COSL(601808) 天风证券·2025-04-24 06:23Investment 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 operating days of 4,889, an increase of 11.4% year-on-year, with utilization rates for self-elevating and semi-submersible platforms at 91.9% and 90.4%, respectively, benefiting from robust domestic workload and new contracts from Norway [2] - The oilfield technology services revenue maintained growth, supported by ongoing advancements in core technologies and the application of research outcomes, contributing to the long-term stability of the segment [3] Financial Summary - The forecast for net profit attributable to shareholders for 2025-2027 is 4.03 billion, 4.24 billion, and 4.43 billion yuan, respectively, with corresponding P/E ratios of 16, 15, and 14 [3][8] - The company's total revenue is projected to grow from 44.1 billion yuan in 2023 to 60.1 billion yuan in 2027, with a compound annual growth rate of approximately 8.5% [8] - The company's total assets are expected to increase from 83.2 billion yuan in 2023 to 103.8 billion yuan in 2027, indicating a strong growth trajectory [10]