COSL(601808) 东北证券·2025-04-24 08:46Investment Rating - The report maintains a "Buy" rating for the company, expecting significant stock price appreciation over the next six months [5]. Core Insights - The company reported a revenue of 10.798 billion yuan for Q1 2025, representing a year-on-year increase of 6.40%, and a net profit attributable to shareholders of 0.887 billion yuan, up 39.60% year-on-year [1][3]. - The utilization rate of drilling platforms has significantly improved, with a total of 4,889 operational days in Q1 2025, an increase of 11.4% year-on-year, and an overall utilization rate of 89.5%, up 10.3 percentage points year-on-year [2]. - The gross margin for Q1 2025 was 17.64%, reflecting an increase of 1.24 percentage points year-on-year, while the expense ratio was 6.64%, down 0.88 percentage points year-on-year, indicating effective cost control [3]. Financial Summary - The company forecasts net profits of 4.296 billion yuan, 4.905 billion yuan, and 5.436 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 36.94%, 14.18%, and 10.83% [4][3]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.90 yuan, 1.03 yuan, and 1.14 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 14.76X, 12.93X, and 11.67X [4][3]. - The company’s total revenue is expected to grow from 51.826 billion yuan in 2025 to 58.709 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 6.15% [4].