大家好欢迎参加东星能源中国海油系列深度报告中国海油和中海油服目前所有参会者均处于静音状态下面有请主讲人发言各位领导各位投资各位客户下午好我是东星证券能源开采研究助理莫文娟 我今天分享的是海油系列的两个公司的深度报告一个是中国海油 一个是海油服 首先分享的是中国海油那中国海油我是从主要从三个方面来分析它一个是它的公司的股权结构还有经营业绩还有一个是未来油价对这个行业的景气度的影响还有就是重点分析了它的桶油成本来凸显公司的竞争力以及它的新项目的开展 我先把界面回到首页中国海油它最突出的一个点就是桶油成本的优势明显奠定了它海上油气龙头 中国海油它是全球最大纯上游油气公司之一中国海上原油和天然气开放开发龙头原油产量位居国内前三公司营收油气产量创五年历史新高未来三年产量业绩有保障统油成本是具国际竞争力新项目和资本支出上调助推增储上产 公司持续维持高股息股东投资回报率高它的投资逻辑就是中置投以及它的高股息那公司是由中海油集团直接控股国资委间接控股股权结构稳定油气的销售业务是公司营收的主要来源净利率毛利率稳步提升油气销售毛利占比在50%左右公司 公司的海洋油气储量优势显著,未来有望大幅增长当前我国原油产量和需求是出现不匹配 ...

Summary of Conference Call Notes Company and Industry - The conference call pertains to **CNOOC Services** (中海油服), a company involved in the oil and gas services industry, particularly focusing on exploration and development services. Key Points and Arguments 1. **Contract Strategy**: The company will actively seek new contracts rather than waiting for 12 months if existing contracts are paused. If no new contracts are found by year-end, the original contracts will be completely voided [2]. 2. **Global Operating Costs**: Overall global operating costs have increased, with significant variations in daily rates across different regions. Higher oil prices have led to noticeable increases in average daily rates in many areas [2]. 3. **Revenue Contribution**: The technology segment is currently the primary contributor to the company's revenue and profit, indicating a shift towards more specialized services [2]. 4. **Operating Fee Growth**: The company's operating fees are expected to grow by over 20% year-on-year due to new domestic platforms that have achieved higher daily rates [2]. 5. **Investment Impact**: Increased investment from CNOOC is expected to have a positive impact on the company's operational volume and growth, although it may not directly translate to higher daily rates for platforms [2]. 6. **K3S Orders Stability**: K3S orders are anticipated to remain stable at a high level, influenced by national energy strategies and youth action plans [2]. 7. **Technology Segment Focus**: The company aims to enhance the technology segment's contribution to reflect industry trends and pursue a light-asset operational model [3][4]. 8. **International Market Expansion**: The company is committed to expanding its international market presence, targeting regions such as Asia-Pacific, the Middle East, North Sea, and Africa, with a goal of achieving 40% of its business from overseas by 2025 [5]. 9. **Capital Expenditure Plans**: The company expects high capital expenditures in the next two years due to platform asset acquisitions, with a potential normalization to around 4-5 billion RMB by 2025 [5]. 10. **User Cycle Outlook**: The user cycle has been on an upward trend since 2022, with expectations for this cycle to last at least five more years, although external factors like pandemics and wars could impact this outlook [5][6]. 11. **Deepwater Operations**: The company possesses the necessary equipment technology and management reserves for deepwater operations, including high-temperature and high-pressure technologies [6]. 12. **Long-term Contracts**: The company typically signs long-term lease contracts with stable clients to mitigate the impact of oil price fluctuations on leasing costs [7]. 13. **Market Opportunities**: Future market exploration will focus on traditional markets like Asia-Pacific, the Middle East, North Sea, and Africa, while also considering emerging markets such as South America, particularly Brazil [8]. Other Important Content - The company is enhancing its technology development based on actual customer needs and market potential, which serves as a significant driver for innovation [4]. - There is a notable increase in high-end subcontracting, with approximately 30-40 billion RMB involved last year [4]. - The company is also exploring flexible approaches to manage rising daily rental fees, including transitioning to a free leasing model [7].

