Investment Rating - The report maintains a "Buy" rating for the company, indicating that the stock is expected to outperform the market index by at least 15% over the next six months [8][10]. Core Views - The company achieved a historical breakthrough in operating performance, with significant growth in marine engineering revenue and overall net profit [8]. - The company continues to expand its business in multiple fields, including traditional oil and gas engineering and emerging sectors like LNG and offshore wind power [8]. - The company plans to distribute a cash dividend of 2.01 yuan per share, totaling 889 million yuan, which reflects a commitment to sustainable profit distribution [8]. - Revenue for 2024 is projected to be 299.54 billion yuan, a slight decrease of 2.59% year-on-year, while net profit is expected to increase by 33.38% to 21.61 billion yuan [8]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 299.54 billion yuan, a decrease of 2.59% year-on-year, while net profit reached 21.61 billion yuan, an increase of 33.38% [8]. - The company’s marine engineering revenue was 271.70 billion yuan, up 20.10% year-on-year, driven by high construction activity [8]. - The overall gross margin improved to 12.28%, an increase of 1.53 percentage points year-on-year [8]. Business Development - The company successfully delivered several significant projects, including Asia's first deep-water jacket and the first cylindrical offshore oil and gas processing plant [8]. - The company secured new contracts worth 302.44 billion yuan, with a backlog of approximately 400 billion yuan, providing strong support for future business volume [8]. Profit Distribution - The company plans to distribute a cash dividend of 2.01 yuan per share, amounting to 889 million yuan, which is 41.12% of the net profit attributable to shareholders [8]. - Over the past three years, the total cash dividends amounted to 1.981 billion yuan, representing 113.39% of the average annual net profit [8]. Earnings Forecast - Revenue forecasts for 2025-2027 are 323.32 billion yuan, 343.38 billion yuan, and 361.70 billion yuan, respectively [8]. - Net profit forecasts for the same period are 23.05 billion yuan, 24.89 billion yuan, and 27.11 billion yuan, respectively [8]. - The expected earnings per share (EPS) for 2025-2027 are 0.52 yuan, 0.56 yuan, and 0.61 yuan, respectively [8].

Investment Rating - The report maintains a "Buy" rating for the company, indicating that the stock is expected to outperform the market index by at least 15% over the next six months [8][10]. Core Views - The company achieved a historical breakthrough in operating performance, with total revenue of 299.54 billion yuan in 2024, a decrease of 2.59% year-on-year, while net profit attributable to shareholders increased by 33.38% to 21.61 billion yuan [8][9]. - The marine engineering segment saw significant revenue growth, contributing 271.70 billion yuan, up 20.10% year-on-year, driven by high land construction workload and increased offshore installation activities [8][9]. - The company is expanding its traditional oil and gas engineering business while also increasing efforts in emerging sectors such as LNG and offshore wind power [8][9]. - The company plans to distribute a cash dividend of 2.01 yuan per share, totaling 889 million yuan, which represents 41.12% of the net profit attributable to shareholders for 2024 [8][9]. - Revenue forecasts for 2025-2027 are projected at 323.32 billion yuan, 343.38 billion yuan, and 361.70 billion yuan, respectively, with net profits expected to be 23.05 billion yuan, 24.89 billion yuan, and 27.11 billion yuan [8][9]. Summary by Sections Financial Performance - In 2024, the company reported total assets of 482.31 billion yuan and a net asset value of 262.67 billion yuan, with a debt-to-asset ratio of 41.38% [8][9]. - The overall gross margin for 2024 was 12.28%, an increase of 1.53 percentage points year-on-year [8][9]. Business Development - The company successfully delivered several significant projects, including Asia's first deep-water jacket "Hai Ji No. 2" and the first cylindrical offshore oil and gas processing plant "Hai Kui No. 1" [8][9]. - The total market contract value for 2024 reached 302.44 billion yuan, with a backlog of approximately 40 billion yuan, providing strong support for future business volume [8][9]. Dividend Policy - The company has maintained a consistent and relatively increasing profit distribution policy, with cumulative cash dividends over the past three years amounting to 1.98 billion yuan, representing 113.39% of the average annual net profit [8][9].