Investment Rating - The report maintains a "Buy" rating for the company with a target price of 20.24 CNY per share [2][4]. Core Insights - The company achieved stable growth in performance, with a total revenue of 44.109 billion CNY in 2023, representing a year-on-year increase of 23.7%, and a net profit attributable to shareholders of 3.013 billion CNY, up 27.8% year-on-year [1]. - The utilization rate of drilling platforms improved, with a total of 60 platforms managed by the company, achieving an operational day count of 17,726 days in 2023, a 6.0% increase from 2022 [1]. - The company is expected to benefit from high capital expenditures by CNOOC, with significant related transactions in drilling and oil technical services [1]. Financial Performance Summary - Revenue (in million CNY): 2022A: 35,659; 2023A: 44,109; 2024E: 50,194; 2025E: 55,235; 2026E: 60,230 [3]. - Net profit attributable to shareholders (in million CNY): 2022A: 2,359; 2023A: 3,013; 2024E: 4,218; 2025E: 5,304; 2026E: 6,660 [3]. - Earnings per share (CNY): 2022A: 0.49; 2023A: 0.63; 2024E: 0.88; 2025E: 1.11; 2026E: 1.40 [3].

证券代码：601808 证券简称：中海油服 公告编号：临2024-013 中海油田服务股份有限公司 关于部分钻井平台作业暂停的公告 日前，公司突然收到中东地区该客户暂停 4 座钻井平台作业（以下简称"本次作 业暂停"）的通知，公司正在和客户商讨具体暂停执行时间、后续安排及相应解决方 案。暂停期间，公司将同步积极寻找合适的市场机会。 本次作业暂停对公司中东区域原本经营预期造成一定影响，具体影响还在进一步 评估中。公司董事会相信，尽管本次作业暂停将对本公司中东区域发展形成短期的挑 战，但对本公司整体业务与财务状况不构成重大影响，公司对海外业务的整体发展仍 然保持积极乐观态度。 公司锚定建设世界一流企业的目标，深入践行"技术驱动""成本领先""一体化" "国际化""区域发展"五大发展战略，统筹推进生产经营、公司治理、改革创新等 各项工作，将继续开创高质量发展新局面，持续为股东创造价值。 特此公告。 中海油田服务股份有限公司董事会 2024 年 4 月 4 日 1 特别提示 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 2022 年 ...

公 司 研 究 中海油服（601808.SH）：站在巨人 2024年4月3日 强烈推荐/首次 肩膀上的海上油服龙头 东 中海油服 公司报告 兴 证 公司背靠大股东中国海油，是全球最具规模的油田服务供应商之一，业绩稳步增 公司简介： 券 长。截至2023年底中国海油集团持股50.53%，公司拥有完整的服务链条和强大 中海油田服务股份有限公司的主营业务涉 股 的海上石油服务装备群，业务覆盖油气田勘探、开发和生产的全过程，是全球油 及石油及天然气勘探、开发及生产的各个 份 阶段,主要分为钻井服务、油田技术服务、 田服务一体化的供应商之一。自2018年起，由于中海油集团增储上产力度加大， 有 船舶服务、物探勘察服务四大板块。公司 公司的主营业务收入一直呈现上升趋势。2023年，公司主营业务收入为 441.09 限 占据了中国近海油田技术服务市场大部分 亿元，同比增长23.70%；归母净利润为30.13亿元，同比大幅增长28.05%。 份额,其中固井、泥浆等服务在中国近海拥 公 有绝对市场优势。 司 油价维持高位，上游资本支出有望增长，带动油服业盈利增长。根据标普全球统 资料来源：公司公告、iFinD 证 计的各石油公 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company achieved a revenue of 44.109 billion yuan in 2023, representing a year-on-year increase of 23.7%. The net profit attributable to shareholders was 3.013 billion yuan, up 27.8% year-on-year [7] - The company plans to distribute a cash dividend of 0.21 yuan per share, with a payout ratio of 33.25% [7] - The drilling business is recovering due to sustained global upstream capital expenditure, with the parent company, CNOOC, expected to spend 125-135 billion yuan in 2024 [7] - The oil technology segment has shown high growth potential, contributing 58.39% to total revenue in 2023, with a year-on-year revenue increase of 31.4% [7] - The company has optimized its overseas market strategy, achieving a 50.9% year-on-year increase in international market revenue [7] - The earnings forecast has been revised upward, with expected revenues of 49.911 billion yuan, 53.266 billion yuan, and 59.490 billion yuan for 2024, 2025, and 2026 respectively [7] Summary by Sections Financial Performance - In 2023, the company reported a net cash flow from operating activities of 13.096 billion yuan, a significant increase of 89.8% year-on-year [7] - The basic earnings per share (EPS) for 2023 was 0.63 yuan, with projections of 0.87 yuan, 1.07 yuan, and 1.24 yuan for 2024, 2025, and 2026 respectively [8] Market Position - The domestic market accounted for 78.5% of total revenue in 2023, with a year-on-year growth of 17.9% [7] - The company secured new overseas contracts totaling approximately 4.2 billion USD in 2023, marking a 19.3% increase year-on-year [7] Future Outlook - The company is expected to maintain high-quality growth with a projected net profit of 4.154 billion yuan, 5.114 billion yuan, and 5.933 billion yuan for 2024, 2025, and 2026 respectively [7] - The price-to-earnings (PE) ratio is projected to decrease from 22.17 in 2024 to 15.52 in 2026, indicating potential for value appreciation [8]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook based on expected performance relative to market indices [8]. Core Views - The company reported a revenue of 44.109 billion yuan in 2023, a year-on-year increase of 23.7%, and a net profit of 3.013 billion yuan, up 27.8% year-on-year [2]. - The company's main business benefited from a high level of upstream investment, with global exploration and development spending increasing by 10.6% year-on-year [3]. - The company continues to implement a technology-driven strategy, with a compound annual growth rate of 5.2% in R&D investment from 2021 to 2023 [4]. - The company achieved a cash flow ratio of nearly 30% in 2023, improving its cost management and profitability metrics [5]. - Revenue projections for 2024-2026 are estimated at 51.910 billion yuan, 60.425 billion yuan, and 67.612 billion yuan, respectively, with corresponding net profits of 3.944 billion yuan, 4.735 billion yuan, and 5.477 billion yuan [6]. Summary by Sections Financial Performance - In 2023, the company achieved an operating income of 44.109 billion yuan and a net profit of 3.013 billion yuan, with significant growth in Q4 [2][3]. - The operating profit contributions from the drilling, technology, shipping, and geophysical segments were 65%, 27%, 5%, and 4%, respectively [3]. Technology and Strategy - The company is advancing its technology-driven strategy, with significant improvements in domestic offshore operations expected by 2025 [4]. - The technology segment generated revenue of 25.757 billion yuan in 2023, accounting for 58.39% of total revenue [4]. Cost Management and Profitability - The company has improved its operating profit margin to 9.7%, marking a continuous increase over the past three years [5]. - The accounts receivable turnover rate was 2.6 times, and the inventory turnover rate was 14.7 times, both showing growth compared to 2022 [5]. Future Outlook - The company anticipates continued revenue growth, with projected increases of 17.69%, 16.40%, and 11.89% for the years 2024, 2025, and 2026, respectively [6]. - The earnings per share (EPS) are expected to rise to 0.83 yuan, 0.99 yuan, and 1.15 yuan for the years 2024, 2025, and 2026 [6].

