Investment Rating - The report maintains a "Buy" rating for the company with a target price of 20.46 CNY based on a 22x P/E ratio for 2026 [3][6]. Core Views - The drilling services sector has shown significant recovery, driven by high oil prices, which are expected to remain elevated due to geopolitical tensions affecting oil production and logistics [2][11]. - The company's earnings per share (EPS) forecasts for 2026, 2027, and 2028 have been adjusted to 0.93 CNY, 1.00 CNY, and 1.04 CNY respectively, reflecting a positive outlook for profitability [3][11]. - The report highlights a notable increase in the utilization rate of drilling platforms, which reached 91.0% in 2025, contributing to revenue growth in the drilling services segment [11]. Financial Performance Summary - Revenue projections for the company are as follows: - 2024: 48,302 million CNY - 2025: 50,282 million CNY (up 4.1% YoY) - 2026: 51,843 million CNY (up 3.1% YoY) - 2027: 53,951 million CNY (up 4.1% YoY) - 2028: 55,398 million CNY (up 2.7% YoY) [5][14] - Operating profit is expected to grow from 4,836 million CNY in 2024 to 6,776 million CNY in 2028, with a peak growth rate of 15.7% in 2026 [5][14]. - Net profit attributable to the parent company is projected to increase from 3,137 million CNY in 2024 to 4,978 million CNY in 2028, with a significant growth of 22.5% in 2025 [5][14]. - The company's gross margin is expected to improve from 15.7% in 2024 to 17.9% in 2028, indicating better cost management and operational efficiency [5][14].

Investment Rating - The investment rating for the company is "Buy" [2] Core Insights - The company reported a revenue of 50.283 billion yuan in 2025, a year-on-year increase of 4.1%, and a net profit attributable to shareholders of 3.842 billion yuan, up 22.5% year-on-year [3][4] - The drilling business significantly contributed to the company's revenue and profit growth, with a revenue increase of 12.8% year-on-year, accounting for 29.63% of total revenue [5] - The company plans to maintain a dividend payout ratio of over 35%, proposing a cash dividend of 0.2825 yuan per share for 2025 [5] Financial Performance Summary - In Q4 2025, the company achieved a revenue of 15.429 billion yuan, a year-on-year increase of 5.4% and a quarter-on-quarter increase of 33.8% [4] - The basic earnings per share (EPS) for 2025 was 0.81 yuan, reflecting a year-on-year increase of 22.7% [3] - The company’s operating cash flow was 11.290 billion yuan in 2025, a year-on-year increase of 2.5% [3] Business Segment Analysis - The drilling services segment saw an increase in both volume and price, with utilization rates for self-elevating and semi-submersible drilling platforms rising by 8.2 percentage points and 18.0 percentage points, respectively [5] - The oilfield technical services segment experienced a slight revenue decline of 0.6% year-on-year, with a gross margin decrease of 0.29 percentage points to 22.61% [5] - The ship management segment improved, with the number of vessels managed increasing to over 240 by the end of 2025, and operating days rising by 13% [5] Earnings Forecast - The company is expected to achieve net profits of 4.266 billion yuan, 4.537 billion yuan, and 4.598 billion yuan for 2026, 2027, and 2028, respectively, with year-on-year growth rates of 11.0%, 6.3%, and 1.3% [7] - The diluted EPS is projected to be 0.89 yuan, 0.95 yuan, and 0.96 yuan for the years 2026, 2027, and 2028 [7] - The price-to-earnings (P/E) ratios are forecasted to be 18.37, 17.27, and 17.04 for the same years [7]

