COOEC(SH:600583)2024-04-26 11:56Revenue and Contracts - The company expects to secure no less than 10 billion in new overseas contracts in 2024[2] - The revenue contribution from overseas projects decreased significantly in Q1 2024 due to structural fluctuations, with a peak in revenue recognition from large overseas projects in 2023[2] - The company achieved a sales revenue scale exceeding 30 billion in 2023, and expects to stabilize at this level in 2024 and 2025[3] Financial Performance - The average gross margin for the company exceeded 10% in 2023, with a target gross margin of 12-12.5% for 2024 and 2025[2] - The company aims to improve project profitability as execution progresses, with increasing clarity and certainty over time[2] Operational Expectations - The land processing volume is expected to maintain above 400,000 tons, with offshore installation at 26,500 ship days in 2024[3] - The company anticipates a busy workload in 2024, with tight order execution schedules[3] - Quarterly performance fluctuations are expected, with Q1 being peak workload and Q4 experiencing a decline due to maintenance and inspections[3] Project Management - The transition from subcontractor to general contractor involves expanded responsibilities, including project design and procurement[3] - R&D expenses in Q1 2024 were lower than in 2023 due to project classification adjustments[3]