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%。 ...

重要内容提示： 证券代码：600583 证券简称：海油工程 公告编号：临 2025-016 海洋石油工程股份有限公司 关于全资子公司对外提供财务资助的进展公告 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。 1 财务资助概述：海洋石油工程股份有限公司（以下简称：公 司）分别于 2024 年 12 月 18 日和 2025 年 4 月 8 日召开第八 届董事会第七次会议和 2024 年年度股东大会，审议通过《关 于全资子公司对外提供财务资助的议案》，为满足 COOEC AND CPECC JOINT VENTURE（以下简称：翠鸟联合体）的项目建设 资金需求，同意根据翠鸟联合体协议约定，由公司全资子公 司海油工程国际有限公司在乌干达注册成立的分公司海油工 程国际有限公司乌干达分公司（以下简称：国际有限公司乌 干达分公司）与联合体另一方按照各自在联合体权益份额占 比分别向翠鸟联合体提供不超过 650 万美元、同等金额的财 务资助，期限一年，利率 6%/年。 财务资助进展情况：近日，根据翠鸟联合体的生产经营资金 需求，国际有限公司乌 ...

证券代码：600583 证券简称：海油工程 公告编号：临 2025-015 海洋石油工程股份有限公司 关于控股股东首次增持公司股份的公告 首次增持完成前后，公司控股股东的持股情况如下： 重要内容提示： 1 ● 海洋石油工程股份有限公司（以下简称"公司"）于 2025 年 4 月 9 日披露了《海油工程关于控股股东增持公司股份计划的公告》。公司控股 股东中国海洋石油集团有限公司（以下简称 "中国海油集团"） 拟自 2025 年 4 月 9 日起 12 个月内通过上海证券交易所采用集中竞价方式增持公司 A 股股份，增持总金额不低于人民币 3 亿元（含本数），不高于人民币 5 亿元（含本数）（以下简称"增持计划"）。 ● 首次增持情况：2025 年 4 月 16 日，中国海油集团通过上海证券 交易所系统以集中竞价交易方式增持了公司 A 股股份 2,560,200 股（以 下简称"首次增持"），约占公司总股本的 0.058%。 ●相关风险提示：本次增持计划可能存在因资本市场情况发生变化或 目前尚无法预判的其他风险因素导致增持计划的实施无法达到预期的风 险，敬请广大投资者注意投资风险。 2025 年 4 月 16 日收 ...

Investment Rating - The report maintains a positive outlook on the petrochemical industry, indicating potential for excess returns in certain segments under tariff impacts [4][5]. Core Insights - The petrochemical index has historically underperformed the broader market, but segments like refining and oil services have shown periods of excess returns [5][6]. - As of April 11, 2025, refining margins for major domestic refineries reached 767 CNY/ton, with a significant month-on-month increase of 24.16% [9]. - The report highlights that the current procurement of crude oil in China is primarily from Russia and Middle Eastern countries, limiting the impact on refining costs from U.S. imports [9]. - The oil service sector is expected to continue its upward trend due to domestic requirements for increased reserves and production [11]. Summary by Sections Upstream Sector - Brent crude oil prices closed at 64.76 USD/barrel on April 11, 2025, reflecting a decrease of 1.25% from the previous week [20]. - The number of active oil rigs in the U.S. decreased to 583, down by 7 rigs week-on-week [30]. Refining Sector - The report notes a recovery in refining profitability, with domestic refining margins improving significantly [9]. - The Singapore refining margin for major products was reported at 9.87 USD/barrel, down by 4.08 USD/barrel from the previous week [9]. Polyester Sector - PTA profitability has increased, with the average price in East China at 4316.25 CNY/ton, down 11.43% week-on-week [9]. - The report suggests that the polyester industry is currently underperforming but may improve as new capacities are expected to taper off in the coming years [9]. Investment Recommendations - The report recommends focusing on high-quality refining companies such as Hengli Petrochemical, Rongsheng Petrochemical, and Dongfang Shenghong due to favorable competitive dynamics [16]. - It also suggests looking at companies with high dividend yields like China Petroleum and China National Offshore Oil Corporation [16]. - For the ethylene production segment, Satellite Chemical is highlighted as a key player due to favorable supply-demand dynamics [16]. - In the polyester sector, companies like Tongkun Co. and Wankai New Materials are recommended as they are expected to benefit from tightening supply-demand conditions [16].