Investment Rating - The investment rating for China Oilfield Services Limited (中海油服) is "Buy" [2] Core Views - The report highlights that the company's revenue and profit growth in 2025 were primarily driven by its drilling business, which saw a revenue increase of 12.80% year-on-year, contributing to a total revenue of 50.283 billion yuan [3][5] - The report anticipates continued growth in the company's performance from 2026 to 2028, supported by ongoing overseas expansion and stable domestic workload, maintaining the "Buy" rating [7] Financial Performance Summary - In 2025, the company achieved total revenue of 50.283 billion yuan, a year-on-year increase of 4.1%, and a net profit attributable to shareholders of 3.842 billion yuan, up 22.5% year-on-year [3][5] - The basic earnings per share (EPS) for 2025 was 0.81 yuan, reflecting a 22.7% increase compared to the previous year [3] - The operating cash flow for the year was 11.290 billion yuan, a 2.5% increase year-on-year [3] Segment Performance Summary - Drilling Business: Revenue from drilling services increased by 12.80%, with a gross margin improvement of 6.84 percentage points to 14.30% due to high workload and rising service prices in the North Sea [5] - Oilfield Technical Services: Revenue slightly decreased by 0.6%, with a gross margin decline of 0.29 percentage points to 22.61%, primarily due to international market adjustments [5] - Vessel Services: The number of vessels managed increased to over 240, with a 9.0% revenue growth and a gross margin improvement of 1.47 percentage points to 5.75% [5] - Geophysical and Engineering Survey Services: The domestic business turned profitable, with a gross margin increase of 1.46 percentage points to 3.58% [5] Dividend Policy - The company plans to distribute a cash dividend of 0.2825 yuan per share for 2025, maintaining a dividend payout ratio of 35.09%, consistent with the previous year [5]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3]. Core Views - The company has shown robust growth in its various segments, with a significant increase in net profit and revenue for 2025. Total revenue reached 50.282 billion RMB, a year-on-year increase of 4.1%, while net profit rose to 3.842 billion RMB, marking a 22.47% increase [1][7]. - The drilling services segment has experienced a notable increase in utilization rates and average fees, contributing to rapid revenue and gross profit growth. The drilling service revenue for 2025 was 14.898 billion RMB, up 12.8% year-on-year, with a platform utilization rate of 88.4%, an increase of 10.4 percentage points [1][14]. - The oilfield technology service segment has seen a slight decline in revenue and gross margin due to changes in the charging model, with revenue at 27.493 billion RMB, down 0.6% year-on-year [2][16]. - The ship service segment has significantly increased its workload, achieving a revenue of 5.198 billion RMB, a 9.0% increase year-on-year, supported by a 33.76% increase in operational days [2][18]. - The engineering survey segment has optimized its capacity layout, focusing on high-return businesses, with a revenue of 2.693 billion RMB, a 0.9% increase year-on-year [2][18]. Summary by Sections Financial Performance - In 2025, the company achieved total revenue of 50.282 billion RMB, a 4.1% increase from the previous year, and a net profit of 3.842 billion RMB, reflecting a 22.47% increase. The gross margin was 17.39%, up 1.7 percentage points, and the net margin was 8.07%, up 1.03 percentage points [1][7]. - The fourth quarter revenue was 15.429 billion RMB, a 5.39% increase year-on-year, while net profit was 632 million RMB, down 8.65% [1][7]. Segment Analysis - **Drilling Services**: Revenue reached 14.898 billion RMB, with a utilization rate of 88.4% and an average daily income for semi-submersible platforms increasing from 143,000 USD to 175,000 USD [1][14]. - **Oilfield Technology Services**: Revenue was 27.493 billion RMB, with a gross margin of 22.61%, down 0.3 percentage points [2][16]. - **Ship Services**: Revenue increased to 5.198 billion RMB, with operational days growing to 73,959, a 33.76% increase [2][18]. - **Engineering Survey**: Revenue was 2.693 billion RMB, reflecting a 0.9% increase year-on-year [2][18]. Future Outlook - The company is expected to benefit from rising international oil prices due to geopolitical tensions, which may lead to increased capital expenditure in upstream oil and gas exploration and development. The net profit forecasts for 2026-2028 are 4.452 billion RMB, 4.773 billion RMB, and 5.055 billion RMB, respectively [3][20].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3]. Core Views - The company has shown robust growth in its various segments, with a significant increase in net profit and stable revenue growth. In 2025, total revenue reached 50.282 billion RMB, a year-on-year increase of 4.1%, while net profit attributable to shareholders was 3.842 billion RMB, up 22.47% year-on-year [7][3]. - The drilling services segment has experienced a notable increase in utilization rates and average fees, contributing to rapid revenue and gross profit growth. The drilling service business generated 14.898 billion RMB in revenue, a 12.8% increase year-on-year, with a calendar day utilization rate of 88.4%, up 10.4 percentage points year-on-year [14][7]. - The oilfield technology service segment is advancing its technical capabilities and equipment levels, although revenue and gross margin have slightly declined due to changes in the charging model. This segment achieved revenue of 27.493 billion RMB, a decrease of 0.6% year-on-year [16][2]. - The ship service segment has seen a significant increase in workload, with revenue rising to 5.198 billion RMB, a 9.0% increase year-on-year, supported by a growing fleet and improved operational efficiency [18][2]. - The engineering survey segment has optimized its capacity layout, focusing on high-return businesses, resulting in a revenue increase of 0.9% year-on-year to 2.693 billion RMB [18][2]. Financial Forecasts - The company is expected to maintain steady revenue growth, with projected revenues of 53.244 billion RMB in 2026, 56.772 billion RMB in 2027, and 59.610 billion RMB in 2028, reflecting growth rates of 5.9%, 6.6%, and 5.0% respectively [4][3]. - Net profit forecasts for 2026, 2027, and 2028 are 4.452 billion RMB, 4.773 billion RMB, and 5.055 billion RMB, indicating growth rates of 15.9%, 7.2%, and 5.9% respectively [4][3]. - The earnings per share (EPS) are projected to be 0.93 RMB, 1.00 RMB, and 1.06 RMB for 2026, 2027, and 2028 respectively [4][3].

