CNOOC EnerTech(SH:600968) EBSCN·2024-09-11 12:26Investment Rating - The report maintains a "Buy" rating for the company [2][3] Core Views - The company, controlled by China National Offshore Oil Corporation (CNOOC), aims to become a world-class energy technology service provider with a focus on offshore oil production services. The company achieved a net profit of 1.617 billion yuan in H1 2024, representing a year-on-year increase of 20.90% [1][2] - The company's diversified service platform covers major aspects of offshore oil production, including energy technology services, low-carbon environmental services, and energy logistics. The energy technology service segment saw a revenue growth of 21.19% in 2023 [1][2][29] - The company benefits from CNOOC's focus on increasing oil and gas reserves and production, with a net production of 678 million barrels of oil equivalent in 2023, exceeding the target [1][2][21] Summary by Sections Company Overview - The company was established during the restructuring of CNOOC and has a stable profit level. It focuses on offshore oil production services and has a strong performance compared to other state-owned oil service companies [1][10][11] Business Segments - The company operates in three core business segments: energy technology services, low-carbon environmental and digital services, and energy logistics. The energy logistics segment is significantly influenced by oil prices, while the energy technology services segment has shown robust growth [1][2][29] Financial Performance - In 2023, the company reported total revenue of 49.308 billion yuan, a year-on-year increase of 3.19%, and a net profit of 3.081 billion yuan, up 27.52% from the previous year. For H1 2024, total revenue was 21.6 billion yuan, a 4.69% increase, with a net profit of 1.617 billion yuan [2][16][21] Market Position - The company holds the third-largest number of Floating Production Storage and Offloading (FPSO) units in Asia and the fourth globally, dominating the FPSO production technology service market in China's offshore sector [1][34] Future Outlook - The report forecasts continued high demand in the oil service industry, driven by CNOOC's ongoing efforts to increase reserves and production. The company is expected to benefit from cost reduction and efficiency improvement initiatives, with projected net profits of 3.714 billion yuan, 4.262 billion yuan, and 4.698 billion yuan for 2024-2026 [2][3][21]