COOEC(600583) 光大证券·2025-03-19 05:07Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company is expected to achieve a 33% year-on-year growth in net profit attributable to shareholders in 2024, driven by high workload and improved gross margins [1][6] - The global offshore oil and gas engineering industry is experiencing high demand, supported by increased upstream exploration and development investments from oil companies [10] - The company is focusing on enhancing its EPCI (Engineering, Procurement, Construction, and Installation) capabilities and expanding its international market presence [7][8] Financial Performance - In 2024, the company reported total revenue of 29.95 billion yuan, a decrease of 2.59% year-on-year, while net profit attributable to shareholders reached 2.16 billion yuan, an increase of 33.38% [5][11] - The gross margin improved by 1.53 percentage points to 12.28%, and return on equity (ROE) increased by 1.78 percentage points to 8.47% [6][11] - The company’s net assets reached 26.3 billion yuan by the end of 2024, reflecting a year-on-year increase of 5.9% [6] Market Development - The company signed new contracts worth 30.2 billion yuan in 2024, with a 36% share from overseas contracts [8] - The domestic market focus remains on traditional oil and gas engineering projects, while international efforts include partnerships with major companies like Shell and Saudi Aramco [8][10] Future Outlook - The company is projected to achieve net profits of 2.44 billion yuan in 2025, with a 12.99% growth rate, and 2.82 billion yuan in 2026, with a 15.34% growth rate [11][12] - The global upstream capital expenditure is expected to recover, reaching over 582.4 billion USD in 2025, which will benefit the oil service industry [10]