CNOOC EnerTech(SH:600968) Guotai Junan Securities·2024-10-29 04:13Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Views - The company's Q3 performance met market expectations, continuously enhancing its integrated service capabilities of "technology + equipment/products + services" to build a world-class energy service enterprise [3]. - The report maintains the earnings forecast and target price due to high growth in offshore oil and gas production, leading to increased workload and continuous quality improvement [4]. Summary by Sections Financial Performance - In Q3 2024, the company achieved revenue of 12.042 billion yuan, a year-on-year increase of 10.16% and a quarter-on-quarter decrease of 3.08%. The net profit attributable to shareholders was 1.072 billion yuan, up 32.62% year-on-year and down 3.92% quarter-on-quarter. For the first three quarters, the net profit attributable to shareholders reached 2.688 billion yuan, a year-on-year increase of 25.31% [4]. - The company’s Q3 gross margin was 15.44% and net margin was 9.10%, maintaining a good profitability level despite a decrease in the average crude oil price [4]. Strategic Initiatives - Key projects are progressing steadily, with significant investments in engineering projects completed ahead of schedule. Notable projects include the early operation of the "CNOOC 115" FPSO repair project and the delivery of the first LNG transport vessel [4]. - The company is enhancing its capabilities with new projects focused on "low-quality oil field comprehensive utilization" and "subsea production systems," establishing a "big collaboration" working mechanism [4]. Valuation - The report maintains the earnings per share (EPS) forecast for 2024-2026 at 0.37, 0.41, and 0.46 yuan respectively. Based on comparable companies' average PE of 15X for 2024, the target price is maintained at 5.55 yuan [4][12].