【券商聚焦】申万宏源首予中远海运国际(00517)“买入”评级料未来涂料业务贡献利润持续增长

金吾财讯

Jul 11, 2025

金吾财讯 | 申万宏源发研报指，中远海运国际(00517)涂料业务收入成本双向改善，贡献业绩弹性。船舶涂料业务作为新船建造与老船维护的刚性配套，收入端受益于造船量增加带来的销量提升，成本端受益于油价波动中枢下移带来的原材料成本下降。公司涂料业务主要通过合资公司中远佐敦的投资收益贡献净利润，当下收入成本双向改善，预计未来涂料业务贡献利润持续增长。该机构表示，公司提前布局绿色甲醇，抢占航运新能源蓝海市场。随着IMO和欧盟等国际组织对航运业环保政策的逐步落实，航运替代燃料的发展成为必然趋势。目前在满足零碳需求的可替代燃料中，绿色甲醇的双燃料订单占比最高。2023年，公司与吉林电力股份、上港集团能源合资成立上海吉远绿色能源有限公司，聚焦生物质耦合绿色甲醇制备，现已启动梨树风光制绿氢生物质耦合绿色甲醇项目，预计2026年投产，产能规划为20万吨/年。该机构续指，公司业务围绕船舶产业链布局，受益于船周期上行，同时高现金储备带来较高的财务收益，预计中远海运国际 2025-2027归母净利润为7.4、7.6、8.0亿港元，对应PE11、11、10倍。采用FCFF绝对估值得到合理市值107亿港元，具有29%上行空间，且公司高股息率构筑护城河，首次覆盖，给予“买入”评级。

