COOEC(600583)2024-08-18 07:37Financial Performance - Revenue for the first half of 2024 was 1,342,938.54 million RMB, a decrease of 7.01% compared to the same period last year[16] - Net profit attributable to shareholders of the listed company was 119,657.43 million RMB, an increase of 21.69% year-on-year[16] - Basic earnings per share (EPS) for the reporting period was 0.27 RMB, up 22.73% compared to the same period last year[17] - Net cash flow from operating activities was 259,376.57 million RMB, a decrease of 10.83% compared to the same period last year[16] - Weighted average return on equity (ROE) was 4.77%, an increase of 0.72 percentage points year-on-year[17] - Net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses was 83,901.07 million RMB, an increase of 7.43% year-on-year[16] - Revenue for the first half of 2024 was RMB 13.429 billion, a decrease of 7.01% year-on-year, while net profit attributable to shareholders was RMB 1.197 billion, an increase of 21.69% year-on-year[32] - Total revenue for the first half of 2024 was 1,342,938.54 million yuan, a decrease of 7.0% compared to 1,444,181.94 million yuan in the same period last year[140] - Net profit for the first half of 2024 was 122,617.88 million yuan, an increase of 20.8% compared to 101,487.09 million yuan in the same period last year[141] - R&D expenses for the first half of 2024 were 32,349.99 million yuan, a decrease of 42.0% compared to 55,792.86 million yuan in the same period last year[141] - Basic earnings per share for the first half of 2024 were 0.27 yuan, an increase of 22.7% compared to 0.22 yuan in the same period last year[142] - Total comprehensive income for the first half of 2024 was 121,261.34 million yuan, an increase of 24.4% compared to 97,497.66 million yuan in the same period last year[142] - Interest income for the first half of 2024 was 5,856.73 million yuan, an increase of 164.3% compared to 2,216.01 million yuan in the same period last year[141] - Other income for the first half of 2024 was 26,396.74 million yuan, a significant increase compared to 3,188.55 million yuan in the same period last year[141] - Net profit for the first half of 2024 reached 15,279.208 million yuan, a significant increase from 9,500.532 million yuan in the same period last year[145] - Total comprehensive income for the first half of 2024 was 15,896.550 million yuan, compared to 9,087.886 million yuan in the first half of 2023[145] - Cash flow from operating activities for the first half of 2024 was 259,376.57 million yuan, a decrease from 290,894.74 million yuan in the same period last year[147] - Cash flow from investing activities for the first half of 2024 was 66,964.65 million yuan, a significant improvement from -98,902.72 million yuan in the first half of 2023[147] - Cash flow from financing activities for the first half of 2024 was -68,467.07 million yuan, an improvement from -91,115.71 million yuan in the same period last year[148] - The company's cash and cash equivalents at the end of the first half of 2024 were 682,751.32 million yuan, compared to 313,421.13 million yuan at the end of the first half of 2023[148] - Sales revenue from goods and services for the first half of 2024 was 1,499,364.89 million yuan, a slight decrease from 1,605,902.56 million yuan in the same period last year[146] - The company received 24,048.76 million yuan in tax refunds during the first half of 2024, an increase from 16,889.76 million yuan in the same period last year[147] - The company paid 183,801.82 million yuan in employee compensation and benefits during the first half of 2024, an increase from 170,591.36 million yuan in the same period last year[147] - The company invested 860,000.00 million yuan in financial assets during the first half of 2024, an increase from 777,475.95 million yuan in the same period last year[147] - Operating cash flow increased to 1,691,224.92 thousand yuan in H1 2024, up 72.7% from 979,591.8 thousand yuan in H1 2023[149] - Net cash flow from investment activities surged to 1,394,453.3 thousand yuan in H1 2024, a significant increase from 109,967.9 thousand yuan in H1 2023[149] - Cash and cash equivalents at the end of H1 2024 reached 4,700,520.3 thousand yuan, up 148.2% from 1,893,585.8 thousand yuan in H1 2023[150] - Total comprehensive income for H1 2024 was 1,212,613.4 thousand yuan, compared to 1,183,008.9 thousand yuan in H1 2023[154] - Profit distribution to owners in H1 2024 amounted to 649,939.1 thousand yuan[154] - Special reserves increased by 1,052.07 thousand yuan in H1 2024[155] - Cash received from selling goods and providing services rose to 13,204,698.3 thousand yuan in H1 2024, up 7.5% from 12,286,304.7 thousand yuan in H1 2023[149] - Cash received from tax refunds increased to 95,156.2 thousand yuan in H1 2024, up 11.1% from 85,680.3 thousand yuan in H1 2023[149] - Cash received from other operating activities more than doubled to 610,266.8 thousand yuan in H1 2024 from 242,169.8 thousand yuan in H1 2023[149] - Cash paid for goods and services remained stable at 10,049,425.9 thousand yuan in H1 2024, compared to 10,000,046.9 thousand yuan in