Investment Rating - The report maintains a "Buy" rating for the company, indicating that the stock is expected to outperform the benchmark index by more than 20% over the next 12 months [12]. Core Views - The company achieved a net profit of approximately 1.745 billion yuan in the first three quarters of 2024, representing a year-on-year increase of about 27%. In Q3 alone, the net profit was approximately 548 million yuan, up 41% year-on-year but down 24% quarter-on-quarter [1]. - Research and development expenses decreased by about 21% year-on-year to 642 million yuan, primarily due to early-stage projects in deep water, new engineering, and intelligent products. The net profit margin increased by 1.97 percentage points to 8.63% due to steady growth in workload and cost reduction efforts [1]. - The international offshore oil and gas engineering industry is gradually recovering, supported by increased capital expenditure from oil companies amid high oil prices. The company completed a steel processing volume of 356,000 tons in the first three quarters of 2024, remaining stable compared to the same period last year [1]. - The company has a robust order backlog of approximately 36.5 billion yuan, with a total market contract amount of 16.562 billion yuan in the first three quarters of 2024, including 5.326 billion yuan from overseas business, which accounts for 32.16% of the total [1][2]. Summary by Sections Financial Performance - For 2024, the company is projected to achieve a net profit of 2.303 billion yuan, reflecting a 42.1% year-on-year growth. The earnings per share (EPS) is expected to reach 0.52 yuan, with a price-to-earnings (P/E) ratio of 10.65 [4][8]. - Revenue is forecasted to grow from 30.752 billion yuan in 2023 to 34.058 billion yuan in 2024, representing a growth rate of 10.8% [4][8]. Market Outlook - The report highlights the company's strategic positioning to benefit from the recovery in the global offshore oil and gas engineering sector, supported by China's seven-year action plan for increasing reserves and production [2]. - The company is also expanding into emerging businesses such as LNG projects and offshore wind power, which are expected to drive future performance [2].

[ T able_StockInfo] 2024 年 10 月 27 日 证券研究报告•2024 年三季报点评 买入 （维持） 当前价：5.48 元 海油工程（600583）石油石化 目标价：——元（6 个月） 降本增效成效显著，24Q3 归母净利润同比+40.8% [Table_Summary 事件：公司发布] 2024年三季报。2024Q1-Q3，公司实现营业收入 204.3亿元， 同比减少 2.6%；归母净利润 17.4亿元，同比增长 27.1%；扣非净利润 13.1亿 元，同比增长 20.9%。2024Q3，公司实现营业收入 70.0亿元，同比增长 7.3%； 归母净利润 5.5亿元，同比增长 40.8%；扣非净利润 4.7亿元，同比增长 56.0%。 盈利能力显著提升。 工作量饱满，在手订单维持高位。2024Q3，公司实现新签订单 44.4 亿元； 2024Q1-Q3，公司累计新签订单 165.6 亿元，其中国内业务 112.4 亿，海外业 务 53.3亿，海外业务新签订单占比提升至 32.2%，同比提升 3个百分点。截至 报告期末公司在手订单 365亿元，为业务持续发展提供有力支撑。工作量方面， ...

Investment Rating - The report maintains a "Buy" rating for the company, with expected earnings per share (EPS) of 0.45, 0.55, and 0.64 for 2024, 2025, and 2026 respectively, corresponding to price-to-earnings (PE) ratios of 12.3, 9.9, and 8.5 times [3][5][11]. Core Views - The company's Q3 2024 revenue reached 7 billion yuan, a year-on-year increase of 7.3%, while net profit attributable to shareholders was 548 million yuan, up 40.8% year-on-year, indicating strong performance despite a quarter-on-quarter decline in revenue [1][3]. - The gross margin for Q3 2024 was 13.59%, an increase of 2.76 percentage points year-on-year, reflecting effective cost control and operational efficiency improvements [1][3]. - New contracts signed in Q3 2024 totaled 4 billion yuan, with domestic contracts showing a significant quarter-on-quarter increase of 157%, driven by domestic oil and gas exploration activities [3][4]. Financial Summary - The company's projected revenue for 2024 is 32.92 billion yuan, with a growth rate of 7.05% compared to 2023 [4][7]. - The net profit attributable to shareholders is forecasted to be 1.97 billion yuan in 2024, representing a growth rate of 21.74% [4][7]. - The company's total assets are expected to reach 45.45 billion yuan by 2024, with a debt-to-asset ratio of 38.64% [7]. Operational Performance - In Q3 2024, the company completed the construction of 8 land-based jackets and 7 offshore jackets, with a total of 138 kilometers of subsea pipelines laid, indicating robust operational activity [2][3]. - The company utilized 20,300 vessel days for offshore operations, a 3% increase from the same period last year [2]. Market Position - The report highlights the company's strong position in the domestic market, particularly in offshore oil and gas services, with a focus on enhancing operational efficiency and expanding its order book [3][5].

