CMES(601872) 中银证券·2024-11-20 08:42Investment Rating - The report maintains an "Accumulate" rating for the company [1][4]. Core Views - The oil transportation market showed weak supply and demand in Q3 2024, while the bulk shipping segment saw significant profit growth year-on-year. The company reported a revenue of RMB 19.296 billion for the first three quarters of 2024, a year-on-year increase of 1.44%, but a net profit of RMB 3.369 billion, a decrease of 10.35% year-on-year. The net profits for the oil, bulk, container, and roll-on/roll-off businesses were RMB 2.060 billion, RMB 1.170 billion, RMB 0.472 billion, and RMB 0.249 billion, reflecting changes of -12.23%, +106.71%, -25.90%, and +14.75% respectively [4]. Summary by Sections Market Performance - The company's stock price is currently at RMB 6.76, with a market capitalization of RMB 55.052 billion. The average trading volume over the past three months is RMB 423.65 million [1][3]. Business Segments - Oil Transportation: Revenue for the oil transportation business was RMB 6.982 billion, down 3.59% year-on-year, with a net profit of RMB 2.060 billion, down 12.23%. The average TCE for the TD3C route was USD 36,846 per day, up 4.24% year-on-year [4]. - Bulk Shipping: Revenue for the bulk shipping business was RMB 6.070 billion, up 17.86% year-on-year, with a net profit of RMB 1.170 billion, up 106.71%. The average BDI index was 1,845 points, up 57% year-on-year [4]. - Container Shipping: Revenue for the container shipping business was RMB 4.053 billion, up 0.17% year-on-year, with a net profit of RMB 0.472 billion, down 25.90% [4]. Financial Projections - The report adjusts the profit forecast for the company, projecting net profits of RMB 4.828 billion, RMB 6.180 billion, and RMB 7.458 billion for 2024, 2025, and 2026 respectively, with growth rates of -0.2%, 28.0%, and 20.7%. The corresponding EPS is projected to be RMB 0.59, RMB 0.76, and RMB 0.92, with P/E ratios of 11.4, 8.9, and 7.4 respectively [4][5].