Orient Securities·2024-04-06 16:00Investment Rating - The report maintains a "Buy" rating for the company with a target price of 20.24 CNY per share [2][4]. Core Insights - The company achieved stable growth in performance, with a total revenue of 44.109 billion CNY in 2023, representing a year-on-year increase of 23.7%, and a net profit attributable to shareholders of 3.013 billion CNY, up 27.8% year-on-year [1]. - The utilization rate of drilling platforms improved, with a total of 60 platforms managed by the company, achieving an operational day count of 17,726 days in 2023, a 6.0% increase from 2022 [1]. - The company is expected to benefit from high capital expenditures by CNOOC, with significant related transactions in drilling and oil technical services [1]. Financial Performance Summary - Revenue (in million CNY): 2022A: 35,659; 2023A: 44,109; 2024E: 50,194; 2025E: 55,235; 2026E: 60,230 [3]. - Net profit attributable to shareholders (in million CNY): 2022A: 2,359; 2023A: 3,013; 2024E: 4,218; 2025E: 5,304; 2026E: 6,660 [3]. - Earnings per share (CNY): 2022A: 0.49; 2023A: 0.63; 2024E: 0.88; 2025E: 1.11; 2026E: 1.40 [3].