海油发展：深扎海洋，多元发展

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [5][11][76]. Core Insights - The company benefits from the stable capital expenditure and production increase of CNOOC, leading to strong earnings and dividend certainty [3][7]. - The core business of energy technology services is robust, while non-core businesses such as low-carbon environmental services and digitalization are also showing steady growth [7][12]. - The demand for marine energy technology is expected to grow, with the company positioned as a leader in offshore oil and gas production technology services [7][12]. - The company is projected to achieve revenue growth of 9.67%, 10.48%, and 8.35% for 2024, 2025, and 2026 respectively, with net profit growth of 10.49%, 9.65%, and 7.96% during the same period [11][76]. Summary by Sections Business Overview - The company operates in the oil and gas service sector, providing a range of services including energy technology, low-carbon environmental services, and energy logistics [18][27]. - The energy technology service segment is the core business, contributing over 40% to gross profit [7][20]. Financial Performance - The company reported a revenue of 49,308 million yuan in 2023, with a projected increase to 54,075 million yuan in 2024 [8][11]. - The net profit for 2023 was 3,081 million yuan, expected to rise to 3,404 million yuan in 2024 [11][71]. - The company has maintained a stable dividend payout, with a CAGR of 31.3% in cash dividends over the past four years [7][71]. Market Outlook - Global offshore oil and gas investments are recovering, with significant growth expected in deepwater exploration and production [49][50]. - The domestic oil and gas production is projected to continue increasing, supported by CNOOC's ongoing capital expenditure [68][69]. Risk and Valuation - The report highlights a conservative target price of 4.77 yuan for the company, based on a PE ratio of 13.00 for 2025 [76]. - The company is expected to maintain a strong correlation with CNOOC's capital expenditures, ensuring stable revenue and profit growth [62][68].