BOMESC(603727) 光大证券·2024-04-01 16:00Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company's Q4 performance shows significant improvement, with a sequential recovery in the industry expected to continue into 2024 [1] - In 2023, the company faced challenges due to geopolitical conflicts affecting the global energy landscape, leading to a decline in revenue and net profit [1] - The company successfully secured several large contracts, indicating a strategic shift towards high-end markets and international expansion [1] - The global offshore oil and gas exploration investment increased, suggesting a favorable environment for the company's growth [1] Summary by Relevant Sections Financial Performance - In 2023, the company reported revenue of 1.8 billion yuan, a year-on-year decrease of 44%, and a net profit of -75 million yuan, down 217% year-on-year [1] - Q4 alone saw revenue of 500 million yuan, a 50% decline year-on-year but a 4% increase quarter-on-quarter, with a net profit of 11 million yuan [1] Order and Contract Acquisition - The company has successfully signed multiple significant contracts, including a 220 million contract for offshore platform construction [1] - The company is actively pursuing international market opportunities, which is expected to bolster future performance [1] Market Outlook - The offshore oil service market is recovering faster than expected, with the company benefiting from increased exploration investments, which reached approximately $27.2 billion in 2023, a 10% year-on-year increase [1] - The company is well-positioned to capitalize on the recovery in the offshore oil service sector, with a focus on high-end clients in various regions [1] Profit Forecast and Valuation - The profit forecast for 2024-2026 has been raised, with expected net profits of 78 million yuan (up 72%), 123 million yuan (up 42%), and 183 million yuan respectively [1] - Corresponding EPS for these years is projected to be 0.28, 0.44, and 0.65 yuan per share [1]