BOMESC(603727) EBSCN·2025-01-17 01:49Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company has signed a significant contract for the construction of the topside module of a Floating Production Storage and Offloading (FPSO) vessel, with an estimated contract value of RMB 750-1,000 million, expected to be completed by January 2027 [1][2]. - The FPSO project will enhance the company's collaboration with key clients and solidify its foundation for overseas business expansion [2]. - The international offshore oil service engineering sector is experiencing a recovery, driven by increased capital expenditures from oil companies due to high oil prices, which is expected to benefit the company [4]. Summary by Sections Contract Announcement - The company has signed a contract with STS VOF for the FPSO topside module construction, with a contract value of RMB 750-1,000 million [1][2]. - The project is set to be completed by January 2027 and will be deployed in the Suriname oil field [2]. Market Opportunities - The FPSO market is expected to thrive, particularly in South America, with significant projects underway in Brazil, Guyana, and Suriname [3]. - The company has achieved various quality certifications, enhancing its operational capabilities in the FPSO sector [3]. Financial Forecasts - The company forecasts a gradual improvement in profitability, with projected net profits of RMB 119 million, RMB 262 million, and RMB 386 million for 2024, 2025, and 2026 respectively [4]. - The earnings per share (EPS) are expected to be RMB 0.42, RMB 0.93, and RMB 1.37 for the same years [4]. Valuation Metrics - The report provides a detailed financial outlook, including revenue growth rates and profitability margins, indicating a positive trend in the company's financial performance [5][11][13].