Investment Rating - The report assigns a "Buy" investment rating for the company, marking the first coverage of the stock [8]. Core Views - The company achieved a total revenue of 52.517 billion yuan in 2024, representing a year-on-year increase of 6.51%, with a net profit attributable to shareholders of 3.656 billion yuan, up 18.66% year-on-year [4][5]. - The domestic market remains the primary revenue source, contributing 98.78% of total revenue, with an improvement in domestic business gross margin by 1.20 percentage points year-on-year [5]. - The company is diversifying its operations into areas such as LNG refueling and renewable energy, including significant projects in offshore solar energy [7]. Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 18.843 billion yuan, a year-on-year increase of 6.37% and a quarter-on-quarter increase of 56.48% [4]. - The overall gross margin for 2024 was 14.62%, an increase of 1.15 percentage points year-on-year, attributed to cost control and efficiency improvements [5]. Cost Structure and R&D - The company optimized its expense structure, with sales expenses slightly increasing due to business development, while financial expenses decreased due to higher interest income from bank deposits [6]. - R&D expenses decreased as the company focused on major projects and improved the quality and efficiency of its research activities [6]. Technological Development and Diversification - The company has established a technical system for marginal oilfield development and is expanding into LNG refueling and green energy sectors [7]. - Significant projects include the construction of the first gigawatt-level offshore solar project and the launch of a new LNG refueling vessel [7]. Profit Forecast - The company is expected to achieve net profits of 4.079 billion yuan, 4.656 billion yuan, and 5.402 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 9.8, 8.6, and 7.4 [8][10].