Performance Summary - In 2024, the company reported operating revenue of 23.244 billion yuan, a year-on-year increase of 2.25% [1] - The net profit attributable to shareholders was 4.037 billion yuan, up 19.37% year-on-year [1] - In Q4 2024, the company achieved operating revenue of 6.1 billion yuan, a 9.8% increase year-on-year, and a net profit of 621 million yuan, a significant increase of 271.1% year-on-year [1] Operational Metrics - The company transported 180 million tons in 2024, a 3.8% increase year-on-year, with a turnover of 604 billion ton-miles, up 13.6% year-on-year [1] - Average daily earnings for the VLCC TD3C route (Middle East to China) were approximately $34,900, a decrease of 3% year-on-year, while the LR2 TC1 route (Middle East to Japan) averaged $40,400 per day, remaining at historical highs [1] - The gross profit from foreign trade oil transportation was 3.586 billion yuan, down 13.5% year-on-year, while domestic oil transportation gross profit was 1.475 billion yuan, a slight decrease of 0.9% [1] - The LNG transportation business contributed a net profit of 811 million yuan, an increase of 2.66% year-on-year [1] Profitability and Cost Structure - The company's gross margin for 2024 was 27.24%, a decrease of 2.3 percentage points year-on-year, primarily due to the addition of new VLCC capacity and rising charter rates [2] - The operating expense ratio improved slightly, with a decrease of 0.15 percentage points year-on-year; selling expenses were 0.36% (+0.02 percentage points), management expenses were 4.63% (+0.30 percentage points), and financial expenses were 4.63% (-0.60 percentage points) [2] - The net profit margin for 2024 was 17.12%, an increase of 2.5 percentage points year-on-year, as there were no asset impairment losses compared to 10 billion yuan in 2023 [2] Industry Outlook - The oil transportation industry is expected to see improved supply-demand fundamentals, with a projected 0.7% increase in crude oil ton-mile demand and a 0.1% increase in refined oil ton-mile demand in 2025 [3] - Total deadweight tonnage scheduled for delivery in 2025 is expected to increase by 160%, primarily in LR2 and smaller oil tankers, with only 5 VLCCs expected to be delivered [3] - The aging fleet and ongoing sanctions on black oil transportation in Western countries are expected to enhance the potential for scrapping older vessels, further optimizing supply-demand dynamics [3] - The company's net profit forecasts for 2025 and 2026 have been revised down to 5.54 billion yuan and 6.05 billion yuan, respectively, with a new forecast of 6.22 billion yuan for 2027 [3]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4]. Core Views - The company reported weak performance in 2024, with revenue of 23.244 billion yuan, a year-on-year increase of 5.22%, and a net profit of approximately 4.037 billion yuan, up 20.47% year-on-year. However, the net profit excluding non-recurring items decreased by 3.77% to 3.979 billion yuan [10][4]. - The foreign trade oil transportation business volume increased by 14.4% year-on-year, but gross profit fell by 13.5% to 3.59 billion yuan, primarily due to weak global economic performance and a shift towards lower-cost black market oil [10][14]. - The domestic oil and LNG segments showed stable growth, with domestic oil transportation turnover increasing by 4.2% and LNG contributing a net profit of 0.81 billion yuan, up 2.7% year-on-year [2][15]. - The acquisition of LPG and chemical transportation businesses is expected to broaden the company's operational scope and enhance energy logistics [2][15]. - Looking ahead to 2025, the supply-demand dynamics are expected to improve, with potential upward elasticity in freight rates due to anticipated OPEC+ production increases and a return of black market demand to compliant markets [2][15]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 23.244 billion yuan, a 5.22% increase year-on-year, and a net profit of approximately 4.037 billion yuan, reflecting a 20.47% increase year-on-year. However, the net profit excluding non-recurring items decreased by 3.77% to 3.979 billion yuan [10][4]. - The gross profit from foreign trade oil transportation was 3.59 billion yuan, down 13.5% year-on-year, with specific contributions from crude oil, refined oil, and chartering showing significant variances [14][10]. Business Segments - Domestic oil transportation (crude + refined oil) turnover grew by 4.2% year-on-year, with a gross profit of 1.48 billion yuan, a slight decline of 0.9% [2][15]. - The LNG business contributed a net profit of 0.81 billion yuan, showing a stable performance with a year-on-year growth of 2.7% [2][15]. - The acquisition of LPG and chemical transportation businesses is expected to enhance the company's operational capabilities and logistics efficiency [2][15]. Future Outlook - The supply-demand situation is projected to improve in 2025, with expectations of increased freight rates due to OPEC+ production increases and a potential return of black market oil demand to compliant markets [2][15]. - The company maintains a strong confidence in the global oil transportation market, anticipating a tightening supply side and potential upward elasticity in freight rates [2][15].

Investment Rating - The report maintains a "Buy" rating for the company [2][8] Core Views - The company achieved a record net profit of approximately 4.04 billion yuan in 2024, representing a year-on-year increase of 20.47% [8] - The company continues to offer a high dividend payout ratio of 50.82%, with a cash dividend of 2.1 yuan per 10 shares for the 2024 fiscal year [8] - The demand for VLCC vessels is expected to improve in the medium term, driven by stable demand from China and increased production from oil-producing countries [8] Financial Data and Profit Forecast - Total revenue for 2024 is projected at 23.24 billion yuan, with a year-on-year growth of 5.22% [8] - The company's net profit for 2025 is forecasted to be 4.38 billion yuan, with a year-on-year increase of 8.6% [7] - The company’s earnings per share (EPS) for 2025 is estimated at 0.92 yuan [7] - The gross profit margin is expected to be 28.3% in 2025, with a return on equity (ROE) of 11.4% [7] Market Data - The closing price of the company's stock is 11.41 yuan, with a market capitalization of 39.65 billion yuan [2] - The company has a price-to-net asset value (P/NAV) of 0.95, which is considered reasonable compared to peers [8]

