COOEC(600583) 申万宏源·2025-03-18 12:44Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in 2024 slightly exceeded expectations, with an overall revenue of 29.95 billion yuan, a year-on-year decrease of 2.59%, while the net profit attributable to shareholders increased by 33.38% to 2.16 billion yuan [6] - The gross margin improved to 12.28% in 2024, up by 1.53 percentage points year-on-year, driven by the rising profitability of offshore engineering projects [6] - The company has a strong order backlog of approximately 40 billion yuan, ensuring future revenue stability [6] - The capital expenditure in the offshore oil and gas sector is expected to continue rising, providing more opportunities for the company [6] - The earnings forecast for 2025 and 2026 has been slightly adjusted downwards to 2.3 billion yuan and 2.7 billion yuan respectively, with a new forecast for 2027 set at 3 billion yuan [6] Financial Data and Profit Forecast - Total revenue projections for the company are as follows: 30.75 billion yuan in 2023, 29.95 billion yuan in 2024, 34.48 billion yuan in 2025, 38.69 billion yuan in 2026, and 43.60 billion yuan in 2027 [5][8] - The net profit attributable to shareholders is projected to be 1.62 billion yuan in 2023, 2.16 billion yuan in 2024, 2.34 billion yuan in 2025, 2.71 billion yuan in 2026, and 2.99 billion yuan in 2027 [5][8] - The gross margin is expected to improve from 10.7% in 2023 to 12.9% in 2025, and then slightly decrease to 13.3% in 2027 [5][8] - The return on equity (ROE) is projected to increase from 6.5% in 2023 to 8.3% in 2025, remaining stable at 8.8% in 2026 and 2027 [5][8]