COSCO SHIPPING Energy(600026)2024-10-15 01:11Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The report discusses the acquisition of various assets and equity stakes by the company, which is expected to enhance its fleet structure and expand its chemical and LPG transportation business [6] - The integration of liquid bulk transportation supply chains is highlighted, with the company gaining control over a specialized fleet of LPG and chemical vessels [6] - The report maintains profit forecasts for the company, projecting net profits of 5.812 billion, 6.959 billion, and 8.414 billion for the years 2024, 2025, and 2026 respectively [7][8] Summary by Relevant Sections Market Data - Closing price: 14.24 CNY - One-year high/low: 18.63/11.49 CNY - Market capitalization: 49,481 million CNY - Dividend yield: 2.46% [2] Financial Data - Total revenue for 2023: 22,091 million CNY, with a year-on-year growth of 18.4% - Net profit for 2023: 3,351 million CNY, with a year-on-year growth of 130.0% - Earnings per share for 2023: 0.70 CNY [7][8] Acquisition Details - The company plans to acquire 70% of Shenzhen Longpeng, 87% of Hainan Zhaogang, and 15% of Xizhong Island Port, along with two LPG vessels for a total of approximately 1.26 billion CNY [6] - The acquisition is expected to contribute over 1 billion CNY in profit, with a return on equity (ROE) close to 10% [6] Fleet Expansion - Post-acquisition, the company's fleet will increase to 168 vessels with a total deadweight tonnage of 20.99 million [6] - The report details the operational and order status of the LPG and chemical vessels, indicating a robust expansion strategy [6]