COSCO SHIPPING Energy(600026) 华创证券·2025-03-31 09:14Investment Rating - The report maintains a "Recommendation" rating for COSCO Shipping Energy Transportation Co., Ltd. (600026) [1] Core Views - The company is expected to achieve a net profit attributable to shareholders of 4 billion CNY in 2024, representing a year-on-year increase of 19% [1] - The oil transportation market is anticipated to improve in the medium term, with attention to variables such as sanctions and production increases [7] Financial Performance Summary - 2024 Financial Results: - Revenue: 23.2 billion CNY, up 2% year-on-year - Net Profit: 4.04 billion CNY, up 19.4% year-on-year - Non-recurring Net Profit: 3.98 billion CNY, down 3.8% year-on-year - Q4 Revenue: 6.1 billion CNY, down 1.6% year-on-year - Q4 Net Profit: 620 million CNY, returning to profit [1][2] - Business Segment Performance: - Foreign trade oil transportation: Gross profit of 3.59 billion CNY, down 13.6% - Domestic trade oil transportation: Gross profit of 1.48 billion CNY, down 0.9%, with a gross margin of 25% - LNG business: Contributed a net profit of 810 million CNY, up 2.7% - LPG and chemical business: Gross profit of 52 million CNY and 53 million CNY, down 8.7% and up 47.9% respectively [1][2] Future Financial Projections - Revenue Forecast: - 2025E: 26.03 billion CNY, growth of 12% - 2026E: 27.77 billion CNY, growth of 6.7% - 2027E: 29.67 billion CNY, growth of 6.8% [3] - Net Profit Forecast: - 2025E: 5.04 billion CNY, growth of 24.9% - 2026E: 6.03 billion CNY, growth of 19.7% - 2027E: 6.89 billion CNY, growth of 14.2% [3] - Earnings Per Share (EPS): - 2025E: 1.06 CNY - 2026E: 1.26 CNY - 2027E: 1.44 CNY [3] Valuation - The target price for the stock is set at 13.8 CNY, with a current price of 11.27 CNY, indicating a potential upside of 22% [3][7]