COOEC(600583) 长江证券·2025-03-25 13:15Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company reported a revenue of 29.954 billion yuan for 2024, a year-on-year decrease of 2.59%, while the net profit attributable to shareholders increased by 33.38% to 2.161 billion yuan [2][6] - The fourth quarter of 2024 saw a revenue of 9.528 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% [2][6] - The company's profitability has significantly improved, achieving the highest gross margin in nearly seven years, driven by a robust workload in oil and gas engineering construction [2][6] - Although new orders have slowed, the company has a sufficient backlog of orders, ensuring future workload stability [2][6] - The potential of marine oil and gas resources is substantial, and the company is expected to benefit from increased capital expenditure by CNOOC and the domestic push for deep-sea technology [2][6] Summary by Sections Financial Performance - In 2024, the company completed 46 land-based jackets and 34 modules, representing increases of 100% and 62% year-on-year, respectively [2][6] - Offshore, the company installed 39 jackets and 30 modules, with year-on-year increases of 95% and 43% [2][6] - The total market undertaking amount for 2024 was 30.244 billion yuan, a decrease of 11.01% from the previous year [2][6] Profitability - The gross margin for 2024 reached 12.28%, an increase of 1.53 percentage points year-on-year, marking the highest level since 2018 [2][6] - The company plans to distribute cash dividends of 889 million yuan in 2024, with a dividend payout ratio of 41.12%, the highest since 2016 [2][6] Market Outlook - The exploration and development of offshore and deep-water oil and gas are expected to be key areas for future growth, with CNOOC's capital expenditure budget for 2025 projected between 125 billion and 135 billion yuan [2][6] - The government's focus on "deep-sea technology" is anticipated to create new development opportunities for the company [2][6]