COOEC(SH:600583)2024-10-28 06:13Investment Rating - The report maintains a "Buy" rating for the company, with projected PE ratios of 12x, 10x, and 8x for the years 2024, 2025, and 2026 respectively [7]. Core Views - The company reported a revenue of 20.43 billion yuan for the first three quarters of 2024, a year-on-year decline of 2.56%, while net profit attributable to shareholders increased by 27.11% to 1.75 billion yuan [8]. - The company has a strong order backlog of approximately 36.5 billion yuan, which is expected to support future performance despite a decline in new orders [9]. - The offshore capital expenditure is in an upward cycle, with stable support from China National Offshore Oil Corporation (CNOOC) orders, which are projected to be around 130 billion yuan [10]. Financial Summary - Total revenue is projected to grow from 30.75 billion yuan in 2023 to 46.90 billion yuan by 2026, with a compound annual growth rate (CAGR) of approximately 13.3% [6]. - The net profit attributable to shareholders is expected to increase from 1.62 billion yuan in 2023 to 3.05 billion yuan in 2026, reflecting a strong growth trajectory [6]. - The company's gross margin is expected to improve from 10.7% in 2023 to 12.2% by 2026, indicating better cost management and operational efficiency [6].