COSL(SH:601808) Xinda Securities·2025-03-26 02:15Investment Rating - The investment rating for the company is "Buy" [2] Core Insights - The company reported a revenue of 48.302 billion yuan in 2024, representing a year-on-year increase of 9.5%. The net profit attributable to shareholders was 3.137 billion yuan, up 4.1% year-on-year, with a basic earnings per share of 0.66 yuan, reflecting a 4.8% increase [3][4] - The company has accelerated its overseas business expansion, with revenue growth in drilling, oil technology, shipping, and geophysical segments of 9.4%, 7.4%, 20.9%, and 14.2% respectively. The shipping segment showed significant growth due to resource integration and increased operational volume [5] - The company’s international revenue accounted for 22.5% of total revenue, with a year-on-year growth of 14.9%, while domestic revenue grew by 8.0% [5] - The company plans to maintain high capital expenditures, with a projected capital spending of 125 to 135 billion yuan in 2025, which supports stable growth in performance [8] Financial Summary - In 2024, the company achieved total revenue of 48.302 billion yuan, with a projected revenue of 53.022 billion yuan for 2025, indicating a growth rate of 9.8% [7] - The net profit attributable to shareholders is expected to reach 4.005 billion yuan in 2025, with a year-on-year growth of 27.7% [7] - The company’s gross margin is projected to improve slightly from 15.7% in 2024 to 16.5% in 2025 [7] - The earnings per share (EPS) is forecasted to be 0.84 yuan in 2025, with a price-to-earnings (P/E) ratio of 18.07 [7][8]