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研报掘金丨国泰君安:中远海能盈利基石持续增厚,维持“增持”评级

Research Reports on discovering wealth | GTJA: COSCO SHIP ENGY's profit foundation continues to strengthen, maintaining a "Shareholding" rating.

Gelonghui Finance ·  Jan 2 15:53

GTJA's research report indicates that COSCO SHIP ENGY (600026.SH) has announced plans to gradually increase its investment in CLNG, with the stable return LNG business scale expected to continue growing, further strengthening the company's profit foundation. It is anticipated that the oil transportation supply and demand could be better than expected, hinting at a decline in oil price Options. The "Shareholding" rating is maintained. The company is an industry leader with excellent operational capabilities and is likely to continue achieving lease rates above the industry average. It is noted that the company's VLCC fleet size has shrunk year-on-year, and the demand for refined oil transportation has declined compared to last year, with performance in Q4 2024 anticipated to be under pressure year-on-year, although market expectations are already fairly sufficient. In addition, the company is seizing opportunities to gradually increase the LNG fleet size, currently controlling 48 vessels and awaiting the delivery of 41 vessels. The LNG business contributed nearly 0.8 billion yuan in net income in 2023, and it is expected to continuously enhance the company's profit foundation with the delivery of new ships in the future.

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