Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][7] Core Views - The report highlights steady performance growth, with significant projects progressing smoothly [5][6] - The company achieved operating revenue of 80.343 billion yuan in 2023, a year-on-year decrease of 3.88%, while total profit increased by 12.08% to 1.424 billion yuan [5][9] - The net profit for 2023 was 743 million yuan, reflecting a year-on-year growth of 2.97% [5][9] Market Performance - The company has seen a significant increase in its high-end market share, with new contracts signed amounting to 22.559 billion yuan, representing 20.63% of the overall market share, a year-on-year increase of 26.64% [5][6] - The overseas market has also shown strong growth, with new contracts totaling 36.5 billion yuan, accounting for 33.38% of the total market share, a year-on-year increase of 48.35% [5][6] Financial Performance - The company executed a total of 11,512 projects in 2023, showcasing its strong project delivery capabilities [6] - Research and development investment reached 2.42 billion yuan in 2024, with a research intensity of 3.01% [6] - The projected net profit for 2024 to 2026 is expected to be 824 million yuan, 988 million yuan, and 1.04 billion yuan respectively, with corresponding EPS of 0.15 yuan, 0.18 yuan, and 0.19 yuan [7][9] Valuation - The reasonable value range for the company is estimated to be between 4.82 yuan and 5.30 yuan based on a PB ratio of 1.0-1.1 times the 2024 BPS of 4.82 yuan [7]

公司研究 ——中油工程（600339.SH）2023 年报点评 分析师：赵乃迪 执业证书编号：S0930517050005 010-57378026 zhaond@ebscn.com 联系人：王礼沫 010-56513142 wanglimo@ebscn.com 市场数据 总股本(亿股) 55.83 总市值(亿元)： 190.94 一年最低/最高(元)： 2.63/5.20 近 3 月换手率： 58.32% -30% -15% 0% 14% 29% 04/23 07/23 10/23 01/24 中油工程 沪深300 事件： 点评： 要点 公司全面贯彻高质量发展要求，加大了科技创新投入，稳步提升净资产收益率 和全员劳动生产率，有针对性地提高资产回报水平，同时科学管控资产负债率和营 业现金比率，"两利五率"实现了"两增一稳四提升"，确保收入有利润、利润有 现金流以及公司财务状况的持续稳健。2023 年公司 ROE 为 2.87%，同比增加 0.01pct；全员劳动生产率 42.99 万元/人，同比增长 2.77 万元/人；研发投入强度 3.01%，同比增加 0.21pct；营业现金比率 3.79%，同比增加 3 ...

Financial Performance - The company's revenue for the fourth quarter was CNY 27.491 billion, while the net profit attributable to shareholders was a loss of CNY 149.731 million, indicating a challenging financial environment [15]. - Operating revenue decreased by 3.88% to ¥80.34 billion compared to the previous period [25]. - The company achieved operating revenue of 80.343 billion yuan, a year-on-year decrease of 3.88% [118]. - The net profit attributable to shareholders for 2023 was RMB 7.46 billion, an increase of 0.22 billion compared to the previous year, primarily due to improved project cost control and asset disposal gains [133]. - The gross margin for the main business was 8.08%, up by 0.39 percentage points year-on-year [118]. - The company reported a decrease in net profit attributable to shareholders for the second quarter at CNY 469.159 million, compared to CNY 207.453 million in the first quarter [15]. Cash Flow and Assets - The net cash flow from operating activities for 2023 was CNY 3.047 billion, an increase of CNY 3.190 billion compared to the same period last year, with cash received from sales of goods and services amounting to CNY 85.984 billion, a decrease of CNY 2.911 billion year-on-year due to contract settlement progress [13]. - The company achieved a net increase of 3.848 billion yuan in cash and cash equivalents during the reporting period, with a net cash inflow from operating activities of 3.047 billion yuan, a significant increase of 3.190 billion yuan compared to a net outflow of 143 million yuan in the previous year [54]. - Cash and cash equivalents increased to 34.14 billion RMB, accounting for 31.74% of total assets, up 15.31% from the previous period [56]. - The total restricted assets as of December 31, 2023, amounted to CNY 878.779 million, with significant portions tied up in litigation and performance guarantees [16]. - The company reported a net foreign exchange gain of 189 million RMB, a decrease of 254 million RMB compared to the previous year's gain of 443 million RMB [55]. Project Execution and Development - As of December 31, 2023, the company had a total of 6,658 projects under execution, including 6,250 domestic projects and 408 international projects, with significant projects such as the Guangxi Petrochemical Integration Project valued at CNY 21.92 billion, currently at 10% completion [19]. - The company executed 11,512 projects in 2023, with 4,854 projects completed, demonstrating strong project delivery capabilities [140]. - The company is involved in major projects such as the Amur Gas Processing Plant in Russia, which is 98% complete, and the Iraq Halfaya Gas Processing Plant, also at 98% completion [19]. - The company has established a market development network covering major countries in five global regions, with contracts exceeding 100 million USD in 26 countries, enhancing its international competitiveness [4]. Research and Development - Research and development expenses increased by 13.17% to ¥1.53 billion, accounting for 3.01% of operating revenue [25]. - The company has a total of 7,117 R&D personnel, representing 18.10% of the total workforce [39]. - The company plans to continue focusing on advanced core technologies to maintain industry leadership [46]. - Research and development investment for the year was ¥2.42 billion, with a research intensity of 3.01%, resulting in 207 technological achievements and 200 new patents [169]. Market and Business Strategy - The company is actively expanding its "dual carbon and three new" business, which has become an important market support and revenue source, focusing on LNG, marine engineering, and environmental engineering [20]. - The company is focusing on enhancing its capabilities in unconventional oil and gas engineering, maintaining a leading position in domestic markets [20]. - The company is planning to further develop its emerging industries and future industries to create a second growth curve [20]. - The company aims to strengthen its market presence by expanding into international and high-end markets [79]. - The company is focusing on expanding into emerging industries such as unconventional oil and gas, new energy, and green technology, while enhancing R&D capabilities [173]. Risk Management and Governance - The company is navigating increased risks due to a complex international business environment and domestic market challenges [92]. - The company has implemented measures to enhance project management and risk control to mitigate cost overruns and delays [110]. - The company is committed to modern corporate governance and improving its organizational structure [79]. - The company is committed to enhancing safety training and risk control measures in high-risk operations [110]. Contracts and Revenue Growth - The company signed new contracts worth 109.34 billion yuan in 2023, representing a year-on-year growth of 14.25% [85]. - The new contracts include 72.84 billion yuan from domestic markets and 36.50 billion yuan from overseas markets [85]. - Revenue from "dual carbon and three new" businesses reached 8.464 billion yuan, growing by 36.82% year-on-year [118]. - The overseas market saw new contracts totaling ¥36.50 billion, a significant increase of 48.35%, with Africa and the Middle East contributing ¥15.56 billion and ¥13.43 billion respectively [166].

