COOEC(SH:600583) Ge Long Hui A P P·2025-08-19 06:45Core Viewpoint - The report from Xinda Securities indicates that CNOOC Engineering's net profit attributable to shareholders for the first half of the year was 1.098 billion yuan, a year-on-year decrease of 8.21% [1]. Financial Performance - In Q2, the net profit attributable to shareholders was 557 million yuan, reflecting a year-on-year decline of 22.74% but a quarter-on-quarter increase of 3% [1]. - The gross profit margin for Q2 was 16.33%, showing a quarter-on-quarter increase of 0.18 percentage points and a year-on-year increase of 4.84 percentage points, marking a new high since the current oil price cycle began in 2020 [1]. Contract and Order Status - In Q2, the company secured new contracts worth 8.505 billion yuan, representing a year-on-year increase of 42%, with significant overseas contracts including the upgrade of the ESD system at the Missan oil field in Iraq [1]. - As of the end of Q2, the total order backlog was approximately 40.7 billion yuan, indicating a robust order status [1]. Future Outlook - The company is expected to benefit from high capital expenditures by CNOOC and favorable industry conditions, with anticipated performance growth from 2025 to 2027 [1]. - The report maintains a "buy" rating for the company's stock [1].