Investment Rating - The report assigns a "Buy" rating for both A-shares and H-shares of the company [1][2]. Core Views - The company is a leading domestic offshore oil service provider with global competitiveness. It is a subsidiary of CNOOC and primarily offers oilfield technology, drilling, and vessel services. Short-term performance in 2023 shows signs of continuous recovery, while long-term prospects are bolstered by industry recovery and the company's operational efficiencies [1][2]. Summary by Sections Company Overview - CNOOC Services is a leading integrated oil service provider globally, focusing on exploration, development, and production services. Its main revenue sources are drilling services and oilfield technology services, contributing over 80% of total revenue [15][16]. Domestic Business - CNOOC has clear goals for increasing reserves and production, with a capital expenditure budget of 125-135 billion yuan for 2024. The company is also expanding its deepwater operations in the South China Sea, creating new growth opportunities [2][5]. Overseas Business - The global demand for drilling rigs is increasing due to a recovery in demand and a reduction in supply. The company’s drilling business is expected to benefit from this trend, with significant potential for revenue growth and improved profit margins [2][5]. Financial Forecast and Investment Recommendations - The forecast for net profit attributable to shareholders is 4.065 billion yuan in 2024, 5.071 billion yuan in 2025, and 5.970 billion yuan in 2026. The expected EPS is 0.85 yuan, 1.06 yuan, and 1.25 yuan per share for the respective years. The report sets a target PE of 25 times for A-shares and 10 times for H-shares, leading to a fair value of 21.30 yuan and 9.37 HKD per share [2][4].

证券研究报告 公 2024年05月05日 司 报 告 中海油服(601808) │ 行 业： 石油石化/油服工程 公 投资评级： 司 当前价格： 17.91元 季 盈利稳健增长，作业稳步推进 目标价格： 报 点 事件： 评 基本数据 中海油服发布 2024 年一季报，2024 年一季度实现营业收入 101.48 亿元 总股本/流通股本(百万股) 4,771.59/4,771.59 （同比+20.0%），归母净利润 6.36 亿元（同比+57.3%），每股收益 0.13元 流通A股市值(百万元) 53,021.98 /股（同比+62.5%）。 每股净资产(元) 8.87 ➢ 上游投资高景气盈利能力提升 资产负债率(%) 47.86 2024年全球上游勘探开发资本支出总量较 2023 年同比将增加 5.7%，全球 一年内最高/最低(元) 20.01/13.30 上游海上勘探开发资本支出总量同比增加19%，中国海油2024年资本支出 预计 1250-1350 亿元。公司受益行业上升期主动布局全球区域市场，以精 股价相对走势 益管理推动盈利能力稳健增长：一季度实现利润总额 9.40 亿元（同比 中海油服 沪深300 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market index [7]. Core Views - The company has demonstrated robust revenue growth, with a 20% year-on-year increase in Q1 2024, achieving a revenue of 10.148 billion yuan and a net profit of 636 million yuan, reflecting a 57.3% increase [2][3]. - The global upstream exploration and development capital expenditure is expected to rise by 5.7% in 2024, benefiting the company as it actively expands its global market presence [3]. - The company is leveraging its full industry chain advantages and enhancing its core competitiveness during a period of high activity in the oilfield services market [4]. Financial Performance - In Q1 2024, the company reported a total profit of 940 million yuan, a 47.8% increase year-on-year, with a gross margin of 16.4%, up by 2.6 percentage points [3]. - The projected revenues for 2024-2026 are 51.910 billion yuan, 60.425 billion yuan, and 67.612 billion yuan, representing year-on-year growth rates of 17.69%, 16.40%, and 11.89% respectively [5][6]. - The expected earnings per share (EPS) for 2024, 2025, and 2026 are 0.83 yuan, 0.99 yuan, and 1.15 yuan respectively [5][6]. Business Segments - The company has four main business segments that are steadily progressing, with drilling services slightly impacted by platform retirements, while oilfield technology services and vessel services are experiencing growth [4]. - The vessel service segment saw a significant increase in operational days, up by 3.9%, and geophysical data acquisition services surged by 502.7% due to increased overseas operations [4]. Valuation Metrics - The report provides valuation metrics, including a projected P/E ratio of 22.6 for 2024, decreasing to 16.2 by 2026, indicating a favorable valuation trend [6]. - The projected EV/EBITDA ratio is expected to decline from 8.0 in 2024 to 7.0 in 2026, suggesting improving operational efficiency [6].

Investment Rating - The report maintains a "Buy" rating for the company [3][8] Core Views - The company achieved a record high revenue of 10.148 billion yuan in Q1 2024, representing a year-on-year increase of 20.0%, with a net profit attributable to shareholders of 636 million yuan, up 57.3% year-on-year [7] - The semi-submersible platform is expected to contribute additional revenue to the drilling business, with the company's parent, CNOOC, projected to have a capital expenditure of 125-135 billion yuan in 2024 [7] - The oil technology business continues to grow, with a gross margin of over 20%, and the ship service segment also shows significant operational volume [7] Summary by Sections Financial Performance - In Q1 2024, the company reported a net cash flow from operating activities of -833 million yuan, with cash inflows of 8.590 billion yuan and outflows of 9.425 billion yuan [7] - The company expects revenues of 49.911 billion yuan in 2025 and 53.266 billion yuan in 2026, with net profits of 4.154 billion yuan and 5.114 billion yuan respectively [8][10] Business Segments - The drilling platform's operating days were 4,388 days in Q1 2024, with a calendar day utilization rate of 79.2% [7] - The semi-submersible drilling platform's operating days increased by 1.6% year-on-year, with a significant daily rate compared to self-elevating platforms [7] Profitability Metrics - The company forecasts a gross margin of 18.15% in 2024, with an expected increase to 19.26% by 2026 [10] - The earnings per share (EPS) are projected to be 0.87 yuan in 2024, increasing to 1.24 yuan by 2026 [8][10]

