CNOOC EnerTech(SH:600968) Soochow Securities·2025-04-25 07:02Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company focuses on core technologies in the oil and gas sector, achieving steady growth in performance [1] - In 2024, the company achieved total revenue of 52.517 billion yuan (up 6.51% year-on-year) and a net profit attributable to shareholders of 3.656 billion yuan (up 18.66% year-on-year) [7] - The first quarter of 2025 showed continued positive performance with total revenue of 10.074 billion yuan (up 9.42% year-on-year) and a net profit of 594 million yuan (up 18.48% year-on-year) [7] - The company has three main business segments: Energy Technology Services, Energy Logistics Services, and Low Carbon Environmental Protection & Digitalization, all showing steady progress [7] Financial Performance Summary - Revenue and Profit Forecasts: - Total revenue is projected to grow from 49.308 billion yuan in 2023 to 61.638 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 5.44% [1] - Net profit attributable to shareholders is expected to increase from 3.081 billion yuan in 2023 to 5.032 billion yuan in 2027, reflecting a CAGR of about 9.73% [1] - Earnings Per Share (EPS): - The latest diluted EPS is forecasted to rise from 0.30 yuan in 2023 to 0.50 yuan in 2027 [1] - Price-to-Earnings (P/E) Ratio: - The P/E ratio is projected to decrease from 13.30 in 2023 to 8.14 in 2027, indicating improved valuation over time [1] Business Segment Performance - Energy Technology Services: - Revenue for 2024 is expected to be 21.733 billion yuan (up 15% year-on-year), driven by enhanced core capabilities and increased market demand [7] - Energy Logistics Services: - Revenue for 2024 is projected at 23.210 billion yuan (up 0.6% year-on-year), with improvements in operational support and efficiency [7] - Low Carbon Environmental Protection & Digitalization: - Revenue for 2024 is anticipated to be 10.060 billion yuan (up 0.9% year-on-year), focusing on strategic emerging industries [7] Shareholder Returns - The company has a high dividend policy, distributing approximately 1.372 billion yuan in cash dividends in 2024, with a payout ratio of about 37.53% [7]