COOEC(600583) 光大证券·2025-03-19 05:55Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company achieved a significant increase in net profit attributable to shareholders, with a year-on-year growth of 33% in 2024 [5][6] - The overall performance is supported by a high workload and improved gross margin, with a gross margin increase of 1.53 percentage points to 12.28% [6][11] - The company is expected to benefit from the ongoing high demand in the oil service industry, driven by increased upstream capital expenditure from its parent company [10][11] Summary by Sections Financial Performance - In 2024, the company reported total revenue of 29.95 billion yuan, a decrease of 2.59% year-on-year, while net profit attributable to shareholders reached 2.16 billion yuan, an increase of 33.38% [5][11] - The fourth quarter of 2024 saw a total revenue of 9.53 billion yuan, down 2.66% year-on-year but up 36.19% quarter-on-quarter, with a net profit of 417 million yuan, reflecting a year-on-year increase of 68.08% [5] Operational Highlights - The company maintained a high workload in 2024, completing 453,900 tons of steel processing, a decrease of 3.8% year-on-year, while the number of installed structures and pipelines increased significantly [7] - The company plans to enhance its EPCI (Engineering, Procurement, Construction, and Installation) capabilities and focus on high-end marine engineering equipment [7] Market Development - In 2024, the company signed new contracts worth 30.2 billion yuan, a decrease of 11% year-on-year, with overseas contracts accounting for 36% of the total [8] - The company is actively expanding its international market presence, having signed a framework cooperation agreement with Shell and renewed a long-term cooperation agreement with Saudi Aramco [8] Profitability and Valuation - The report projects net profits for 2025, 2026, and 2027 to be 2.44 billion yuan, 2.82 billion yuan, and 3.01 billion yuan respectively, with corresponding EPS of 0.55, 0.64, and 0.68 yuan per share [11][12] - The company’s return on equity (ROE) is expected to rise to 8.78% in 2025, reflecting improved profitability [11][17]