中国石油集团工程股份有限公司 2023 年度 审计报告 | 索引 | | 页码 | | --- | --- | --- | | 审计报告 | | 1-5 | | 公司财务报表 | | | | — | 合并资产负债表 | 1-2 | | — | 公司资产负债表 | 3-4 | | — | 合并利润表 | 5 | | — | 公司利润表 | 6 | | — | 合并现金流量表 | 7 | | — | 公司现金流量表 | 8 | | — | 合并股东权益变动表 | 9-10 | | — | 公司股东权益变动表 | 11-12 | | — | 财务报表附注 | 13-113 | 联系由话 北京市东城区朝阳门北大街 六十所軍多折 8 号富华大厦 A 座 9 层 | 9/F. Block A. Fu Hua Mansion. | | | | --- | --- | --- | | ShineWing Dongcheng District, Beijing, 传真: | No.8. Chaoyangmen Beidajie, | +86 (010) 6554 719 | | certified public account ...

证券代码：600339 证券简称：中油工程 公告编号：临 2024-020 中国石油集团工程股份有限公司 关于 2024 年度向银行等金融机构申请融资额度的公告 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。 重要内容提示： 公司于 2024 年 4 月 11 日召开第九届董事会第一次会议和第九届监事会第一次会 议，会议审议通过了《关于公司 2024 年度向银行等金融机构申请融资额度的议案》， 相关情况如下： 1. 中油财务有限责任公司 一、基本情况 为满足公司生产经营和发展需要，根据 2024 年财务收支预算及融资计划，拟向 银行等金融机构申请总额不超过人民币 56 亿元的融资额度（包括存量）。上述融资 额度为公司实际融资金额上限，实际融资金额将视公司运营资金的需求以及融资方条 件确定，融资方式包括但不限于流动资金贷款、银行承兑汇票贴现、贸易融资、卖方 信贷、项目贷款等。 1 中油财务有限责任公司是经中国人民银行批准设立的非银行金融机构，主要为中 国石油天然气集团有限公司及其成员单位提供交易款项收付、内部转账结算、票据承 兑 ...

证券代码：600339 证券简称：中油工程 公告编号：临 2024-018 中国石油集团工程股份有限公司 关于 2023 年度担保实际发生及 2024 年度担保预计情况的公告 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。 重要内容提示： 预计被担保人：下属全资企业、控股企业、其他纳入公司合并报表范围的各 级分、子公司，被担保人信息见附表 3《预计 2024 年被担保人基本情况表》。 2024 年度新增担保额度预计不超过 659.75 亿元人民币，占公司最近一期经审 计净资产 252.19%，担保额度有效期自 2023 年年度股东大会审议通过之日起一年内。 截至 2024 年 3 月 31 日，公司已实际为被担保人提供的担保余额为 519.73 亿 元人民币，占公司最近一期经审计净资产 198.67%。 公司无逾期的对外担保。 本次预计担保额度非实际担保金额，实际担保金额将以实际签署并发生的担 保合同为准，并根据实际担保发生金额披露担保进展公告。 本次预计担保额度事项尚须得到公司股东大会批准，待股东大会批准后正式 生效。 特别 ...