H1 2023[149] - Total comprehensive income for the period decreased by 3,994.92 million, with a total of 97,497.66 million[158] - Owner's equity at the end of the period was 2,620,784.66 million, an increase from the beginning of the period[160] - Special reserve usage for the period was 23,924.00 million, with an extraction of 23,632.21 million[160] - Net profit attributable to the parent company increased by 54,117.81 million during the period[157] - Total owner's equity at the beginning of the period was 2,568,146.93 million[157] - Comprehensive income for the parent company was 158,965.49 million, with a net profit of 152,792.07 million[162] - Owner's equity at the end of the period for the parent company was 2,316,939.31 million, an increase from the beginning of the period[162] - Special reserve usage for the parent company was 15,250.27 million, with an extraction of 16,307.32 million[162] - Total owner's equity at the beginning of the period for the parent company was 2,143,490.78 million[161] - Owner's equity decreased by 28,015.50 million due to capital reduction[162] - Total owner's equity at the beginning of the period was 2,063,013.25 thousand yuan, with a capital reserve of 424,538.80 thousand yuan and undistributed profits of 989,114.60 thousand yuan[163] - Comprehensive income for the period was -4,126.46 thousand yuan, leading to a total comprehensive income of 90,878.86 thousand yuan[163] - Profit distribution to owners (or shareholders) amounted to -44,213.55 thousand yuan[163] Assets and Liabilities - Total assets as of the end of the reporting period were 4,621,996.58 million RMB, an increase of 6.86% compared to the end of the previous year[16] - Total equity attributable to shareholders of the listed company was 2,533,818.42 million RMB, an increase of 2.19% compared to the end of the previous year[16] - Total assets as of June 2024 reached RMB 46.22 billion, with shareholders' equity at RMB 25.338 billion and a debt-to-asset ratio of 40.82%[32] - Total liabilities as of the end of the first half of 2024 were 1,885,550.51 million yuan, a slight decrease from 1,912,723.94 million yuan at the end of the same period last year[139] - Total equity as of the end of the first half of 2024 was 2,316,939.31 million yuan, an increase of 8.1% compared to 2,143,490.78 million yuan at the end of the same period last year[139] - The company's total assets as of the end of the first half of 2024 were 4,202,489.82 million yuan, an increase of 3.6% compared to 4,056,214.72 million yuan at the end of the same period last year[139] - Total assets increased to 4,621,996.58 million yuan, up 6.86% from 4,325,166.35 million yuan at the end of 2023[135] - Contract liabilities surged to 226,107.11 million yuan, a 124.7% increase from 100,641.06 million yuan at the end of 2023[135] - Non-current assets totaled 1,891,304.90 million yuan, slightly up by 1.38% compared to 1,865,494.91 million yuan at the end of 2023[135] - Total liabilities rose to 1,886,841.62 million yuan, a 14.54% increase from 1,647,330.89 million yuan at the end of 2023[136] - Owner's equity increased to 2,735,154.96 million yuan, up 2.14% from 2,677,835.46 million yuan at the end of 2023[136] - Monetary funds in the parent company's balance sheet grew significantly to 470,411.70 million yuan, an 87.7% increase from 250,670.97 million yuan at the end of 2023[137] - Trade receivables decreased to 557,400.59 million yuan, down 12.02% from 633,563.43 million yuan at the end of 2023[137] - Contract assets in the parent company increased to 353,079.26 million yuan, up 34.96% from 261,602.14 million yuan at the end of 2023[137] - Short-term borrowings in the parent company decreased to 418,040.00 million yuan, down 1.39% from 423,940.00 million yuan at the end of 2023[138] - Contract liabilities in the parent company surged to 178,703.28 million yuan, a 117.6% increase from 82,115.76 million yuan at the end of 2023[138] - Monetary funds increased to 692,723.60 million from 432,081.13 million compared to the previous year[134] - Trading financial assets decreased to 843,601.19 million from 872,523.58 million compared to the previous year[134] - Accounts receivable decreased to 549,598.30 million from 614,740.03 million compared to the previous year[134] - Prepayments increased to 83,304.08 million from 40,745.12 million compared to the previous year[134] - Other receivables increased to 12,331.80 million from 2,090.67 million compared to the previous year[134] - Inventory increased to 100,055.69 million from 98,279.37 million compared to the previous year[134] - Contract assets increased to 422,978.93 million from 281,211.88 million compared to the previous year[134] - Fixed assets decreased to 1,246,850.94 million from 1,281,758.11 million compared to the previous year[134] Operational Highlights - The company has approximately 9,700 employees and operates large-scale marine engineering manufacturing bases covering nearly 4 million square meters[20] - The company's 2024 capital expenditure budget is 125-135 billion yuan, an increase of approximately 25 billion yuan compared to 2023[22] - Global