证券代码：600583 证券简称：海油工程 公告编号：临 2024-011 2024 年第一季度财务报告已经公司 2024 年第二次董事会审计委 员会审议通过。 （二）以 6 票同意、0 票反对、0 票弃权审议通过《关于<公司 未来三年（2024-2026 年）股东回报规划>的议案》（股东回报规划 全文请见上海证券交易所网站 www.sse.com.cn）。 海洋石油工程股份有限公司 第八届董事会第四次会议决议公告 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 4 月 15 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四次会 议的通知》。2024 年 4 月 24 日，公司在天津市滨海新区召开了第八届董 事会第四次会议，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 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company [3][7]. Core Views - The company achieved a revenue of 30.75 billion yuan in 2023, a year-on-year increase of 4.75%, and a net profit attributable to shareholders of 1.62 billion yuan, up 11.08% year-on-year [2][4]. - The domestic revenue grew steadily, while the gross margin for overseas projects improved significantly [2]. - The company has effectively controlled expenses, with a net cash flow from operating activities reaching a record high of 5.13 billion yuan, a 54.67% increase year-on-year [2][4]. - The new production targets set by China National Offshore Oil Corporation (CNOOC) provide strong support for future work volume [2]. Financial Performance Summary - Revenue (in million yuan): 2022A: 29,358.37, 2023A: 30,752.04, 2024E: 33,414.78, 2025E: 36,323.17, 2026E: 39,500.74 [4]. - Net profit (in million yuan): 2022A: 1,457.41, 2023A: 1,620.51, 2024E: 1,888.54, 2025E: 2,077.83, 2026E: 2,148.68 [4]. - The return on equity (ROE) is projected to be 6.54% in 2023, increasing to 7.29% in 2024 [4][9]. Company Overview - The company is the only large-scale engineering contractor in China that integrates offshore oil and gas development engineering and liquefied natural gas engineering [5]. - It is one of the largest EPCI contractors in the Asia-Pacific region [5]. Market Data - The company's total market capitalization is 30.375 billion yuan [6]. - The stock price has ranged between 6.97 and 5.14 yuan over the past 52 weeks [6].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [2]. Core Views - The oil and gas industry is experiencing a recovery, and the leading offshore engineering company is expected to benefit significantly from this trend. The company has a robust order backlog and is well-positioned to capitalize on high capital expenditures in the upstream sector due to rising oil prices [1][2]. - The company achieved a record contract value of 33.986 billion yuan in 2023, with overseas contracts reaching 14.176 billion yuan, marking a historical high. The total uncompleted orders at the end of 2023 amounted to approximately 39.6 billion yuan, providing strong support for future workloads [1][2]. - The report forecasts revenue growth for the company from 33.756 billion yuan in 2024 to 40.972 billion yuan in 2026, with corresponding net profits increasing from 1.873 billion yuan to 2.676 billion yuan during the same period [2]. Summary by Sections Company Overview - The company is the largest and most powerful offshore oil and gas engineering contractor in the Asia-Pacific region, fully owned by CNOOC. It is the only large-scale engineering contractor in China that integrates design, procurement, construction, offshore installation, commissioning, and maintenance of offshore oil and gas development projects [1][6][8]. - The company has been recognized in the ENR rankings, placing 68th among the "Top 250 International Contractors" and 98th among the "Top 250 Global Contractors" in 2023 [1][6]. Financial Performance - The company’s revenue grew from 14.710 billion yuan in 2019 to 30.752 billion yuan in 2023, with a CAGR of 20.24%. Net profit increased from 28 million yuan in 2019 to 1.621 billion yuan in 2023, with a CAGR of 175.84% [11][12]. - The report anticipates continued revenue and profit growth, with net profit expected to reach 1.873 billion yuan in 2024, reflecting a year-on-year growth of 15.6% [2][11]. Market Conditions - The oil and gas industry is recovering, driven by high oil prices that stimulate upstream capital expenditures. The report highlights that the international oil market is expected to remain balanced in 2024, influenced by geopolitical factors and central bank policies [1][18]. - China's reliance on foreign oil and gas resources is high, with crude oil dependency reaching 72.93% and natural gas dependency at 42.2% in 2023. This situation underscores the importance of increasing domestic production to ensure energy security [1][24][25]. Investment Recommendations - The report suggests that the ongoing increase in domestic oil and gas capital expenditures, particularly in unconventional oil and gas exploration and development, will benefit the company significantly. The projected revenue and profit growth rates indicate a favorable investment opportunity [1][2][11].

