CNOOC EnerTech(SH:600968) Southwest Securities·2024-10-30 05:11Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The company has shown significant profit growth, with a 33% year-on-year increase in net profit for Q3 2024 [1]. - The company is benefiting from strong upstream investment and a favorable offshore oil and gas market [3]. - The company is expected to achieve a compound annual growth rate (CAGR) of 13.5% in net profit from 2024 to 2026 [3]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved operating revenue of 33.67 billion yuan, a year-on-year increase of 6.6%, and a net profit attributable to shareholders of 2.69 billion yuan, up 25.3% year-on-year [1]. - In Q3 2024, the company reported operating revenue of 12.04 billion yuan, a 10.2% increase year-on-year, and a net profit of 1.07 billion yuan, reflecting a 32.6% year-on-year growth [1]. Profitability Metrics - The company's gross margin for Q1-Q3 2024 was 14.6%, up 0.8 percentage points year-on-year, while the net margin was 8.2%, an increase of 1.2 percentage points [2]. - In Q3 2024, the gross margin was 15.4%, a slight increase of 0.1 percentage points year-on-year, and the net margin reached 9.1%, up 1.5 percentage points [2]. Project Development - Key projects are progressing smoothly, including the construction of 12 LNG transport vessels, with the first vessel already delivered [2]. - The company is enhancing its integrated service capabilities through new projects in low-grade oil field development and underwater production systems [2]. Market Outlook - The global oil and gas demand continues to rise, supporting increased exploration and development investments in the upstream sector [3]. - The company is positioned to benefit from the high market demand and is expected to maintain strong capital expenditures, with a reported 95.34 billion yuan in capital spending for the first three quarters of 2024, a 6.6% increase year-on-year [3]. Earnings Forecast - The forecast for net profit attributable to shareholders for 2024-2026 is 3.68 billion, 4.10 billion, and 4.50 billion yuan, respectively, with corresponding price-to-earnings (PE) ratios of 13, 11, and 10 [3][4].