CNOOC EnerTech(SH:600968) Soochow Securities·2025-04-25 08:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a total operating revenue of 52.517 billion yuan in 2024, representing a year-on-year increase of 6.51%, and a net profit attributable to shareholders of 3.656 billion yuan, up 18.66% year-on-year [7] - The company focuses on core technologies in the oil and gas sector, with steady growth in performance [1][7] - The company emphasizes shareholder returns, maintaining a high dividend payout ratio of approximately 37.53% [7] Summary by Relevant Sections Financial Performance - In 2024, the company reported total operating revenue of 52.517 billion yuan, with a year-on-year growth of 6.51% [7] - The net profit attributable to shareholders for 2024 was 3.656 billion yuan, reflecting an 18.66% increase year-on-year [7] - For Q1 2025, the company achieved operating revenue of 10.074 billion yuan, a year-on-year increase of 9.42%, and a net profit of 594 million yuan, up 18.48% year-on-year [7] Business Segments - Energy Technology Services: Revenue reached 21.733 billion yuan in 2024, up 15% year-on-year, with significant growth in various service areas [7] - Energy Logistics Services: Revenue was 23.210 billion yuan in 2024, a slight increase of 0.6% year-on-year, with enhanced operational support capabilities [7] - Low Carbon and Digitalization: Revenue was 10.060 billion yuan in 2024, with a focus on green low-carbon and digital industries, achieving a 0.9% year-on-year growth [7] Profit Forecast and Valuation - The net profit forecasts for 2025 and 2026 have been adjusted to 4.2 billion yuan and 4.6 billion yuan, respectively, with a new forecast for 2027 set at 5 billion yuan [7] - The corresponding P/E ratios based on the closing price on April 24, 2025, are projected to be 10, 9, and 8 times for 2025, 2026, and 2027, respectively [7]