%% research.95579.com %% 丨证券研究报告丨 公司研究丨点评报告丨海油工程（ ） 600583.SH [经Ta营b改le_善T分itle红] 提高，海外业务保障未来发展 报告要点 [公Ta司bl披e_露Su2m0m23ar年y]年度报告，报告期内公司实现营业收入307.52亿元，同比增长4.75%；归母 净利润16.21亿元，同比增长11.08%。另外本次派发现金6.50亿元，占2023年度归属于上 市公司股东净利润的 40.11%。工程项目稳步推进，工作量突破新高，多领域齐头并进获得突 破。积极推进市场开发，总承揽和海外承揽金额均创历史新高。国企改革外部催化，提高分红 ...

股票简称：海油工程 股票代码：600583 海洋石油工程股份有限公司 投资者关系活动记录表 □特定对象调研 □分析师会议 投资者关系活 □媒体采访 √业绩说明会 动类别 □新闻发布会 □路演活动 □现场参观 □其他 西南证券、首创证券、诚旸投资、国信证券、中信证券、熤德 投资、东海证券、西部证券、国联基金、中金公司、南方基金 石锋资产、中银国际证券、山西证券、兴业基金、广发证券、 参与单位名称 申万宏源、建信基金、光大证券、华安证券、银华基金、外贸 及人员姓名 信托、天风证券、大成基金、国泰君安、太平洋证券、中银证 券、信达证券、华泰资产、招银理财、瑞银证券、中信机构、 长信基金、东证资管、德邦基金、国联证券、银河证券、招商 证券、兴证全球基金、华夏未来资本 时间 2024 年3 月19 日 14:30-16:00 地点 天津香格里拉酒店二层小宴会厅 王章领 董事长、党委书记 上市公司接待 李 鹏 财务总监兼董事会秘书 人员姓名 李 欣 信息披露高级主管 提 静 投资者关系主管 Q1: 公司海外市场未来战略有哪些？目前有哪些重点跟踪项 目？ ...

[Table_Page] 年报点评|机械设备 证券研究报告 [海Table_油Title] 工程（600583.SH） [公Tab司le_I评nves级t] 买入 当前价格 6.24元 Q4 符合预期，24 年有望保持稳健增长 合理价值 9.07元 前次评级 买入 [Table_Summary] 报告日期 2024-03-21 核心观点： ⚫ 业绩符合预期，Q4减值计提影响业绩。公司发布2023年报，全年实 相[Ta对ble市_Pi场cQu表ote现] 现营收307.5亿元，同比增长4.8%；实现净利润16.2亿元，同比增 长 11.08%；实现扣非净利润 12.4 亿元，同比增长 44.9%。23Q4 公 15% 司实现营业收入97.9亿元，同比下降0.95%，实现扣非净利润1.6亿 8% 元，同比下降 33%。公司全年计提减值损失 2.43 亿元，影响业绩表 1% 03/23 05/23 07/23 09/23 11/23 01/24 03/24 现。总体来看，公司23年业绩实现稳健增长。 -6% ⚫ 订单增长亮眼、海外订单取得新突破、毛利率持续改善。公司2023年 -12% 全年新签订单339.9亿元， ...

证券研究报告·公司点评报告·油服工程 海油工程（600583） 2023 年年报点评：市场开拓顺利，分红比例 2024 年 03月 20日 提高回馈股东 证券分析师 陈淑娴 买入（维持） 执业证书：S0600523020004 chensx@dwzq.com.cn 盈[T 利ab 预le_ 测EP 与S 估] 值 2022A 2023A 2024E 2025E 2026E 研究助理 何亦桢 执业证书：S0600123050015 营业总收入（百万元） 29,358 30,752 32,821 34,422 36,112 heyzh@dwzq.com.cn 同比 48.31% 4.75% 6.73% 4.88% 4.91% 归母净利润（百万元） 1,459 1,621 1,941 2,327 2,754 股价走势 同比 294.51% 11.08% 19.76% 19.89% 18.36% 海油工程 沪深300 EPS-最新摊薄（元/股） 0.33 0.37 0.44 0.53 0.62 14% P/E（现价&最新摊薄） 19.00 17.11 14.28 11.92 10.07 11% 58 %% [ [TT ...

