2024 年 8 月 20 日 公司研究 上半年归母净利润同比增长 22%，在手项目即将进入投产高峰 ——海油工程（600583.SH）2024 年半年报点评 增持（维持） 当前价：5.65 元 要点 作者 事件： 公司发布 2024 年半年报。2024H1，公司实现营业总收入 134 亿元，同比-7%； 实现归母净利润 12 亿元，同比+22%。2024Q2 单季，公司实现营业总收入 77.58 亿元，同比-3.57%，环比+37%；实现归母净利润 7.22 亿元，同比+35%，环比+52%。 点评： 24H1 归母净利润稳步增长，净资产、自由现金流同比提升 2024H1，布伦特原油均价为 83.42 美元/桶，同比+4.4%，总体仍保持在中高 位。石油公司继续加大上游勘探开发投资力度，全球海洋油气工程行业景气度高企。 公司工程量同比持续增加，重要工程项目高质高效推进，安全绩效继续保持优异水 平，"海基"深水系列产品实现新升级，高端 FPSO 建造领域行业话语权进一步提 升，清洁能源业务、绿色能源转型有序展开，海外发展势头强劲，国际工程总包商 的身份角色持续巩固。截至 2024 年 6 月末，公司归属于上市 ...

公司报告 | 半年报点评 海油工程净利率持续提升，重心聚焦海外高毛利市场 海油工程降本提质增效明显，净利率持续提升 2024H1 公司营业收入达 134 亿元，同比-7%，主要原因是新承揽海外项目 处于启动阶段；归母净利润为 12 亿元，同比+21.7%。其中 Q2 营业收入 77.6 亿元，同比-3.6%，归母净利润为 7.2 亿元，同比+34.9%，扣非归母净利润 为 4.39 亿元，同比-3.9%。 净利率持续改善，2024Q2 公司净利率为 9.59%，而 2023 年同期仅 7%，净 利率同比+2.58pct，环比+1.09pct，主要可能系公司工作量增长规模效应明 显以及降本提质增效显著，以及消费税退税的影响。 工作量持续增加，建造钢材加工量持续增加 建造完成钢材加工量 27.13 万结构吨，同比+16%。公司 2024H1 陆地建造 导管架 35 座(同比+23 座)、组块 11 座(同比+6 座)，海上安装导管架 22 座(同 比+15 座)、组块 9 座(同比+5 座)；但 Q2 单季度陆地建造导管架环比-3 座、 组块环比-3 座，海上安装导管架环比+4 座、组块环比-3 座。 安装等海上 ...

海油工程（600583.SH）2024 年半年报点评 业绩基本符合预期，在手订单饱满支撑未来业绩增长 2024 年 08 月 19 日 ➢ 事件：2024 年 8 月 18 日，海油工程发布 2024 年半年报。2024 年 H1 公 司实现营业收入 134.29 亿元，yoy-7.01%；实现归母净利润 11.97 亿元， yoy+21.69%；扣非归母净利润 8.39 亿元，yoy+7.43%；经营活动产生的现金 流量净额为 25.94 亿元，yoy-10.83%。收入下滑主要原因是 23 年同期海外项 目集中交付，本期新承揽的海外项目处于启动阶段，海外收入同比减少导致收入 小幅下降，同时项目建设阶段现金流同比也有所减少。 ➢ 海洋油气行业资本开支维持高位，国内市场稳步增长，海外逐步复苏。1） 国内海洋油气行业受益于"七年行动计划"的有力推进，持续保持较好增长势头。 根据中海油《2024 年战略展望》，2024 年资本支出预算为 1250-1350 亿元， 同比增长约 250 亿元。中海油多个新项目年内计划投产，支持未来产量增长，海 油工程有望率先受益。2）国际海洋油气行业受上游资本开支的增长推动，市场 ...

