COOEC(600583)2024-03-18 16:00Investment Rating - The investment rating for the company is "Buy" (maintained) [3][4]. Core Views - The company reported a revenue of 30.752 billion yuan in 2023, a year-on-year increase of 4.75%, and a net profit attributable to shareholders of approximately 1.621 billion yuan, up 11.08% year-on-year [3]. - The company achieved a record high in market development and workload, with a total of 72 large-scale projects implemented in 2023, and a backlog of uncompleted orders amounting to approximately 39.6 billion yuan, an increase of 11.55% year-on-year [3][4]. - Global offshore capital expenditure is expected to rise, which is anticipated to positively impact the company's performance, with a projected capital expenditure of 125 to 135 billion yuan from China National Offshore Oil Corporation (CNOOC) in 2024 [4]. Summary by Sections Financial Performance - In 2023, the company achieved an operating income of 30.752 billion yuan, with a year-on-year growth rate of 4.7% [5]. - The net profit attributable to shareholders was 1.621 billion yuan, reflecting a year-on-year increase of 11.1% [5]. - The gross profit margin for 2023 was 10.7%, an increase of 1.76 percentage points year-on-year [3][5]. Future Projections - Revenue projections for 2024, 2025, and 2026 are 36.762 billion yuan, 41.405 billion yuan, and 46.899 billion yuan, respectively, with corresponding year-on-year growth rates of 19.5%, 12.6%, and 13.3% [5][6]. - The net profit forecasts for 2024, 2025, and 2026 are 2.015 billion yuan, 2.514 billion yuan, and 3.048 billion yuan, with growth rates of 24.3%, 24.8%, and 21.2% respectively [5][6]. Market Position - The company’s market capture in 2023 reached a historical high with a total contract value of 33.986 billion yuan, including 14.176 billion yuan from overseas markets [3][4]. - The company’s order income from the CNOOC system accounted for approximately 65% of its total order income in 2023, indicating strong reliance on domestic orders [4].