上 市 公 司 石油石化 2024 年03月 27 日 中海油服 (601808) 公 司 研 究 ——2023 年报业绩点评：业绩显著提升，油服景气有望 / 公 司 持续上行 点 评 报告原因：有业绩公布需要点评 买入 投资要点： （维持）  公司公告：2023年公司实现营业收入441.09亿元，同比提升23.7%；归母净利润30.13 证 亿元，同比提升27.8%；扣非归母净利润28.98亿元，同比提升28.5%。其中Q4实现营 券 研 业收入146.01亿元，环比提升37.3%；归母净利润约7.4亿元，环比下滑20.8%；扣非 市场数据： 2024年03月26日 究 归母净利润约6.9亿元，环比下滑25.5%。业绩表现基本符合预期，公司期间费用率有所 收盘价（元） 16.14 报 一年内最高/最低（元） 16.98/13.3 提升，主要系汇率变化导致财务费用大幅提升。分红方面，公司拟向全体股东每股派发现 告 市净率 1.9 金红利人民币0.21元（含税），分红比例达到33.25%。 息率（分红/股价） - 流通A股市值（百万元） 47782  钻井板块扭亏为盈，半潜式市场复苏较大。根据公司公告，20 ...

公司报告 | 年报点评报告 中海油服（601808） 证券研究报告 2024年03月 27日 投资评级 涨价逻辑开始兑现，公司业绩再创历史新高 行业 石油石化/油服工程 6个月评级 买入（维持评级） 当前价格 16.79元 中海油服2023业绩再创历史新高 2023 年公司营收达 441 亿元，同比+23.7%，归母净利润为 30.1 亿元，同 目标价格 元 比+27.8%。业绩符合预期并且创历史新高。 基本数据 钻井服务板块：涨价逻辑开始兑现 A股总股本(百万股) 2,960.47 半潜式平台使用率大幅抬升。2023年作业天数为17726天，同比+6%；其 流通A股股本(百万股) 2,960.47 中自升式平台同比+1.7%，半潜式钻井平台同比+24.8%。2023 年公司自升 A股总市值(百万元) 49,706.26 式、半潜式钻井平台可用天使用率分别 85.9%、83%，较 2022 年同期分别 流通A股市值(百万元) 49,706.26 减少2.3pct、增加15.4pct。其中自升式平台使用率主要受跨国拖航和海外 每股净资产(元) 8.73 客户验船待命影响同比下降，若剔除该因素影响，2023自升式 ...