Market Performance - A-shares halted their decline, with the Shanghai Composite Index rising by 1.78% to 3881.28 points, and the Shenzhen Component Index increasing by 1.43%[1] - The Hang Seng Index opened higher, gaining 2.79% to close at 25063.71 points, while the Hang Seng Technology Index surged by 2.51%[1] - The total market turnover in Hong Kong reached 3030.734 million HKD[1] Geopolitical Developments - President Trump hinted at a potential diplomatic breakthrough with Iran, suggesting that Iran has made a significant gesture related to the Strait of Hormuz, with negotiations ongoing[12] - The U.S. is reportedly seeking a one-month ceasefire to facilitate diplomatic discussions with Iran, proposing a 15-point plan to end the conflict[12] Economic Indicators - The S&P Global PMI indicated that U.S. business activity growth slowed to its lowest level in nearly a year, with input prices rising following the outbreak of the Iran conflict[12] - The composite output index fell to 51.4, with a reading above 50 indicating expansion, while input prices rose to their highest level since May[12] Investment Trends - China's sovereign wealth fund, CIC, is reportedly re-engaging with U.S. asset management firms, including Blackstone and TPG, after previously reducing exposure to the U.S.[12]

Financial Data and Key Metrics Changes - The company has seen fluctuations in the exchange rate of RMB, impacting exchange rate gains and losses significantly throughout 2025 [82][84] - R&D expenses have increased from CNY 1.6 billion in 2021 to CNY 2.2 billion in 2025, accounting for 4% of total revenue [65] - The input/output ratio for R&D investment improved from RMB 1 to RMB 2.5 in 2021 to RMB 1 to RMB 3.1 in 2025 [67] Business Line Data and Key Metrics Changes - The technology segment accounted for 55% of total revenue and 72% of profit in 2025, indicating a strong contribution to overall performance [71] - The operating profit margin for the technology segment was 16% in 2025, outperforming industry peers despite a slight year-on-year decline [75] - The contribution of the technology segment to overseas revenue increased from 14% in 2021 to 24% in 2025 [73] Market Data and Key Metrics Changes - The company operates in five major continents across 13 countries with 120 operation sites, showcasing a diversified market presence [80] - The company has established long-term agreements in the North Sea region, which helps in managing costs and enhancing efficiency [111] Company Strategy and Development Direction - The company focuses on five key development strategies: technology-driven, cost leadership, integration, internationalization, and regional development [11] - During the 15th Five-Year Plan, the company aims to solidify its established strategies while adapting to changes in the development environment [117] - The company plans to increase investment in equipment while maintaining a stable gearing ratio, indicating a focus on sustainable growth [59] Management's Comments on Operating Environment and Future Outlook - Management remains cautiously optimistic about oil prices despite geopolitical tensions affecting demand and supply dynamics [31][34] - The company believes that the ongoing conflict in the Middle East will be temporary and does not plan to alter its internationalization strategy [101] - Management emphasized the importance of enhancing competitiveness through technology and integration strategies, which have accounted for 40%-50% of revenue during the previous Five-Year Plan [99] Other Important Information - The company has completed two M&A projects in 2025, indicating a trend of consolidation in the industry [43] - The company is focusing on optimizing its debt structure, having issued CNY 5 billion in debt at a lower interest rate to reduce financing costs [57] Q&A Session Summary Question: Impact of Middle East conflict on technology and drilling segments - Management confirmed that operations in Iraq, Saudi Arabia, and Kuwait have not been significantly impacted, with ongoing maintenance and operations continuing [24][26] Question: Oil price trend and adjustments to development plans - Management noted that while there is excess capacity and weaker demand, they remain cautiously optimistic about future oil prices and will not change their internationalization strategy [31][34] Question: Reasons behind profitability growth in drilling rigs - Management highlighted the acceleration of internationalization, increased domestic production, and improved utilization of large-scale equipment as key factors [40][41] Question: Changes in pricing mechanisms for marine support segment - Management stated that they are exploring mechanisms to pass on oil price increases to customers, emphasizing the win-win nature of long-term agreements [111] Question: Plans for new semi-submersible rigs and overseas development - Management indicated that they are focusing on self-construction and R&D for new rigs while continuing to diversify their market presence despite geopolitical challenges [94][99]