证券研究报告·公司点评报告·油服工程 中海油服（601808） 2024 年一季报点评：盈利能力显著提升，油服景 2024 年 04月 27日 气度维持 证券分析师 陈淑娴 买入（维持） 执业证书：S0600523020004 chensx@dwzq.com.cn [Table_EPS] 盈利预测与估值 2022A 2023A 2024E 2025E 2026E 研究助理 何亦桢 营业总收入（百万元） 35,659 44,109 47,536 51,137 55,131 执业证书：S0600123050015 同比（%） 22.11 23.70 7.77 7.58 7.81 heyzh@dwzq.com.cn 归母净利润（百万元） 2,359 3,013 3,833 4,425 5,181 股价走势 同比（%） 653.15 27.75 27.21 15.45 17.07 EPS-最新摊薄（元/股） 0.49 0.63 0.80 0.93 1.09 中海油服 沪深300 P/E（现价&最新摊薄） 37.73 29.53 23.22 20.11 17.18 25% 12 50 %% [ [TT aab bl l ...

[Table_MainInfo] 公司研究/石油天然气/能源设备与服务 证券研究报告 中海油服（601808）公司季报点评 2024年04月26日 [Table_InvestInfo] 投资评级 优于大市 维持 1Q24 归母净利润同比+57% 股票数据 [Table_Summary] 0[4T月ab2le5_日S收to盘ck价（In元fo）] 18.40 投资要点： 52周股价波动（元） 13.30-20.01 总股本/流通A股（百万股） 4772/2960  1Q24归母净利润同比较大幅度增长。2024年一季度，中海油服实现营业收入 总市值/流通市值（百万元） 87797/87797 101.48亿元，同比+20.0%，为历史同期最好水平；实现归母净利润6.36亿元， 相关研究 同比+57.3%，2022年以来同期维持稳定增长。 [《Ta 20b 2le 3_年R盈e利po稳rt定In增fo长] ，4Q23单季收入创新 高》2024.03.27  钻井服务：工作量维持相对稳定。受平台退租影响，1Q24公司钻井平台作业 天数为 4388天，同比减少77天（-1.7%），可用天使用率 84.7%，同比减少 ...

Investment Rating - The investment rating for the company is "Buy" with a target price set above the current price of 18.4 CNY [4]. Core Insights - The company reported a Q1 2024 net profit of 636 million CNY, exceeding market expectations, with a year-on-year growth of 57.3% [1]. - The revenue for Q1 2024 reached 10.15 billion CNY, reflecting a year-on-year increase of 20% [1]. - The drilling segment showed structural improvements, with the utilization rate of semi-submersible platforms increasing by 7.7 percentage points year-on-year [2]. - The company is expanding its oilfield technology services into the Brazilian market, which is expected to sustain high growth in the future [3]. Financial Summary - The projected net profits for 2024, 2025, and 2026 are 4.117 billion CNY, 5.932 billion CNY, and 6.597 billion CNY respectively, with corresponding P/E ratios of 21.3, 14.8, and 13.3 [3][6]. - The total revenue is expected to grow from 51.42 billion CNY in 2024 to 63.55 billion CNY in 2026, with growth rates of 16.58% and 14.26% for the following years [6][7]. - The company's total assets are projected to increase from 93.02 billion CNY in 2024 to 107.64 billion CNY in 2026 [7].

证券研究报告 [2T4abQl1e_业Tit绩le] 同比显著提升， 业务出海成效显著 公司研究 [Table_ReportDate] 2024年4月26日 [公Ta司ble点_Re评po报rtT告ype] [Table_Summary] 事件：2024 年 4 月 25 日晚，中海油服发布 2024 年第一季度报告。 [中Ta海bl油e_服Sto(c6k0A1n8dR0a8n.kS]H ) 2024Q1，公司实现营收101.48亿元，同比+20.0%，环比-30.5%；实现归 母净利润 6.36 亿元，同比+57.3%，环比-14.1%；扣非后归母净利润 6.56 投资评级 买入 亿元，同比+69.4%，环比-4.9%。实现基本每股收益 0.13 元，同比 上次评级 买入 +62.5%，环比-18.8%。 [左Ta前b明le _ A能ut源ho行r]业 首席分析师 点评： 执业编号：S1500518070001 ➢ 24Q1 公司利润同比明显提升，主要考虑在行业上升期，公司主动布 联系电话：010-83326712 邮箱：zuoqianming@cindasc.com 局全球区域市场，持续强化核心竞争力，以 ...