中远海能：深化专业经营，期待协同发展

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company plans to acquire and integrate a logistics supply chain for chemical products, with limited asset scale that does not alter its profit trend. The first interim dividend is proposed, reflecting active market value management, and a high dividend policy is expected to continue throughout the year. The report suggests a contrarian investment approach during the peak season [2] - The company forecasts net profits of 5.45 billion, 7.04 billion, and 7.97 billion for the years 2024, 2025, and 2026 respectively, maintaining a target price of 22.96 yuan [2] - The acquisition involves a cash purchase of 1.26 billion yuan for a 70% stake in Shenzhen Longpeng, an 87% stake in Hainan Zhaogang, and a 15% stake in Xizhong Island Port, along with two LPG vessels and a fleet of 14 LPG ships and 10 chemical tankers. This acquisition is seen as a step towards deepening state-owned enterprise reform and enhancing operational scale and synergy [2][3] - The company anticipates a challenging operating environment in the second half of 2024 due to geopolitical oil prices, but this does not change the bullish outlook for oil transportation [2] Financial Summary - The company reported revenues of 18.658 billion yuan in 2022, with projections of 22.091 billion in 2023 and 23.174 billion in 2024, reflecting growth rates of 46.9%, 18.4%, and 4.9% respectively [3] - Net profit attributable to shareholders was 1.457 billion yuan in 2022, expected to rise to 3.351 billion in 2023 and 5.450 billion in 2024, with growth rates of 129.3%, 130.0%, and 62.7% respectively [3] - The earnings per share (EPS) is projected to increase from 0.31 yuan in 2022 to 0.70 yuan in 2023 and 1.14 yuan in 2024 [3] - The return on equity (ROE) is expected to improve from 4.6% in 2022 to 9.7% in 2023 and 14.6% in 2024 [3]