COSL(601808) 信达证券·2024-10-29 16:30Investment Rating - The investment rating for the company is "Buy" [1][2] Core Views - The company reported a revenue of 33.662 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 14.1%. The net profit attributable to the parent company was 2.445 billion yuan, up 7.5% year-on-year, while the net profit after deducting non-recurring items was 2.476 billion yuan, reflecting a 12.1% increase year-on-year [1][2] - In Q3 2024, the company achieved a revenue of 11.133 billion yuan, which is a 4.7% increase year-on-year but a 10.1% decrease quarter-on-quarter. The net profit attributable to the parent company was 0.852 billion yuan, down 8.8% year-on-year and 10.9% quarter-on-quarter [1][2] - The decrease in Q3 net profit was attributed to a decline in drilling workload and an increase in financial expenses, which rose to 0.359 billion yuan, up 1.77 billion yuan quarter-on-quarter and 1.15 billion yuan year-on-year, mainly due to exchange losses from the appreciation of the RMB against the USD [1][2] Summary by Sections Financial Performance - For the first three quarters of 2024, the company maintained growth in its oilfield technical services, with overall revenue increasing. The drilling service segment saw a decline in platform usage rates due to typhoon weather, with self-elevating and semi-submersible platforms at 81.51% and 50.22% respectively [1][2] - The company’s ship service business operated over 200 vessels, accumulating 53,162 operational days, a 29.4% increase year-on-year [1][2] - The company is actively expanding its overseas market share, with 2D and 3D survey work volumes increasing by 17.8% and 79.6% year-on-year, respectively [1][2] Profit Forecast and Investment Rating - The company’s projected net profits for 2024-2026 are 3.202 billion, 4.066 billion, and 4.895 billion yuan, with year-on-year growth rates of 6.3%, 27.0%, and 20.4% respectively. The diluted EPS for the same period is expected to be 0.67, 0.85, and 1.03 yuan per share [1][2] - The price-to-earnings (P/E) ratios based on the closing price on October 29, 2024, are projected to be 22.91, 18.04, and 14.98 for the years 2024, 2025, and 2026 respectively [1][2]