COOEC(SH:600583)2024-10-27 07:34Financial Performance - The company's operating revenue for Q3 2024 was CNY 699,662.76 million, representing a year-on-year increase of 7.29%[2] - Net profit attributable to shareholders for Q3 2024 was CNY 54,800.21 million, a significant increase of 40.80% compared to the same period last year[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 46,620.29 million, reflecting a growth of 56.01% year-on-year[2] - Basic earnings per share for Q3 2024 were CNY 0.12, up 33.33% year-on-year[3] - Diluted earnings per share for Q3 2024 were also CNY 0.12, reflecting the same growth of 33.33%[3] - The net profit for the third quarter of 2024 was CNY 176,221.32 million, an increase of 26.2% compared to CNY 139,595.96 million in the same period of 2023[18] - The total profit for the third quarter of 2024 reached CNY 202,701.73 million, up 24.9% from CNY 162,104.03 million year-over-year[18] - The basic and diluted earnings per share for the third quarter of 2024 were both CNY 0.39, compared to CNY 0.31 in the same quarter of 2023, reflecting a 25.8% increase[19] - The total comprehensive income for the third quarter of 2024 was CNY 176,475.04 million, compared to CNY 136,070.84 million in the same period of 2023, marking a 29.7% increase[19] Cash Flow and Assets - The net cash flow from operating activities for Q3 2024 was CNY 135,065.04 million, a decrease of 58.59% compared to the previous year[2] - Current assets totaled CNY 2,866,873.89 million, up from CNY 2,459,671.44 million year-over-year, showing improved liquidity[14] - The company's cash and cash equivalents rose to CNY 638,453.28 million, compared to CNY 432,081.13 million in the previous year, indicating stronger cash flow[14] - Cash flow from operating activities for the first three quarters of 2024 was CNY 394,441.61 million, down 36.3% from CNY 617,022.81 million in the previous year[21] - The company reported cash and cash equivalents at the end of the third quarter of 2024 amounting to CNY 627,464.42 million, slightly up from CNY 622,451.40 million at the end of the same quarter in 2023[22] - The company experienced a decrease in cash outflows related to operating activities, which totaled CNY 2,006,861.83 million, down from CNY 2,129,508.67 million in the previous year[21] Operational Highlights - The company achieved a market contract value of 4.044 billion RMB in the reporting period, with domestic oil and gas business contributing 3.689 billion RMB, overseas business 351 million RMB, and clean energy business 4 million RMB[12] - As of the end of the reporting period, the total backlog of orders was approximately 36.5 billion RMB, providing strong support for the company's ongoing business development[12] - In the first three quarters, the company accumulated a market contract value of 16.562 billion RMB, maintaining a traditional oil and gas market advantage while showing effective overseas market development[12] - Domestic business accounted for 11.236 billion RMB, representing 67.84% of total contracts, while overseas business reached 5.326 billion RMB, accounting for 32.16%, an increase of 3 percentage points year-on-year[12] - The company completed the construction of 43 jacket structures and 28 modules on land, and installed 29 jackets and 23 modules offshore, along with laying 306 kilometers of subsea pipelines in the first three quarters[11] - The company successfully completed the offshore installation of the Bohai Zhong 19-2 project central processing platform, marking a significant achievement in the Bohai Sea oil and gas production cluster[11] - The company is advancing its clean energy business, having delivered multiple large-scale LNG storage tanks and receiving stations, including the Zhuhai LNG Phase II project, which is the largest in South China[11] - The company is also progressing with the installation of the largest offshore wind power booster station in China, the Qingzhou Six offshore booster station, which is currently in the commissioning phase[11] - The company has made significant advancements in deepwater oil and gas development, successfully overcoming key technical challenges in the design and installation of deepwater platforms[11] Cost Management and Liabilities - Total revenue for the first three quarters of 2024 was CNY 2,042,601.30 million, a decrease of 2.6% compared to CNY 2,096,334.04 million in the same period of 2023[16] - Total operating costs for the first three quarters of 2024 were CNY 1,893,482.50 million, down from CNY 1,959,286.56 million in the previous year, reflecting a cost reduction strategy[16] - The total liabilities increased to CNY 1,986,680.25 million, compared to CNY 1,647,330.89 million, indicating increased leverage[15] - The company's equity attributable to shareholders rose to CNY 2,590,124.29 million from CNY 2,479,459.37 million, reflecting retained earnings growth[15] - Research and development expenses decreased to CNY 64,176.24 million from CNY 80,788.67 million, reflecting a strategic focus on cost management[16] Investment and Income - The company reported non-recurring gains totaling CNY 8,179.92 million for the current period[5] - The company recorded a significant increase in other income, which rose to CNY 3,205.34 million from CNY 1,984.61 million year-over-year[18] - The company's investment income increased to CNY 32,598.59 million in the first three quarters of 2024, compared to CNY 14,341.83 million in the same period of 2023, indicating a growth of 127.5%[21]