[ T able_StockInfo] 2024 年 08 月 18 日 证券研究报告•2024 年半年报点评 买入 （维持） 当前价：5.46 元 海油工程（600583）石油石化 目标价：——元（6 个月） 利润稳健增长，在手订单维持高位 [Table_Summary 事件：公司发布] 2024 年半年报。2024H1，公司实现营业收入 134.3 亿元，同 比减少 7.0%；归母净利润 12.0亿元，同比增长 21.7%；扣非净利润 8.4亿元， 同比增长 7.4%。2024Q2，公司实现营业收入 77.6 亿元，同比减少 3.6%；归 母净利润 7.2亿元，同比增长 34.9%；扣非净利润 4.4亿元，同比减少 3.9%。 2024Q2 其他收益中确认消费税退税 2.3 亿，增厚利润。 海洋工程项目规模快速增长，在手订单高位维持。2024H1，公司实现新签订单 125.2 亿元，同比-30.0%，其中海外新签合同额 50.0亿，占比提升至 40.0%； 在手订单 388 亿，为业务持续发展提供有力支撑。分业务来看，公司海洋工程 总承包项目营收 98.6 亿元，同比+15.1%；海洋工程非总承包项目营收 ...

[ T able_StockInfo] 2024 年 08 月 18 日 证券研究报告•2024 年半年报点评 买入 （维持） 当前价：5.46 元 海油工程（600583）石油石化 目标价：——元（6 个月） 利润稳健增长，在手订单维持高位 [Table_Summary 事件：公司发布] 2024 年半年报。2024H1，公司实现营业收入 134.3 亿元，同 比减少 7.0%；归母净利润 12.0亿元，同比增长 21.7%；扣非净利润 8.4亿元， 同比增长 7.4%。2024Q2，公司实现营业收入 77.6 亿元，同比减少 3.6%；归 母净利润 7.2亿元，同比增长 34.9%；扣非净利润 4.4亿元，同比减少 3.9%。 2024Q2 其他收益中确认消费税退税 2.3 亿，增厚利润。 海洋工程项目规模快速增长，在手订单高位维持。2024H1，公司实现新签订单 125.2 亿元，同比-30.0%，其中海外新签合同额 50.0亿，占比提升至 40.0%； 在手订单 388 亿，为业务持续发展提供有力支撑。分业务来看，公司海洋工程 总承包项目营收 98.6 亿元，同比+15.1%；海洋工程非总承包项目营收 ...

证券研究报告 公司研究 [公司点评报告 Table_ReportType] [Table_StockAndRank] 海油工程(600583.SH) 投资评级 买入 上次评级 买入 [Table_Author] 左前明 能源行业首席分析师 执业编号：S1500518070001 联系电话：010-83326712 邮箱：zuoqianming@cindasc.com 胡晓艺 石化行业分析师 执业编号：S1500524070003 邮箱：huxiaoyi@cindasc.com 相关研究 | --- | |---------------------------------| | 力，周期机遇下海工龙头优势更 | | 显》2023.09.13 | | 《23Q3 盈利同比改善，国内海外业 | | 务增量可期》2023.10.29 | | 《2023 年盈利同比改善，海外订单 | | 大幅增加》2024.03.19 | | 《24Q1 公司净利率提升，国内新签 | | 订单增加》2024.04.25 | 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅 ...