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the next six months [1]. Core Insights - The company achieved a revenue of 29.95 billion yuan in 2024, a decrease of 2.6% year-on-year, while the net profit attributable to the parent company was 2.16 billion yuan, reflecting a significant growth of 33.4% [7]. - The company has a robust order backlog of approximately 40 billion yuan, supported by successful international market expansion and partnerships with major companies like Shell and Saudi Aramco [7]. - The company’s profitability has improved, with a gross margin of 12.3% and a net margin of 7.3% in 2024, both showing year-on-year increases [7]. - The company plans to distribute a cash dividend of 2.01 yuan per 10 shares, resulting in a dividend payout ratio of 41.12% and a dividend yield of 3.58% based on the closing price on March 18, 2024 [7]. Financial Performance Summary - **Revenue Forecast**: Expected revenues for 2025, 2026, and 2027 are projected at 32.13 billion yuan, 33.93 billion yuan, and 36.81 billion yuan, respectively, with growth rates of 7.28%, 5.57%, and 8.52% [2][8]. - **Net Profit Forecast**: The net profit attributable to the parent company is forecasted to be 2.39 billion yuan in 2025, 2.62 billion yuan in 2026, and 2.95 billion yuan in 2027, with a compound annual growth rate of 11% [9][11]. - **Earnings Per Share (EPS)**: EPS is expected to increase from 0.49 yuan in 2024 to 0.67 yuan in 2027 [2][11]. - **Valuation Metrics**: The price-to-earnings (PE) ratio is projected to decrease from 11.5 in 2024 to 8.4 in 2027, indicating potential undervaluation [2][11]. Market Position and Industry Outlook - The company is positioned as a leader in the marine oil and gas engineering sector, benefiting from the ongoing high demand for marine oil and gas exploration and development, with global investments in this area reaching approximately 209.6 billion USD in 2024 [7][9]. - The report highlights the government's focus on "deep-sea technology" as a new growth area, which is expected to further enhance the company's market opportunities [7].

Core Viewpoint - The company, CNOOC Engineering Co., Ltd., is advancing its international projects and green development initiatives, positioning itself as a leader in marine oil and gas engineering and renewable energy sectors, while actively participating in the Belt and Road Initiative [1][2][3]. Group 1: International Projects and Green Development - The company is making significant progress on its overseas projects, particularly in Uganda's Kingfisher oil field, which is expected to enhance Uganda's status as a key oil producer in East Africa while providing clean energy through gas recovery [1]. - The Inch Cape offshore wind project in Scotland marks a milestone for the company, showcasing its capabilities in offshore wind construction and expanding China's influence in international wind energy cooperation [2]. - The company aims to achieve a world-class status in marine energy engineering by 2024, aligning with the Belt and Road Initiative and focusing on high-quality development and ESG principles [2]. Group 2: Management and Operational Efficiency - The company is transitioning its project management from a "simple and rough" approach to a "lean empowerment" model, enhancing its global competitiveness in delivery, cost, and quality [3]. - By implementing standardized solutions, the company aims to improve project management efficiency by over 15%, thereby enhancing its competitiveness in the oil and gas and renewable energy sectors [4]. - The company has established a comprehensive safety management system aligned with international standards, focusing on zero defects, zero injuries, and zero accidents [4]. Group 3: Supply Chain and Technological Advancements - The completion of the Marjan oil and gas platform for Saudi Aramco represents a significant achievement in China's international marine engineering capabilities, utilizing advanced construction techniques and strict quality standards [6]. - The company is enhancing its supply chain management through digitalization and strategic procurement, aiming to improve resource response efficiency and reduce costs [7]. - A digital transformation plan has been implemented, resulting in improved design management efficiency by 18% and pre-manufacturing efficiency by over 20% [8]. Group 4: Innovation and R&D - The company has initiated numerous technology innovation projects, focusing on key technologies in marine engineering and renewable energy, with 31 significant research outcomes planned for 2024 [9][10]. - The company is committed to developing new energy solutions, including offshore wind power and carbon capture technologies, to support its green core competitiveness [10]. Group 5: ESG and Sustainable Development - The company has been publishing ESG reports since 2022, reflecting its commitment to sustainable development and adherence to international ESG management standards [13]. - The company is actively involved in green technology research and has set ambitious targets for energy efficiency improvements and carbon emissions reductions by 2025 [18]. - The company aims to enhance its governance and operational efficiency while ensuring compliance with labor laws and international standards [11][12]. Group 6: Economic Impact and Shareholder Value - The company contributes to regional economic development through energy supply and project delivery, creating jobs and increasing tax revenue in various regions [14]. - The company has implemented a shareholder value transmission mechanism, planning significant cash dividends to enhance market confidence and shareholder returns [17].

