COSL(SH:601808) Tianfeng Securities·2024-08-28 06:00Investment Rating - The investment rating for the company is "Buy" with a target price indicating a potential return of over 20% within the next six months [6][15]. Core Views - The company's performance in H1 2024 exceeded expectations, with revenue reaching 22.53 billion yuan, a year-on-year increase of 19.4%, and net profit attributable to shareholders at 1.59 billion yuan, up 18.9% [1]. - The industry is experiencing a sustained increase in drilling platform day rates, reflecting high market demand [2]. - Two drilling platforms affected by the Saudi suspension have secured new contracts, indicating a recovery in operations [3]. - The oilfield services segment continues to show high growth, with revenues of 12.83 billion yuan in H1 2024, a year-on-year increase of 20.8% [4]. Financial Performance Summary - Revenue for 2024 is projected at 50.40 billion yuan, with a growth rate of 14.26% [5]. - The net profit attributable to shareholders is forecasted to be 3.48 billion yuan in 2024, reflecting a growth rate of 15.52% [5]. - The company's earnings per share (EPS) is expected to be 0.73 yuan in 2024, with a price-to-earnings (P/E) ratio of 19.69 [5][11]. Operational Metrics - In Q2 2024, the operational days for self-elevating and semi-submersible platforms were 3,618 and 955 days, respectively, with self-elevating platforms showing a 10% year-on-year increase [2]. - The average day rates for self-elevating and semi-submersible platforms in H1 2024 were $74,000 and $134,000, respectively, marking increases of 7.2% and 8.9% year-on-year [2]. Market Position - The company has successfully entered the Brazilian market, signing contracts for drilling and workover services, which are expected to commence in 2025 [4].