Workflow
COOEC(600583)
icon
Search documents
海油工程深度报告:国内海工行业EPCI龙头,国内外业务稳步增长
ZHESHANG SECURITIES· 2024-07-29 14:22
Investment Rating - The report gives a "Buy" rating for the company with a target price of ¥6.47 per share, based on a 15x PE multiple for 2024 [2] Core Views - The company is the leading EPCI (Engineering, Procurement, Construction, and Installation) player in China's offshore oil and gas engineering sector, with stable growth in both domestic and international revenues [1] - The company is transitioning from an international subcontractor to a general contractor, which is expected to enhance its profitability and competitive advantage [1][3] - The offshore oil and gas industry is expected to remain highly active, with deepwater development becoming a key focus, benefiting the marine oilfield services sector [1][10] Domestic Business - In 2023, the company's domestic revenue reached ¥24.7 billion, with offshore engineering revenue accounting for ¥22.6 billion, a 10.8% YoY increase [1] - The company's domestic revenue is highly correlated with CNOOC's capital expenditures, which are expected to remain high, supporting the company's domestic growth [1][27] - Domestic non-offshore engineering revenue, mainly from LNG receiving station projects, declined by 9.1% in 2023, but the company still has potential for future orders as 11 LNG receiving stations are expected to be operational during the "15th Five-Year Plan" period [1][27] International Business - In 2023, the company's international revenue was ¥6 billion, with new contract awards reaching a record high of ¥14.2 billion, driven by three major EPCI projects in the Middle East [1][27] - The company aims to achieve a revenue target of ¥60 billion by 2035, with a balanced contribution from domestic oil and gas, clean energy, and international businesses [1] - The company is transitioning from a subcontractor to a general contractor in international markets, which is expected to improve its pricing power and profitability [1][51] Industry Outlook - The oilfield services industry is expected to remain robust, with oil prices projected to stay at mid-to-high levels in 2024-2025, supporting upstream capital expenditures [10][12] - Deepwater and ultra-deepwater oil and gas development is becoming a key focus, with global offshore oil and gas capital expenditures reaching $116 billion in 2023 and expected to rise to $125 billion in 2024 [10][15] - The shift in upstream investment towards offshore projects is expected to benefit the marine oilfield services sector, with offshore exploration and development investments projected to grow at an annual rate of 6.8% from 2022 to 2026 [10][15] Profit Forecast and Valuation - The company is expected to achieve net profits of ¥1.907 billion, ¥2.336 billion, and ¥2.662 billion in 2024, 2025, and 2026, respectively, with EPS of ¥0.43, ¥0.53, and ¥0.60 per share [2] - The company's PE ratios for 2024-2026 are estimated at 12.6x, 10.3x, and 9.0x, respectively, based on the forecasted earnings [2] Competitive Advantages - The company has significant scale advantages, with a total land area of nearly 4 million square meters and a fleet of 19 vessels, including deepwater construction and installation capabilities [53][55] - The company's transition to a general contractor model in international markets is expected to enhance its profitability and market position [51][52] - The company's cost structure is expected to improve as it increases its self-built engineering capacity, reducing reliance on subcontractors and lowering costs [57]
