Gelonghui, April 28 | Huachuang Securities Research Report pointed out that COSCO Haineng (600026.SH)'s net profit in Q1 was 1.24 billion yuan, +12.8% over the same period last year. It continues to be optimistic that the industry will improve under the supply and demand pattern and geographical disturbances. As a highly elastic variety, the supply logic is clear. Once the demand boom rises, freight rate flexibility is huge. Referring to the high point of the 15-year oil transportation boom cycle, the company is given a 2.5 times PB valuation in 2024, and a target price of 21.1 yuan. It is expected to maintain a “recommended” rating of 34% compared to the current price.