Investment Rating - The report maintains a rating of "Accumulate" for the company [2] Core Views - The company achieved a year-on-year growth of 27% in net profit attributable to shareholders in the first three quarters of 2024, despite a slight decline in total revenue [3][4] - The company is expected to benefit from the ongoing high demand in the oil and gas engineering sector, driven by increased capital expenditure from its parent company, China National Offshore Oil Corporation (CNOOC) [8][9] Summary by Sections Financial Performance - In the first three quarters of 2024, the company reported total revenue of 20.4 billion yuan, a decrease of 2.56% year-on-year, while net profit attributable to shareholders reached 1.745 billion yuan, an increase of 27% [3][4] - The third quarter alone saw a revenue of 7 billion yuan, up 7.29% year-on-year, and a net profit of 548 million yuan, up 41% year-on-year [3] Operational Highlights - The company completed a steel processing volume of 356,000 tons in the first three quarters, a year-on-year increase of 4.7%, and is set to enter a peak production phase with 35 projects expected to be completed in the second half of 2024 [5] - The company has a robust order backlog of approximately 36.5 billion yuan, providing strong support for ongoing operations [6] Market Development - The company signed new contracts worth 16.562 billion yuan in the first three quarters, a decrease of 37% year-on-year, with domestic contracts accounting for 11.236 billion yuan and international contracts 5.326 billion yuan [6] - The company is making significant strides in its international market development, with overseas contracts representing 32% of total new contracts signed [6][7] Industry Outlook - The global oil demand is projected to continue growing in 2024, with upstream exploration and development capital expenditures expected to exceed 600 billion USD, marking a 5.7% increase from 2023 [8] - CNOOC's capital expenditure budget for 2024 is set between 125 billion to 135 billion yuan, indicating continued investment in the oil and gas sector [8][9]

Investment Rating - The report maintains a "Buy" rating for the company, with projected PE ratios of 12x, 10x, and 8x for the years 2024, 2025, and 2026 respectively [7]. Core Views - The company reported a revenue of 20.43 billion yuan for the first three quarters of 2024, a year-on-year decline of 2.56%, while net profit attributable to shareholders increased by 27.11% to 1.75 billion yuan [8]. - The company has a strong order backlog of approximately 36.5 billion yuan, which is expected to support future performance despite a decline in new orders [9]. - The offshore capital expenditure is in an upward cycle, with stable support from China National Offshore Oil Corporation (CNOOC) orders, which are projected to be around 130 billion yuan [10]. Financial Summary - Total revenue is projected to grow from 30.75 billion yuan in 2023 to 46.90 billion yuan by 2026, with a compound annual growth rate (CAGR) of approximately 13.3% [6]. - The net profit attributable to shareholders is expected to increase from 1.62 billion yuan in 2023 to 3.05 billion yuan in 2026, reflecting a strong growth trajectory [6]. - The company's gross margin is expected to improve from 10.7% in 2023 to 12.2% by 2026, indicating better cost management and operational efficiency [6].

