Core Viewpoint - China National Offshore Oil Corporation (CNOOC) has successfully integrated its Tianjin Intelligent Manufacturing Base into the Tianjin Lingang Comprehensive Bonded Zone, enhancing its international competitiveness in marine equipment [1] Group 1 - The Tianjin Lingang Comprehensive Bonded Zone officially passed inspection on August 21 [1] - CNOOC Engineering's Tianjin Intelligent Manufacturing Base is the first construction site of CNOOC to be included in the comprehensive bonded zone [1] - This development provides strong support for CNOOC to improve its international competitiveness in marine equipment [1]

事件描述 公司发布2025 年半年报，主营收入113.18 亿元，同比下降15.72%；归母净利润10.98 亿元，同比下降 8.21%；扣非净利润9.6 亿元，同比上升14.41%。其中单二季度主营收入62.22 亿元，同比下降19.8%； 归母净利润5.57 亿元，同比下降22.74%；单季度扣非净利润4.83 亿元，同比上升9.99%。 事件评论 油价下滑叠加交付节奏等问题，上半年工作量承压。公司推进国内外油气工程建设，2025年上半年完成 了 15 座导管架和8 座组块的陆地建造，同比减少57.14%和27.27%；完成19 座导管架和10 座组块的海上 安装，同比减少13.64%和增加11.11%；完成197 公里海底管线铺设，同比增加17.26%；建造业务完成钢 材加工量18.95 万吨，同比减少30.15%；安装等海上作业投入1.14 万船天，同比持平。总体而言，整体 工作量承压。 盈利能力持续改善，2025Q2 单季度毛利率是2020 年以来最高水平。2025 上半年，公司销售毛利率达到 16.25%，同比提升5.43pct，是2017 年以来同期最高水平；销售净利率达到9.93%，同比提升0 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company reported a 2025 semi-annual revenue of 11.318 billion yuan, a year-on-year decrease of 15.72%, while the net profit attributable to shareholders was 1.098 billion yuan, down 8.21%. However, the net profit excluding non-recurring items increased by 14.41% to 960 million yuan [2][6] - In Q2 2025, the company's revenue was 6.222 billion yuan, a decline of 19.8% year-on-year, with a net profit of 557 million yuan, down 22.74%. The quarterly net profit excluding non-recurring items rose by 9.99% to 483 million yuan [2][6] - The company's gross profit margin for Q2 2025 reached its highest level since 2020, with a sales gross margin of 16.33% and a net profit margin of 9.93%, indicating improved profitability [12] Summary by Sections Financial Performance - The company experienced a decline in overall workload due to falling oil prices and delivery schedules, completing fewer land constructions and installations compared to the previous year [12] - The company achieved a market contract amount of 12.068 billion yuan in the first half of 2025, a decrease of 3.59% year-on-year, but the order backlog remains robust at approximately 40.7 billion yuan, up 4.90% year-on-year [12] Market Outlook - The potential of marine oil and gas resources is significant, with the company expected to benefit from CNOOC's capital expenditure plans, which are projected to remain stable at 125-135 billion yuan for 2025 [12] - The government’s focus on "deep-sea technology" is anticipated to create new development opportunities for the company, particularly in deep-sea resource development and equipment manufacturing [12] Earnings Forecast - The expected EPS for 2025-2027 is projected to be 0.54 yuan, 0.60 yuan, and 0.65 yuan respectively, with corresponding PE ratios of 10.62X, 9.65X, and 8.86X based on the closing price on August 15, 2025 [12]

Core Viewpoint - The launch of China's first intelligent coating production line for offshore oil and gas equipment at CNOOC Engineering's Zhuhai manufacturing base marks a significant step towards the intelligent transformation of offshore oil and gas equipment manufacturing and the acceleration of new productive forces in the marine sector [1][3]. Group 1: Intelligent Coating Production Line - The intelligent coating production line is designed specifically for ultra-large tower structures and consists of four main components: roller frame, external wall spraying robot, internal wall spraying robot, and AGV intelligent track-type transfer vehicle [3]. - This production line features fully automated control, point-to-point precise spraying, autonomous programming, and obstacle avoidance capabilities, which enhance the efficiency and effectiveness of the coating process [3][4]. Group 2: Efficiency and Innovation - The new coating system can improve work efficiency by 4 to 8 times compared to traditional manual methods, addressing issues such as unstable paint film thickness and high energy consumption [4]. - The innovative application of over ten new technologies, including the development of the AGV intelligent track-type transfer vehicle, allows for complete automatic spraying of the internal walls of the tower in just 5 minutes, significantly reducing the time and potential for uneven coating [4]. Group 3: Future Developments - The company plans to explore the integration of AI autonomous learning algorithms to dynamically optimize spraying paths and paint film thickness, aiming to enhance precision and material utilization for customized production of offshore oil and gas equipment [6].