Financial Performance - Revenue for the first half of 2024 was 1,342,938.54 million RMB, a decrease of 7.01% compared to the same period last year[16] - Net profit attributable to shareholders of the listed company was 119,657.43 million RMB, an increase of 21.69% year-on-year[16] - Basic earnings per share (EPS) for the reporting period was 0.27 RMB, up 22.73% compared to the same period last year[17] - Net cash flow from operating activities was 259,376.57 million RMB, a decrease of 10.83% compared to the same period last year[16] - Weighted average return on equity (ROE) was 4.77%, an increase of 0.72 percentage points year-on-year[17] - Net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses was 83,901.07 million RMB, an increase of 7.43% year-on-year[16] - Revenue for the first half of 2024 was RMB 13.429 billion, a decrease of 7.01% year-on-year, while net profit attributable to shareholders was RMB 1.197 billion, an increase of 21.69% year-on-year[32] - Total revenue for the first half of 2024 was 1,342,938.54 million yuan, a decrease of 7.0% compared to 1,444,181.94 million yuan in the same period last year[140] - Net profit for the first half of 2024 was 122,617.88 million yuan, an increase of 20.8% compared to 101,487.09 million yuan in the same period last year[141] - R&D expenses for the first half of 2024 were 32,349.99 million yuan, a decrease of 42.0% compared to 55,792.86 million yuan in the same period last year[141] - Basic earnings per share for the first half of 2024 were 0.27 yuan, an increase of 22.7% compared to 0.22 yuan in the same period last year[142] - Total comprehensive income for the first half of 2024 was 121,261.34 million yuan, an increase of 24.4% compared to 97,497.66 million yuan in the same period last year[142] - Interest income for the first half of 2024 was 5,856.73 million yuan, an increase of 164.3% compared to 2,216.01 million yuan in the same period last year[141] - Other income for the first half of 2024 was 26,396.74 million yuan, a significant increase compared to 3,188.55 million yuan in the same period last year[141] - Net profit for the first half of 2024 reached 15,279.208 million yuan, a significant increase from 9,500.532 million yuan in the same period last year[145] - Total comprehensive income for the first half of 2024 was 15,896.550 million yuan, compared to 9,087.886 million yuan in the first half of 2023[145] - Cash flow from operating activities for the first half of 2024 was 259,376.57 million yuan, a decrease from 290,894.74 million yuan in the same period last year[147] - Cash flow from investing activities for the first half of 2024 was 66,964.65 million yuan, a significant improvement from -98,902.72 million yuan in the first half of 2023[147] - Cash flow from financing activities for the first half of 2024 was -68,467.07 million yuan, an improvement from -91,115.71 million yuan in the same period last year[148] - The company's cash and cash equivalents at the end of the first half of 2024 were 682,751.32 million yuan, compared to 313,421.13 million yuan at the end of the first half of 2023[148] - Sales revenue from goods and services for the first half of 2024 was 1,499,364.89 million yuan, a slight decrease from 1,605,902.56 million yuan in the same period last year[146] - The company received 24,048.76 million yuan in tax refunds during the first half of 2024, an increase from 16,889.76 million yuan in the same period last year[147] - The company paid 183,801.82 million yuan in employee compensation and benefits during the first half of 2024, an increase from 170,591.36 million yuan in the same period last year[147] - The company invested 860,000.00 million yuan in financial assets during the first half of 2024, an increase from 777,475.95 million yuan in the same period last year[147] - Operating cash flow increased to 1,691,224.92 thousand yuan in H1 2024, up 72.7% from 979,591.8 thousand yuan in H1 2023[149] - Net cash flow from investment activities surged to 1,394,453.3 thousand yuan in H1 2024, a significant increase from 109,967.9 thousand yuan in H1 2023[149] - Cash and cash equivalents at the end of H1 2024 reached 4,700,520.3 thousand yuan, up 148.2% from 1,893,585.8 