COSL(SH:601808) Guolian Securities·2024-03-28 16:00Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook based on expected performance relative to market indices [8]. Core Views - The company reported a revenue of 44.109 billion yuan in 2023, a year-on-year increase of 23.7%, and a net profit of 3.013 billion yuan, up 27.8% year-on-year [2]. - The company's main business benefited from a high level of upstream investment, with global exploration and development spending increasing by 10.6% year-on-year [3]. - The company continues to implement a technology-driven strategy, with a compound annual growth rate of 5.2% in R&D investment from 2021 to 2023 [4]. - The company achieved a cash flow ratio of nearly 30% in 2023, improving its cost management and profitability metrics [5]. - Revenue projections for 2024-2026 are estimated at 51.910 billion yuan, 60.425 billion yuan, and 67.612 billion yuan, respectively, with corresponding net profits of 3.944 billion yuan, 4.735 billion yuan, and 5.477 billion yuan [6]. Summary by Sections Financial Performance - In 2023, the company achieved an operating income of 44.109 billion yuan and a net profit of 3.013 billion yuan, with significant growth in Q4 [2][3]. - The operating profit contributions from the drilling, technology, shipping, and geophysical segments were 65%, 27%, 5%, and 4%, respectively [3]. Technology and Strategy - The company is advancing its technology-driven strategy, with significant improvements in domestic offshore operations expected by 2025 [4]. - The technology segment generated revenue of 25.757 billion yuan in 2023, accounting for 58.39% of total revenue [4]. Cost Management and Profitability - The company has improved its operating profit margin to 9.7%, marking a continuous increase over the past three years [5]. - The accounts receivable turnover rate was 2.6 times, and the inventory turnover rate was 14.7 times, both showing growth compared to 2022 [5]. Future Outlook - The company anticipates continued revenue growth, with projected increases of 17.69%, 16.40%, and 11.89% for the years 2024, 2025, and 2026, respectively [6]. - The earnings per share (EPS) are expected to rise to 0.83 yuan, 0.99 yuan, and 1.15 yuan for the years 2024, 2025, and 2026 [6].