Soochow Securities·2024-03-27 16:00Investment Rating - The report maintains a "Buy" rating for CNOOC Services (601808) [1] Core Views - The company reported a revenue of 44.1 billion yuan in 2023, representing a year-on-year increase of 23.7%, and a net profit attributable to shareholders of 3.01 billion yuan, up 27.8% year-on-year [2][3] - The company has successfully expanded its international business, achieving a revenue of 9.47 billion yuan from international markets, a year-on-year increase of 50.9% [3] - The company emphasizes its commitment to dividends, with a total dividend payout of 1 billion yuan in 2023, translating to a dividend per share of 0.21 yuan [3] Financial Performance Summary - Total revenue (in million yuan) for 2022A was 35,659, for 2023A was 44,109, and projections for 2024E, 2025E, and 2026E are 47,536, 51,137, and 55,131 respectively, indicating a growth rate of 22.11%, 23.70%, 7.77%, 7.58%, and 7.81% [2][4] - Net profit attributable to shareholders (in million yuan) for 2022A was 2,359, for 2023A was 3,013, with projections for 2024E, 2025E, and 2026E at 3,833, 4,425, and 5,181 respectively, showing significant growth rates of 653.15%, 27.75%, 27.21%, 15.45%, and 17.07% [2][4] - The company’s operating cash flow for 2023 was 13.1 billion yuan, an increase of 89.8% year-on-year, indicating strong cash reserves [2][3] Profitability Improvement - The company’s operating profit for 2023 was 4.26 billion yuan, an increase of 1.26 billion yuan year-on-year, with significant contributions from drilling services and oilfield technical services [3] - Drilling services generated a revenue of 12.07 billion yuan in 2023, up 16.6% year-on-year, with a gross margin of 9.3% [3] - Oilfield technical services achieved a revenue of 25.76 billion yuan, a year-on-year increase of 31.4%, with a gross margin of 22.1% [3] International Strategy - The company has optimized its overseas market development and strategic layout, leveraging its integrated industry chain advantages [3] - The international market revenue growth reflects the company's successful internationalization strategy [3] Dividend Policy - The company has a dividend payout ratio of approximately 33%, with a dividend yield of about 1.3% based on the closing price on March 27, 2024 [3]