COSL(601808) 天风证券·2024-10-30 06:58Investment Rating - The investment rating for the company is "Buy" with a target price indicating a potential return of over 20% within the next six months [5][12]. Core Views - The company's Q3 2024 revenue reached 11.1 billion yuan, a year-on-year increase of 4.7%, while the net profit attributable to shareholders was 852 million yuan, a decrease of 8.8% year-on-year, primarily due to the impact of typhoons and the suspension of platforms in Saudi Arabia [1][3]. - The drilling segment experienced a significant decline in the utilization rate of semi-submersible platforms, with operating days down by 25% year-on-year, attributed to adverse weather conditions [2]. - The oilfield services segment is expected to maintain high growth, particularly with recent contracts signed by CNOOC in Brazil, which may open new market opportunities [3]. Financial Summary - Revenue projections for 2024-2026 have been adjusted to 31 billion, 45 billion, and 51 billion yuan respectively, with corresponding P/E ratios of 24, 16, and 14 times [3][4]. - The company's total revenue for 2023 is projected at 44.1 billion yuan, with a growth rate of 23.7% [4]. - The net profit attributable to shareholders is forecasted to be 3.1 billion yuan in 2024, reflecting a growth rate of 2.69% [4][8]. - The company maintains a healthy balance sheet with a debt-to-asset ratio of 48.64% and a current ratio of 1.30 [5][8].