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company is expected to achieve a 33% year-on-year growth in net profit attributable to shareholders in 2024, driven by high workload and improved gross margin [1][6] - The global offshore oil and gas engineering industry remains buoyant, with the company benefiting from increased upstream capital expenditure by its parent company, China National Offshore Oil Corporation (CNOOC) [10][11] Summary by Sections Financial Performance - In 2024, the company reported total revenue of 29.95 billion yuan, a decrease of 2.59% year-on-year, while net profit attributable to shareholders reached 2.16 billion yuan, an increase of 33.38% [5][11] - The gross margin improved by 1.53 percentage points to 12.28%, and return on equity (ROE) increased by 1.78 percentage points to 8.47% [6][11] Workload and Operations - The company maintained a high workload in 2024, completing 453,900 tons of steel processing, a decrease of 3.8% year-on-year, while the number of installed structures and pipelines increased significantly [7] - For 2025, the company aims to enhance its EPCI (Engineering, Procurement, Construction, and Installation) capabilities and focus on high-end marine engineering equipment [7] Market Development - In 2024, the company signed new contracts worth 30.2 billion yuan, a decrease of 11% year-on-year, with overseas contracts accounting for 36% of the total [8] - The company is actively expanding its international market presence, having signed a framework cooperation agreement with Shell and renewed a long-term cooperation agreement with Saudi Aramco [8] Industry Outlook - The global offshore exploration and development investment is projected to grow by 8.6% in 2024, while domestic capital expenditure by CNOOC is expected to remain stable at 125-135 billion yuan [10] - The ongoing high demand in the oil service industry is anticipated to support continuous revenue and profit growth for the company [10][11] Profit Forecast and Valuation - The report forecasts net profits for 2025, 2026, and 2027 to be 2.44 billion yuan, 2.82 billion yuan, and 3.01 billion yuan respectively, with corresponding earnings per share (EPS) of 0.55 yuan, 0.64 yuan, and 0.68 yuan [11][15]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the next six months [1]. Core Insights - The company achieved a revenue of 29.95 billion yuan in 2024, a decrease of 2.6% year-on-year, while the net profit attributable to the parent company was 2.16 billion yuan, reflecting a significant increase of 33.4% year-on-year [7]. - The company has a robust order backlog of approximately 40 billion yuan, supported by successful international market expansion and partnerships with major companies like Shell and Saudi Aramco [7]. - The company's profitability has improved, with a gross margin of 12.3% and a net margin of 7.3% in 2024, both showing year-on-year increases [7]. - The report highlights a strong dividend policy, proposing a cash dividend of 2.01 yuan per 10 shares, resulting in a dividend payout ratio of 41.12% and a dividend yield of 3.58% based on the closing price on March 18, 2024 [7]. Financial Summary - **Revenue Forecast**: Expected revenues for 2025, 2026, and 2027 are projected at 32.13 billion yuan, 33.93 billion yuan, and 36.81 billion yuan, respectively, with growth rates of 7.28%, 5.57%, and 8.52% [2][8]. - **Net Profit Forecast**: The net profit attributable to the parent company is forecasted to be 2.39 billion yuan in 2025, 2.62 billion yuan in 2026, and 2.95 billion yuan in 2027, with a compound annual growth rate of 11% [9][11]. - **Earnings Per Share (EPS)**: EPS is projected to increase from 0.49 yuan in 2024 to 0.67 yuan in 2027 [2][11]. - **Valuation Metrics**: The price-to-earnings (PE) ratio is expected to decrease from 11.5 in 2024 to 8.4 in 2027, indicating potential undervaluation [2][11]. Market Position and Outlook - The company is positioned as a leader in the marine oil and gas engineering sector, benefiting from the ongoing high demand for offshore oil and gas exploration and development, with global investments in this area reaching approximately 209.6 billion USD in 2024 [7][9]. - The report emphasizes the company's commitment to cost reduction and efficiency improvements, which are expected to enhance its competitive edge in the market [8].

