COOEC(SH:600583) Xinda Securities·2025-10-27 11:03Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a significant increase in new contracts, with a total of 251.72 billion yuan in new contract value for Q3 2025, representing a year-on-year increase of 522% and a quarter-on-quarter increase of 196% [5] - The company achieved a record high in its order backlog, reaching 595 billion yuan by the end of Q3 2025, the highest in nearly a decade [5] - The company is expected to benefit from high capital expenditures by CNOOC and expansion into overseas markets, with projected net profits for 2025-2027 showing steady growth [5] Financial Performance Summary - For the first three quarters of 2025, the company reported total revenue of 17.661 billion yuan, a year-on-year decrease of 13.54%, and a net profit attributable to shareholders of 1.605 billion yuan, down 8.01% year-on-year [1] - The gross profit margin for Q3 2025 was 11.03%, showing a decline of 5.3 percentage points quarter-on-quarter and 2.56 percentage points year-on-year [5] - The net profit margin for Q3 2025 was 8.28%, which increased by 0.62 percentage points year-on-year [5] - The company’s earnings per share (EPS) for 2025 is projected to be 0.50 yuan, with a price-to-earnings (P/E) ratio of 11.19 [5][4] Future Projections - The company’s net profit is forecasted to be 2.213 billion yuan in 2025, with growth rates of 2.4%, 9.0%, and 2.9% for the years 2025, 2026, and 2027 respectively [5] - The projected EPS for 2026 and 2027 are 0.55 yuan and 0.56 yuan respectively [5][4]