COSL(601808) 新浪财经·2025-04-01 10:28Core Insights - Company achieved a total revenue of 48.3 billion yuan in 2024, representing a year-on-year growth of 9.5%, with a net profit attributable to shareholders of 3.14 billion yuan, up 4.1% year-on-year [1] - The fourth quarter revenue was 14.64 billion yuan, showing a slight increase of 0.3% year-on-year, while net profit for the quarter was 690 million yuan, down 6.4% year-on-year, indicating pressure on quarterly profits possibly due to seasonal cost fluctuations and project settlement timing [1] - The overall gross margin for the year was 15.7%, a decrease of 0.2 percentage points year-on-year, and the net profit margin was 7.0%, down 0.4 percentage points year-on-year, although effective cost control was noted with total expense ratio at 6.5%, down 0.6 percentage points year-on-year [1] Financial Performance - The company maintained a strong financial performance with a gross margin of 15.7% and a net profit margin of 7.0% despite slight declines in both metrics [1] - The company’s financial expense ratio decreased by 0.6 percentage points, benefiting from optimized debt structure and improved interest rate environment [1] Strategic Focus - The company is positioned as a leading integrated oilfield service provider, focusing on "technology-driven" and "cost leadership" strategies to strengthen its industry position [1] - There is a steady recovery in global oilfield service demand, with significant expansion in markets across Asia-Pacific, the Middle East, and the Americas [1] - The company increased its R&D investment with a research expense ratio of 2.9%, targeting breakthroughs in high-end technologies, particularly in deepwater exploration and digital oilfields [1] Future Projections - Based on the company's 2024 performance and the oil service industry's outlook, the earnings per share (EPS) forecasts for 2025 and 2026 have been adjusted to 0.82 yuan and 0.88 yuan respectively, with a new 2027 EPS forecast of 0.94 yuan [2] - The target price is set at 16.4 yuan based on a 20 times price-to-earnings ratio for comparable companies in 2025, maintaining a buy rating [2]