COOEC(SH:600583) Tianfeng Securities·2024-10-28 08:10Investment Rating - The report maintains a "Buy" rating for the company, with expected earnings per share (EPS) of 0.45, 0.55, and 0.64 for 2024, 2025, and 2026 respectively, corresponding to price-to-earnings (PE) ratios of 12.3, 9.9, and 8.5 times [3][5][11]. Core Views - The company's Q3 2024 revenue reached 7 billion yuan, a year-on-year increase of 7.3%, while net profit attributable to shareholders was 548 million yuan, up 40.8% year-on-year, indicating strong performance despite a quarter-on-quarter decline in revenue [1][3]. - The gross margin for Q3 2024 was 13.59%, an increase of 2.76 percentage points year-on-year, reflecting effective cost control and operational efficiency improvements [1][3]. - New contracts signed in Q3 2024 totaled 4 billion yuan, with domestic contracts showing a significant quarter-on-quarter increase of 157%, driven by domestic oil and gas exploration activities [3][4]. Financial Summary - The company's projected revenue for 2024 is 32.92 billion yuan, with a growth rate of 7.05% compared to 2023 [4][7]. - The net profit attributable to shareholders is forecasted to be 1.97 billion yuan in 2024, representing a growth rate of 21.74% [4][7]. - The company's total assets are expected to reach 45.45 billion yuan by 2024, with a debt-to-asset ratio of 38.64% [7]. Operational Performance - In Q3 2024, the company completed the construction of 8 land-based jackets and 7 offshore jackets, with a total of 138 kilometers of subsea pipelines laid, indicating robust operational activity [2][3]. - The company utilized 20,300 vessel days for offshore operations, a 3% increase from the same period last year [2]. Market Position - The report highlights the company's strong position in the domestic market, particularly in offshore oil and gas services, with a focus on enhancing operational efficiency and expanding its order book [3][5].