Event: the company publishes its annual report 2023 and quarterly report 2024. Revenue of 493 in 2023Originalcandycrush.10 billion, + 3.2% compared with the same period last year; the net profit returned to the home was 3.08 billion, + 27.5% compared with the same period last year. 2024Q1 achieved revenue of 9.21 billion,-3.5% of the same period last year, and net profit of 500 million yuan, + 21.4% of the same period last year. The profit growth rate is significantly higher than the income growth rate. CNOOC has benefited from increased reserves and production, and the workload has continued to increase. In 2023, the revenue of the energy technical service industry was 18.88 billion, + 21.2% compared with the same period last year, mainly due to the continuous deepening of the actions of oil companies to increase storage and production, driving the increase of plate workload; the revenue of the energy logistics service industry was 23.07 billion,-8.7% compared with the same period last year, mainly due to the decline in international oil prices and fluctuations in the prices of oil and gas by-products such as condensate and LPG. The revenue of the low-carbon environmental protection and digital service industry was 9.97 billion, + 9.4% compared with the same period last year, of which the service workload of new energy technology was + 45.6% year-on-year, and the workload of digital operation business was + 25.7%. The improvement of quality and efficiency has been continuously deepened, and the profitability has improved steadily. In 2023, the company's gross profit margin was 13.5%, year-on-year + 0.9ppm; net profit rate was 6.4%, year-on-year + 1.2ppp; period expense rate was 6.3%, year-on-year-0.5pp. 2024Q1, the company's gross profit margin is 11.9%, year-on-year + 1.0ppm; net profit rate is 5.8%, year-on-year + 1.2ppm; period expense rate is 6.24%, year-on-year-0.1pp. The company will carry out in-depth actions to improve quality, reduce costs and increase efficiency, strengthen fine cost control, improve input-output efficiency, and the ability of cost control and profitability is expected to continue to improve. Production capacity construction has been carried out steadily, and key projects have been carried out in an orderly manner. In 2023, the company focused on production base construction and life cycle management of large-scale equipment, and promoted 20 key construction projects throughout the year. The main achievements includeOriginalcandycrushChina's first brand new intelligent FPSO "CNOOC 123was put into operation ahead of schedule; Tianjin Ocean equipment Intelligent Manufacturing Base (phase I) project started construction; construction of" CNOOC 302 "LNG transport tanker was launched; and medium-and long-term FOB resources supporting LNG carrier project (phase I) the first ship was completed and about to be delivered. In 2024, the company will focus on increasing investment in equipment intelligent manufacturing base and enhanced oil recovery equipment / devices to ensure the landing of key projects such as "Offshore Oil 162" mobile heat injection reform. we will continue to consolidate the integrated service capability of "technology + equipment / products + services" and improve the level of energy technical service support and support. Profit forecast and investment advice. It is estimated that the company's homing net profit from 2024 to 2026 is 36.8,41.0 and 4.5 billion yuan respectively, and the corresponding EPS is 0.36,0.40,0.44 yuan respectively. The corresponding share price PE is 11, 10 and 9 times respectively, and the compound growth rate of homing net profit in the next three years is 13.5%. Benefiting from the increase in workload brought about by "increasing reserves and production" in China, the company's three major business sectors are expected to go hand in hand, giving the company a 15-fold target of PE in 2024, with a target price of 5.40 yuan, covering it for the first time and giving it a "buy" rating. Risk hints: oil and gas price fluctuation risk; international operation risk; upstream capital expenditure less than expected risk. [disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.
[disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.
