BOMESC(SH:603727) 光大证券研究·2025-12-24 23:03Group 1 - The company experienced a decline in performance in the first three quarters of 2025, with total revenue of 1.32 billion yuan, a year-on-year decrease of 24.8%, and a net profit attributable to shareholders of 23.41 million yuan, down 75.2% year-on-year [4] - The company's gross profit margin improved slightly to 15.11%, an increase of 0.16 percentage points year-on-year, while the return on equity (ROE) decreased to 0.73%, down 2.21 percentage points year-on-year [4] - Asset impairment losses were significant, totaling 80.63 million yuan in the first three quarters, compared to 20.70 million yuan in the same period last year, impacting the company's profitability [4] Group 2 - The global FPSO market is expected to maintain a prosperous outlook, with a projected market size of 13.06 billion USD in 2025, growing to 19.65 billion USD by 2030, representing a CAGR of 8.51% from 2025 to 2030 [5] - Brazil's national oil company plans to invest approximately 91.5 billion USD over the next five years, focusing on exploration and production, which will drive demand for FPSOs [5] - The company has built multiple FPSO products for the South American market, positioning itself to capture market opportunities and pursue high-quality orders [5] Group 3 - The company has successfully secured large contracts, enhancing its engineering and construction capabilities, including a recent contract with MODEC and others for FPSO projects valued between 190 to 240 million USD [6] - The company is recognized for its modular manufacturing of offshore oil and gas development equipment, leveraging advanced construction technology and efficient project management [6] - As overseas FPSO construction projects ramp up, the company's profitability is expected to recover [6]