Investment Rating - The investment rating for CNOOC Engineering (600583.SH) is "Buy" [1]. Core Insights - In Q3 2024, the company achieved operating revenue of 20.426 billion yuan, a year-on-year decrease of 2.56%, while net profit attributable to shareholders was 1.745 billion yuan, an increase of 27% year-on-year [1]. - The company's cash flow from operating activities was 3.944 billion yuan, down 36.07% year-on-year, and the basic earnings per share were 0.39 yuan, up 26% year-on-year [1]. - The gross profit margin for Q3 2024 was 13.59%, an increase of 2.76 percentage points year-on-year, indicating improved profitability driven by increased offshore installation workload and cost reduction measures [1]. - New order signing slowed down in Q3 2024, with a total of 4.044 billion yuan in new contracts, a decrease of 52% year-on-year [1]. Financial Performance Summary - For Q3 2024, the company reported a net profit of 548 million yuan, up 41% year-on-year, but down 24.05% quarter-on-quarter [1]. - The company’s net profit margin was 7.66%, reflecting a year-on-year increase of 1.82 percentage points [1]. - The total order backlog at the end of Q3 2024 was approximately 36.5 billion yuan, providing strong support for the company's ongoing business development [1]. Earnings Forecast - The forecasted net profits for the company from 2024 to 2026 are 2.258 billion yuan, 2.581 billion yuan, and 2.915 billion yuan, with year-on-year growth rates of 39.3%, 14.3%, and 13.0% respectively [1][3]. - The diluted EPS for the same period is projected to be 0.51 yuan, 0.58 yuan, and 0.66 yuan, with corresponding P/E ratios of 10.73, 9.39, and 8.31 [1][3]. Operational Metrics - The company’s offshore installation workload increased significantly, with 0.89 million ship days, a year-on-year increase of 30.88% [1]. - The total steel processing volume was 84,700 structural tons, down 20.42% year-on-year, while the length of subsea pipeline laid was 138 kilometers, down 8% year-on-year [1].

证券时报e公司讯，海油工程(600583)10月27日晚间披露三季报，公司前三季度实现营业收入204.26亿 元，同比下降2.56%；净利润17.45亿元，同比增长27.11%；基本每股收益0.39元。 前三季度，公司累计实现市场承揽额165.62亿元，在依然保有传统油气市场优势下，海外市场开发显成 效。 ...

海洋石油工程股份有限公司 信息披露差错责任追究管理办法 二○一一年十二月二十七日公司第四届董事会第十次会议审议通过并实施 二○二四年十月二十五日公司第八届董事会第六次会议修订 第一章 总则 第一条 为了进一步提高公司规范运作水平，加强职业操守，加大对定期报 告、临时公告信息披露相关责任人员的问责力度，提高信息披露的质量和透明度， 增强信息披露的真实性、准确性、完整性和及时性，避免信息披露出现重大差错 或"低级错误"，推进公司内部控制制度建设，根据《中华人民共和国证券法》、 《上市公司信息披露管理办法》、《上市公司治理准则》和《上海证券交易所股票 上市规则》等法律、法规、规范性文件及《公司章程》的有关规定，结合公司的 实际情况，制定本办法。 第五条 有下列情形之一的，公司应当追究责任人的责任： （一）违反《公司法》、《证券法》、《企业会计准则》和《企业会计制度》等 国家法律法规的规定，使信息披露发生重大差错或造成不良影响的； （二）违反《上市公司信息披露管理办法》、《上海证券交易所股票上市规则》 以及中国证监会和上海证券交易所发布的有关年报信息披露指引、准则、通知等， 使信息披露发生重大差错或造成不良影响的； ...

