CNOOC EnerTech(SH:600968) Guoxin Securities·2025-04-25 08:05Investment Rating - The investment rating for the company is "Outperform the Market" [5][11][12] Core Views - The company's three main businesses are steadily growing, with a 25.8% year-on-year increase in non-recurring net profit for the first quarter, reaching a historical high of 550 million yuan [1][6] - The company benefits from increased reserves and production in offshore oil fields, with the Bohai oil field's total oil and gas output exceeding 10 million tons for the first time in the first quarter [2][10] - The company is actively laying out strategic emerging industries such as green low-carbon, digitalization, and new materials, aiming to create new growth drivers [2][10] - The long-term development space for the company is promising, with domestic revenue expected to account for 98.8% in 2024, and a positive correlation between the company's service workload and China National Offshore Oil Corporation's (CNOOC) oil and gas production [3][11] Financial Performance Summary - In the first quarter of 2025, the company achieved revenue of 10.07 billion yuan, a year-on-year increase of 9.4%, and a total profit of 820 million yuan, up 16.7% [1][6] - The company's gross profit margin was 12.9%, an increase of 1.0 percentage points year-on-year, while the net profit margin was 6.1%, up 0.3 percentage points [1][6] - The forecast for the company's net profit for 2025-2027 is 4.21 billion, 4.98 billion, and 5.54 billion yuan, respectively, with corresponding diluted EPS of 0.41, 0.49, and 0.54 yuan [3][11][12] Revenue and Profit Forecast - The company is expected to generate operating revenue of 52.64 billion yuan in 2025, with a slight increase of 0.2% compared to 2024 [4][13] - The projected net profit for 2025 is 4.21 billion yuan, reflecting a growth rate of 15.2% compared to 2024 [4][13] - The company's price-to-earnings ratio (PE) is projected to decrease from 11.3 in 2024 to 9.8 in 2025, indicating an attractive valuation [4][12]