thousand yuan in H1 2023[150] - Total comprehensive income for H1 2024 was 1,212,613.4 thousand yuan, compared to 1,183,008.9 thousand yuan in H1 2023[154] - Profit distribution to owners in H1 2024 amounted to 649,939.1 thousand yuan[154] - Special reserves increased by 1,052.07 thousand yuan in H1 2024[155] - Cash received from selling goods and providing services rose to 13,204,698.3 thousand yuan in H1 2024, up 7.5% from 12,286,304.7 thousand yuan in H1 2023[149] - Cash received from tax refunds increased to 95,156.2 thousand yuan in H1 2024, up 11.1% from 85,680.3 thousand yuan in H1 2023[149] - Cash received from other operating activities more than doubled to 610,266.8 thousand yuan in H1 2024 from 242,169.8 thousand yuan in H1 2023[149] - Cash paid for goods and services remained stable at 10,049,425.9 thousand yuan in H1 2024, compared to 10,000,046.9 thousand yuan in H1 2023[149] - Total comprehensive income for the period decreased by 3,994.92 million, with a total of 97,497.66 million[158] - Owner's equity at the end of the period was 2,620,784.66 million, an increase from the beginning of the period[160] - Special reserve usage for the period was 23,924.00 million, with an extraction of 23,632.21 million[160] - Net profit attributable to the parent company increased by 54,117.81 million during the period[157] - Total owner's equity at the beginning of the period was 2,568,146.93 million[157] - Comprehensive income for the parent company was 158,965.49 million, with a net profit of 152,792.07 million[162] - Owner's equity at the end of the period for the parent company was 2,316,939.31 million, an increase from the beginning of the period[162] - Special reserve usage for the parent company was 15,250.27 million, with an extraction of 16,307.32 million[162] - Total owner's equity at the beginning of the period for the parent company was 2,143,490.78 million[161] - Owner's equity decreased by 28,015.50 million due to capital reduction[162] - Total owner's equity at the beginning of the period was 2,063,013.25 thousand yuan, with a capital reserve of 424,538.80 thousand yuan and undistributed profits of 989,114.60 thousand yuan[163] - Comprehensive income for the period was -4,126.46 thousand yuan, leading to a total comprehensive income of 90,878.86 thousand yuan[163] - Profit distribution to owners (or shareholders) amounted to -44,213.55 thousand yuan[163] Assets and Liabilities - Total assets as of the end of the reporting period were 4,621,996.58 million RMB, an increase of 6.86% compared to the end of the previous year[16] - Total equity attributable to shareholders of the listed company was 2,533,818.42 million RMB, an increase of 2.19% compared to the end of the previous year[16] - Total assets as of June 2024 reached RMB 46.22 billion, with shareholders' equity at RMB 25.338 billion and a debt-to-asset ratio of 40.82%[32] - Total liabilities as of the end of the first half of 2024 were 1,885,550.51 million yuan, a slight decrease from 1,912,723.94 million yuan at the end of the same period last year[139] - Total equity as of the end of the first half of 2024 was 2,316,939.31 million yuan, an increase of 8.1% compared to 2,143,490.78 million yuan at the end of the same period last year[139] - The company's total assets as of the end of the first half of 2024 were 4,202,489.82 million yuan, an increase of 3.6% compared to 4,056,214.72 million yuan at the end of the same period last year[139] - Total assets increased to 4,621,996.58 million yuan, up 6.86% from 4,325,166.35 million yuan at the end of 2023[135] - Contract liabilities surged to 226,107.11 million yuan, a 124.7% increase from 100,641.06 million yuan at the end of 2023[135] - Non-current assets totaled 1,891,304.90 million yuan, slightly up by 1.38% compared to 1,865,494.91 million yuan at the end of 2023[135] - Total liabilities rose to 1,886,841.62 million yuan, a 14.54% increase from 1,647,330.89 million yuan at the end of 2023[136] - Owner's equity increased to 2,735,154.96 million yuan, up 2.14% from 2,677,835.46 million yuan at the end of 2023[136] - Monetary funds in the parent company's balance sheet grew significantly to 470,411.70 million yuan, an 87.7% increase from 