“资产荒”下，跑赢长江电力的稀缺红利资产：强现金流支撑高股息，业绩稳增长踏平周期

Investment Rating - The report indicates a positive investment outlook for the offshore oil service sector, particularly for the company under study, which is expected to benefit from stable cash flows and high dividend yields [35][22]. Core Insights - The company has demonstrated strong financial performance, with a compound annual growth rate (CAGR) of approximately 11.2% in total revenue from 2018 to 2023, increasing from 28.975 billion to 49.308 billion [74]. - The company is positioned as a leader in the offshore oil service industry, with a focus on production rather than exploration, which enhances its asset operation attributes and dividend potential [69][22]. - The company has a robust cash flow, with a total free cash flow net inflow of 7.86 billion, approximately 1.4 times the total net profit during the same period [19]. Summary by Sections Company Overview - The company is a subsidiary of China National Offshore Oil Corporation (CNOOC) and specializes in offshore oil services, with a significant shareholding by CNOOC [41][66]. - The company operates primarily in three segments: energy technology services, energy logistics services, and low-carbon environmental and digital services [71]. Financial Performance - The company's net profit has increased from 1.066 billion to 3.081 billion from 2018 to 2023, with a CAGR of 23.6% [52]. - The company has maintained a stable gross margin, typically ranging from 12% to 14%, indicating resilience against fluctuations in oil prices [82]. Market Position - The company has a strong market presence, with significant sales to its parent company, accounting for over 60% of its total revenue [45][68]. - The offshore oil service sector is expected to see increased demand due to rising oil and gas production from CNOOC, which is projected to contribute significantly to national energy security [22][56]. Dividend Policy - The company has a history of increasing cash dividends, with a dividend payout ratio consistently above 30%, indicating strong shareholder returns [33][21]. - The expected dividend yield for 2023 is approximately 2.6%, which is significantly higher than the 10-year government bond yield [21].