Financial Data and Key Metrics Changes - The company has seen an increase in profitability, particularly in the drilling segment, with significant contributions from both domestic and overseas operations [20][21] - R&D expenses have risen from CNY 1.6 billion in 2021 to CNY 2.2 billion in 2025, accounting for 4% of total revenue [32][34] - The operating profit margin for the technology segment was 16% in 2025, showing stability despite slight year-on-year declines [40] Business Line Data and Key Metrics Changes - The technology segment accounted for 55% of total revenue and 72% of profit in 2025, indicating a strong performance [36] - The contribution of the technology segment to overseas revenue increased from 14% in 2021 to 24% in 2025 [38] - The company has completed its previous seven-year action plan and is preparing for a new ten-year plan, focusing on domestic supply and expansion [21] Market Data and Key Metrics Changes - The company operates in 13 countries across five continents, with 120 operational sites, reflecting a diversified market presence [42] - The geopolitical situation has led to volatility in oil prices, but the company remains cautiously optimistic about future trends [16][18] Company Strategy and Development Direction - The company focuses on five key development strategies: technology-driven, cost leadership, integration, internationalization, and regional development [7] - During the 15th Five-Year Plan, the company aims to solidify its established strategies while adapting to changes in the development environment [58] - The company plans to increase investment in equipment and maintain a stable gearing ratio, considering operational needs and future cash positions [30] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the impact of geopolitical conflicts on operations, particularly in the Middle East, but emphasizes the resilience of their internationalization strategy [16][18] - The company is optimistic about its ability to navigate challenges and enhance competitiveness through technology and integration strategies [50][51] Other Important Information - The company has seen fluctuations in exchange rates, impacting financial results, but is focused on optimizing its debt structure and reducing financing costs [28][43] - The company has established long-term agreements in the North Sea region, which help manage costs and enhance operational efficiency [55] Q&A Session Summary Question: Impact of Middle East conflict on technology and drilling segments - Management reported no operational suspensions for rigs in the Middle East, although some maintenance operations in Iraq were affected [12][14] Question: Oil price trend and adjustments to development plans - Management noted that while there is excess capacity and weaker demand, they remain cautiously optimistic about oil prices and will not change their internationalization strategy [15][16] Question: Reasons behind profitability growth in drilling rigs - Management highlighted the acceleration of internationalization and increased domestic production as key factors contributing to profitability [20][21] Question: Plans for new semi-submersible rigs - The company is focusing on low-cost and efficient construction methods for new rigs, leveraging self-developed designs and R&D [46][47] Question: Mechanism for passing on oil price increases - Management indicated that while they have long-term agreements in place, they are exploring mechanisms to manage cost increases effectively [55]

Disclaimer The information contained in this presentation is intended solely for your personal reference. In addition, such information contains projections and forward-looking statements that reflect the Company's current views with respect to future events and financial performance. These views are based on assumptions subject to various risks. No assurance can be given that future events will occur, that projections will be achieved, or that the Company's assumptions are correct. Actual results may diffe ...

内部控制审计报告 中海油田服务股份有限公司 2025年度 内部控制审计报告 安永华明（2026）专字第70001873_A01号 中海油田服务股份有限公司 中海油田服务股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我们 审计了中海油田服务股份有限公司 2025 年 12 月 31 日的财务报告内部控制的有效 性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控 制评价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是中海油田 服务股份有限公司董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表审 计意见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于情 况的变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低，根 据内部控制审计结果推测未来内部控制的有效性具有一定风险。 四、财务报告内部控制审计意见 内部控制审计报告（续） 安永华明（2026）专字第70 ...