250,670.97 million yuan at the end of 2023[137] - Trade receivables decreased to 557,400.59 million yuan, down 12.02% from 633,563.43 million yuan at the end of 2023[137] - Contract assets in the parent company increased to 353,079.26 million yuan, up 34.96% from 261,602.14 million yuan at the end of 2023[137] - Short-term borrowings in the parent company decreased to 418,040.00 million yuan, down 1.39% from 423,940.00 million yuan at the end of 2023[138] - Contract liabilities in the parent company surged to 178,703.28 million yuan, a 117.6% increase from 82,115.76 million yuan at the end of 2023[138] - Monetary funds increased to 692,723.60 million from 432,081.13 million compared to the previous year[134] - Trading financial assets decreased to 843,601.19 million from 872,523.58 million compared to the previous year[134] - Accounts receivable decreased to 549,598.30 million from 614,740.03 million compared to the previous year[134] - Prepayments increased to 83,304.08 million from 40,745.12 million compared to the previous year[134] - Other receivables increased to 12,331.80 million from 2,090.67 million compared to the previous year[134] - Inventory increased to 100,055.69 million from 98,279.37 million compared to the previous year[134] - Contract assets increased to 422,978.93 million from 281,211.88 million compared to the previous year[134] - Fixed assets decreased to 1,246,850.94 million from 1,281,758.11 million compared to the previous year[134] Operational Highlights - The company has approximately 9,700 employees and operates large-scale marine engineering manufacturing bases covering nearly 4 million square meters[20] - The company's 2024 capital expenditure budget is 125-135 billion yuan, an increase of approximately 25 billion yuan compared to 2023[22] - Global offshore oil and gas exploration investment is expected to exceed 30 billion USD in 2024, with new project development investment reaching approximately 78 billion USD[23] - The company successfully completed the installation of Asia's first deepwater jacket "Hai Ji No. 2" and built Asia's first cylindrical FPSO "Hai Kui No. 1" with a 50% shorter construction period[24] - The company's EPCI total contracting capability is its core competitive advantage, supported by a mature system of offshore oilfield development technologies and equipment[25] - The company's offshore installation and pipelaying capabilities are leading in Asia, with a fleet of 19 specialized vessels including a 7,500-ton crane vessel[20] - The company's "Deep Sea No. 1" phase II project effectively increased the peak annual production of the ultra-deepwater gas field by 50%[24] - The company's business covers more than 20 countries and regions, serving major clients such as CNOOC, ConocoPhillips, Shell, and Saudi Aramco[20] - The company's total assets reached 178.6 billion yuan, with a net profit of 3.58 billion yuan in the first half of 2024[19] - The company has developed ten core technologies, including deepwater floating production facility design, construction, installation, and commissioning, as well as 1500-meter subsea pipeline and subsea production system design, construction, installation, and commissioning[26] - The company has formed ten major equipment systems, including deepwater multifunctional operation vessels, flexible pipe-laying equipment, and advanced ROV equipment, which are critical for offshore oil and gas development[27] - The company owns a fleet of 19 vessels, including起重船, 起重铺管船, and 水下工程船, with investments ranging from 7,567万元 to 296,115万元, supporting various offshore operations such as heavy lifting, pipe-laying, and subsea engineering[28][29] - The company has a design team of over 1,000 personnel, capable of handling feasibility studies, conceptual design, FEED design, detailed design, and installation design for oil and gas fields in waters up to 300 meters deep[30] - The company has established marine engineering manufacturing bases in Tianjin, Shandong, and Guangdong, covering approximately 4 million square meters, with the capability to construct 30,000-ton ultra-large jackets and modules[30] - The company has achieved 30,000-ton module offshore float-over installation and 30,000-ton