Core Viewpoint - The company is advancing its digital training transformation through the "Iron Army Online e-Learning Platform," focusing on enhancing the skills of frontline employees and creating an intelligent, precise training system to drive high-quality development [1][2] Group 1: Training System Development - The company has categorized training into four main groups: team leaders, well control device operators, pipe repair workers, and non-destructive testing workers, achieving a "one person, one position, one strategy" precise matching [1] - A total of 1,162 core training questions have been organized and launched, covering key areas such as safety regulations, equipment operation, and emergency response, allowing employees to utilize fragmented time for tiered training [1] Group 2: Integration and Assessment - The company has integrated the "Iron Army Online e-Learning Platform" with the Sinopec Network Academy's "Pipe Tool Training Zone," creating a comprehensive "learning-practice-assessment" closed-loop mechanism [1] - The "Pipe Tool Training Zone" conducts targeted online assessments based on daily practice data, enabling quantifiable and traceable training outcomes [1] Group 3: Digital Training Ecosystem - The company is expanding its digital training ecosystem by developing management training courses focused on safety and risk prevention, enhancing the question bank for team leaders and frontline management personnel [2] - By leveraging big data analysis, the company has established a virtuous cycle of "demand response - resource supply - effect feedback," providing precise intellectual support for high-quality development [2] Group 4: Future Directions - The company plans to continuously improve platform functionality, strengthen data-driven capabilities, and deepen the integration of training resources with production needs to support the development of an industry-leading pipe tool technology company [2]

Core Viewpoint - The marine engineering equipment manufacturing industry in China is experiencing high-quality development, significantly supporting the marine economy and the construction of a maritime power. The industry is projected to achieve a value-added of 103.2 billion yuan in 2024, representing a growth of 9.1% compared to 2023 [1][20]. Group 1: Industry Overview - The marine oil and gas engineering equipment sector is crucial for the development of marine resources, with advancements in technology leading to the establishment of various standards and series of equipment [1][4]. - Recent achievements include the construction of significant marine equipment such as the FPSO "Ocean Oil 119" and the semi-submersible production and storage platform "Deep Sea No. 1" [1][20]. - The utilization rates of marine drilling equipment in China are notably higher than the global average, with mobile drilling equipment at 93% [1][20]. Group 2: Industry Development History - The marine oil and gas engineering equipment industry in China began in the 1960s, initially relying on imported technology and equipment. Over the decades, the industry has evolved, with significant advancements in domestic capabilities [6]. - The introduction of policies supporting equipment localization has led to breakthroughs in key technologies, particularly in deepwater and ultra-deepwater equipment [6][8]. Group 3: Industry Policies - The Chinese government has implemented various policies to support the marine engineering equipment sector, including plans to enhance the production capacity of marine engineering products and accelerate the development of new equipment [8][10]. - The Ministry of Industry and Information Technology has also promoted the integration of 5G technology in marine applications, enhancing operational efficiency [8][10]. Group 4: Industry Chain - The marine oil and gas engineering equipment industry chain consists of upstream design and raw material supply, midstream manufacturing, and downstream service provision to oil service companies and operators [11]. Group 5: Market Trends - The industry is expected to see continued demand growth, particularly in deepwater and unconventional resource development, driven by technological advancements and the push for sustainable practices [29][30][32]. - The focus on green technology and low-carbon solutions is becoming increasingly important, with a shift towards renewable energy equipment and environmentally friendly materials [30][32]. Group 6: Key Companies - Major players in the industry include CNOOC Engineering, CNOOC Services, and China Shipbuilding Industry Corporation, which dominate various segments of the marine oil and gas exploration and production equipment market [22][23]. - CNOOC Engineering is recognized as the largest marine oil and gas engineering contractor in the Asia-Pacific region, while CNOOC Services is a leading offshore drilling contractor [25][27].

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]