招商轮船：油散共振可期，回购彰显信心

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 9.14 CNY [3][9]. Core Views - The company reported a total revenue of 19.23 billion CNY for the first three quarters of 2024, a year-on-year increase of 1.4%, while the net profit attributable to shareholders decreased by 10.4% to 3.37 billion CNY [1]. - The dry bulk segment showed significant growth, while the oil tanker and container shipping sectors faced demand pressures [1]. - The company plans to repurchase shares worth 2.22 to 4.43 billion CNY, reflecting confidence in its future performance [1]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 19.23 billion CNY, with a net profit of 3.37 billion CNY, down 10.4% year-on-year [1]. - The oil transportation segment generated a net profit of 2.06 billion CNY, a decrease of 2.9% year-on-year, while the dry bulk segment saw a net profit increase of 106.7% to 1.17 billion CNY [1]. - The company’s revenue structure is composed of oil transportation (36%), dry bulk (31%), container shipping (21%), roll-on/roll-off (7%), and other businesses (4%) [1]. Earnings Forecast - The company’s projected net profits for 2024, 2025, and 2026 are 5.21 billion CNY, 5.68 billion CNY, and 6.33 billion CNY, respectively, with corresponding EPS of 0.64 CNY, 0.70 CNY, and 0.78 CNY [2][3].