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研報掘金丨長江證券:維持中遠海能“買入”評級,外貿油運業務具有顯著利潤彈性
格隆匯 03-17 15:24

長江證券研報指出,中遠海能(600026.SH)以LNG運輸和內貿油運爲盾,向下築底;外貿油運爲矛,釋放彈性:1)船隊規模擴張將進一步夯實業績“安全墊”,未來4年(2025-28),公司將陸續交付38艘LNG船、8艘內貿油輪和危化品船,預計LNG及內貿業務利潤(含投資收益)將增長55%至43.5億;2)外貿油運業務具有顯著利潤彈性,實際TCE運價每上漲1萬美金/天,VLCC年化利潤增加約9.89億,外貿油運彈性向上;3)週期上行期,二手船價維持高位體現了產業的樂觀情緒,重置成本法對公司估值提供堅實支撐。預計公司2024~2026年歸母利潤分別爲39.6億元、56.6億元和65.3億元,對應PE分別爲13.6倍、9.5倍和8.3倍,維持“買入”評級。

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