COOEC(600583) 西南证券·2025-03-19 14:11Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the next six months [1]. Core Insights - The company achieved a revenue of 29.95 billion yuan in 2024, a decrease of 2.6% year-on-year, while the net profit attributable to the parent company was 2.16 billion yuan, reflecting a significant increase of 33.4% year-on-year [7]. - The company has a robust order backlog of approximately 40 billion yuan, supported by successful international market expansion and partnerships with major companies like Shell and Saudi Aramco [7]. - The company's profitability has improved, with a gross margin of 12.3% and a net margin of 7.3% in 2024, both showing year-on-year increases [7]. - The report highlights a strong dividend policy, proposing a cash dividend of 2.01 yuan per 10 shares, resulting in a dividend payout ratio of 41.12% and a dividend yield of 3.58% based on the closing price on March 18, 2024 [7]. Financial Summary - Revenue Forecast: Expected revenues for 2025, 2026, and 2027 are projected at 32.13 billion yuan, 33.93 billion yuan, and 36.81 billion yuan, respectively, with growth rates of 7.28%, 5.57%, and 8.52% [2][8]. - Net Profit Forecast: The net profit attributable to the parent company is forecasted to be 2.39 billion yuan in 2025, 2.62 billion yuan in 2026, and 2.95 billion yuan in 2027, with a compound annual growth rate of 11% [9][11]. - Earnings Per Share (EPS): EPS is projected to increase from 0.49 yuan in 2024 to 0.67 yuan in 2027 [2][11]. - Valuation Metrics: The price-to-earnings (PE) ratio is expected to decrease from 11.5 in 2024 to 8.4 in 2027, indicating potential undervaluation [2][11]. Market Position and Outlook - The company is positioned as a leader in the marine oil and gas engineering sector, benefiting from the ongoing high demand for offshore oil and gas exploration and development, with global investments in this area reaching approximately 209.6 billion USD in 2024 [7][9]. - The report emphasizes the company's commitment to cost reduction and efficiency improvements, which are expected to enhance its competitive edge in the market [8].