CNOOC EnerTech(SH:600968) EBSCN·2024-10-29 02:34Investment Rating - The report maintains a "Buy" rating for the company [2][9] Core Views - The company achieved a significant increase in net profit attributable to shareholders, rising by 25% year-on-year in the first three quarters of 2024, driven by high oil prices and ongoing national energy security strategies [4][9] - The company reported total operating revenue of 33.7 billion yuan for the first three quarters, a year-on-year increase of 6.59% [4] - The average oil price for the first three quarters of 2024 was 81.83 USD per barrel, maintaining a relatively high level despite a slight year-on-year decrease [4] Summary by Sections Revenue Performance - In Q3 2024, the company achieved operating revenue of 12 billion yuan, a year-on-year increase of 10.16% but a quarter-on-quarter decrease of 3.08% [3][4] - The net profit for Q3 2024 was 1.072 billion yuan, reflecting a year-on-year increase of 32.62% and a quarter-on-quarter decrease of 3.92% [3][4] Operational Efficiency - The company has focused on enhancing operational efficiency, with a return on equity (ROE) of 21.2%, up by 2.5 percentage points year-on-year [4] - The cost-to-profit ratio improved, with a profit margin of 9.0%, an increase of 1.4 percentage points year-on-year [4] Strategic Initiatives - The company is actively pursuing reforms to enhance efficiency and reduce costs, including accelerating technological innovation and improving talent management [5][6] - The company has established a comprehensive cost management system to control costs effectively across various operational areas [6] Future Outlook - The global oil service market is expected to remain robust in 2024, supported by the parent company, China National Offshore Oil Corporation (CNOOC), which has set ambitious production targets [8] - The company is well-positioned to benefit from ongoing efforts to increase oil and gas reserves and production, which are part of a national seven-year action plan [8][9] Profit Forecast and Valuation - The report forecasts net profits for the company to be 3.714 billion yuan in 2024, 4.262 billion yuan in 2025, and 4.698 billion yuan in 2026, with corresponding earnings per share (EPS) of 0.37, 0.42, and 0.46 yuan respectively [9]