COSL(601808) 天风证券·2025-04-24 05:14Investment Rating - The investment rating for the company is "Buy" with a target price not specified [4] Core Views - The company's Q1 2025 performance exceeded market expectations, with revenue reaching 10.8 billion yuan, a year-on-year increase of 6.4%, and a net profit attributable to shareholders of 0.887 billion yuan, up 39.6% year-on-year [1] - The significant growth in drilling platform operating days and utilization rates contributed to profit elasticity, alongside improved debt structure leading to a reduction in interest expenses by 70 million yuan and a decline in the effective tax rate [1] - The drilling platform segment saw an operating day count of 4,889 days in Q1 2025, representing an 11.4% year-on-year increase, with utilization rates for self-elevating and semi-submersible platforms at 91.9% and 90.4%, respectively [2] Financial Performance and Forecast - The company maintains a profit forecast for 2025-2027 with net profits projected at 4.03 billion yuan, 4.24 billion yuan, and 4.43 billion yuan, respectively, corresponding to P/E ratios of 16, 15, and 14 [3][8] - The revenue for 2025 is estimated at 54.01 billion yuan, reflecting an 11.81% growth rate, with EBITDA expected to be 9.71 billion yuan [8] - The company’s total assets are projected to reach 93.01 billion yuan by 2025, with a debt-to-asset ratio of 48.23% [10]