CNOOC EnerTech(600968) 光大证券·2024-09-11 10:03Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 4.03 CNY [3] Core Views - The company, a subsidiary of China National Offshore Oil Corporation (CNOOC), has stable profitability and is expected to benefit from CNOOC's increasing operational expenditures [1] - The company has built a diversified service platform covering major segments of offshore oil production, with its energy technology services segment growing rapidly and holding a leading position in the FPSO market in Asia [1] - The domestic offshore oil service industry is experiencing a boom due to significant achievements in oil and gas reserve expansion and production increase, with CNOOC's net oil and gas production reaching 678 million barrels of oil equivalent in 2023, an 8.7% YoY increase [1] - The company is continuously deepening reforms to enhance efficiency and innovation capabilities, with a focus on cost reduction and digital transformation [2] Business Overview - The company operates in three core business segments: energy technology services, low-carbon environmental protection and digitalization, and energy logistics services [10] - The energy technology services segment saw a 21.19% YoY revenue growth in 2023, with the company ranking third in Asia and fourth globally in terms of FPSO holdings [1] - The energy logistics services segment, while affected by oil price fluctuations, maintains stable gross margins [1] - The low-carbon environmental protection and digitalization segment focuses on safety, environmental protection, water treatment, green coatings, cold energy utilization, and digital technologies [1] Financial Performance - In H1 2024, the company achieved a net profit attributable to shareholders of 1.617 billion CNY, a 20.90% YoY increase [1] - The company's revenue in 2023 was 49.308 billion CNY, a 3.19% YoY increase, with a net profit of 3.081 billion CNY, a 27.52% YoY increase [16] - The company's ROE (Return on Equity) and ROA (Return on Assets) in H1 2024 were 13.0% and 7.4%, respectively, showing improvements of 1.2pct and 0.6pct YoY [18] Industry Trends - Global upstream capital expenditure in 2023 reached 568.7 billion USD, a 10.6% YoY increase, with offshore capital expenditure growing by 19.7% YoY to 177 billion USD [43] - CNOOC plans to put 13 new projects into operation in 2024, with a peak production of 154,000 barrels of oil equivalent per day, supporting future production growth [41] - The global offshore oil and gas service market is expected to see continued growth, with 73 new offshore oil and gas projects expected to be put into operation in 2024, with a total investment of 78 billion USD [43] Strategic Initiatives - The company is focusing on cost reduction and efficiency improvement, with a total asset turnover rate of 1.15 times in 2023, and a net profit margin of 7.40%, a 0.86pct YoY increase [48] - The company is actively promoting green and low-carbon transformation, with carbon emissions in 2023 decreasing by 25.86% compared to 2021 [52] - The company has completed 8 distributed photovoltaic projects by H1 2024, with a total installed capacity of 10 MW and an annual power generation of 11 million kWh [52]