股票简称：海油工程 股票代码：600583 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（线上） | | 动类别 | □新闻发布会 | □路演活动 | | | □现场参观 | □其他 | | | | 汉享投资、大家资产、泓德基金、浙江米仓资产、博时基金、 | | | | 建信基金、上海混沌投资、大成基金、平安基金、红土创新基 | | | | 金、淡水泉（北京）投资管理、建信理财、上海人寿保险、长 | | 参与单位名称 | | 城基金、上海名禹资产、中国国际金融、西部证券、东海证券、 | | 及人员姓名 | | 华福证券、中信建投、上海朴信投资、朱雀基金、中信保诚基 | | | | 金、建信基金、浙商证券、工银理财、海南君阳私募基金、海 | | | | 富通基金、华泰证券、国泰 ...

是关于海油工程2024年半年报的解读我们非常荣幸邀请到公司的财务管理部总经理耀宝欣耀总首先恭喜公司取得上半年在业绩方面和订单方面的靓丽的成绩然后接下来的时间交给耀总请帮我们做一个简单的介绍好的 各位投资总监 基金经理 研究员朋友们大家下午好 今天会议主要是就公司2024年半年度业绩以及生产经营等问题与大家进行沟通交流并对公司2024年下半年情况做一个简要的展望2024年8月19日海湾工程对外发布2024年半年度业绩公司高质量发展加持最近经营业绩持续向好资产平稳增长效益大幅提升现金流充裕上半年公司实现营业收入134.29亿元人民币 利润总额14.16亿元人民币保持同期较高水平归属于上市公司股中的净利润11.97亿元人民币同比增长21.69%截至2024年6月末总资产462.2亿元归属于上市公司股中的净资产253.38亿元资产负债率40.82%公司有期推进市场开发上半年整体市场态势良好 上半年实现承揽额125.18亿元其中清内油期业务承揽额75.39亿元新签项目主要包括国中266油田开发项目国中192油田开发项目等海外业务承揽额49.74亿元上半年新签合同总额约40%创近5年内同期新高新签项目主要包括主项制铁四期 ...

[Table_Reportdate] 2024年08月20日 公 司 简 评 [Table_invest] 买入（维持） 报告原因：业绩点评 [证券分析师 Table_Authors] 张季恺 S0630521110001 zjk@longone.com.cn 证券分析师 谢建斌 S0630522020001 xjb@longone.com.cn 证券分析师 吴骏燕 S0630517120001 wjyan@longone.com.cn 联系人 花雨欣 hyx@longone.com.cn | --- | --- | |-------------------------|------------| | 数据日期 Table_cominfo] | 2024/08/19 | | 收盘价 | 5.65 | | 总股本(万股) | 442,135 | | 流通A股/B股(万股) | 442,135/0 | | 资产负债率(%) | 40.82% | | 市净率(倍) | 0.91 | | 净资产收益率(加权) | 4.77 | | 12个月内最高/最低价 | 6.97/4.90 | [Table_QuotePic] ...

Investment Rating - The report maintains a "Buy" rating for the company [6][7]. Core Insights - The company achieved a revenue of 13.43 billion yuan in H1 2024, a year-on-year decrease of 7.01%, while the net profit attributable to shareholders increased by 21.69% to 1.20 billion yuan [6]. - The second quarter saw a significant revenue increase of 36.78% compared to the first quarter, with a net profit of 722 million yuan, although it represented a 51.89% decline from the previous quarter [6]. - The company’s gross margin improved to 11.49% in Q2 2024, up by 1.58 percentage points from the previous quarter, aided by government subsidies of 248 million yuan [6]. - The company completed a record high workload in H1 2024, with significant progress in both domestic and international projects [6]. - New contract signings decreased by 30% year-on-year, but the backlog of orders remains strong at approximately 38.8 billion yuan, supporting future revenue growth [6][7]. Financial Summary - For H1 2024, the company reported total revenue of 13.43 billion yuan, with a projected revenue of 36.76 billion yuan for 2024, reflecting a year-on-year growth rate of 19.5% [8]. - The net profit for 2024 is forecasted to be 2.02 billion yuan, with a year-on-year growth rate of 24.4% [8]. - The company’s earnings per share (EPS) is expected to increase from 0.37 yuan in 2023 to 0.46 yuan in 2024 [8]. - The projected price-to-earnings (PE) ratios for 2024, 2025, and 2026 are 12, 10, and 8, respectively [7].