offshore oil and gas exploration investment is expected to exceed 30 billion USD in 2024, with new project development investment reaching approximately 78 billion USD[23] - The company successfully completed the installation of Asia's first deepwater jacket "Hai Ji No. 2" and built Asia's first cylindrical FPSO "Hai Kui No. 1" with a 50% shorter construction period[24] - The company's EPCI total contracting capability is its core competitive advantage, supported by a mature system of offshore oilfield development technologies and equipment[25] - The company's offshore installation and pipelaying capabilities are leading in Asia, with a fleet of 19 specialized vessels including a 7,500-ton crane vessel[20] - The company's "Deep Sea No. 1" phase II project effectively increased the peak annual production of the ultra-deepwater gas field by 50%[24] - The company's business covers more than 20 countries and regions, serving major clients such as CNOOC, ConocoPhillips, Shell, and Saudi Aramco[20] - The company's total assets reached 178.6 billion yuan, with a net profit of 3.58 billion yuan in the first half of 2024[19] - The company has developed ten core technologies, including deepwater floating production facility design, construction, installation, and commissioning, as well as 1500-meter subsea pipeline and subsea production system design, construction, installation, and commissioning[26] - The company has formed ten major equipment systems, including deepwater multifunctional operation vessels, flexible pipe-laying equipment, and advanced ROV equipment, which are critical for offshore oil and gas development[27] - The company owns a fleet of 19 vessels, including起重船, 起重铺管船, and 水下工程船, with investments ranging from 7,567万元 to 296,115万元, supporting various offshore operations such as heavy lifting, pipe-laying, and subsea engineering[28][29] - The company has a design team of over 1,000 personnel, capable of handling feasibility studies, conceptual design, FEED design, detailed design, and installation design for oil and gas fields in waters up to 300 meters deep[30] - The company has established marine engineering manufacturing bases in Tianjin, Shandong, and Guangdong, covering approximately 4 million square meters, with the capability to construct 30,000-ton ultra-large jackets and modules[30] - The company has achieved 30,000-ton module offshore float-over installation and 30,000-ton jacket sliding launch capabilities, significantly enhancing China's offshore oil and gas development efficiency[30] - The company has undertaken major international projects such as the Russian Yamal, Australian Gorgon, and North American Shell LNG projects, solidifying its position in the global LNG modular construction market[30] - The company has successfully executed large-scale FPSO projects, including Brazil's P67/P70 FPSO, Shell's Penguin FPSO, and the Liuhua 16-2 FPSO, establishing itself as a key player in the international FPSO engineering market[31] - The company has over 40 years of experience in offshore oil and gas field engineering, with extensive project management expertise in both domestic and international markets, including Russia, Australia, and Saudi Arabia[31] - The company completed 72 large-scale projects, including the delivery of 7 projects, and processed 271,300 tons of steel, a 16% increase year-on-year[32] - The company successfully installed Asia's first deepwater jacket, "Hai Ji No. 2," and completed the construction of Asia's first cylindrical FPSO, "Hai Kui No. 1"[33] - New contract signings in the first half of 2024 totaled RMB 12.518 billion, with overseas contracts accounting for RMB 4.975 billion, or 39.74% of the total, a 1.2 percentage point increase year-on-year[35] - The company's total order backlog as of the reporting period was approximately RMB 38.8 billion[35] - The company's safety performance remained excellent, with a lost-time injury rate of 0 and a recordable incident rate of 0.0038, an 11% decrease year-on-year[37] - The company invested approximately 52.15 million man-hours in safety management, a 12% increase year-on-year[37] - The company's "Deep Sea No. 1" ultra-deepwater gas field development project won the 2023 National Science and Technology Progress Award[38] - The company was awarded the "Special Contribution to Corporate Governance" award and the "China Listed Companies Investor Relations Tianma Award" for the second consecutive year[38] - Revenue decreased by 7.01% to RMB 13.43 billion, primarily due to a reduction in overseas income as new overseas projects are in the initial stages[42] - Operating costs decreased by 5.47% to RMB 11.98 billion, driven by reduced revenue and cost-saving measures[42] - R&D expenses dropped by 42.02% to RMB 323.5 million, as deepwater and new engineering projects are still in early development phases[44] - Operating cash flow decreased by 10.83% to RMB 2.59 billion, maintaining a stable level due to effective cash flow management[44] - Investment cash flow increased significantly by RMB 1.66 billion to RMB 669.6 million, mainly due to reduced financial product investments