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company achieved a significant increase in net profit attributable to shareholders, with a year-on-year growth of 33% in 2024 [5][6] - The overall performance is supported by a high workload and improved gross margin, with a gross margin increase of 1.53 percentage points to 12.28% [6][11] - The company is expected to benefit from the ongoing high demand in the oil service industry, driven by increased upstream capital expenditure from its parent company [10][11] Summary by Sections Financial Performance - In 2024, the company reported total revenue of 29.95 billion yuan, a decrease of 2.59% year-on-year, while net profit attributable to shareholders reached 2.16 billion yuan, an increase of 33.38% [5][11] - The fourth quarter of 2024 saw a total revenue of 9.53 billion yuan, down 2.66% year-on-year but up 36.19% quarter-on-quarter, with a net profit of 417 million yuan, reflecting a year-on-year increase of 68.08% [5] Operational Highlights - The company maintained a high workload in 2024, completing 453,900 tons of steel processing, a decrease of 3.8% year-on-year, while the number of installed structures and pipelines increased significantly [7] - The company plans to enhance its EPCI (Engineering, Procurement, Construction, and Installation) capabilities and focus on high-end marine engineering equipment [7] Market Development - In 2024, the company signed new contracts worth 30.2 billion yuan, a decrease of 11% year-on-year, with overseas contracts accounting for 36% of the total [8] - The company is actively expanding its international market presence, having signed a framework cooperation agreement with Shell and renewed a long-term cooperation agreement with Saudi Aramco [8] Profitability and Valuation - The report projects net profits for 2025, 2026, and 2027 to be 2.44 billion yuan, 2.82 billion yuan, and 3.01 billion yuan respectively, with corresponding EPS of 0.55, 0.64, and 0.68 yuan per share [11][12] - The company’s return on equity (ROE) is expected to rise to 8.78% in 2025, reflecting improved profitability [11][17]

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company is expected to achieve a 33% year-on-year growth in net profit attributable to shareholders in 2024, driven by high workload and improved gross margins [1][6] - The global offshore oil and gas engineering industry is experiencing high demand, supported by increased upstream exploration and development investments from oil companies [10] - The company is focusing on enhancing its EPCI (Engineering, Procurement, Construction, and Installation) capabilities and expanding its international market presence [7][8] Financial Performance - In 2024, the company reported total revenue of 29.95 billion yuan, a decrease of 2.59% year-on-year, while net profit attributable to shareholders reached 2.16 billion yuan, an increase of 33.38% [5][11] - The gross margin improved by 1.53 percentage points to 12.28%, and return on equity (ROE) increased by 1.78 percentage points to 8.47% [6][11] - The company’s net assets reached 26.3 billion yuan by the end of 2024, reflecting a year-on-year increase of 5.9% [6] Market Development - The company signed new contracts worth 30.2 billion yuan in 2024, with a 36% share from overseas contracts [8] - The domestic market focus remains on traditional oil and gas