COOEC(600583) 长江证券·2024-08-22 13:43Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Insights - The company reported a total revenue of 13.429 billion yuan in the first half of 2024, a year-on-year decrease of 7.01%, while the net profit attributable to shareholders increased by 21.69% to 1.197 billion yuan [5][6]. - The company achieved a record high workload in the first half of 2024, with a strong order backlog supporting future operations. The company secured a significant contract worth over 500 million USD in July 2024 [5][6]. - The potential of marine oil and gas resources is substantial, and the company is expected to benefit from increased capital expenditure by CNOOC [5][6]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved total revenue of 13.429 billion yuan, down 7.01% year-on-year. The net profit attributable to shareholders was 1.197 billion yuan, up 21.69%, with basic earnings per share of 0.27 yuan, an increase of 22.73% [5][6]. - The company completed 72 projects during the reporting period, with significant increases in the construction and installation of offshore structures [5][6]. Market Development - The company actively pursued market development, achieving a market contract amount of 33.986 billion yuan in 2023, a year-on-year increase of 32.55%. The overseas market contract amount reached 14.176 billion yuan, up 233% [5][6]. - As of the end of the reporting period, the total order backlog was approximately 38.8 billion yuan, providing strong support for the company's ongoing operations [5][6]. Strategic Outlook - The company is expected to benefit from the significant potential of marine oil and gas resources, with CNOOC's capital expenditure budget for 2024 set between 125 billion and 135 billion yuan, indicating continued growth in energy engineering construction demand [5][6]. - The company signed a major contract with POSCO International for the SHWE gas field Phase IV development, valued at approximately 523 million USD, reflecting its strong capabilities in deep-water projects [5][6]. - Under the backdrop of state-owned enterprise reforms, the company may focus more on asset quality and return on assets, gradually increasing cash dividends [5][6].