COSL(02883)2023-04-12 08:38Financial Performance - Total revenue for 2022 was RMB 35,610.1 million, an increase of 22.1% compared to RMB 29,168.5 million in 2021[10]. - Operating profit for 2022 reached RMB 2,723.4 million, up 76.7% from RMB 1,541.3 million in 2021[13]. - Annual profit for 2022 was RMB 2,493.1 million, significantly higher than RMB 322.1 million in 2021, marking a 674.0% increase[13]. - Basic earnings per share for 2022 were RMB 49.3 cents, compared to RMB 6.56 cents in 2021, reflecting a growth of 651.5%[13]. - The capital return rate for 2022 was 6.4%, a significant increase from 0.8% in 2021[13]. - The dividend payout ratio for 2022 was 32.5%, down from 228.5% in 2021, indicating a shift towards sustainable dividend policies[13]. - Total equity at the end of 2022 was RMB 39,898.1 million, up 4.4% from RMB 38,216.3 million at the end of 2021[14]. - The net profit for 2022 was RMB 2,493.1 million, up RMB 2,171.0 million compared to the previous year[25]. - The company's total operating expenses increased by RMB 5,044.4 million, representing a growth of 17.9% compared to RMB 28,184.5 million in 2021[60]. - Employee compensation costs rose by RMB 1,383.8 million, a significant increase of 22.9% year-on-year, primarily due to wage adjustments for frontline staff[61]. International Business Expansion - International business revenue for 2022 was RMB 6,274.5 million, representing a 35.9% increase from RMB 4,615.6 million in 2021[13]. - The company is actively expanding its overseas markets in regions such as Asia-Pacific, Middle East, Americas, Europe, and Africa[4]. - The company's international revenue reached RMB 6,274.5 million, a 35.9% increase from RMB 4,615.6 million in the previous year, accounting for 17.6% of total revenue[57]. - The company secured long-term contracts in the Middle East with a total value of approximately RMB 14 billion, marking a new phase of cooperation with international oil companies[29]. Technological Innovation - The company aims to deepen its technological innovation efforts and achieve breakthroughs in key core technologies as part of its strategic initiatives for 2023[22]. - The company has developed over 10 types of high-temperature completion tools, addressing the challenge of sealing technology at 350°C[35]. - The company has successfully applied its self-developed water-based drilling fluid high-temperature loss-reducing agent and efficient lubricant, breaking the technical monopoly and achieving industrial promotion[35]. - The company successfully completed operations with its self-developed high-end remote-controlled deep-water cementing head in the international market, marking a significant technological breakthrough[36]. - The company achieved scale application of its self-developed downhole testing spectral analysis module in Southeast Asia, breaking the foreign monopoly on key technologies[36]. Environmental and Social Responsibility - The company is focusing on green and low-carbon development, with initiatives including the rapid deployment of 12 LNG-powered vessels, making it the largest LNG-powered fleet globally[20]. - The company is focusing on green low-carbon transformation and diversifying into renewable energy sectors such as wind, solar, and hydrogen[24]. - The company reported a social contribution value per share of 2.55 RMB in 2022, up from 1.75 RMB in 2021[138]. - Environmental investment for 2022 was 51.85 million RMB, down from 64.12 million RMB in 2021[141]. - The energy-saving amount in 2022 was 17,764 tons of standard coal, significantly higher than 9,600 tons in 2021[141]. Corporate Governance - The company aims to improve brand influence through significant events, linking brand building to performance enhancement[150]. - The company has established a governance structure that integrates party leadership into all decision-making processes, enhancing the effectiveness of the board and management[153]. - The board of directors consists of three independent directors with extensive experience in finance, law, and energy, ensuring compliance and effective oversight[155]. - The company has complied with the corporate governance requirements as per the Hong Kong Stock Exchange and has made efforts to improve information disclosure and investor relations[83]. - The company has established a comprehensive risk management system, including annual risk identification and assessment, and quarterly comprehensive risk management reports to the board[88]. Operational Efficiency - The company plans to enhance its governance system and improve operational efficiency in 2023, while continuing to expand its international market presence[22]. - The company achieved a 25.9% increase in operating days for platform supply vessels, totaling 16,991 days in 2022 compared to 13,491 days in 2021[40]. - The total operating days for drilling platforms reached 16,727 days in 2022, an increase of 2,645 days or 18.8% year-on-year[30]. - The utilization rate of available days for drilling platforms improved to 83.5%, an increase of 11.6 percentage points from the previous year[30]. Customer Satisfaction and Quality Management - Customer satisfaction rate reached 98.8% in 2022, with no service complaints received[195]. - The company conducted 118 quality control (QC) group activities in 2022, with 18 groups recognized for excellence in quality management[179]. - The company is focused on optimizing customer experience by establishing regular communication mechanisms and enhancing service quality across all business lines[180]. - The company is committed to continuous improvement of its quality management system, aligning with international standards and industry requirements[177]. Future Outlook - For 2023, the company anticipates capital expenditure of approximately RMB 9.3 billion, primarily for equipment investment, technology upgrades, and research and development[81]. - The International Monetary Fund (IMF) projects a global economic growth rate of 2.9% for 2023, with a strong recovery in oil demand and stable supply[81]. - The average Brent crude oil price for 2023 is expected to be around 561.2 billion, reflecting a 12.42% increase[82].