2024 年 8 月 20 日 公司研究 上半年归母净利润同比增长 22%，在手项目即将进入投产高峰 ——海油工程（600583.SH）2024 年半年报点评 增持（维持） 当前价：5.65 元 要点 作者 事件： 公司发布 2024 年半年报。2024H1，公司实现营业总收入 134 亿元，同比-7%； 实现归母净利润 12 亿元，同比+22%。2024Q2 单季，公司实现营业总收入 77.58 亿元，同比-3.57%，环比+37%；实现归母净利润 7.22 亿元，同比+35%，环比+52%。 点评： 24H1 归母净利润稳步增长，净资产、自由现金流同比提升 2024H1，布伦特原油均价为 83.42 美元/桶，同比+4.4%，总体仍保持在中高 位。石油公司继续加大上游勘探开发投资力度，全球海洋油气工程行业景气度高企。 公司工程量同比持续增加，重要工程项目高质高效推进，安全绩效继续保持优异水 平，"海基"深水系列产品实现新升级，高端 FPSO 建造领域行业话语权进一步提 升，清洁能源业务、绿色能源转型有序展开，海外发展势头强劲，国际工程总包商 的身份角色持续巩固。截至 2024 年 6 月末，公司归属于上市 ...

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 the years 2024, 2025, and 2026 respectively, corresponding to price-to-earnings (P/E) ratios of 12.2, 9.8, and 8.5 times [3][5]. Core Insights - The company's revenue for H1 2024 reached 13.4 billion yuan, a year-on-year decrease of 7%, primarily due to new overseas projects being in the startup phase. However, the net profit attributable to shareholders increased by 21.7% year-on-year to 1.2 billion yuan [1]. - The net profit margin has shown continuous improvement, with Q2 2024 net profit margin at 9.59%, up from 7% in the same period last year, reflecting significant cost reduction and efficiency improvements [1]. - The company is focusing on high-margin overseas markets, with overseas oil and gas orders accounting for 40% of new contracts signed in H1 2024, an increase of 1.2 percentage points year-on-year [3]. Financial Performance Summary - For H1 2024, the company reported a revenue of 13.4 billion yuan, a decrease of 7% year-on-year, while the net profit attributable to shareholders was 1.2 billion yuan, an increase of 21.7% [1]. - The company signed new contracts worth 12.5 billion yuan in H1 2024, a decrease of 30% year-on-year, with overseas orders contributing 5 billion yuan, representing a 28% decline [3]. - The total order backlog stands at approximately 38.8 billion yuan, providing strong support for the company's ongoing operations [3]. Operational Highlights - The company completed a total of 271,300 structural tons of steel processing in H1 2024, reflecting a year-on-year increase of 16% [2]. - The company installed 22 offshore jackets and 9 blocks in H1 2024, with a notable increase in offshore installations compared to the previous year [2]. - The company plans to increase its investment in international subsidiaries to enhance its bidding and operational capabilities in overseas markets [3].

