中远海能（600026）：持续高比例分红，关注产油国增产改善中期需求

Investment Rating - The report maintains a "Buy" rating for the company [2][8] Core Views - The company achieved a record net profit of approximately 4.04 billion yuan in 2024, representing a year-on-year increase of 20.47% [8] - The company continues to offer a high dividend payout ratio of 50.82%, with a cash dividend of 2.1 yuan per 10 shares for the 2024 fiscal year [8] - The demand for VLCC vessels is expected to improve in the medium term, driven by stable demand from China and increased production from oil-producing countries [8] Financial Data and Profit Forecast - Total revenue for 2024 is projected at 23.24 billion yuan, with a year-on-year growth of 5.22% [8] - The company's net profit for 2025 is forecasted to be 4.38 billion yuan, with a year-on-year increase of 8.6% [7] - The company’s earnings per share (EPS) for 2025 is estimated at 0.92 yuan [7] - The gross profit margin is expected to be 28.3% in 2025, with a return on equity (ROE) of 11.4% [7] Market Data - The closing price of the company's stock is 11.41 yuan, with a market capitalization of 39.65 billion yuan [2] - The company has a price-to-net asset value (P/NAV) of 0.95, which is considered reasonable compared to peers [8]