COSL(601808) 东海证券·2025-03-28 08:23Investment 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 [9][11]. Core Insights - The company has demonstrated strong revenue growth, with total revenue for 2024 reaching 48.30 billion yuan, a year-on-year increase of 9.5%. The net profit attributable to shareholders was 3.14 billion yuan, reflecting a 4.1% increase [9]. - The report highlights the company's strategic focus on technology-driven growth, with significant advancements in oil technology services contributing to a revenue increase of 7.4% in this segment [9]. - The international market strategy has proven effective, with overseas revenue surpassing 10.88 billion yuan, marking a 14.9% increase year-on-year, showcasing the company's competitive edge in global markets [9]. Summary by Sections Financial Performance - Total revenue for 2022 was 35.66 billion yuan, increasing to 44.11 billion yuan in 2023, and projected to reach 52.97 billion yuan in 2025, with a compound annual growth rate (CAGR) of approximately 22.11% from 2022 to 2023 [8]. - The net profit for 2022 was 2.36 billion yuan, expected to grow to 4.23 billion yuan by 2025, indicating a robust growth trajectory [8]. - Earnings per share (EPS) are projected to increase from 0.49 yuan in 2022 to 0.89 yuan in 2025, reflecting strong profitability [8]. Business Segments - Drilling services generated 13.21 billion yuan in revenue for 2024, a 9.4% increase, despite a slight decrease in gross margin [9]. - Vessel services saw a significant revenue increase of 20.9%, reaching 4.77 billion yuan, driven by enhanced operational efficiency [9]. - Geophysical services reported a revenue of 2.67 billion yuan, up 14.1%, with substantial increases in operational capacity [9]. Strategic Initiatives - The company is committed to a technology-driven strategy, with notable advancements in oil technology services leading to increased revenue and improved profit margins [9]. - The international strategy has been successful, with a focus on expanding overseas contracts and enhancing market presence, contributing to a diversified revenue stream [9].