CNOOC EnerTech(SH:600968) Changjiang Securities·2025-10-30 23:31Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - The company reported a revenue of 33.947 billion yuan for the first three quarters of 2025, a year-on-year increase of 0.81%, and a net profit attributable to shareholders of 2.853 billion yuan, up 6.11% year-on-year. The net profit excluding non-recurring items was 2.860 billion yuan, reflecting a year-on-year increase of 14.54%. In the third quarter alone, revenue was 11.350 billion yuan, a decrease of 5.75% year-on-year, while net profit attributable to shareholders was 1.023 billion yuan, down 4.51% year-on-year. The net profit excluding non-recurring items reached 1.027 billion yuan, an increase of 5.52% year-on-year. The gross margin for the third quarter reached a historical high [2][5][12]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company's gross margin and net margin were 16.16% and 8.62%, respectively, both achieving historical highs. The gross margin for the third quarter was 17.79%, a year-on-year increase of 2.35 percentage points [12]. - The decrease in non-recurring income led to a decline in quarterly performance. In the third quarter of 2025, non-recurring gains and losses totaled -0.03 billion yuan, a decrease of 1.02 billion yuan year-on-year, primarily due to asset damage from a typhoon [12]. Business Outlook - The company's profitability is closely related to the production levels of CNOOC, demonstrating strong resilience to oil price fluctuations. The company has maintained stable gross margins even during periods of oil price volatility, benefiting from increased oil and gas production [12]. - The outlook for offshore oil services is positive, driven by national energy security initiatives and increased capital expenditures by CNOOC, which are expected to benefit the offshore oil service industry [12]. Earnings Forecast - The projected earnings per share (EPS) for 2025-2027 are 0.41 yuan, 0.45 yuan, and 0.49 yuan, respectively. The corresponding price-to-earnings (PE) ratios based on the closing price on October 28, 2025, are 9.53X, 8.58X, and 7.89X [12].