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) | | | [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 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号金隅大 厦B座 邮编：100031 25Q1 利润率创新高，公司业绩保持增长 [Table_ReportDate] 2025 年 4 月 28 日 [Table_S 事件：2025 ummar年y]4 月 25 日，海油工程发布 2025 年一季度报告，2025 年第 一季度，公司单季度营业收入 50.96 亿元，同比下降 10%，环比下降 46.5%；单季度归母净利润 5.41 亿元，同比上涨 14%，环比上涨 30%；单 季度扣非后净利润 4.77 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating expected performance above the benchmark index by over 15% [4]. Core Insights - The company reported a single-quarter revenue of 5.096 billion yuan in Q1 2025, a year-on-year decrease of 10% and a quarter-on-quarter decrease of 46.5%. However, the net profit attributable to the parent company was 541 million yuan, reflecting a year-on-year increase of 14% and a quarter-on-quarter increase of 30% [1][4]. - The gross margin for Q1 2025 was 16.15%, with a quarter-on-quarter increase of 2.76 percentage points and a year-on-year increase of 6.24 percentage points, marking the highest level since 2020 [4]. - The company has a robust order backlog, with total orders amounting to approximately 38.4 billion yuan as of the end of Q1 2025, despite a 45% year-on-year decrease in new contracts [4]. Financial Summary - Total revenue for 2023 is projected at 30.752 billion yuan, with a year-on-year growth rate of 4.7%. For 2024, revenue is expected to decline to 29.954 billion yuan, followed by a recovery to 32.411 billion yuan in 2025, representing an 8.2% growth [3]. - The net profit attributable to the parent company is forecasted to grow from 1.621 billion yuan in 2023 to 2.547 billion yuan in 2025, with year-on-year growth rates of 11.1% and 17.8% respectively [3]. - The report anticipates an increase in EPS (diluted) from 0.37 yuan in 2023 to 0.58 yuan in 2025, with corresponding P/E ratios decreasing from 14.92 to 9.50 [3][4].

Investment Rating - The report maintains a positive outlook on the petrochemical industry, particularly regarding propylene profitability and the expected tightening of supply-demand dynamics [4][5]. Core Insights - The report highlights the anticipated reduction in operating rates for PDH units due to high costs associated with U.S. propane imports, which could lead to a significant drop in propylene supply [4][5]. - It emphasizes the potential for increased imports from Japan and South Korea, although these may not fully compensate for the domestic supply gap [4][5]. - The report suggests that the overall profitability of PDH units remains low, and future tariffs could delay or cancel planned new capacity [4][5]. Summary by Sections Upstream Sector - Brent crude oil prices closed at $66.87 per barrel, a decrease of 1.60% from the previous week, while WTI prices fell by 2.57% to $63.02 per barrel [4][22]. - U.S. commercial crude oil inventories increased by 244,000 barrels, while gasoline inventories decreased by 4.476 million barrels [25][22]. - The report notes a stable day rate for self-elevating drilling rigs, indicating a recovery trend in the oil service sector [4][22]. Refining Sector - The report indicates an increase in overseas refined oil crack spreads, with Singapore's refining margin rising to $10.75 per barrel [4][22]. - The profitability of domestic refining products is expected to improve gradually as economic recovery progresses [4][22]. Polyester Sector - PTA profitability has increased, while polyester filament profitability has decreased, indicating mixed performance within the polyester supply chain [4][22]. - The report suggests that the polyester industry may see improvements in the medium to long term as new capacity comes online [4][22]. Investment Recommendations - The report recommends focusing on leading refining companies such as Hengli Petrochemical, Rongsheng Petrochemical, and Dongfang Shenghong due to favorable competitive dynamics [4][17]. - It also highlights the potential for valuation recovery in companies like Satellite Chemical and Tongkun Co., given the expected improvements in the industry [4][17].

