COOEC(600583) 长江证券·2025-03-26 03:20Investment Rating - The investment rating for the company is "Buy" and it is maintained [7]. Core Insights - The company reported a revenue of 29.954 billion yuan for 2024, a year-on-year decrease of 2.59%, while the net profit attributable to shareholders was 2.161 billion yuan, an increase of 33.38% year-on-year [4][6]. - In Q4 2024, the company achieved a revenue of 9.528 billion yuan, down 2.66% year-on-year but up 36.19% quarter-on-quarter, with a quarterly net profit of 417 million yuan, up 68.08% year-on-year but down 23.94% quarter-on-quarter [4][6]. - The company's profitability has significantly improved, with the gross profit margin reaching a seven-year high in 2024 [4][6]. - The company is steadily advancing oil and gas engineering projects, maintaining a high workload throughout the year [4][6]. - Although new orders have slowed, the backlog of orders remains sufficient to ensure future workloads [4][6]. - The potential of marine oil and gas resources is substantial, and the company is expected to benefit from increased capital expenditure by CNOOC and the domestic push for deep-sea technology [4][6]. Summary by Sections Financial Performance - In 2024, the company completed 46 land-based jackets and 34 modules, representing a year-on-year increase of 100% and 62%, respectively [10]. - The company installed 39 jackets and 30 modules offshore, with year-on-year increases of 95% and 43% [10]. - The total market undertaking amount for 2024 was 30.244 billion yuan, a decrease of 11.01% year-on-year [10]. - The backlog of orders at the end of the reporting period was approximately 40 billion yuan, an increase of 1% year-on-year [10]. Market Outlook - The exploration and development of offshore, deep-water, and unconventional oil and gas are expected to be key areas for future growth [10]. - The government’s focus on "deep-sea technology" indicates new development opportunities for the marine economy, which may drive rapid growth in the company's equipment business [10]. - The company plans to distribute cash dividends of 889 million yuan in 2024, with a dividend payout ratio of 41.12%, marking a historical high since 2016 [10]. Earnings Forecast - The expected EPS for 2025-2027 is projected to be 0.54 yuan, 0.60 yuan, and 0.65 yuan, respectively, with corresponding PE ratios of 10.33X, 9.38X, and 8.61X [10].