Investment Rating - The report maintains a "Buy" rating for Anton Oilfield Services (3337 HK) [4][16] Core Views - Anton Oilfield Services achieved robust growth in 2023 with revenue of RMB 4 43 billion, up 26 2% YoY, and adjusted net profit growth of 18 5% YoY [1] - The company's overseas markets, particularly Iraq, showed strong performance, with Iraq market revenue surging 43 9% YoY to RMB 2 21 billion [3] - Anton Oilfield Services is expected to maintain steady growth, with projected EPS of RMB 0 10, 0 13, and 0 16 for 2024, 2025, and 2026 respectively [4][16] Financial Performance - In 2023, the company's gross margin improved by 1 4 percentage points to 29 8%, while net margin declined by 3 5 percentage points to 5 0% [1] - The company proposed a dividend of RMB 0 013 per share, representing a payout ratio of 20% [1] - Revenue from domestic market grew 16 9% YoY to RMB 1 75 billion, driven by light-asset technical services [3] Business Segments - Inspection services revenue increased 38 7% YoY to RMB 450 million, with breakthroughs in international markets along the Belt and Road [2] - Oilfield management services revenue surged 41 5% YoY to RMB 1 62 billion, with successful operations in Iraq and Chad [2] - Oilfield technical services revenue grew 26 8% YoY to RMB 2 02 billion, supported by business model transformation [2] Market Performance - The company's total market capitalization stood at HKD 1 29 billion, with a 3-month turnover rate of 6 1% [4] - Over the past year, the stock showed a relative return of 25 2% and an absolute return of 7 5% [5] Future Outlook - The company is expected to achieve revenue growth of 17 7%, 15 8%, and 13 1% in 2024, 2025, and 2026 respectively [16] - Net profit is projected to grow at a CAGR of 24 1% from 2024 to 2026, reaching RMB 471 million in 2026 [16] - ROE is forecasted to improve from 6 2% in 2023 to 10 9% in 2026 [16]
2023年业绩公告点评：扣非业绩稳健增长，伊拉克等海外市场继续发力