CNOOC EnerTech(SH:600968) Soochow Securities·2024-04-18 07:30Investment Rating - The report maintains a "Buy" rating for the company Haiyou Development (600968) [1] Core Views - The company reported strong performance in its 2023 annual report, achieving total revenue of 49.3 billion yuan (up 3% year-on-year) and a net profit attributable to shareholders of 3.08 billion yuan (up 28% year-on-year) [2][3] - The company has diversified service capabilities with steady growth across three main business sectors: energy technology services, low-carbon and digital industries, and energy logistics services [3] - Key project construction is progressing smoothly, with significant milestones achieved, including the launch of China's first new intelligent FPSO and the early deployment of a mobile self-installing wellhead platform [3] - The parent company, CNOOC, has increased capital expenditure, which is expected to support the company's long-term growth through enhanced offshore workload [3] - The company emphasizes dividend distribution, proposing a dividend of 1.1 yuan per 10 shares, totaling 1.118 billion yuan, with a payout ratio of approximately 36.3% [3] Financial Summary - The company achieved operating cash flow of 7.745 billion yuan in 2023, a year-on-year increase of 127%, indicating strong cash reserves [2][3] - Revenue and profit forecasts for 2024-2026 have been adjusted upwards, with net profits projected at 3.6 billion yuan for 2024, 3.9 billion yuan for 2025, and 4.3 billion yuan for 2026 [4] - The company's P/E ratios are projected to be 12, 11, and 10 times for 2024, 2025, and 2026 respectively, reflecting its strong earnings potential [4]