招商轮船(601872)上半年业绩大幅增长，关注中期油运周期上行

兴业证券2020-07-07

投资要点事件：招商轮船发布2020年半年度业绩预增公告，2020年上半年归母净利润28-31亿元，同比增长489%-553%。2020Q1归母净利润为12.7亿元，推算Q2归母净利润为15.3-18.3亿元。2020年3-4月VLCC市场高度景气，带来上半年业绩大幅增长，但Q2业绩低于市场运价水平。由于结算问题，公司业绩滞后于市场运价，假设一个月滞后期，则2020Q2业绩对应2020年3-5月...

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