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研报掘金丨华创证券:海油发展盈利能力稳健,首予“强推”评级

Research Reports Gaining Insights | Huachuang Securities: CNOOC Energy Technology & Services shows stable profitability and is initially rated as "Strong Buy".

Gelonghui Finance ·  Dec 23, 2024 15:16

According to the research report from Huachuang Securities, CNOOC Energy Technology & Services (600968.SH), backed by CNOOC Group, has a robust profitability. The company's continuous performance growth is benefited from the increase in profits from its main Business and the decrease in the expense ratio due to ongoing cost reduction and efficiency enhancement measures. In terms of Energy technology services, the workload is closely related to CNOOC's production, and the increase in reserves and production guarantees performance growth. From 2024 to 2027, the company is expected to have 10 new LNG Transportation vessels delivered in succession, which are linked to long-term contracts, likely contributing stable investment returns to the company. The current Company Valuation is significantly lower than that of Nuclear Power and Hydropower, and it is believed that there is room for Company Valuation to rise externally. Based on comparable companies, a 13x valuation for the company in 2025 is given, corresponding to a Target Price of 5.38 yuan, with a first coverage rating of 'Strong Buy.'

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