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5] Core Views - The company has shown a continuous improvement in profit margins, with a gross margin of 16.15% and a net margin of 10.76% in Q1 2025, reflecting a year-on-year increase of 6.24 percentage points and 2.26 percentage points respectively [1] - The company has a robust order backlog of 38.4 billion, indicating a solid foundation for future growth despite a 45% year-on-year decline in new contracts signed in Q1 2025 [3] Financial Performance - In Q1 2025, the company reported a revenue of 5.1 billion, a decrease of 10.15% year-on-year, while the net profit attributable to the parent company was 540 million, an increase of 13.85% year-on-year [1] - The company’s EBITDA for 2025 is projected to be 4.52 billion, with a net profit forecast of 2.51 billion, reflecting a growth rate of 16.10% [4] Operational Metrics - The company completed the construction of 10 land-based jackets and 11 offshore jackets in Q1 2025, with a notable increase in offshore installation work [2] - The company laid 79.8 kilometers of subsea pipelines, an increase of 10.9 kilometers year-on-year, indicating enhanced operational capacity [2] Order Book and Projects - The company’s major domestic projects include the development of the Penglai 19-3 oilfield and the Dongfang 13-3 gas field, while international projects include the Total ALK subsea pipeline replacement [3] - The company’s order book remains strong, with a total of 384 billion in hand orders, providing a solid basis for future revenue [3]

证券代码：600583 证券简称：海油工程 公告编号：临 2025-019 海洋石油工程股份有限公司2024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0.201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 | 2025/5/7 | － | 2025/5/8 | 2025/5/8 | 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2025 年 4 月 8 日的2024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 0.201元（含税），共计派发现 ...

证券代码：600583 证券简称：海油工程 公告编号：临 2025-018 海洋石油工程股份有限公司 关于召开 2025 年第一季度业绩说明会的公告 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： 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 04 月 28 日（星期一）至 04 月 30 日（星期三） 16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公 司邮箱 tijing@cooec.com.cn 进行提问。公司将在说明会上对投资者 普遍关注的问题进行回答。 海洋石油工程股份有限公司（以下简称"公司"）已于 2025 年 4 月 26 日发布 2025 年第一季度报告，为便于广大投资者更全面深入地 了解公司 2025 年第一季度经营成果、财务状况，公司计划于 2025 年 05 月 06 日（星期二）09:00-10:00 举行 2025 年第一季度业绩说明会， 就投资者关心的问题进行交流。 一、 说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2025 年 1 ...

