海油工程：24Q3盈利水平同比增长，公司海上工作量提升

Investment Rating - The investment rating for CNOOC Engineering (600583.SH) is "Buy" [1]. Core Insights - In Q3 2024, the company achieved operating revenue of 20.426 billion yuan, a year-on-year decrease of 2.56%, while net profit attributable to shareholders was 1.745 billion yuan, an increase of 27% year-on-year [1]. - The company's cash flow from operating activities was 3.944 billion yuan, down 36.07% year-on-year, and the basic earnings per share were 0.39 yuan, up 26% year-on-year [1]. - The gross profit margin for Q3 2024 was 13.59%, an increase of 2.76 percentage points year-on-year, indicating improved profitability driven by increased offshore installation workload and cost reduction measures [1]. - New order signing slowed down in Q3 2024, with a total of 4.044 billion yuan in new contracts, a decrease of 52% year-on-year [1]. Financial Performance Summary - For Q3 2024, the company reported a net profit of 548 million yuan, up 41% year-on-year, but down 24.05% quarter-on-quarter [1]. - The company’s net profit margin was 7.66%, reflecting a year-on-year increase of 1.82 percentage points [1]. - The total order backlog at the end of Q3 2024 was approximately 36.5 billion yuan, providing strong support for the company's ongoing business development [1]. Earnings Forecast - The forecasted net profits for the company from 2024 to 2026 are 2.258 billion yuan, 2.581 billion yuan, and 2.915 billion yuan, with year-on-year growth rates of 39.3%, 14.3%, and 13.0% respectively [1][3]. - The diluted EPS for the same period is projected to be 0.51 yuan, 0.58 yuan, and 0.66 yuan, with corresponding P/E ratios of 10.73, 9.39, and 8.31 [1][3]. Operational Metrics - The company’s offshore installation workload increased significantly, with 0.89 million ship days, a year-on-year increase of 30.88% [1]. - The total steel processing volume was 84,700 structural tons, down 20.42% year-on-year, while the length of subsea pipeline laid was 138 kilometers, down 8% year-on-year [1].