Investment Rating - The report maintains a "Buy" rating for the company, with a target price reflecting a potential upside of over 20% within the next six months [7][18]. Core Insights - The company is expected to achieve a 33% year-on-year increase in net profit attributable to shareholders in 2024, driven by cost reduction and efficiency improvements [2][5]. - The 2025 government work report has included "deep-sea technology" for the first time, indicating new opportunities in marine equipment construction [1]. - The company has focused on enhancing production efficiency through smart manufacturing, with a projected 22% improvement in production efficiency from the new manufacturing base [2]. Financial Performance - In 2024, the company's revenue is projected to be CNY 29.95 billion, a decrease of 2.59% year-on-year, while net profit is expected to reach CNY 2.16 billion, an increase of 33.38% [2][6]. - The net profit margin for 2024 is forecasted at 7.3%, up by 2 percentage points from the previous year [2]. - The company plans to distribute approximately CNY 0.89 billion in cash dividends, representing 41.12% of the net profit for 2024, an increase from 40.11% in 2023 [4]. Order and Margin Analysis - The company signed new orders worth approximately CNY 30.2 billion in 2024, a decline of 11% year-on-year, while the backlog of orders remains stable at around CNY 40 billion [3]. - Domestic project gross margin improved to 13% in 2024, up by 3.6 percentage points year-on-year, while overseas gross margin decreased to 9.1%, down by 7 percentage points due to project construction phases [3]. Earnings Forecast - The net profit forecasts for 2025, 2026, and 2027 have been adjusted to CNY 2.5 billion, CNY 2.9 billion, and CNY 3.1 billion respectively, benefiting from the sustained growth in deep-sea technology [5][6].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price reflecting a potential upside of over 20% within the next six months [7][18]. Core Insights - The company is expected to achieve a 33% year-on-year increase in net profit attributable to shareholders in 2024, driven by cost reduction and efficiency improvements [2][5]. - The government work report for 2025 has included "deep-sea technology" for the first time, indicating new opportunities in marine equipment construction [1][5]. Financial Performance - In 2024, the company's revenue is projected to be CNY 29.95 billion, a decrease of 2.59% year-on-year, while net profit is expected to reach CNY 2.16 billion, an increase of 33.38% [2][6]. - The net profit margin for 2024 is forecasted at 7.3%, up by 2 percentage points from the previous year [2]. - The company’s gross margin improved to 12.28% in 2024, an increase of 1.53 percentage points year-on-year, primarily due to enhanced site utilization and operational efficiency [2][3]. Order and Revenue Trends - New orders signed in 2024 are estimated at CNY 30.2 billion, a decline of 11% year-on-year, while the backlog of orders remains stable at approximately CNY 40 billion [3]. - Domestic projects have shown a continuous increase in gross margin, reaching 13% in 2024, up by 3.6 percentage points year-on-year [3]. Dividend Policy - The company plans to distribute approximately CNY 0.89 billion in cash dividends for 2024, representing 41.12% of the net profit attributable to shareholders, an increase from 40.11% in 2023 [4]. Profit Forecast and Valuation - The profit forecast for 2025 and 2026 has been adjusted to CNY 2.5 billion and CNY 2.9 billion, respectively, benefiting from the sustained growth in deep-sea technology [5][6]. - The current price corresponds to a price-to-earnings (P/E) ratio of 9.7 for 2025, 8.5 for 2026, and 7.7 for 2027, indicating attractive valuation levels [5][6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in 2024 slightly exceeded expectations, with an overall revenue of 29.95 billion yuan, a year-on-year decrease of 2.59%, while the net profit attributable to shareholders increased by 33.38% to 2.16 billion yuan [6] - The gross margin improved to 12.28% in 2024, up by 1.53 percentage points year-on-year, driven by the rising profitability of offshore engineering projects [6] - The company has a strong order backlog of approximately 40 billion yuan, ensuring future revenue stability [6] - The capital expenditure in the offshore oil and gas sector is expected to continue increasing, providing more opportunities for the company [6] - The earnings forecast for 2025 has been adjusted downwards to 2.34 billion yuan, with a price-to-earnings ratio of 10 times [6] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 34.48 billion yuan, with a year-on-year growth rate of 15.1% [5] - Net profit attributable to shareholders is projected to be 2.34 billion yuan in 2025, reflecting an 8.3% increase year-on-year [5] - The gross margin is expected to reach 12.9% in 2025, indicating continued improvement [5] - The return on equity (ROE) is forecasted to be 8.3% in 2025 [5]