海油工程:公告点评:与浦项制铁签署5.23亿美元总承包合同,海外业务持续高质量发展
EBSCN· 2024-07-19 00:01
Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 5.67 RMB [4] Core Views - The company signed a $523 million EPC contract with POSCO International for the SHWE gas field development in Myanmar, marking a significant step in its overseas strategy [1][2] - The project demonstrates the company's deepwater EPC capabilities, as it involves work at depths exceeding 1,000 meters [2] - Overseas projects continue to progress steadily, with key projects in Saudi Arabia, Uganda, Brazil, and Qatar advancing as planned [2] - The company is expected to benefit from the high industry growth and increased upstream capital expenditure by its parent company [2] Financial Performance - Revenue is projected to grow from 29.36 billion RMB in 2022 to 49.65 billion RMB in 2026, with a CAGR of 14.1% [4] - Net profit is forecasted to increase from 1.46 billion RMB in 2022 to 2.50 billion RMB in 2026, with a CAGR of 14.6% [4] - EPS is expected to rise from 0.33 RMB in 2022 to 0.57 RMB in 2026 [4] - ROE is projected to improve from 6.15% in 2022 to 8.60% in 2026 [4] Industry Outlook - Global upstream exploration and development capital expenditure is expected to exceed $600 billion in 2024, a 5.7% increase from 2023 [2] - The parent company, CNOOC, has set a capital expenditure budget of 125-135 billion RMB for 2024, representing continued growth from 2023 [2] Valuation Metrics - The company's P/E ratio is expected to decline from 17x in 2022 to 10x in 2026 [4] - The P/B ratio is projected to decrease from 1.1x in 2022 to 0.9x in 2026 [4] - EV/EBITDA is forecasted to drop from 10.8x in 2022 to 4.1x in 2026 [8] Operational Highlights - In Q1 2024, the company secured new contracts worth 6.52 billion RMB, an 11% YoY increase [2] - Domestic new contract value reached 6.11 billion RMB in Q1 2024, up 17% YoY [2] - Overseas new contract value was 407 million RMB in Q1 2024, down 39% YoY [2]
海油工程:海油工程自愿披露关于海外项目的公告
2024-07-18 07:35
证券代码:600583 证券简称:海油工程 编号:临 2024-016 海洋石油工程股份有限公司 自愿披露关于海外项目的公告 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。 特别提示: 1、项目的重大风险及不确定性:在项目履行过程中,受外部宏 观环境重大变化、国家有关政策变化以及其他不可预见或不可抗力等 因素,将可能影响项目的履行情况。 2、对上市公司的影响:本项目如顺利实施,将对公司未来业绩 和市场形象产生积极影响,对公司当年损益的影响情况需以审计机构 年度审计确认后的结果为准。 一、项目基本情况 海洋石油工程股份有限公司(以下简称"公司")于 2024 年 7 月 17 日与韩国浦项制铁国际公司签署 SHWE 气田四期开发总包合同, 公司作为总包商将承担设计、采购、海上运输安装及预调试总承包工 作,合同金额约为 5.23 亿美元。 二、项目合作方介绍 | 合作方全名 | POSCO INTERNATIONAL Corporation | | --- | --- | | 成立时间 | 2000 | | 当地注册税号 | 10 ...
海油工程:海油工程2023年年度权益分派实施公告
2024-06-11 11:23
证券代码:600583 证券简称:海油工程 公告编号:临 2024-015 海洋石油工程股份有限公司 2023 年年度权益分派实施公告 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: 每股分配比例 A 股每股现金红利 0.147 元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权(息)日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | A股 | 2024/6/17 | - | 2024/6/18 | 2024/6/18 | 差异化分红送转: 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司 2024 年 5 月 16 日的 2023 年年度股东大会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后,在中国证券登记结算有限责任公司上海分 公司(以下简称"中国结算上海分公司")登记在册的本公司全体股东。 3. 分配方案: 本次利润分配以方案实施前的公司总股本 4,421,354,800 股为基数,每股派发现金红利 0.1 ...