Investment Rating - The report maintains a "Buy" rating for CNOOC Services (601808) [1] Core Views - The company reported a revenue of 44.1 billion yuan in 2023, representing a year-on-year increase of 23.7%, and a net profit attributable to shareholders of 3.01 billion yuan, up 27.8% year-on-year [2][3] - The company has successfully expanded its international business, achieving a revenue of 9.47 billion yuan from international markets, a year-on-year increase of 50.9% [3] - The company emphasizes its commitment to dividends, with a total dividend payout of 1 billion yuan in 2023, translating to a dividend per share of 0.21 yuan [3] Financial Performance Summary - Total revenue (in million yuan) for 2022A was 35,659, for 2023A was 44,109, and projections for 2024E, 2025E, and 2026E are 47,536, 51,137, and 55,131 respectively, indicating a growth rate of 22.11%, 23.70%, 7.77%, 7.58%, and 7.81% [2][4] - Net profit attributable to shareholders (in million yuan) for 2022A was 2,359, for 2023A was 3,013, with projections for 2024E, 2025E, and 2026E at 3,833, 4,425, and 5,181 respectively, showing significant growth rates of 653.15%, 27.75%, 27.21%, 15.45%, and 17.07% [2][4] - The company’s operating cash flow for 2023 was 13.1 billion yuan, an increase of 89.8% year-on-year, indicating strong cash reserves [2][3] Profitability Improvement - The company’s operating profit for 2023 was 4.26 billion yuan, an increase of 1.26 billion yuan year-on-year, with significant contributions from drilling services and oilfield technical services [3] - Drilling services generated a revenue of 12.07 billion yuan in 2023, up 16.6% year-on-year, with a gross margin of 9.3% [3] - Oilfield technical services achieved a revenue of 25.76 billion yuan, a year-on-year increase of 31.4%, with a gross margin of 22.1% [3] International Strategy - The company has optimized its overseas market development and strategic layout, leveraging its integrated industry chain advantages [3] - The international market revenue growth reflects the company's successful internationalization strategy [3] Dividend Policy - The company has a dividend payout ratio of approximately 33%, with a dividend yield of about 1.3% based on the closing price on March 27, 2024 [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) with a current price of 16.14 CNY and a target price not specified for the next 6 months [1]. Core Views - The report highlights the sustained high demand in the offshore oil and gas sector, leading to rapid business growth for the company [2]. - In 2023, the company achieved a revenue of 44.11 billion CNY, representing a year-on-year growth of 23.7% [2]. - The net profit attributable to the parent company reached 3.01 billion CNY, a significant increase of 154.3% year-on-year [2]. - The report anticipates continued growth in the offshore oil service industry, driven by high oil prices and increased capital expenditures [3][5]. Summary by Sections Financial Performance - In 2023, the company reported revenues of 44.11 billion CNY, with a year-on-year growth of 23.7% [2]. - The net profit attributable to the parent company was 3.01 billion CNY, reflecting a year-on-year increase of 154.3% [2]. - The company’s gross margin improved significantly, with a gross margin of 15.9%, up 5.7 percentage points year-on-year [2]. Market Expansion - The company successfully expanded its domestic and international markets, with drilling platform utilization rates stabilizing [2]. - Revenue from domestic and international markets reached 34.64 billion CNY and 9.47 billion CNY, respectively, with year-on-year growth of 17.9% and 50.9% [2]. Profitability Forecast - The report projects that the company’s net profit attributable to the parent company will reach 4.00 billion CNY, 5.03 billion CNY, and 5.63 billion CNY for the years 2024, 2025, and 2026, respectively [5]. - The expected compound annual growth rate (CAGR) for net profit over the next three years is 23.2% [5]. Valuation - The report suggests that the company is well-positioned to benefit from the high oil and gas industry demand, maintaining a "Buy" rating [5]. - The estimated price-to-earnings (PE) ratios for the years 2024, 2025, and 2026 are projected to be 19, 15, and 14, respectively [5].

证券研究报告 [2T3abQl4e_业Tit绩le] 超预期，海外业务或将持续贡献利润 公司研究 [Table_ReportDate] 2024年3月27日 [公Ta司ble点_Re评po报rtT告ype] [Table_Summary] 事件：2024年 3月 26日晚，中海油服发布 2023年度报告。2023年，公 [中Ta海bl油e_服Sto(c6k0A1n8dR0a8n.kS]H ) 司实现营收441.09亿元，同比+23.7%；实现归母净利润30.13亿元，同比 +27.8%；扣非后归母净利润28.98亿元，同比+28.5%。实现基本每股收益 投资评级 买入 0.63元，同比+28.6%。 上次评级 买入 其中，2023Q4，公司实现营收 146.01 亿元，同比+27.9%，环比 [左Ta前b明le _ A能ut源ho行r]业 首席分析师 +37.3%；实现归母净利润 7.40 亿元，同比+156.0%，环比-20.8%；扣非 执业编号：S1500518070001 后归母净利润 6.90亿元，同比+167.2%，环比-25.5%。实现基本每股收益 联系电话：010-83326712 0.16元， ...