engineering projects, while international efforts include partnerships with major companies like Shell and Saudi Aramco [8][10] Future Outlook - The company is projected to achieve net profits of 2.44 billion yuan in 2025, with a 12.99% growth rate, and 2.82 billion yuan in 2026, with a 15.34% growth rate [11][12] - The global upstream capital expenditure is expected to recover, reaching over 582.4 billion USD in 2025, which will benefit the oil service industry [10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in 2024 slightly exceeded expectations, with an overall revenue of 29.95 billion yuan, a year-on-year decrease of 2.59%, while the net profit attributable to shareholders increased by 33.38% to 2.16 billion yuan [6] - The gross margin improved to 12.28% in 2024, up by 1.53 percentage points year-on-year, driven by the rising profitability of offshore engineering projects [6] - The company has a strong order backlog of approximately 40 billion yuan, ensuring future revenue stability [6] - The capital expenditure in the offshore oil and gas sector is expected to continue rising, providing more opportunities for the company [6] - The earnings forecast for 2025 and 2026 has been slightly adjusted downwards to 2.3 billion yuan and 2.7 billion yuan respectively, with a new forecast for 2027 set at 3 billion yuan [6] Financial Data and Profit Forecast - Total revenue projections for the company are as follows: 30.75 billion yuan in 2023, 29.95 billion yuan in 2024, 34.48 billion yuan in 2025, 38.69 billion yuan in 2026, and 43.60 billion yuan in 2027 [5][8] - The net profit attributable to shareholders is projected to be 1.62 billion yuan in 2023, 2.16 billion yuan in 2024, 2.34 billion yuan in 2025, 2.71 billion yuan in 2026, and 2.99 billion yuan in 2027 [5][8] - The gross margin is expected to improve from 10.7% in 2023 to 12.9% in 2025, and then slightly decrease to 13.3% in 2027 [5][8] - The return on equity (ROE) is projected to increase from 6.5% in 2023 to 8.3% in 2025, remaining stable at 8.8% in 2026 and 2027 [5][8]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price reflecting a potential upside of over 20% within the next six months [7][18]. Core Insights - The company is expected to achieve a 33% year-on-year increase in net profit attributable to shareholders in 2024, driven by cost reduction and efficiency improvements [2][5]. - The 2025 government work report has included "deep-sea technology" for the first time, indicating new opportunities in marine equipment construction [1]. - The company has focused on enhancing production efficiency through smart manufacturing, with a projected 22% improvement in production efficiency from the new manufacturing base [2]. Financial Performance - In 2024, the company's revenue is projected to be CNY 29.95 billion, a decrease of 2.59% year-on-year, while net profit is expected to reach CNY 2.16 billion, an increase of 33.38% [2][6]. - The net profit margin for 2024 is forecasted at 7.3%, up by 2 percentage points from the previous year [2]. - The company plans to distribute approximately CNY 0.89 billion in cash dividends, representing 41.12% of the net profit for 2024, an increase from 40.11% in 2023 [4]. Order and Margin Analysis - The company signed new orders worth approximately CNY 30.2 billion in 2024, a decline of 11% year-on-year, while the backlog of orders remains stable at around CNY 40 billion [3]. - Domestic project gross margin improved to 13% in 2024, up by 3.6 percentage points year-on-year, while overseas gross margin decreased to 9.1%, down by 7 percentage points due to project construction phases [3]. Earnings Forecast - The net profit forecasts for 2025, 2026, and 2027 have been adjusted to CNY 2.5 billion, CNY 2.9 billion, and CNY 3.1 billion respectively, benefiting from the sustained growth in deep-sea technology [5][6].