Core Insights - The first intelligent coating production line for offshore oil and gas equipment in China has been launched at CNOOC Engineering's Zhuhai deepwater equipment manufacturing base [1][2] - The coating process is crucial for protecting offshore oil and gas equipment from corrosion, extending structural life, and reducing maintenance costs [1] Group 1: Technology and Innovation - The intelligent coating production line is optimized for ultra-large tower structures and includes components such as roller frames, external and internal wall spraying robots, and AGV intelligent track vehicles [1] - The system features full intelligent control, point-to-point precise spraying, autonomous programming, and obstacle avoidance, improving work efficiency by 4 to 8 times compared to traditional manual methods [1] Group 2: Industry Challenges and Solutions - Traditional spraying operations in marine industrial manufacturing rely heavily on manual and machine spraying, leading to issues such as unstable paint film thickness, low efficiency, and high energy consumption [1] - CNOOC Engineering has developed the AGV intelligent track vehicle to achieve full coverage automatic spraying of the inner wall of the tower, addressing these challenges [1] Group 3: Future Developments - The company plans to explore the introduction of AI autonomous learning algorithms to dynamically optimize paths and paint film thickness, enhancing precision and material utilization for complex curved surfaces [2]

通过天眼查大数据分析，海洋石油工程股份有限公司共对外投资了7家企业，参与招投标项目5000次， 知识产权方面有商标信息27条，专利信息3033条，此外企业还拥有行政许可306个。 来源：金融界 资金流向方面，今日主力资金净流出1324.93万元，占比成交额3.57%。其中，超大单净流出881.77万 元、占成交额2.37%，大单净流出443.16万元、占成交额1.19%，中单净流出流入2803.32万元、占成交 额7.55%，小单净流出1478.39万元、占成交额3.98%。 海油工程最新一期业绩显示，截至2025中报，公司营业总收入113.18亿元、同比减少15.72%，归属净利 润10.98亿元，同比减少8.21%，扣非净利润9.60亿元，同比增长14.41%，流动比率1.602、速动比率 1.554、资产负债率40.37%。 天眼查商业履历信息显示，海洋石油工程股份有限公司，成立于2000年，位于天津市，是一家以从事土 木工程建筑业为主的企业。企业注册资本442135.48万人民币，实缴资本244634.05万人民币。公司法定 代表人为王章领。 金融界消息 截至2025年8月19日收盘，海油工程（600 ...

证券之星消息，8月19日油服工程板块较上一交易日下跌0.05%，科力股份领跌。当日上证指数报收于 3727.29，下跌0.02%。深证成指报收于11821.63，下跌0.12%。油服工程板块个股涨跌见下表： 从资金流向上来看，当日油服工程板块主力资金净流出3520.51万元，游资资金净流入907.6万元，散户资 金净流入2612.91万元。油服工程板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 600968 海油发展 | | 1793.32万 | 10.36% | 478.94万 | 2.77% | -2272.25万 | -13.13% | | 002828 贝肯能源 | | 1655.69万 | 7.47% | -2092.10万 | -9.43% | 436.40万 | 1.97% | | 002629 仁智股份 | | 1150.35万 | 6.12% | 214.36万 | 1. ...

信达证券研报指出，海油工程上半年实现归母净利润为10.98亿元，同比下降8.21%；Q2归母净利润5.57 亿元，同比下降22.74%，环比上涨3%。2025Q2，公司毛利率为16.33%，环比+0.18pct，同比+4.84pct， 继续创2020年本轮油价周期以来新高，该行认为随着公司持续降本增效以及海外高质量合同进入执行 期，公司盈利能力不断改善。25Q2公司实现新合同承揽额85.05亿元，同比+42%，其中海外新签主要包 括伊拉克米桑油田ESD系统升级改造项目等，截至Q2期末，公司在手订单总额约为407亿元，依然保持 充足状态。该行认为，公司未来有望受益于中海油高水平资本开支和行业景气度良好，2025-2027年公 司业绩或将持续增长，维持"买入"评级。 ...

事件：2025年8月15日，海油工程发布2025半年度报告，2025上半年，公司实现营业收入113.18亿元，同 比下降15.72%；归母净利润为10.98亿元，同比下降8.21%；扣非后归母净利润为9.60亿元，同比上涨 14.41%；基本每股收益0.25元，同比下降7.41%。 2025年第二季度，公司单季度营业收入62.22亿元，同比下降19.80%，环比上涨22%；单季度归母净利润 5.57亿元，同比下降22.74%，环比上涨3%；单季度扣非后归母净利润4.83亿元，同比上涨10%，环比上涨 1%。 点评： 信达证券（601059）股份有限公司胡晓艺,刘红光近期对海油工程（600583）进行研究并发布了研究报告 《Q2毛利率创新高，在手订单充足》，给予海油工程买入评级。 海油工程 盈利预测与投资评级：我们预测公司2025-2027年归母净利润分别为23.85、25.25和26.01亿元，同比增速 分别为10.3%、5.9%、3.0%，EPS(摊薄)分别为0.54、0.57和0.59元/股，按照2025年8月15日收盘价对应的 PE分别为10.68、10.08和9.79倍。我们认为，公司未来有望受益于中 ...

（文章来源：每日经济新闻） 信达证券8月18日发布研报称，给予海油工程（600583.SH）买入评级。评级理由主要包括：1）第二季 度公司毛利率创新高；2）公司陆上工作量明显下降，在手订单充足。风险提示：宏观经济波动和油价 下行风险；需求恢复不及预期风险；上游资本开支不及预期风险；地缘政治风险；汇率波动风险。 ...