COOEC(SH:600583) Xin Lang Cai Jing·2025-08-20 10:24Core Insights - The company reported a decline in main revenue and net profit for the first half of 2025, with main revenue at 11.318 billion yuan, down 15.72% year-on-year, and net profit attributable to shareholders at 1.098 billion yuan, down 8.21% year-on-year [1] - Despite the decline in revenue, the company saw an increase in non-recurring net profit, which reached 960 million yuan, up 14.41% year-on-year [1] Financial Performance - In Q2 2025, the company's main revenue was 6.222 billion yuan, a decrease of 19.8% year-on-year, while net profit attributable to shareholders was 557 million yuan, down 22.74% year-on-year [1] - The company's gross profit margin for the first half of 2025 was 16.25%, an increase of 5.43 percentage points year-on-year, marking the highest level since 2017 [2] - The net profit margin for the first half of 2025 reached 9.93%, up 0.8 percentage points year-on-year, the highest since 2016 [2] Operational Insights - The company faced operational challenges due to declining oil prices and delivery schedules, completing fewer construction projects in both land and offshore categories compared to the previous year [2] - The total market contract amount for the first half of 2025 was 12.068 billion yuan, a decrease of 3.59% year-on-year, but the backlog of orders stood at approximately 40.7 billion yuan, an increase of 4.90% year-on-year, ensuring future workload [3] Industry Outlook - The potential for offshore oil and gas resources remains significant, with the company expected to benefit from ongoing projects by China National Offshore Oil Corporation (CNOOC) [3] - The government’s focus on "deep-sea technology" in its 2025 work report indicates new opportunities for development in deep-sea resource exploration and related sectors, which could drive growth for the company [4] - The projected earnings per share (EPS) for 2025-2027 are estimated at 0.54 yuan, 0.60 yuan, and 0.65 yuan, with corresponding price-to-earnings (PE) ratios indicating a favorable investment outlook [4]