COOEC(600583) 信达证券·2025-03-18 01:30Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has shown an increase in profitability in 2024, with a net profit of 2.16 billion yuan, up 33% year-on-year, despite a slight decline in revenue [1][2] - The company is expected to benefit from high capital expenditures from CNOOC and the ongoing recovery in the industry, with projected net profits for 2025-2027 showing consistent growth [6] Summary by Sections Financial Performance - In 2024, the company achieved operating revenue of 29.95 billion yuan, a decrease of 2.59% year-on-year, while the net profit attributable to shareholders was 2.16 billion yuan, an increase of 33% [1] - The company's gross margin for 2024 was 12.28%, up 1.53 percentage points from the previous year, and the net margin was 7.30%, up 2.00 percentage points [4] - For Q4 2024, the company reported a single-quarter revenue of 9.53 billion yuan, down 2.66% year-on-year but up 36% quarter-on-quarter [2] Business Segmentation - In 2024, the revenue breakdown by business segment was 72.33% from marine engineering total contracting, 18.00% from marine engineering non-total contracting, and 9.66% from non-marine engineering projects [4] - The gross margins for marine engineering and non-marine engineering projects were 11.90% and 15.60%, respectively, with marine engineering showing a significant improvement [4] Regional Performance - The company's domestic and overseas revenue proportions were 80.70% and 19.30%, respectively, with a notable increase in revenue from CNOOC-related transactions [4] - The gross margin for domestic operations was 13.04%, up 3.60 percentage points, while the overseas gross margin was 9.10%, down 7.05 percentage points due to early-stage construction impacts [4] Future Outlook - The company has secured new orders totaling 30.24 billion yuan in 2024, with an order backlog of approximately 40 billion yuan, providing strong support for future workloads [4] - The company is transitioning to an international engineering contractor and has signed significant contracts with Shell and Saudi Aramco, indicating a strategic shift towards renewable energy projects [4] Dividend Policy - The company maintains a dividend payout ratio of over 40%, proposing a cash dividend of 2.01 yuan per 10 shares, resulting in a dividend yield of 3.65% based on the closing price on March 17, 2025 [6]