CNOOC EnerTech(SH:600968) Tianfeng Securities·2025-04-24 03:14Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [6][17]. Core Views - The company reported a revenue of 10.074 billion yuan in Q1 2025, representing a year-on-year growth of 9.42%. The net profit attributable to shareholders was 594 million yuan, up 18.48% year-on-year, and the non-recurring net profit was 551 million yuan, reflecting a growth of 25.84% [1]. - The company is actively developing deep-sea technology and equipment service capabilities, focusing on integrated technology services for deep-water oil and gas fields, proprietary tools, personnel services, and underwater products [4]. - The company has successfully launched several self-developed products, including the FiberInsight oilfield development interpretation model and a new electrophoretic coating for electric vehicle components [2]. Financial Performance and Forecast - The company forecasts net profits of 4.126 billion yuan, 4.659 billion yuan, and 5.232 billion yuan for 2025, 2026, and 2027, respectively, with corresponding EPS of 0.41 yuan, 0.46 yuan, and 0.51 yuan [5]. - The projected revenue growth rates for the years 2025 to 2027 are 4.82%, 6.60%, and 7.21%, respectively [5]. - The company’s EBITDA for 2025 is estimated at 7.318 billion yuan, with a PE ratio of 10.03 for 2025, decreasing to 7.91 by 2027 [5]. Industry Context - The company operates within the oil and gas service engineering sector, focusing on deep-water exploration and development technologies [6]. - The company is involved in the construction of LNG transport vessels, with the successful launch of the fourth ship in a series of twelve, highlighting its commitment to enhancing operational capabilities in the LNG sector [3].