COOEC(600583) 申万宏源证券·2025-03-18 08:16Investment 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 increasing, providing more opportunities for the company [6] - The earnings forecast for 2025 has been adjusted downwards to 2.34 billion yuan, with a price-to-earnings ratio of 10 times [6] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 34.48 billion yuan, with a year-on-year growth rate of 15.1% [5] - Net profit attributable to shareholders is projected to be 2.34 billion yuan in 2025, reflecting an 8.3% increase year-on-year [5] - The gross margin is expected to reach 12.9% in 2025, indicating continued improvement [5] - The return on equity (ROE) is forecasted to be 8.3% in 2025 [5]