CNOOC EnerTech(SH:600968) Tianfeng Securities·2024-10-28 15:02Investment Rating - The report maintains a "Buy" rating for the company, with a target price indicating a potential upside of over 20% within the next six months [7][17]. Core Insights - The company reported a revenue of 33.674 billion yuan for the first three quarters of 2024, reflecting a year-on-year growth of 6.59%, while the net profit attributable to the parent company reached 2.688 billion yuan, up 25.31% year-on-year [2]. - The company has successfully advanced key projects, achieving a net production of 542.1 million barrels of oil equivalent in the first three quarters of 2024, representing an increase of 8.5% year-on-year [3]. - The construction of LNG transport vessels is progressing well, with the first vessel delivered and operational, showcasing the company's commitment to integrated LNG services [4]. Financial Data and Valuation - Revenue (in million yuan) is projected to grow from 49,308 in 2023 to 68,641 in 2026, with growth rates of 3.19%, 12.86%, 11.98%, and 10.16% for the respective years [1]. - The EBITDA is expected to increase from 6,498 in 2023 to 7,696 in 2026, indicating a steady growth trajectory [1]. - The net profit attributable to the parent company is forecasted to rise from 3,081 in 2023 to 4,583 in 2026, with corresponding EPS increasing from 0.30 to 0.45 yuan per share [1][5]. - The P/E ratio is projected to decrease from 14.95 in 2023 to 10.05 in 2026, suggesting an attractive valuation over the forecast period [1][5]. Cash Flow and Financial Ratios - The company is expected to generate operating cash flow of 5,167 million yuan in 2024, increasing to 7,520 million yuan in 2025 [12]. - The debt-to-asset ratio is projected to remain stable, indicating a solid financial position [11].