jacket sliding launch capabilities, significantly enhancing China's offshore oil and gas development efficiency[30] - The company has undertaken major international projects such as the Russian Yamal, Australian Gorgon, and North American Shell LNG projects, solidifying its position in the global LNG modular construction market[30] - The company has successfully executed large-scale FPSO projects, including Brazil's P67/P70 FPSO, Shell's Penguin FPSO, and the Liuhua 16-2 FPSO, establishing itself as a key player in the international FPSO engineering market[31] - The company has over 40 years of experience in offshore oil and gas field engineering, with extensive project management expertise in both domestic and international markets, including Russia, Australia, and Saudi Arabia[31] - The company completed 72 large-scale projects, including the delivery of 7 projects, and processed 271,300 tons of steel, a 16% increase year-on-year[32] - The company successfully installed Asia's first deepwater jacket, "Hai Ji No. 2," and completed the construction of Asia's first cylindrical FPSO, "Hai Kui No. 1"[33] - New contract signings in the first half of 2024 totaled RMB 12.518 billion, with overseas contracts accounting for RMB 4.975 billion, or 39.74% of the total, a 1.2 percentage point increase year-on-year[35] - The company's total order backlog as of the reporting period was approximately RMB 38.8 billion[35] - The company's safety performance remained excellent, with a lost-time injury rate of 0 and a recordable incident rate of 0.0038, an 11% decrease year-on-year[37] - The company invested approximately 52.15 million man-hours in safety management, a 12% increase year-on-year[37] - The company's "Deep Sea No. 1" ultra-deepwater gas field development project won the 2023 National Science and Technology Progress Award[38] - The company was awarded the "Special Contribution to Corporate Governance" award and the "China Listed Companies Investor Relations Tianma Award" for the second consecutive year[38] - Revenue decreased by 7.01% to RMB 13.43 billion, primarily due to a reduction in overseas income as new overseas projects are in the initial stages[42] - Operating costs decreased by 5.47% to RMB 11.98 billion, driven by reduced revenue and cost-saving measures[42] - R&D expenses dropped by 42.02% to RMB 323.5 million, as deepwater and new engineering projects are still in early development phases[44] - Operating cash flow decreased by 10.83% to RMB 2.59 billion, maintaining a stable level due to effective cash flow management[44] - Investment cash flow increased significantly by RMB 1.66 billion to RMB 669.6 million, mainly due to reduced financial product investments

证券代码： 600583 证券简称：海油工程 海洋石油工程股份有限公司 关于 2024 年半年度募集资金存放与实际使用情况的专项报告 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。 一、募集资金基本情况 （一）实际募集资金金额、资金到账时间 经中国证券监督管理委员会《关于核准海洋石油工程股份有限公司非公开发行 股票的批复》（证监许可【2013】1180 号）核准，海洋石油工程股份有限公司（以下 简称公司或 本公司 ） 采 取 非 公 开 发 行 的 方 式 发 行 人 民 币 普 通 股 股 票 (A 股 )531,914,800.00 股，发行价格为每股人民币 6.58 元 ， 募 集 资 金 总 额 为 3,499,999,384.00 元，扣除承销费 27,123,995.07 元后的募集资金 3,472,875,388.93 元 已于 2013 年 9 月 27 日存入本公司在交通银行北京德胜门支行募集资金专用账户 1,772,875,388.93 元，存入本公司在中国银行天津滨海分行海洋支行募集资金专用账 户 1,7 ...

证券代码：600583 证券简称：海油工程 编号：临 2024-020 海洋石油工程股份有限公司 关于向全资子公司增资的公告 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： 一、增资情况概述 1、增资的基本情况 国际有限公司为公司于2007年设立的全资子公司，注册资本为 982,162.55美元。目前旗下拥有"海洋石油698"船舶，以及阿布扎比、 乌干达、文莱、伊拉克4家分公司，控股泰国、巴西、加拿大3家子公 司。 为加快推进海外公司实体化本地化发展，增强海外资金池功能， 提升海外项目投标、运营保障能力，公司拟向国际有限公司增资6,800 万美元。 增资标的名称：COOEC International Co.,Limited（中文名称： 海油工程国际有限公司，以下简称"国际有限公司"）。 增资金额：6,800 万美元，全部为公司自有资金。 本次增资不属于关联交易，也不构成《上市公司重大资产重 组管理办法》规定的重大资产重组。 本次增资事项已经海洋石油工程股份有限公司（以下简称"公 司"） 第八届董事会第五次会议 ...

海洋石油工程股份有限公司 第八届董事会第五次会议决议公告 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。 一、董事会会议召开情况 海洋石油工程股份有限公司（以下简称"公司"）于 2024 年 8 月 6 日 以电子邮件送出方式向全体董事发出了《关于召开第八届董事会第五次会 议的通知》。2024 年 8 月 16 日，公司在天津市滨海新区召开了第八届董 事会第五次会议，会议由公司董事长王章领先生主持。 本次会议应到董事 6 人，现场实到董事 6 人，公司监事、部分高级管 理人员列席了本次会议，会议的召开符合法律、法规、规章及公司章程的 规定。 二、董事会会议审议情况 与会董事经认真审议并表决通过如下决议： （一）以 6 票同意、0 票反对、0 票弃权审议通过《公司 2024 年 半年度报告及摘要》（全文请见上海证券交易所网站 www.sse.com.cn）。 证券代码：600583 证券简称：海油工程 公告编号：临 2024-018 2024 年半年度财务报告已经公司 2024 年第三次董事会审计委 员会审议通过。 （二）以 6 ...