海油工程点评报告：Q2业绩表现亮眼，多项目推进增长可期

Investment Rating - The report maintains a "Buy" rating for the company [4][11]. Core Views - The company achieved a net profit attributable to shareholders of approximately 1.197 billion yuan in the first half of 2024, representing a year-on-year increase of about 22%. The net profit for Q2 alone was approximately 722 million yuan, a quarter-on-quarter increase of about 52% [1]. - The company's R&D expenses decreased by approximately 42% year-on-year to 323 million yuan in the first half of 2024, contributing to an increase in net profit margin by 2.1 percentage points to 9.13% [1]. - The international offshore oil and gas engineering industry is gradually recovering, driven by increased capital expenditure from oil companies due to high oil prices. The company completed a steel processing volume of 271,300 tons in the first half of 2024, a year-on-year increase of 16% [1]. - The company signed new contracts worth 12.518 billion yuan in the first half of 2024, with overseas contracts accounting for approximately 39.74% of the total [1]. Summary by Sections Financial Performance - In the first half of 2024, the company reported a net profit of approximately 1.197 billion yuan, up 22% year-on-year, and a net profit of approximately 722 million yuan in Q2, up 52% quarter-on-quarter [1]. - The company’s net profit margin increased to 9.13%, up 2.1 percentage points year-on-year, due to a reduction in R&D expenses and tax refunds [1]. Market Outlook - The report highlights a recovery in the offshore oil and gas engineering industry, supported by China's ongoing energy engineering construction needs [1]. - The company has a robust order backlog of approximately 38.8 billion yuan, providing strong support for long-term business development [1]. Profit Forecast and Valuation - The profit forecasts for the company for 2024, 2025, and 2026 are 2.058 billion yuan, 2.381 billion yuan, and 2.783 billion yuan, respectively, with corresponding P/E ratios of 12, 10, and 9 times [2].