中远海能：油轮处于景气周期，带动扣非归母净

Investment Rating - The report maintains a "Buy" rating for the company, with a recommendation to "Increase Holdings" [2][3]. Core Insights - The company's foreign trade refined oil business has seen a significant recovery in gross profit margin, while the foreign trade crude oil transportation business remains stable. In the first half of 2024, the total revenue from foreign trade tanker operations was 7.753 billion yuan, a year-on-year increase of 2%, with a gross profit margin of 32.7%, down 3.8 percentage points year-on-year [1]. - The average TCE (Time Charter Equivalent) for VLCC routes in the first half of 2024 was $41,629 per day, a decrease of 4$55,867 per day, up 52% year-on-year [1]. - The company reported a net profit attributable to shareholders of 2.607 billion yuan for the first half of 2024, a year-on-year decrease of 7.11%, while the net profit excluding non-recurring items grew by 8.15% [2][3]. Financial Summary - For 2024, the company is projected to achieve a net profit of 6.014 billion yuan, with an EPS of 1.26 yuan, corresponding to a PE ratio of 11.6 times. The expected growth rates for net profit are 79.5% in 2024, 13.5% in 2025, and 20.6% in 2026 [3]. - The gross profit margin is expected to improve from 29.9% in 2023 to 37.6% in 2024, indicating a positive trend in profitability [3]. - The company's total assets are projected to grow from 72.084 billion yuan in 2023 to 81.002 billion yuan in 2024, reflecting a strong asset base [5].