestic trade oil transportation: Gross profit of 1.48 billion CNY, down 0.9%, with a gross margin of 25% - LNG business: Contributed a net profit of 810 million CNY, up 2.7% - LPG and chemical business: Gross profit of 52 million CNY and 53 million CNY, down 8.7% and up 47.9% respectively [1][2] Future Financial Projections - **Revenue Forecast**: - 2025E: 26.03 billion CNY, growth of 12% - 2026E: 27.77 billion CNY, growth of 6.7% - 2027E: 29.67 billion CNY, growth of 6.8% [3] - **Net Profit Forecast**: - 2025E: 5.04 billion CNY, growth of 24.9% - 2026E: 6.03 billion CNY, growth of 19.7% - 2027E: 6.89 billion CNY, growth of 14.2% [3] - **Earnings Per Share (EPS)**: - 2025E: 1.06 CNY - 2026E: 1.26 CNY - 2027E: 1.44 CNY [3] Valuation - The target price for the stock is set at 13.8 CNY, with a current price of 11.27 CNY, indicating a potential upside of 22% [3][7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights a strong growth trajectory in revenue and net profit, with significant year-on-year increases projected for the coming years [4][5] - The company is expected to achieve a revenue of 25,911 million RMB in 2025, reflecting an 11.48% growth compared to 2024 [5] - The net profit attributable to shareholders is forecasted to reach 5,035 million RMB in 2025, representing a 24.73% increase from the previous year [5] Financial Summary - The closing price of the company's stock is 11.27 RMB, with a market capitalization of 53,766.65 million RMB [3] - The company has a total share capital of 4,770.78 million shares and a debt-to-asset ratio of 51.90% [3] - Earnings per share (EPS) is projected to be 1.06 RMB in 2025, with a price-to-earnings (P/E) ratio of 10.68 [5][7] - The return on equity (ROE) is expected to be 12.95% in 2025, indicating strong profitability [5][7] - The company’s gross margin is projected to improve to 30.65% by 2025, with a net profit margin of 21.11% [7]

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].

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]