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) | | | 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 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 [Table_Title] 24 年盈利能力增强，有望受益深海科技 [Table_ReportDate] 2025 年 3 月 18 日 [Table_S 事件： ummary] 2025 年 3 月 17 日 ，海油工程发布 2024 年度报告，2024 年，公司 实现营业收入 299.54 亿元，同比下降 2.59%，实现归母净利润 21.61 亿 元，同比上涨 33%；扣非后净利润 18.09 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has shown an increase in profitability in 2024, with a net profit of 2.16 billion yuan, up 33% year-on-year, despite a slight decline in revenue [1][2] - The company is expected to benefit from high capital expenditures from CNOOC and the ongoing recovery in the industry, with projected net profits for 2025-2027 showing consistent growth [6] Summary by Sections Financial Performance - In 2024, the company achieved operating revenue of 29.95 billion yuan, a decrease of 2.59% year-on-year, while the net profit attributable to shareholders was 2.16 billion yuan, an increase of 33% [1] - The company's gross margin for 2024 was 12.28%, up 1.53 percentage points from the previous year, and the net margin was 7.30%, up 2.00 percentage points [4] - For Q4 2024, the company reported a single-quarter revenue of 9.53 billion yuan, down 2.66% year-on-year but up 36% quarter-on-quarter [2] Business Segmentation - In 2024, the revenue breakdown by business segment was 72.33% from marine engineering total contracting, 18.00% from marine engineering non-total contracting, and 9.66% from non-marine engineering projects [4] - The gross margins for marine engineering and non-marine engineering projects were 11.90% and 15.60%, respectively, with marine engineering showing a significant improvement [4] Regional Performance - The company's domestic and overseas revenue proportions were 80.70% and 19.30%, respectively, with a notable increase in revenue from CNOOC-related transactions [4] - The gross margin for domestic operations was 13.04%, up 3.60 percentage points, while the overseas gross margin was 9.10%, down 7.05 percentage points due to early-stage construction impacts [4] Future Outlook - The company has secured new orders totaling 30.24 billion yuan in 2024, with an order backlog of approximately 40 billion yuan, providing strong support for future workloads [4] - The company is transitioning to an international engineering contractor and has signed significant contracts with Shell and Saudi Aramco, indicating a strategic shift towards renewable energy projects [4] Dividend Policy - The company maintains a dividend payout ratio of over 40%, proposing a cash dividend of 2.01 yuan per 10 shares, resulting in a dividend yield of 3.65% based on the closing price on March 17, 2025 [6]

海洋石油工程股份有限公司 审 计 报 告 众环审字(2025)0200601号 目 录 二、形成审计意见的基础 我们按照中国注册会计师审计准则的规定执行了审计工作。审计报告的"注册会计师对 财务报表审计的责任"部分进一步阐述了我们在这些准则下的责任。按照中国注册会计师职 业道德守则,我们独立于海油工程,并履行了职业道德方面的其他责任。我们相信,我们获 取的审计证据是充分、适当的,为发表审计意见提供了基础。 三、关键审计事项 关键审计事项是我们根据职业判断,认为对本期财务报表审计最为重要的事项。这些事 项的应对以对财务报表整体进行审计并形成审计意见为背景,我们不对这些事项单独发表意 见。我们确定下列事项是需要在审计报告中沟通的关键审计事项。 | | 起始页码 | | --- | --- | | 审计报告 | 1 | | 财务报表 | | | 合并资产负债表 | 1 | | 合并利润表 | 3 | | 合并现金流量表 | 4 | | 合并股东权益变动表 | 5 | | 资产负债表 | 7 | | 利润表 | 9 | | 现金流量表 | 10 | | 股东权益变动表 | 11 | | 财务报表附注 | 13 | | ...

