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  • COSCO Haineng (600026): The oil transportation period is being operated in the first half of the year and then broke through the first half of the year

2024 European Cup Official Website Betting Predictions

2024-07-09 08:39:29 Zhejiang Shang Securities Co., Ltd.   Author: Researcher: Li Dan/Lu Xiaoyao  

Company Announcement 24H1 Performance Trailer: It is expected to return to mother net profit of 2.55 billion yuan,decreased by 9.1%year -on -year; net profit of deducting non -returning mother was 2.55 billion yuan,increased by about 5.4%year -on -year。

Corresponding to 24Q2's net profit to mother's net profit 1.314 billion yuan,increased by 6%from the previous month ,decreased by 23%year -on -year; 24Q2 deduction of non -return mother net profit of 1.314 billion yuan,14%year -on -year。

24q2 freight rate increased month -on -month、decrease year -on -year,In the Today’s European Cup football predictionsfirst half of the year, the company's operating performance increased year -on -year.,According to the Baltic Exchange Data,24q2,VLCC TD3C-TCE $ 44,392/D (Consider the characteristics of the industry,The performance corresponds to the average value of the transportation price at 3-5 May),14%year -on -year,increased by 6%from the previous month。

The company fully captures the market opportunities of different ship types,Scientifically adjust global capacity layout and shipwreck repair,Realize the income of overall fleet income,and the company's 23H1 sold 5 ships to generate disposal income of 398 million yuan,while 24H1 without selling ships。

Continue to optimistic about the oil transportation period interpretation,The peak season of 2024 is worth looking forward to (1) Industry supply rigidity determination,Lay the cycle upward foundation。According to Clarkson prediction,2024 Global VLCC new capacity growth rate is close to 0,It is estimated that two VLCC delivery in 2024 is expected to be delivered in 2024,and one ship has been disassembled in January,The current industry ship aging is serious,With the regulations of environmental 2024 European Cup Betting Site in Germanyprotection, it is becoming more stricter,Follow -up disassembly is expected to increase,In addition, the active fleet is to meet environmental requirements,Decrease sailing will also limit effective capacity。

(2) The Red Sea crisis brings a new round of shipping in shipping、The shipowner follows or adds order,to exacerbate the tension of the table,Short -term tanker new ship delivery is still limited,It is expected to drive the duration of the oil transportation period of this round of oil transportation.。

(3) OPEC+announced on June announced that the average daily production announced in November 2023 was extended to the end of September 2024,After the market conditions, gradually retreat and reduce production,The subsequent output is expected to increase or provide additional surprises for the demand end。

(4) Global geopolitical continuous disturbance、Energy supply security becomes the primary consideration factors,Supply efficiency loss and extended transport distance or inevitable,It is expected to give birth to more tons of sea demand; and the increase in demand for crude oil in the future mainly comes from the Asia -Pacific region,The production increment is mainly from 2024 European Cup football live scoresthe United States、Brazil、Guyana and other Atlantic long transport areas,The extension of the transport distance is expected to be a long -term trend。

profit forecast and valuation

The company focuses on the main business of oil products and LNG transportation,Complete ship type、Global leading capacity of capacity,At present, the value of ship assets and the level of shipping period is solid,It is expected to fully enjoy the profit elasticity under the prosperity of the international oil transportation market,At the same time, the company's domestic trade transportation sector brings stable benefits、LNG fleet stable and high -speed growth,It has maintained a higher dividend ratio in recent years,The value of investment is prominent。It is expected to achieve a net profit of mother-in-law from 2024-2026 58、66、7.1 billion yuan,Maintain & ldquo; increase its holdings & rdquo; rating。

Risk reminder

Global Economic Recess、Significantly reduced production of oil -producing countries、Ship Else large -scale ordering ships, etc.。




Editor in charge: Zhang Lei

Tags: Zhongyuanhai Neng