COOEC(600583) 东兴证券·2024-04-07 16:00Investment Rating - The report maintains a "Strong Buy" rating for the company [3][7]. Core Views - The company achieved a revenue of 30.75 billion yuan in 2023, a year-on-year increase of 4.75%, and a net profit attributable to shareholders of 1.62 billion yuan, up 11.08% year-on-year [2][4]. - The domestic revenue grew steadily, while the gross margin for overseas projects improved significantly [2]. - The company has effectively controlled expenses, with a net cash flow from operating activities reaching a record high of 5.13 billion yuan, a 54.67% increase year-on-year [2][4]. - The new production targets set by China National Offshore Oil Corporation (CNOOC) provide strong support for future work volume [2]. Financial Performance Summary - Revenue (in million yuan): 2022A: 29,358.37, 2023A: 30,752.04, 2024E: 33,414.78, 2025E: 36,323.17, 2026E: 39,500.74 [4]. - Net profit (in million yuan): 2022A: 1,457.41, 2023A: 1,620.51, 2024E: 1,888.54, 2025E: 2,077.83, 2026E: 2,148.68 [4]. - The return on equity (ROE) is projected to be 6.54% in 2023, increasing to 7.29% in 2024 [4][9]. Company Overview - The company is the only large-scale engineering contractor in China that integrates offshore oil and gas development engineering and liquefied natural gas engineering [5]. - It is one of the largest EPCI contractors in the Asia-Pacific region [5]. Market Data - The company's total market capitalization is 30.375 billion yuan [6]. - The stock price has ranged between 6.97 and 5.14 yuan over the past 52 weeks [6].