COOEC(600583) 光大证券·2025-03-19 16:07Investment 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 margin [1][6] - The global offshore oil and gas engineering industry remains buoyant, with the company benefiting from increased upstream capital expenditure by its parent company, China National Offshore Oil Corporation (CNOOC) [10][11] Summary by Sections 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] Workload and Operations - The company maintained a high workload in 2024, completing 453,900 tons of steel processing, a decrease of 3.8% year-on-year, while the number of installed structures and pipelines increased significantly [7] - For 2025, the company aims to enhance its EPCI (Engineering, Procurement, Construction, and Installation) capabilities and focus on high-end marine engineering equipment [7] Market Development - In 2024, the company signed new contracts worth 30.2 billion yuan, a decrease of 11% year-on-year, with overseas contracts accounting for 36% of the total [8] - The company is actively expanding its international market presence, having signed a framework cooperation agreement with Shell and renewed a long-term cooperation agreement with Saudi Aramco [8] Industry Outlook - The global offshore exploration and development investment is projected to grow by 8.6% in 2024, while domestic capital expenditure by CNOOC is expected to remain stable at 125-135 billion yuan [10] - The ongoing high demand in the oil service industry is anticipated to support continuous revenue and profit growth for the company [10][11] Profit Forecast and Valuation - The report forecasts net profits for 2025, 2026, and 2027 to be 2.44 billion yuan, 2.82 billion yuan, and 3.01 billion yuan respectively, with corresponding earnings per share (EPS) of 0.55 yuan, 0.64 yuan, and 0.68 yuan [11][15]