研報掘金丨信達證券:招商輪船當前價值低估,首予“增持”評級
信達證券研報指出,招商輪船(601872.SH)以油氣運輸、幹散貨運輸為雙核心主業,業務佈局航運全業態,截至2024年上半年末,VLCC、VLOC 船隊規模世界第一。其中,油輪運輸週期波動性強,散貨船運輸得益於租約鎖定,週期波動有限。考慮到行業供給持續緊張,需求端存在擴張機會,認為公司當前資產價值被低估。財務表現上,公司LNG運輸季度淨利潤維持在1.6億元附近,整體業績穩健。招商輪船預計控股安通控股,實現中外運集運、招商滾裝分拆重組上市,公司業務將進一步聚焦於油氣運輸、幹散貨運輸雙核心主業。認為公司當前價值低估,首次覆蓋給予“增持”評級。
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