Q1归母净利润6.4亿，超市场预期

Investment Rating - The investment rating for the company is "Buy" with a target price set above the current price of 18.4 CNY [4]. Core Insights - The company reported a Q1 2024 net profit of 636 million CNY, exceeding market expectations, with a year-on-year growth of 57.3% [1]. - The revenue for Q1 2024 reached 10.15 billion CNY, reflecting a year-on-year increase of 20% [1]. - The drilling segment showed structural improvements, with the utilization rate of semi-submersible platforms increasing by 7.7 percentage points year-on-year [2]. - The company is expanding its oilfield technology services into the Brazilian market, which is expected to sustain high growth in the future [3]. Financial Summary - The projected net profits for 2024, 2025, and 2026 are 4.117 billion CNY, 5.932 billion CNY, and 6.597 billion CNY respectively, with corresponding P/E ratios of 21.3, 14.8, and 13.3 [3][6]. - The total revenue is expected to grow from 51.42 billion CNY in 2024 to 63.55 billion CNY in 2026, with growth rates of 16.58% and 14.26% for the following years [6][7]. - The company's total assets are projected to increase from 93.02 billion CNY in 2024 to 107.64 billion CNY in 2026 [7].