Donghai Securities·2024-04-29 06:02Investment Rating - The report maintains a "Buy" rating for the company [3][8] Core Views - The company achieved a record high revenue of 10.148 billion yuan in Q1 2024, representing a year-on-year increase of 20.0%, with a net profit attributable to shareholders of 636 million yuan, up 57.3% year-on-year [7] - The semi-submersible platform is expected to contribute additional revenue to the drilling business, with the company's parent, CNOOC, projected to have a capital expenditure of 125-135 billion yuan in 2024 [7] - The oil technology business continues to grow, with a gross margin of over 20%, and the ship service segment also shows significant operational volume [7] Summary by Sections Financial Performance - In Q1 2024, the company reported a net cash flow from operating activities of -833 million yuan, with cash inflows of 8.590 billion yuan and outflows of 9.425 billion yuan [7] - The company expects revenues of 49.911 billion yuan in 2025 and 53.266 billion yuan in 2026, with net profits of 4.154 billion yuan and 5.114 billion yuan respectively [8][10] Business Segments - The drilling platform's operating days were 4,388 days in Q1 2024, with a calendar day utilization rate of 79.2% [7] - The semi-submersible drilling platform's operating days increased by 1.6% year-on-year, with a significant daily rate compared to self-elevating platforms [7] Profitability Metrics - The company forecasts a gross margin of 18.15% in 2024, with an expected increase to 19.26% by 2026 [10] - The earnings per share (EPS) are projected to be 0.87 yuan in 2024, increasing to 1.24 yuan by 2026 [8][10]