COSL(601808) 东兴证券·2024-04-09 16:00Investment Rating - The report gives a "Strong Buy" rating for CNOOC Services (601808.SH) [6] Core Views - CNOOC Services reported a revenue of RMB 44.109 billion in 2023, a year-on-year increase of 23.7%, and a net profit attributable to shareholders of RMB 3.013 billion, up 27.75% year-on-year [1][2] - The drilling services segment is recovering due to increased upstream capital expenditures, with a projected increase in performance [1][2] - The oilfield technical services segment, which accounted for 58.4% of total revenue in 2023, saw a revenue increase of RMB 25.6 billion, a growth of 31.4% year-on-year [1][2] Summary by Sections Drilling Services - The drilling services segment is experiencing recovery driven by upstream capital expenditures, with a significant increase in operational days to 17,726, up 6.0% year-on-year [1] - Revenue from drilling services reached RMB 12.07 billion, reflecting a growth of 16.6% [1][2] Oilfield Technical Services - This segment is the largest revenue contributor, achieving RMB 25.76 billion in 2023, an increase of RMB 6.16 billion year-on-year [1][2] - The company has made significant investments in technology R&D, leading to innovations recognized in the industry [1] Ship Services and Geophysical Exploration - Ship services generated RMB 3.94 billion in revenue, a 5.9% increase from RMB 3.73 billion in 2022 [2] - Geophysical exploration and engineering services reported revenue of RMB 2.34 billion, up 17.7% from RMB 1.99 billion in 2022 [2] Profitability - The company's net profit for 2023 was RMB 3.28 billion, a year-on-year increase of 31.35% [2] - The return on equity (ROE) improved to 7.2%, up 21.0% year-on-year, with a gross margin of 16.0%, reflecting a 29.4% increase [2] Financial Forecast - The forecast for net profit attributable to shareholders for 2024-2026 is RMB 3.89 billion, RMB 4.61 billion, and RMB 5.56 billion respectively [2][7]