海油工程（600583.SH）2024 年半年报点评 业绩基本符合预期，在手订单饱满支撑未来业绩增长 2024 年 08 月 19 日 ➢ 事件：2024 年 8 月 18 日，海油工程发布 2024 年半年报。2024 年 H1 公 司实现营业收入 134.29 亿元，yoy-7.01%；实现归母净利润 11.97 亿元， yoy+21.69%；扣非归母净利润 8.39 亿元，yoy+7.43%；经营活动产生的现金 流量净额为 25.94 亿元，yoy-10.83%。收入下滑主要原因是 23 年同期海外项 目集中交付，本期新承揽的海外项目处于启动阶段，海外收入同比减少导致收入 小幅下降，同时项目建设阶段现金流同比也有所减少。 ➢ 海洋油气行业资本开支维持高位，国内市场稳步增长，海外逐步复苏。1） 国内海洋油气行业受益于"七年行动计划"的有力推进，持续保持较好增长势头。 根据中海油《2024 年战略展望》，2024 年资本支出预算为 1250-1350 亿元， 同比增长约 250 亿元。中海油多个新项目年内计划投产，支持未来产量增长，海 油工程有望率先受益。2）国际海洋油气行业受上游资本开支的增长推动，市场 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the next six months [1]. Core Insights - The company reported a revenue of 13.43 billion yuan for H1 2024, a decrease of 7.0% year-on-year, while the net profit attributable to shareholders increased by 21.7% to 1.20 billion yuan [2]. - The company has a strong order backlog of 38.8 billion yuan, providing solid support for future business development [2]. - The marine engineering segment showed robust growth, with total revenue from marine engineering projects increasing by 15.1% year-on-year [2]. - The company is expected to benefit from the ongoing high demand in the marine oil and gas sector, with significant capital expenditure planned by major players in the industry [3]. Summary by Sections Financial Performance - In Q2 2024, the company achieved a revenue of 7.76 billion yuan, down 3.6% year-on-year, but net profit rose by 34.9% to 720 million yuan [2]. - The company’s gross margin was reported at 10.8%, a decrease of 1.4 percentage points year-on-year, while the net margin improved to 9.1%, an increase of 2.1 percentage points [2]. Order and Project Management - New orders signed in H1 2024 totaled 12.52 billion yuan, a decline of 30.0% year-on-year, with overseas contracts accounting for 40.0% of the total [2]. - The company is managing 72 projects, with 7 completed and delivered, and expects to complete 35 projects in H2 2024 [2]. Industry Outlook - The marine oil and gas engineering sector is projected to continue benefiting from China's strategic initiatives to enhance oil and gas reserves, with global exploration investments expected to exceed 30 billion USD in 2024 [3]. - The company is positioned as a leader in the domestic marine engineering sector, likely to gain from increased offshore oil and gas extraction efforts [3]. Profit Forecast - The forecast for net profit attributable to shareholders for 2024-2026 is 1.92 billion, 2.28 billion, and 2.53 billion yuan, respectively, with a compound annual growth rate of 16.0% [3].

[ T able_StockInfo] 2024 年 08 月 18 日 证券研究报告•2024 年半年报点评 买入 （维持） 当前价：5.46 元 海油工程（600583）石油石化 目标价：——元（6 个月） 利润稳健增长，在手订单维持高位 [Table_Summary 事件：公司发布] 2024 年半年报。2024H1，公司实现营业收入 134.3 亿元，同 比减少 7.0%；归母净利润 12.0亿元，同比增长 21.7%；扣非净利润 8.4亿元， 同比增长 7.4%。2024Q2，公司实现营业收入 77.6 亿元，同比减少 3.6%；归 母净利润 7.2亿元，同比增长 34.9%；扣非净利润 4.4亿元，同比减少 3.9%。 2024Q2 其他收益中确认消费税退税 2.3 亿，增厚利润。 海洋工程项目规模快速增长，在手订单高位维持。2024H1，公司实现新签订单 125.2 亿元，同比-30.0%，其中海外新签合同额 50.0亿，占比提升至 40.0%； 在手订单 388 亿，为业务持续发展提供有力支撑。分业务来看，公司海洋工程 总承包项目营收 98.6 亿元，同比+15.1%；海洋工程非总承包项目营收 ...

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) 投资评级 买入 上次评级 买入 [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 相关研究 | --- | |---------------------------------| | 力，周期机遇下海工龙头优势更 | | 显》2023.09.13 | | 《23Q3 盈利同比改善，国内海外业 | | 务增量可期》2023.10.29 | | 《2023 年盈利同比改善，海外订单 | | 大幅增加》2024.03.19 | | 《24Q1 公司净利率提升，国内新签 | | 订单增加》2024.04.25 | 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 ...