Financial Performance - The company's operating revenue for Q3 2024 was CNY 699,662.76 million, representing a year-on-year increase of 7.29%[2] - Net profit attributable to shareholders for Q3 2024 was CNY 54,800.21 million, a significant increase of 40.80% compared to the same period last year[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 46,620.29 million, reflecting a growth of 56.01% year-on-year[2] - Basic earnings per share for Q3 2024 were CNY 0.12, up 33.33% year-on-year[3] - Diluted earnings per share for Q3 2024 were also CNY 0.12, reflecting the same growth of 33.33%[3] - The net profit for the third quarter of 2024 was CNY 176,221.32 million, an increase of 26.2% compared to CNY 139,595.96 million in the same period of 2023[18] - The total profit for the third quarter of 2024 reached CNY 202,701.73 million, up 24.9% from CNY 162,104.03 million year-over-year[18] - The basic and diluted earnings per share for the third quarter of 2024 were both CNY 0.39, compared to CNY 0.31 in the same quarter of 2023, reflecting a 25.8% increase[19] - The total comprehensive income for the third quarter of 2024 was CNY 176,475.04 million, compared to CNY 136,070.84 million in the same period of 2023, marking a 29.7% increase[19] Cash Flow and Assets - The net cash flow from operating activities for Q3 2024 was CNY 135,065.04 million, a decrease of 58.59% compared to the previous year[2] - Current assets totaled CNY 2,866,873.89 million, up from CNY 2,459,671.44 million year-over-year, showing improved liquidity[14] - The company's cash and cash equivalents rose to CNY 638,453.28 million, compared to CNY 432,081.13 million in the previous year, indicating stronger cash flow[14] - Cash flow from operating activities for the first three quarters of 2024 was CNY 394,441.61 million, down 36.3% from CNY 617,022.81 million in the previous year[21] - The company reported cash and cash equivalents at the end of the third quarter of 2024 amounting to CNY 627,464.42 million, slightly up from CNY 622,451.40 million at the end of the same quarter in 2023[22] - The company experienced a decrease in cash outflows related to operating activities, which totaled CNY 2,006,861.83 million, down from CNY 2,129,508.67 million in the previous year[21] Operational Highlights - The company achieved a market contract value of 4.044 billion RMB in the reporting period, with domestic oil and gas business contributing 3.689 billion RMB, overseas business 351 million RMB, and clean energy business 4 million RMB[12] - As of the end of the reporting period, the total backlog of orders was approximately 36.5 billion RMB, providing strong support for the company's ongoing business development[12] - In the first three quarters, the company accumulated a market contract value of 16.562 billion RMB, maintaining a traditional oil and gas market advantage while showing effective overseas market development[12] - Domestic business accounted for 11.236 billion RMB, representing 67.84% of total contracts, while overseas business reached 5.326 billion RMB, accounting for 32.16%, an increase of 3 percentage points year-on-year[12] - The company completed the construction of 43 jacket structures and 28 modules on land, and installed 29 jackets and 23 modules offshore, along with laying 306 kilometers of subsea pipelines in the first three quarters[11] - The company successfully completed the offshore installation of the Bohai Zhong 19-2 project central processing platform, marking a significant achievement in the Bohai Sea oil and gas production cluster[11] - The company is advancing its clean energy business, having delivered multiple large-scale LNG storage tanks and receiving stations, including the Zhuhai LNG Phase II project, which is the largest in South China[11] - The company is also progressing with the installation of the largest offshore wind power booster station in China, the Qingzhou Six offshore booster station, which is currently in the commissioning phase[11] - The company has made significant advancements in deepwater oil and gas development, successfully overcoming key technical challenges in the design and installation of deepwater platforms[11] Cost Management and Liabilities - Total revenue for the first three quarters of 2024 was CNY 2,042,601.30 million, a decrease of 2.6% compared to CNY 2,096,334.04 million in the same period of 2023[16] - Total operating costs for the first three quarters of 2024 were CNY 1,893,482.50 million, down from CNY 1,959,286.56 million in the previous year, reflecting a cost reduction strategy[16] - The total liabilities increased to CNY 1,986,680.25 million, compared to CNY 1,647,330.89 million, indicating increased leverage[15] - The company's equity attributable to shareholders rose to CNY 2,590,124.29 million from CNY 2,479,459.37 million, reflecting retained earnings growth[15] - Research and development expenses decreased to CNY 64,176.24 million from CNY 80,788.67 million, reflecting a strategic focus on cost management[16] Investment and Income - The company reported non-recurring gains totaling CNY 8,179.92 million for the current period[5] - The company recorded a significant increase in other income, which rose to CNY 3,205.34 million from CNY 1,984.61 million year-over-year[18] - The company's investment income increased to CNY 32,598.59 million in the first three quarters of 2024, compared to CNY 14,341.83 million in the same period of 2023, indicating a growth of 127.5%[21]

证券代码：600583 证券简称：海油工程 公告编号：临 2024-025 海洋石油工程股份有限公司 第八届董事会第六次会议决议公告 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 10 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六次 会议的通知》。2024 年 10 月 25 日，公司在天津市滨海新区召开了第八 届董事会第六次会议，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。 1 证券代码：600583 证券简称：海油工程 公告编号：临 2024-025 同意聘任中审众环会计师事务所（特殊普通合伙）为公司 2024 年度财务报告与内部控制审计机构，为公司提供会计报表审计以及 财务报告为主的内控审计服务和其他相关审计服务，聘期一年。授 权公司经营层与中审众环会计师事务所（特殊普通合伙） ...