BOMESC(SH:603727) Donghai Securities·2025-03-25 09:42Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown a significant recovery in performance, achieving a total operating revenue of 2,640 million yuan in 2024, representing a year-on-year growth of 46.76% [6] - The company has turned profitable with a net profit attributable to shareholders of 100.55 million yuan in 2024, a substantial increase from a loss of 75.48 million yuan in 2023 [6] - The marine oil and gas development module is advancing towards high-end industry standards, with a notable increase in FPSO demand driven by global offshore oil and gas resource development [6] - The liquefied natural gas (LNG) module is strategically positioned for growth despite recent challenges, with plans to focus on the Middle East market for future orders [6] Summary by Sections Financial Performance - In 2024, the company reported total operating revenue of 2,640 million yuan, a 46.76% increase from the previous year [3] - The net profit attributable to shareholders was 100.55 million yuan, marking a turnaround from a loss of 75.48 million yuan in 2023 [3] - The earnings per share (EPS) for 2024 was 0.36 yuan, compared to -0.27 yuan in 2023 [3] Revenue Breakdown - The marine oil and gas development module generated revenue of 2,388 million yuan in 2024, a 146.34% increase year-on-year, with a gross margin of 16.55% [6] - The LNG module reported revenue of 234 million yuan, a decrease of 71.03% year-on-year, primarily due to geopolitical tensions affecting project progress [6] Future Projections - Revenue projections for 2025, 2026, and 2027 are 3,388 million yuan, 4,639 million yuan, and 5,668 million yuan respectively [6] - Expected net profits for the same years are 256.65 million yuan, 388.33 million yuan, and 532.84 million yuan, with corresponding EPS of 0.91 yuan, 1.38 yuan, and 1.89 yuan [6]