CMES(601872) 新浪财经·2025-03-31 12:36Core Viewpoint - In 2024, the company reported a slight decrease in revenue but a notable increase in net profit, indicating resilience in a challenging market environment [1] Group 1: Financial Performance - In 2024, the company achieved operating revenue of 25.799 billion yuan, a year-on-year decrease of 0.3%, while net profit attributable to shareholders was 5.11 billion yuan, an increase of 5.6% [1] - In Q4 2024, the company recorded operating revenue of 6.5 billion yuan, a year-on-year decrease of 5.2%, but net profit rose significantly by 61.1% to 1.74 billion yuan [1] - The company's non-recurring net profit for 2024 was 5.02 billion yuan, reflecting an 8.1% year-on-year increase [1] Group 2: Industry Analysis - The oil transportation sector faced challenges due to declining crude oil demand, with the average TCE for VLCC in 2024 at $39,239 per day, down 20.5% year-on-year [2] - Despite the downturn in the oil sector, the company's VLCC fleet outperformed industry averages, with a significant reduction in the average breakeven point by approximately 6% [2] - The dry bulk shipping sector saw a positive trend, with Cape-sized bulk carrier earnings increasing by 58% in 2024, supported by rising imports and longer shipping distances [2] Group 3: Market Outlook - The oil transportation market is expected to remain strong in 2025, driven by OPEC+'s exit from voluntary production cuts and ongoing U.S. sanctions on Iran and Venezuela [3] - The dry bulk market is anticipated to balance upwards in the medium to long term, influenced by U.S. tariff policies and geopolitical developments [3] - The company forecasts revenue growth for 2025-2027, with expected revenues of 27.730 billion yuan, 29.328 billion yuan, and 30.324 billion yuan, respectively [3]