关于中国石油集团工程股份有限公司 非经营性资金占用及其他关联资金往来情况 汇总表的专项审计报告 委托单位：中国石油集团工程股份有限公司 审计单位：信永中和会计师事务所（特殊普通合伙） 联系电话：010-80163999 4 BB 101 0554 2208 The 2018 11:2 计师事务所 北京市东城区朝阳门北大街 8 号富步大厦 A 座 9 层 lo.B. Chaovangmen Beidalie rtified public accountants 100027. P.R.China 关于中国石油集团工程股份有限公司 2023 年度非经营性资金占用及其他关联资金往来的专项说明 XYZH/2024BJAA6F0100 中国石油集团工程股份有限公司 中国石油集团工程股份有限公司全体股东: 我们按照中国注册会计师审计准则审计了中国石油集团工程股份有限公司(以下简 称 中油工程)2023年度财务报表,包括2023年12月31日的合并及公司资产负债表、 2023年度的合并及公司利润表、合并及公司现金流量表、合并及公司股东权益变动表以 及财务报表附注,并于2024年4月11日出具了 XYZH/2024BJAA6 ...

证券代码：600339 证券简称：中油工程 公告编号：临 2024-019 中国石油集团工程股份有限公司 关于续聘 2024 年度财务审计机构和 2024 年度内控审计机构 并确定其审计费用的公告 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。 ●拟聘任的财务审计机构名称：信永中和会计师事务所（特殊普通合伙）（以下 简称"信永中和"） ●拟聘任的内控审计机构名称：北京中天恒会计师事务所（特殊普通合伙）（以 下简称"北京中天恒"） ●本事项尚需股东大会审议。 中国石油集团工程股份有限公司（以下简称"公司"）于 2024 年 4 月 11 日召开 了第九届董事会第一次会议和第九届监事会第一次会议，审议通过了《关于续聘 2024 年度财务审计机构和 2024 年度内控审计机构并确定其审计费用的议案》，拟续聘信永 中和为公司 2024 年度财务审计机构、续聘北京中天恒为公司 2024 年度内控审计机构。 该议案尚需提交公司 2023 年年度股东大会审议，现将相关事宜公告如下： 一、拟聘任的财务审计机构的基本情况 （一）机构信息 1.基 ...

2023 年度涉及财务公司关联交易的 存款、贷款等金融业务的 专项说明 | 索引 | 页码 | | --- | --- | | 专项说明 | 1-2 | | 2023 年度涉及财务公司关联交易的存款、贷款等金融 | 1 | | 业务汇总表 | | 关于中国石油集团工程股份有限公司 北京市东城区朝阳门北大街 联系由话: 出会社研室名所 8 号宣华大厦A 座 9 层 关于中国石油集团工程股份有限公司 2023 年度涉及财务公司关联交易的存款、贷款等金融业务的 专项说明 XYZH/2024BJAA6F0101 中国石油集团工程股份有限公司 中国石油集团工程股份有限公司全体股东: 我们按照中国注册会计师审计准则审计了中国石油集团工程股份有限公司(以下简 称 中油工程)2023年度财务报表,包括2023年12月31日的合并及公司资产负债表、2023 年度的合并及公司利润表、合并及公司现金流量表、合并及公司股东权益变动表,以及 相关财务报表附注,并于2024年4月11日出具了XYZH/2024BJAA6B0074号无保留意见的审 计报告。 根据上海证券交易所相关规定,中油工程编制了本专项说明所附的《中国石油集团 工程股份 ...

中国石油集团工程股份有限公司董事会 审计委员会对 2023 年度审计机构 履行监督职责情况的报告 根据《中华人民共和国公司法》《中华人民共和国证券法》《上 市公司治理准则》《国有企业、上市公司选聘会计师事务所管理办 法》《上海证券交易所上市公司自律监管指引第 1 号—规范运作》 等法律法规的要求，中国石油集团工程股份有限公司（以下简称： 公司）董事会审计委员会对监督会计师事务所 2023 年度财务报告 审计与内部控制审计履职情况报告如下： 2. 聘任会计师事务所履行的程序 公司 2023 年 4 月 20 日召开第八届董事会第五次会议，审议 通过了续聘 2023 年度财务审计机构事项，经 2022 年年度股东大 会审议，确定信永中和会计师事务所（特殊普通合伙）为公司2023 年度财务审计机构。 公司 2023 年 11 月 27 日召开第八届董事会第十二次会议审 议通过了聘任 2023 年度内部控制审计机构事项，经 2023 年第二 次临时股东大会审议，确定北京中天恒会计师事务所（特殊普通 合伙）为公司 2023 年度内部控制审计机构。 二、审计委员会对会计师事务所监督情况 根据《中国石油工程股份有限公司董事 ...