海油工程首次覆盖报告:受益于油服高景气,多元布局行稳致远
Yong Xing Zheng Quan· 2024-06-02 06:30
海油工程(600583) 公司研究/公司深度 6 证 受益于油服高景气,多元布局行稳致远 券 ——海油工程首次覆盖报告 研 究 报 ◼ 核心观点 告 买入( 首次) 领跑海洋油气工程赛道,加大分红回报股东。作为亚太地区规模最大、 实力最强的海洋油气工程总承包之一,公司背靠中海油集团,在立足 公 传统海洋工程主业的基础上,业务拓展至陆地 LNG 工程等清洁能源 行业: 石油石化 司 领域,推动公司2024Q1归母净利润达到4.75亿元。同时,2023年公 日期: y 20x2z4q年da0te5m月a3r1k日 研 司股利分配率同比增长约 9.77pct 达到 40.11%。未来随着公司业绩增 究 长,分红水平或继续提升。 分析师: 赵飞 高油价助力油服景气向上,行业龙头持续受益。OPEC+的坚持减产为 E-mail: zhaofei@yongxingsec. 油价提供了较强的底部支撑,同时美国页岩油产量增幅相比 2023 年 com 或大幅放缓,原油供需紧平衡的态势有望维持,对高位油价形成支撑, SAC编号: S1760524040002 推动全球油服市场持续复苏,而公司作为国内唯一的大型海洋油气工 程总承包 ...
海油工程:工作量饱满订单充足,行业复苏海工龙头持续受益
Changjiang Securities· 2024-05-17 09:02
Investment Rating - The report maintains a "Buy" rating for the company [8][10]. Core Views - The company has a full workload and sufficient orders, benefiting from the recovery of the offshore engineering industry [5][6]. - In Q1 2024, the company achieved total revenue of 5.672 billion yuan, a year-on-year decrease of 11.33%, while net profit attributable to shareholders increased by 5.96% to 475 million yuan [6]. - The company completed a record steel processing volume of 472,000 tons in 2023, a 25% increase year-on-year, and is actively advancing domestic and international oil and gas engineering projects [7]. - The company secured a market contract amount of 33.986 billion yuan in 2023, a 32.55% year-on-year increase, with overseas contracts reaching 14.176 billion yuan, a 233% increase [7]. - The potential of offshore oil and gas resources is significant, and the company is expected to benefit from increased capital expenditure by CNOOC [7]. - The company has announced a shareholder return plan, aiming for a cash dividend payout ratio of no less than 30% in the future [8]. Summary by Sections Financial Performance - In Q1 2024, the company reported total revenue of 5.672 billion yuan, a decrease of 11.33% year-on-year, while net profit attributable to shareholders was 475 million yuan, an increase of 5.96% [6]. - The company expects EPS for 2024-2026 to be 0.49 yuan, 0.61 yuan, and 0.78 yuan, respectively, with corresponding PE ratios of 13.05X, 10.43X, and 8.13X [8]. Market Development - The company has a robust order backlog of approximately 40.5 billion yuan, providing strong support for future workloads [7]. - The company is actively developing markets and has made significant breakthroughs in international contracting, transitioning from subcontractor to general contractor [7]. Industry Outlook - The offshore oil and gas sector is expected to see increased activity, with CNOOC's capital expenditure budget for 2024 set between 125 billion and 135 billion yuan, indicating growth potential for the offshore service industry [7].
海油工程:海油工程2023年年度股东大会决议公告
2024-05-16 10:09
证券代码:600583 证券简称:海油工程 公告编号:临 2024-014 海洋石油工程股份有限公司 (四) 表决方式是否符合《公司法》及《公司章程》的规定,大会主持情况等。 本次会议由公司董事会召集,公司董事长王章领先生主持会议。本次股东大 (一) 股东大会召开的时间:2024 年 5 月 16 日 (二) 股东大会召开的地点:天津港保税区海滨十五路 199 号海油工程 A 座办 公楼会议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况: 会采用现场投票和网络投票相结合的方式表决,会议的召集、召开程序符合《公 司法》、《证券法》、《上市公司股东大会规则》等有关法律、法规、规范性文件及 《公司章程》的规定。 (五) 公司董事、监事和董事会秘书的出席情况 二、 议案审议情况 2023 年年度股东大会决议公告 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。 重要内容提示: 本次会议是否有否决议案:无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 36 | | --- | --- | | ...