[Table_StockInfo] 买入 2024年 03月 19日 （维持） 证券研究报告•2023年年报点评 当前价： 6.27元 海油工程（600583） 石油石化 目标价： 8.28元（6个月） 受益于海洋油气高景气，业绩实现稳健增长 投资要点 西南证券研究发展中心 67591 [T ab事le件_S：u公mm司a发ry布] 2023年年报，2023年实现营收307.5亿元，同比增长4.8%； [分Ta析bl师e_：Au邰th桂or龙] 实现归母净利润 16.2亿元，同比增长 11.2%。Q4单季度来看，实现营业收入 执业证号：S1250521050002 97.9亿元，同比减少1.0%，环比增长50.1%；实现归母净利润2.5亿元，同比 电话：021-58351893 减少60.3%，环比减少36.3%。2023年整体业绩稳健增长。 邮箱：tgl@swsc.com.cn  国内外市场开拓实现巨大突破，工作量快速增长。2023年，公司实现市场承揽 [相Tab对le指_Q数u表ot现eP ic] 额 339.9亿元，同比增长 32.6%，其中海外油气业务承揽额 141.8亿元，同比 增长 233.0 ...

Investment Rating - The investment rating for the company is "Buy" with a target price indicating a potential return of over 20% within the next six months [5][14]. Core Insights - The company reported a revenue of 30.75 billion yuan in 2023, representing a year-on-year growth of 4.75%. The net profit for the same period was 1.62 billion yuan, reflecting an increase of 11.08% compared to the previous year [2][4]. - The company has seen a significant increase in overseas high-margin orders, with new contracts signed amounting to approximately 34 billion yuan, a year-on-year increase of 33%. Notably, overseas orders surged by 233%, now accounting for 42% of total new contracts [3][4]. - The dividend payout ratio has been increased to 40.11% of the net profit, up from 30.34% in 2022, indicating a commitment to returning value to shareholders [4]. Financial Data and Valuation - Revenue projections for the upcoming years are as follows: 32.92 billion yuan in 2024E, 35.60 billion yuan in 2025E, and 35.70 billion yuan in 2026E, with growth rates expected to stabilize [1][8]. - The company's EBITDA for 2023 is projected at 4.52 billion yuan, with a slight decline expected in 2024 to 3.82 billion yuan, before recovering in subsequent years [1][8]. - The net profit is forecasted to reach 1.97 billion yuan in 2024E, 2.45 billion yuan in 2025E, and 2.85 billion yuan in 2026E, with corresponding growth rates of 21.74%, 24.29%, and 16.19% respectively [1][8]. - The price-to-earnings (P/E) ratio is projected to decrease from 17.11 in 2023 to 9.73 by 2026, indicating an attractive valuation over time [1][10]. Order and Margin Performance - The gross margin for domestic projects slightly decreased to 9.44% in 2023, while the gross margin for overseas projects improved significantly to 16.15%, an increase of 10.57 percentage points from the previous year [3][4]. - The company’s net profit margin improved to 5.3% in 2023, up from 4.94% in 2022, reflecting effective cost control and operational efficiency [3][4].

公 司 研 究 [Table_Reportdate] 2024年03月20日 [Table_invest] [海Tabl油e_N工ewT程itle] （600583）：生产经营屡获突 买入（维持） 公 破，持续夯实高质发展 报告原因：业绩点评 司 ——公司简评报告 简 评 [table_main] [证Ta券b分le析_A师u thors] 投资要点 张季恺 S0630521110001 zjk@longone.com.cn ➢ 事件：2023年，海油工程实现营业收入307.52亿元，同比增长4.75%；归母净利润16.21 石 证券分析师 亿元，同比增长11.08%；扣非净利润12.37亿元，同比增长44.85%；经营活动现金流量净 油 谢建斌 S0630522020001 额51.25亿元，同比增长54.67%；基本每股收益0.37元，同比增长12.12%。其中2023年Q4 石 xjb@longone.com.cn 单季度实现营业收入97.89亿元，归母净利润2.48亿元。 证券分析师 化 ➢ 业绩维持高质发展轨道不变。公司2019-2023年度营业收入和归母净利润CAGR分别达 吴骏燕 S063051 ...