关于海洋石油工程股份有限公司 在中海石油财务有限责任公司存贷款 业务情况的专项审核报告 众环专字（2025）0200808号 目 录 专项审核报告 1 起始页码 存贷款业务情况汇总表 在中海石油财务有限责任公司存贷款业务情况汇总表 1 关于海洋石油工程股份有限公司 在中海石油财务有限责任公司存贷款业务情况的 专项审核报告 众环专字(2025) 0200808 号 海洋石油工程股份有限公司: 我们接受委托,在审计了海洋石油工程股份有限公司(以下简称"海油工程")2024年 12 月 31 目的合并及公司的资产负债表,2024年度合并及公司的利润表、合并及公司的现金流 量表和合并及公司的股东权益变动表以及财务报表附注的基础上,对后附的《海洋石油工程 股份有限公司 2024 年度在中海石油财务有限责任公司存贷款业务情况汇总表》以下简称"汇 总表")进行了专项审核。 一、管理层对汇总表的责任 按照《上海证券交易所上市公司自律监管指引第5号 -- 交易与关联交易》的规定,编 制和披露汇总表,提供真实、合法、完整的审核证据,是海油工程公司管理层的责任。 二、注册会计师的责任 我们的责任是在执行审核工作的基础上对汇总表发表 ...

海洋石油工程股份有限公司 2024年度独立董事述职报告 郑忠良 尊敬的股东： 二、独立董事年度履职概况 2024年度，我以谨慎态度勤勉行事，及时了解公司经营情况，持 续关注公司发展状况，积极参加董事会及专业委员会，在会议期间与 其他董事深入讨论审议每项议案，对所议事项做出客观、公正判断， 我作为海洋石油工程股份有限公司（以下简称"公司"）的独立董 事，2024年严格按照《公司法》《上市公司独立董事管理办法》《上 海证券交易所股票上市规则》《上海证券交易所上市公司自律监管指 引第1号——规范运作》、公司章程、公司独立董事工作制度等相关 法律法规的规定和要求，以及良好公司治理对独立董事的内在要求， 谨慎、忠实、勤勉地履职尽责，努力发挥独立董事的作用，审慎认真 地行使公司和股东所赋予的权利，及时关注公司经营情况，积极参加 股东大会、董事会及专门委员会会议，对公司董事会审议的相关重大 事项发表公正、客观的独立意见，维护公司和中小股东的合法权益， 为公司的长远发展出谋划策，对董事会的科学决策、规范运作以及公 司发展起到了积极作用。现将2024年度履职情况报告如下： 一、独立董事的基本情况 郑忠良：会计学博士，中国注册会 ...

证券代码：600583 证券简称：海油工程 公告编号：临 2025-007 海洋石油工程股份有限公司关于 续聘会计师事务所的公告 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。 （一）机构信息 1.基本信息 中审众环会计师事务所（特殊普通合伙）（以下简称"中审众环"） 始创于 1987 年，是全国首批取得国家批准具有从事证券、期货相关 业务资格及金融业务审计资格的大型会计师事务所之一。根据财政 部、证监会发布的从事证券服务业务会计师事务所备案名单，中审众 环具备股份有限公司发行股份、债券审计机构的资格。2013 年 11 月， 按照国家财政部等有关要求转制为特殊普通合伙制。 截至 2024 年末，中审众环拥有合伙人 216 名、注册会计师 1244 1 重要内容提示: 拟聘任的会计师事务所名称：中审众环会计师事务所（特殊 普通合伙） 一、拟续聘会计师事务所事项的情况说明 为保持审计工作的连续性和稳定性，经海洋石油工程股份有限公 司（以下简称"本公司"）董事会审计委员会提议，本公司董事会同 意续聘中审众环会计师事务所（特殊普通合 ...

关于海洋石油工程股份有限公司 募集资金年度存放与实际使用情况 的鉴证报告 众环专字（2025）0200811号 海洋石油工程股份有限公司 募集资金年度存放与实际使用情况的鉴证报告 （2024 年 1 月 1 日至 2024 年 12 月 31 日止） 目 录 鉴证报告 起始页码 募集资金专项报告 关于募集资金年度存放与实际使用情况的专项报告 1 于海洋石油工程股份有限公司 金年度存放与实际使用情况的鉴证报告 众环专字(2025) 0200811 号 按照中国证监会发布的《上市公司监管指引第2号 -- 上市公司募集资金管理和使用的 监管要求》和上海证券交易所发布的《上海证券交易所上市公司自律监管指引第1号 -- 规 范运作》等有关规定,编制《海油工程关于 2024年度募集资金存放与实际使用情况的专项 报告》,提供真实、合法、完整的实物证据、原始书面材料、副本材料、口头证言以及我们 认为必要的其他证据,是海油工程董事会的责任。我们的责任是在执行鉴证工作的基础上, 对《海油工程关于 2024年度募集资金存放与实际使用情况的专项报告》发表鉴证意见。 我们按照《中国注册会计师其他鉴证业务准则第 3101 号 -- 历史 ...