Xinda Securities·2024-04-26 08:00Investment Rating - The investment rating for the company is "Buy" [1]. Core Views - The company reported significant year-on-year revenue growth of 20.0% in Q1 2024, achieving a total revenue of 10.148 billion yuan. The net profit attributable to shareholders increased by 57.3% year-on-year to 636 million yuan [1]. - The company is actively expanding its global market presence, enhancing its core competitiveness, and leveraging its complete industry chain advantages to drive growth across various segments [1]. - The company’s capital expenditure remains high, ensuring a stable order flow from its main client, CNOOC, which accounted for 81% of its transactions in 2023 [1]. Financial Performance Summary - In Q1 2024, the company achieved a net cash outflow from operating activities of 835 million yuan, primarily due to increased cash payments for goods and services [1]. - The drilling services segment saw a slight decrease in operational days for drilling platforms, with a total of 4,388 days, down 1.7% year-on-year. However, the semi-submersible drilling platform operations increased by 1.6% [1]. - The company operated 172 vessels as of Q1 2024, with operational days increasing by 3.9% year-on-year to 14,227 days [1]. - The company’s revenue from oilfield technical services continued to grow, reflecting a positive trend in overall revenue scale [1]. - The company forecasts net profits attributable to shareholders for 2024-2026 to be 2.359 billion, 3.013 billion, and 3.628 billion yuan, respectively, with expected growth rates of 20.4%, 24.2%, and 21.1% [2][3].