COSL(601808) 申万宏源证券·2025-04-24 06:43Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's performance in Q1 2025 showed significant improvement, with total revenue reaching 10.798 billion yuan, a year-on-year increase of 6.4%, and net profit attributable to shareholders at 887 million yuan, up 39.6% year-on-year [7] - The drilling platform utilization rate reached a historical high, with operating days for drilling platforms at 4,889 days, an increase of 11.4% year-on-year, and a utilization rate of 91.6%, up 6.9 percentage points year-on-year [7] - The oilfield technology services segment continues to grow steadily, contributing to stable revenue growth, with expectations for further performance improvement as key technologies are applied [7] - The ship service segment saw a significant increase in operating days, up 44.9% year-on-year, while the geophysical exploration segment experienced a temporary decline due to contract completions [7] - The parent company, CNOOC, plans to maintain high capital expenditures of 125-135 billion yuan in 2025, providing a solid order foundation for the company [7] - Profit forecasts for 2025-2027 are maintained at 3.711 billion, 4.460 billion, and 5.394 billion yuan, corresponding to PE ratios of 17X, 14X, and 12X respectively [7] Financial Data and Earnings Forecast - Total revenue for 2025 is estimated at 51.882 billion yuan, with a year-on-year growth rate of 7.4% [6] - Net profit attributable to shareholders for 2025 is projected to be 3.711 billion yuan, reflecting an 18.3% year-on-year increase [6] - Earnings per share for 2025 is expected to be 0.78 yuan [6] - The gross profit margin for 2025 is forecasted at 16.4% [6] - The return on equity (ROE) for 2025 is estimated at 7.9% [6]