COOEC(SH:600583) Shenwan Hongyuan Securities·2025-08-18 03:45Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company achieved a significant improvement in gross margin in Q2 2025, reaching 16.33%, up by 4.84 percentage points year-on-year, driven by the upturn in offshore engineering [7] - The company’s new contract signing decreased by 3.59% year-on-year in H1 2025, with a total order backlog of approximately 40.7 billion yuan, which is a 3.9% increase year-on-year, providing stable operational support [7] - The capital expenditure of China National Offshore Oil Corporation (CNOOC) is expected to remain high, projected between 125 billion to 135 billion yuan for 2025, which will support the company's long-term development [7] Financial Data and Profit Forecast - Total revenue for 2025 is estimated at 34,475 million yuan, with a year-on-year growth rate of 15.1% [6] - The net profit attributable to the parent company is forecasted to be 2,341 million yuan for 2025, reflecting an 8.3% year-on-year increase [6] - The earnings per share (EPS) is projected to be 0.53 yuan for 2025, with a price-to-earnings (PE) ratio of 11 [6]