COOEC(600583) 东海证券·2025-03-20 09:12Investment Rating - The report maintains a "Buy" rating for the company, indicating that the stock is expected to outperform the market index by at least 15% over the next six months [8][10]. Core Views - The company achieved a historical breakthrough in operating performance, with total revenue of 299.54 billion yuan in 2024, a decrease of 2.59% year-on-year, while net profit attributable to shareholders increased by 33.38% to 21.61 billion yuan [8][9]. - The marine engineering segment saw significant revenue growth, contributing 271.70 billion yuan, up 20.10% year-on-year, driven by high land construction workload and increased offshore installation activities [8][9]. - The company is expanding its traditional oil and gas engineering business while also increasing efforts in emerging sectors such as LNG and offshore wind power [8][9]. - The company plans to distribute a cash dividend of 2.01 yuan per share, totaling 889 million yuan, which represents 41.12% of the net profit attributable to shareholders for 2024 [8][9]. - Revenue forecasts for 2025-2027 are projected at 323.32 billion yuan, 343.38 billion yuan, and 361.70 billion yuan, respectively, with net profits expected to be 23.05 billion yuan, 24.89 billion yuan, and 27.11 billion yuan [8][9]. Summary by Sections Financial Performance - In 2024, the company reported total assets of 482.31 billion yuan and a net asset value of 262.67 billion yuan, with a debt-to-asset ratio of 41.38% [8][9]. - The overall gross margin for 2024 was 12.28%, an increase of 1.53 percentage points year-on-year [8][9]. Business Development - The company successfully delivered several significant projects, including Asia's first deep-water jacket "Hai Ji No. 2" and the first cylindrical offshore oil and gas processing plant "Hai Kui No. 1" [8][9]. - The total market contract value for 2024 reached 302.44 billion yuan, with a backlog of approximately 40 billion yuan, providing strong support for future business volume [8][9]. Dividend Policy - The company has maintained a consistent and relatively increasing profit distribution policy, with cumulative cash dividends over the past three years amounting to 1.98 billion yuan, representing 113.39% of the average annual net profit [8][9].