交通运输行业：国际航线“五个一”政策继续执行，油运运价进一步调整

[Table_MainInfo] [Table_Title] / [Table_Summary] 6//24/20/1952/1/-18352%50% ContangoVLCCVLCC TD3C TCE41361/25.3%5/ContangoOPEC+423 1.+ 2.3.REITs [Table_CompanyFinance] EPS PE 2019A 2020E 2021E 2019A 2020E 2021E 45.00 1.31 1.38 1.69 34.35 32.61 26.63 13.56 0.53 0.60 0.67 25.58 22.60 20.24 18.38 0.92 1.02 1.11 19.98 18.02 16.6 32.46 1.19 1.27 1.44 27.28 25.56 22.50 6.71 0.09 0.80 0.75 74.6 8.40 8.90 5.88 0.41 0.70 0.58 14.34 8.40 10.14 6.82 0.92 0.79 0.93 7.41 8.63 7.33 6.12 0.24 0.19 0.26 25.50 32.21 23.54 5.78 0.49 0.67 0.70 11.80 8.63 8.26 [Table_Invest] [Table_PicQuote] -18%-11%-4%3%10%2019/52019/62019/72019/82019/92019/102019/112019/122020/12020/22020/32020/4 [Table_Trend] % 1M 3M 12M -1.46% -8.70% -14.77% -1.06% -0.85% -19.55% [Table_IndustryMarket] 117 23202 16277 11.69 1.13 27738 1392 % 55.72 [Table_Report] 3 2020-04-19 VLCC 2020-03-19 2020-03-12 2020-03-10 [Table_Author] S0550515110002 (021)20363212 quyz@nesc.cn S0550119080042 (021)20361226 yangzhenhua@nesc.cn 2020-05-24 2 / 17[Table_PageTop] 1. ............................................................................................. 42. ....................................................................... 42.1.——....................................42.1.1....................................................................................................................... 42.1.2.............................................................................................................................. 42.2.——4GMV99% ................42.2.1....................................................................................................................... 42.2.2.............................................................................................................................. 52.3.——“”50%........52.3.1....................................................................................................................... 52.3.2.............................................................................................................................. 52.4.——VLCC4 .........................62.4.1....................................................................................................................... 62.4.2.............................................................................................................................. 63. ......................................................................................... 63.1.6“” ................................................63.2.................................................................64. ...................................................................................... 74.1.................................................................................................................................74.2...............................................