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]

证券研究报告 中远海能 (1138 HK/600026 CH) 港股通 25 年景气上行，关注地缘事件预期差 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 3 月 | 27 日│中国内地/中国香港 | 水路运输 | 中远海能发布年报，2024 年营收 232.4 亿元（yoy+2.3%）；归母净利 40.4 亿元（yoy+19.4%）；扣非归母净利 39.8 亿元（yoy-3.8%），符合业绩预告。 24 年国际油运市场前高后低，2H24 运价环比下滑，主因全球宏观需求偏弱 以及 OPEC+持续减产影响。公司宣布年末每股派息 0.21 元，对应全年分红 率 50.8%。展望 25 年，我们预计伴随国内需求逐步回暖叠加 OPEC+宣布 自 4 月起增产，我们预计 25 年国际原油及成品油运价同比将增长，推升公 司盈利。另一方面，地缘事件存在较多不确定性，市场预期差大，公司盈利 具有较大弹性。重申"买入"。 根据 OPEC+公告，自 25 年 4 月起逐步增产，我们认为此举将带动原油运 输需求。另一方面，美国加强对伊朗制裁，被制裁油轮有望退出，行 ...

作为全球领先的油轮船东，集团以覆盖全球的营销与服务网络、扎实的船舶与安全管理水平和"以客户 为中心"的经营理念，持续为国内外客户提供优质的能源运输服务。同时，中国作为全球最大的石油和 天然气进口国，其庞大的油气进口体量为集团带来丰富的客户群体与商业机遇。通过长期的深入合作， 集团与各大石油公司以及国内独立炼厂建立了良好的战略伙伴关系，为集团业务发展与价值创造能力提 升打下了重要基础。 集团是中国LNG运输业务的引领者，也是世界LNG运输市场的重要参与者。集团所属全资的上海中远 海运液化天然气投资有限公司("上海LNG")和持有50%股权的中国液化天然气运输(控股)有限公司 ("CLNG")，是国内领先的大型LNG运输公司。截至2024年12月31日，集团共参与投资87艘LNG船舶， 其中，已投入运营的LNG船舶50艘、842万立方米;在建LNG船舶37艘、663万立方米;另有光租租入1艘 LNG船舶、17.4万立方米，已投入运营。营运船均服务于长期租约，收益较为稳定。近年来，随着集团 参与投资建造的LNG船舶陆续投入运营，集团LNG运输业务已步入收获期。 集团LPG运输业务由所属大连海能经营，主要从事国内沿海 ...

中远海运能源运输股份有限公司 2024 年度 审计报告 | 索引 | | 页码 | | --- | --- | --- | | 审计报告 | | 1-5 | | 公司财务报表 | | | | — | 合并资产负债表 | 1-2 | | — | 母公司资产负债表 | 3-4 | | — | 合并利润表 | 5 | | — | 母公司利润表 | 6 | | — | 合并现金流量表 | 7 | | — | 母公司现金流量表 | 8 | | — | 合并股东权益变动表 | 9-10 | | — | 母公司股东权益变动表 | 11-12 | | — | 财务报表附注 | 13-120 | 审计报告 XYZH/2025BJAA13B0265 中远海运能源运输股份有限公司 中远海运能源运输股份有限公司全体股东： 一、 审计意见 我们审计了中远海运能源运输股份有限公司（以下简称中远海能）财务报表，包括 2024 年 12 月 31 日的合并及母公司资产负债表，2024 年度的合并及母公司利润表、合 并及母公司现金流量表、合并及母公司股东权益变动表，以及相关财务报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则 ...

中远海运能源运输股份有限公司 2024 年度 内部控制审计报告 索引 内部控制审计报告 1-2 内部控制审计报告 二、 注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表审计意 见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、 内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于情况的 变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低，根据内部控 制审计结果推测未来内部控制的有效性具有一定风险。 XYZH/2025BJAA13B0161 中远海运能源运输股份有限公司 中远海运能源运输股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我们审计 了中远海运能源运输股份有限公司（以下简称中远海能）2024 年 12 月 31 日财务报告 内部控制的有效性。 一、 企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制评价指 引》的规定，建立健全和有效实施内部控制，并评价其有效性是中远海能董事会的责任。 四、 财务报告内部控制审计意见 我们认为， ...

1. 工作履历、专业背景及兼职情况 王祖温，1955 年 11 月出生，工学博士，现任中远海运能源运输股份有限公 司独立非执行董事、董事会提名委员会主任委员、薪酬与考核委员会委员和风险 与合规管理委员会委员，机械工业第九设计研究院股份有限公司独立董事，历任 哈尔滨工业大学副教授、教授、博士生导师、副校长，大连海事大学教授、校长 等职，2020 年 8 月至 2024 年 5 月任锦州港股份有限公司（股票代码：600190.SH） 独立董事。2018 年 3 月至 2024 年 12 月任百年人寿保险股份有限公司独立董事。 中远海运能源运输股份有限公司 二〇二四年度独立董事述职报告（王祖温） 各位股东： 作为中远海运能源运输股份有限公司（以下简称"公司"）独立董事，在 2024 年度履职期间，我严格遵守《中华人民共和国公司法》《中华人民共和国证券法》 《上市公司治理准则》和《上市公司独立董事管理办法》等法律法规以及《公司 章程》《公司独立董事工作制度》对独立董事的任职资格和独立性要求，勤勉尽 责，本着独立、客观和公正的原则，积极出席公司 2024 年度召开的相关会议， 认真审阅各项议案，并对相关事项发表独立意见 ...