COSL(601808) 东吴证券·2025-04-07 00:40Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights the robust development of deep-sea technology and the company's stable performance, indicating a promising future [8] - The company is expected to benefit from high capital expenditures by CNOOC, which plans to allocate between 125 billion to 135 billion RMB for capital expenditures in 2025 [8] - The oil service industry is projected to maintain high prosperity, supported by the growth of deep-sea technology [8] Financial Forecasts - Total revenue for 2023 is projected at 44,109 million RMB, with a year-on-year growth of 23.70% [1] - The net profit attributable to shareholders for 2023 is estimated at 3,013 million RMB, reflecting a year-on-year increase of 27.75% [1] - Earnings per share (EPS) for 2023 is forecasted to be 0.63 RMB, with a price-to-earnings (P/E) ratio of 22.23 [1] - For 2024, total revenue is expected to reach 48,302 million RMB, with a year-on-year growth of 9.51% [1] - The net profit attributable to shareholders for 2024 is projected at 3,137 million RMB, a year-on-year increase of 4.11% [1] - EPS for 2024 is estimated at 0.66 RMB, with a P/E ratio of 21.36 [1] - The company anticipates a significant increase in net profit to 4,267 million RMB in 2025, representing a year-on-year growth of 36.01% [1] - The P/E ratio for 2025 is projected to be 15.70 [1] Business Performance - The company operates 48 self-elevating drilling platforms and 14 semi-submersible drilling platforms, with a total operational day count of 17,502 days in 2024 [8] - The daily rates for self-elevating and semi-submersible drilling platforms have increased to 75,000 and 143,000 USD, respectively [8] - The company has successfully expanded its international business, particularly in Southeast Asia and Africa, enhancing its market penetration [8] - The company has launched high-end oil and gas technology equipment under the "Xuan Yue" brand, improving its service capabilities [8]