证券代码：600583 证券简称：海油工程 公告编号：临 2025-017 海洋石油工程股份有限公司 第八届董事会第十次会议决议公告 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 2025 年 4 月 14 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十次会 议的通知》。2025 年 4 月 24 日，公司以现场结合视频会议方式召开了第 八届董事会第十次会议，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，公司部分监事及高级管 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 2025 年第一季度报告》（全文请见上海证券交易所网站 www.sse.com.cn）。 2025 年第一季度财务报告已经公司 2025 年第二次董事会审计委 员会审议通过。 （二）以 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 509,612.27 million, a decrease of 10.15% compared to CNY 567,167.09 million in the same period last year[4] - Net profit attributable to shareholders was CNY 54,081.59 million, an increase of 13.85% from CNY 47,504.57 million year-on-year[4] - The net profit after deducting non-recurring gains and losses was CNY 47,682.94 million, reflecting a growth of 19.26% compared to CNY 39,982.49 million in the previous year[4] - Total revenue for Q1 2025 was CNY 509,612.27 million, a decrease of 10.14% from CNY 567,167.09 million in Q1 2024[19] - Net profit for Q1 2025 increased to CNY 54,844.51 million, representing a growth of 13.78% compared to CNY 48,187.38 million in Q1 2024[20] - Earnings per share for Q1 2025 was CNY 0.12, an increase from CNY 0.11 in Q1 2024[20] Cash Flow and Liquidity - The net cash flow from operating activities decreased by 21.45% to CNY 201,190.44 million from CNY 256,142.06 million year-on-year[4] - Cash flow from operating activities for Q1 2025 was CNY 201,190.44 million, a decrease of 21.5% from CNY 256,142.06 million in Q1 2024[22] - Cash inflow from operating activities totaled CNY 802,367.54 million in Q1 2025, down from CNY 889,261.54 million in Q1 2024[22] - The net cash flow from investing activities was -42,426.04 thousand, compared to 21,657.17 thousand in the previous period, indicating a significant decline[23] - The total cash outflow from financing activities was 2,921.99 thousand, up from 2,254.38 thousand, reflecting increased financial obligations[23] - The net increase in cash and cash equivalents was 157,023.38 thousand, down from 275,609.56 thousand, showing a decrease in liquidity growth[23] - The ending balance of cash and cash equivalents was 581,499.71 thousand, compared to 698,519.71 thousand at the end of the previous period, indicating a reduction in available cash[23] - The impact of exchange rate changes on cash and cash equivalents was 1,180.97 thousand, significantly higher than 64.71 thousand previously, suggesting increased volatility[23] Assets and Equity - The total assets at the end of the reporting period were CNY 4,916,913.60 million, an increase of 1.95% from CNY 4,823,088.27 million at the end of the previous year[4] - The equity attributable to shareholders increased by 2.06% to CNY 2,680,878.04 million from CNY 2,626,652.03 million at the end of the previous year[4] - The company's total equity rose to CNY 2,882,506.72 million in Q1 2025, up from CNY 2,827,517.79 million in Q1 2024[19] - Total liabilities increased to CNY 2,034,406.88 million in Q1 2025, compared to CNY 1,995,570.48 million in Q1 2024[19] Operational Highlights - The company achieved a contract value of 3.563 billion RMB during the reporting period, with a total backlog of approximately 38.4 billion RMB, ensuring stable business development[10] - Domestic oil and gas operations focused on increasing reserves and production, with key projects including the development of the Penglai 19-3 oilfield and the Dongfang 13-3 gas field[10] - The company completed 69 large-scale projects in the first quarter, with 4 projects finished, and installed 11 offshore jackets and 3 modules, marking a 22.92% increase in offshore operational days[12] - The company’s offshore engineering projects in Qatar and Uganda are progressing smoothly, with significant milestones achieved in complex international contracts[13] - The company is enhancing its logistics efficiency by approximately 30% through improved resource coordination in its international projects[13] Research and Development - Research and development expenses surged to CNY 19,004.99 million in Q1 2025, a significant increase from CNY 1,414.97 million in Q1 2024[19] - The company has initiated 376 technology innovation projects, including the successful assembly of China's first deep-water subsea tree, enhancing domestic oil and gas development capabilities[15] - The company is actively pursuing green engineering projects, including the largest deep-sea tension leg floating wind power platform, which aims to reduce carbon emissions[14] Strategic Focus - The company emphasized a focus on strategic management, cost reduction, and quality improvement to enhance core competitiveness[9] - The company received government subsidies amounting to CNY 718.82 million, which are closely related to its normal business operations[6] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 97,486[7] - The company reported a weighted average return on equity of 2.04%, an increase of 0.14 percentage points from 1.90% in the previous year[4] Accounting Changes - The company plans to implement new accounting standards starting in 2025, which may affect financial reporting[23]

海油工程（600583）公告，2025年第一季度营收为50.96亿元，同比下降10.15%；净利润为5.41亿元， 同比增长13.85%。 ...

据了解，ROV七功能机械手作为海洋工程的核心装备，其技术和加工制造难度极大，它具备伸、缩、 摆、转、张、握、夹七大功能，可在深海环境下精准完成调位、定位、观察、测量、推拉、拧紧等复杂 操作。 中新网天津4月24日电 (记者王君妍)记者23日从中国海油旗下海洋石油工程股份有限公司(以下简称"海 油工程")获悉，由该公司研发的中国首个深水油气行业水下机器人(以下简称"ROV")七功能机械手完成 陆地测试，标志着中国成为全球少数具备深水ROV核心装备设计、制造及应用能力的国家，为中国深 水油气资源开发提供了关键装备保障。 本次完成测试的机械手自重约60公斤，与国际同类产品相比重量减少35%，大幅降低了ROV的搭载难 度。在灵活性方面，其肩部与腕部的偏转角度分别达到270°和198°，可充分覆盖深海复杂环境下的操作 需求，有效提高作业效率。据介绍，在关键性能指标上，该机械手的轻量化水平、肩腕转角和夹持力等 指标均位居世界前列。 海油工程ROV大国工匠工作室领衔人韩超向记者介绍，机械手首次搭载了关节力反馈运动学解算与夹 爪力位双控等智能技术，实现了人机协同的精准操作，显著降低了操作难度并实现了多项关键技术的突 破。 据 ...