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Most Discussed

1
2
3
4
5
6
7
8
9
10

{"basename":"","ssrTDKData":{"titleTemplate":"%s - Tiger Brokers","title":"Tiger Brokers | Global Stocks, Options & Futures Trading App","description":"Tiger Brokers, one-stop investment in US stocks, SGX stocks, HK stocks, A-shares & other global assets. One of the best stock trading platforms in Singapore.","keywords":"tiger brokers,tiger trade,tiger brokers singapore,broker online,stock trading in singapore,share trading singapore,brokerage firm singapore,trading app,stock broker singapore,stock trading platforms,trading account","social":{"ogDescription":"Tiger Brokers, one-stop investment in US stocks, SGX stocks, HK stocks, A-shares & other global assets. One of the best stock trading platforms in Singapore.","ogImage":"https://c1.itigergrowtha.com/portal5/static/media/og-logo.be62fbe1.png","ogUrl":"https://www.itiger.com/news/2550989240"},"companyName":"Tiger Brokers"},"pageData":{"isMobile":false,"isTiger":false,"isTTM":true,"region":"SGP","license":"TBSG","edition":"fundamental"},"isCrawlerRequest":true,"__swrFallback__":{"@#url:\"https://stock-news.skytigris.cn/v3/news\",params:#id:\"2550989240\",edition:\"fundamental\",auth_exemption:1,,,undefined,":{"share":"https://ttm.financial/m/news/2550989240?lang=en_US&edition=fundamental","thumbnail":"https://static.szfiu.com/news/20250106/NGZhNmEwMzJkNDhkNWE0NjE0NjM0MTA4NTA5NzI5NDQz.jpg","is_english":false,"pubTime":"2025-07-11 15:17","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2550989240","market":"sg","top_or_hot":-1,"title":"【券商聚焦】申万宏源首予中远海运国际(00517)“买入”评级料未来涂料业务贡献利润持续增长","media":"金吾财讯","content":"<html><body><p>金吾财讯 | <a href=\"https://laohu8.com/S/000166\">申万宏源</a>发研报指，<a href=\"https://laohu8.com/S/00517\">中远海运国际</a>(00517)涂料业务收入成本双向改善，贡献业绩弹性。船舶涂料业务作为新船建造与老船维护的刚性配套，收入端受益于造船量增加带来的销量提升，成本端受益于油价波动中枢下移带来的原材料成本下降。公司涂料业务主要通过合资公司中远佐敦的投资收益贡献净利润，当下收入成本双向改善，预计未来涂料业务贡献利润持续增长。该机构表示，公司提前布局绿色甲醇，抢占航运新能源蓝海市场。随着IMO和欧盟等国际组织对航运业环保政策的逐步落实，航运替代燃料的发展成为必然趋势。目前在满足零碳需求的可替代燃料中，绿色甲醇的双燃料订单占比最高。2023年，公司与吉林电力股份、<a href=\"https://laohu8.com/S/600018\">上港集团</a>能源合资成立上海吉远绿色能源有限公司，聚焦生物质耦合绿色甲醇制备，现已启动梨树<a href=\"https://laohu8.com/S/301100\">风光</a>制绿氢生物质耦合绿色甲醇项目，预计2026年投产，产能规划为20万吨/年。该机构续指，公司业务围绕船舶产业链布局，受益于船周期上行，同时高现金储备带来较高的财务收益，预计<a href=\"https://laohu8.com/S/01919\">中远海运</a>国际 2025-2027归母净利润为7.4、7.6、8.0亿港元，对应PE11、11、10倍。采用FCFF绝对估值得到合理市值107亿港元，具有29%上行空间，且公司高股息率构筑护城河，首次覆盖，给予“买入”评级。</p></body></html>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>【券商聚焦】申万宏源首予中远海运国际(00517)“买入”评级料未来涂料业务贡献利润持续增长</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n【券商聚焦】申万宏源首予中远海运国际(00517)“买入”评级料未来涂料业务贡献利润持续增长\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1086022552\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/19a93586c3b023ec6ebfed568990555c);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">金吾财讯 </p>\n<p class=\"h-time\">2025-07-11 15:17</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><body><p>金吾财讯 | <a href=\"https://laohu8.com/S/000166\">申万宏源</a>发研报指，<a href=\"https://laohu8.com/S/00517\">中远海运国际</a>(00517)涂料业务收入成本双向改善，贡献业绩弹性。船舶涂料业务作为新船建造与老船维护的刚性配套，收入端受益于造船量增加带来的销量提升，成本端受益于油价波动中枢下移带来的原材料成本下降。公司涂料业务主要通过合资公司中远佐敦的投资收益贡献净利润，当下收入成本双向改善，预计未来涂料业务贡献利润持续增长。该机构表示，公司提前布局绿色甲醇，抢占航运新能源蓝海市场。随着IMO和欧盟等国际组织对航运业环保政策的逐步落实，航运替代燃料的发展成为必然趋势。目前在满足零碳需求的可替代燃料中，绿色甲醇的双燃料订单占比最高。2023年，公司与吉林电力股份、<a href=\"https://laohu8.com/S/600018\">上港集团</a>能源合资成立上海吉远绿色能源有限公司，聚焦生物质耦合绿色甲醇制备，现已启动梨树<a href=\"https://laohu8.com/S/301100\">风光</a>制绿氢生物质耦合绿色甲醇项目，预计2026年投产，产能规划为20万吨/年。该机构续指，公司业务围绕船舶产业链布局，受益于船周期上行，同时高现金储备带来较高的财务收益，预计<a href=\"https://laohu8.com/S/01919\">中远海运</a>国际 2025-2027归母净利润为7.4、7.6、8.0亿港元，对应PE11、11、10倍。采用FCFF绝对估值得到合理市值107亿港元，具有29%上行空间，且公司高股息率构筑护城河，首次覆盖，给予“买入”评级。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"000166","symbol_name":"申万宏源","start_time":0,"source_url":"1962099","article_id":"2550989240","we_media_id":"1086022552","thumbnails":["https://static.szfiu.com/news/20250106/NGZhNmEwMzJkNDhkNWE0NjE0NjM0MTA4NTA5NzI5NDQz.jpg"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2550989240","pubTimestamp":1752218257,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"金吾财讯","introduction":"「金吾财讯」以精准用户需求为切入点，打造一站式港美股投资细分领域品牌。依托战略合作伙伴凤凰网财经，将港美股内容传播到全球华人圈。","home_visible":1,"id":"1086022552","head_image":"https://static.tigerbbs.com/19a93586c3b023ec6ebfed568990555c"},"summary":"船舶涂料业务作为新船建造与老船维护的刚性配套，收入端受益于造船量增加带来的销量提升，成本端受益于油价波动中枢下移带来的原材料成本下降。公司涂料业务主要通过合资公司中远佐敦的投资收益贡献净利润，当下收入成本双向改善，预计未来涂料业务贡献利润持续增长。采用FCFF绝对估值得到合理市值107亿港元，具有29%上行空间，且公司高股息率构筑护城河，首次覆盖，给予“买入”评级。","collect":0,"end_time":0,"defaultTopTitle":"","property":["rate"],"viewcount":null,"language":"zh","relate_stocks":{"000166":"申万宏源","00517":"中远海运国际"},"translate_title":"[Brokerage Focus] Shenwan Hongyuan gave COSCO SHIPPING International (00517) a \"buy\" rating for the first time, expecting the coatings business to contribute continued profit growth in the future","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"00517":1,"000166":1},"content_text":"金吾财讯 | 申万宏源发研报指，中远海运国际(00517)涂料业务收入成本双向改善，贡献业绩弹性。船舶涂料业务作为新船建造与老船维护的刚性配套，收入端受益于造船量增加带来的销量提升，成本端受益于油价波动中枢下移带来的原材料成本下降。公司涂料业务主要通过合资公司中远佐敦的投资收益贡献净利润，当下收入成本双向改善，预计未来涂料业务贡献利润持续增长。该机构表示，公司提前布局绿色甲醇，抢占航运新能源蓝海市场。随着IMO和欧盟等国际组织对航运业环保政策的逐步落实，航运替代燃料的发展成为必然趋势。目前在满足零碳需求的可替代燃料中，绿色甲醇的双燃料订单占比最高。2023年，公司与吉林电力股份、上港集团能源合资成立上海吉远绿色能源有限公司，聚焦生物质耦合绿色甲醇制备，现已启动梨树风光制绿氢生物质耦合绿色甲醇项目，预计2026年投产，产能规划为20万吨/年。该机构续指，公司业务围绕船舶产业链布局，受益于船周期上行，同时高现金储备带来较高的财务收益，预计中远海运国际 2025-2027归母净利润为7.4、7.6、8.0亿港元，对应PE11、11、10倍。采用FCFF绝对估值得到合理市值107亿港元，具有29%上行空间，且公司高股息率构筑护城河，首次覆盖，给予“买入”评级。","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"}}}