COOEC(600583) 天风证券·2025-03-18 11:00Investment Rating - The report maintains a "Buy" rating for the company, with a target price reflecting a potential upside of over 20% within the next six months [7][18]. Core Insights - The company is expected to achieve a 33% year-on-year increase in net profit attributable to shareholders in 2024, driven by cost reduction and efficiency improvements [2][5]. - The 2025 government work report has included "deep-sea technology" for the first time, indicating new opportunities in marine equipment construction [1]. - The company has focused on enhancing production efficiency through smart manufacturing, with a projected 22% improvement in production efficiency from the new manufacturing base [2]. Financial Performance - In 2024, the company's revenue is projected to be CNY 29.95 billion, a decrease of 2.59% year-on-year, while net profit is expected to reach CNY 2.16 billion, an increase of 33.38% [2][6]. - The net profit margin for 2024 is forecasted at 7.3%, up by 2 percentage points from the previous year [2]. - The company plans to distribute approximately CNY 0.89 billion in cash dividends, representing 41.12% of the net profit for 2024, an increase from 40.11% in 2023 [4]. Order and Margin Analysis - The company signed new orders worth approximately CNY 30.2 billion in 2024, a decline of 11% year-on-year, while the backlog of orders remains stable at around CNY 40 billion [3]. - Domestic project gross margin improved to 13% in 2024, up by 3.6 percentage points year-on-year, while overseas gross margin decreased to 9.1%, down by 7 percentage points due to project construction phases [3]. Earnings Forecast - The net profit forecasts for 2025, 2026, and 2027 have been adjusted to CNY 2.5 billion, CNY 2.9 billion, and CNY 3.1 billion respectively, benefiting from the sustained growth in deep-sea technology [5][6].