海油工程:北京市君合律师事务所关于海油工程2023年年度股东大会的法律意见书
2024-05-16 10:09
北京市建国门北大街 8 号华润大厦 20 层 邮编:100005 电话:(86-10) 85191300 传真:(86-10) 85191350 junhebj@junhe.com 北京市君合律师事务所 关于海洋石油工程股份有限公司 2023 年年度股东大会的法律意见书 一、关于本次股东大会的召集和召开 (一)根据贵公司第八届董事会第三次会议决议以及 2024 年 4 月 25 日在上 海证券交易所网站上刊载的《海洋石油工程股份有限公司关于召开 2023 年年度 股东大会的通知》(以下简称"《股东大会通知》"),贵公司董事会已就本次股 东大会的召开作出决议,并于会议召开二十日前以公告形式通知了股东,《股东 大会通知》中有关本次股东大会会议通知的内容符合《公司章程》的有关规定。 (二)根据本所律师核查,本次股东大会采取现场投票与网络投票相结合的 方式召开。 (三)根据本所律师核查,贵公司通过上海证券交易所交易系统和互联网投 票系统向贵公司股东提供了网络投票服务。其中,通过交易系统投票平台的投票 时间为股东大会召开当日的交易时间段,即9:15-9:25,9:30-11:30,13:00-15:00; 通过互联网投 ...
海油工程:海油工程2023年年度股东大会上网资料
2024-05-08 10:47
2023 年年度股东大会 会 议 资 料 股票简称:海油工程 股票代码:600583 天津滨海新区 二〇二四年五月十六日 海洋石油工程股份有限公司 2023 年年度股东大会 材 料 目 录 会 议 议 案 8.审议《关于<公司未来三年(2024-2026 年)股东回报规划>的议案》。 第 2 页 共 23 页 一、2023 年年度股东大会会议议程 二、股东大会表决及选举办法的说明 三、本次股东大会审议事项 1.审议《公司 2023 年董事会工作报告》; 2.审议《公司 2023 年监事会工作报告》; 3.审议《公司 2023 年度财务决算报告》; 4.审议《公司 2023 年度利润分配方案》; 5.审议《公司 2023 年年度报告及摘要》; 6.审议《关于续聘 2024 年度公司财务和内部控制审计机构的议案》; 7.审议《关于修订<海洋石油工程股份有限公司独立董事工作规则> 的议案》; 海洋石油工程股份有限公司 2023 年年度股东大会议程 现场会议时间:2024 年 5 月 16 日(星期四)下午 14:30 网络投票时间:采用上海证券交易所网络投票系统,通过交易系统投 票平台的投票时间为股东大会召开当日的 ...
海油工程20240425
2024-04-27 13:13
都还好公司的这样一个这样一个节点吧啊那么呃我们也是非常荣幸啊请到里领导来帮我们再做一下更详细的解读啊那么接下来呢我们就把时间啊交给咱们李总啊来为我们啊进行一个啊简要的回顾还有重点的一个点评然后呢稍后我们再进入我们的投资者交流环节啊谢谢李总好 呃各位投资总监基金经理研究员朋友们大家下午好今天会议主要是就公司二零二四年一季度的业绩及生产经营情况和大家进行简要的沟通交流并且对二零二四年的全年情况做一个简要的展望呃根据公司对外发布的一季度的业绩我们在一季度呢坚持战略引领呃工作量稳定的持续增长管理效能持续的提升呃季度的盈利呢创造了五年同期的一个新的高点 资本结构继续保持稳定现金流是充裕的实现了公司首季度的开门红在经营业绩方面一季度实现的营业收入是56.7个亿归属于上市股东的净利润4.75个亿同比增长了6%季末的总资产是441.92亿元资产负债率是38.3%在国内外的业务开展方面一季度实现的市场承揽额是65.17亿元 教室二年同期增长了11%主要是来自于国内业务的订单的一个增加海外业务方面新增的订单比去年同期略有下降主要是在我们海外三个区域的亚太区承揽的一些小规模的订单还有在北美的油砂资产上承接的一些作为现场的改造升级项 ...