Core Viewpoint - Sinopec Oilfield Services (01033.HK) has signed a fixed-price contract worth approximately $359.12 million (around RMB 2.553 billion) for the NWP project in Iraq, which represents about 3.15% of the company's projected revenue for 2024 under Chinese accounting standards [1] Group 1 - The contract was signed between Sinopec's wholly-owned subsidiary, China Petroleum Engineering International Co., Ltd., and Total Energy for the Latifiya project [1] - The NWP project includes the design, procurement, supply, construction, and commissioning of facilities, with a completion date set for March 31, 2029 [1] - The project has a duration of 41 months and involves the construction of 5 new production and injection well sites, upgrades to 11 existing well sites, and approximately 140 kilometers of gathering pipelines [1]

公司全资附属公司中石化石油工程建设有限公司负责实施本次签约NWP项目，该项目为EPSCC合同， 工期41个月，涉及5座新生产及回注井场、11座老井场改造升级、44条集输管线约140公里以及配套的光 缆、电缆等。 格隆汇9月24日丨中石化油服(01033.HK)发布公告，近日，公司的全资附属公司中国石化集团国际石油 工程有限公司与道达尔能源拉塔维项目公司就伊拉克拉塔维油区二期井场及井间管线项目("NWP项目") 正式签署设计、采购、供应、施工、试运交钥匙固定总价合同，该合同金额约为3.59亿美元(约人民币 25.53亿元)，约占公司中国会计准则下2024年营业收入的3.15%，将按里程碑节点和工程进度付款。该 合同将于2029年3月31日实现机械完工。 ...

Core Viewpoint - Sinopec Oilfield Services Corporation has signed a fixed-price contract worth $359 million (approximately RMB 2.553 billion) with TotalEnergies for the NWP project in Iraq, which is expected to positively impact the company's revenue and profit over the next 3-4 years [1][1][1] Group 1 - The contract represents about 3.15% of the company's projected revenue for 2024 under Chinese accounting standards [1] - The project will be executed by Sinopec Petroleum Engineering Construction Company and has a duration of 41 months, involving the construction of 5 new production and injection well sites, upgrades to 11 existing well sites, and approximately 140 kilometers of gathering pipelines [1][1] - The contract is expected to be mechanically completed by March 31, 2029, with payments made according to milestone achievements and project progress [1][1][1] Group 2 - The execution of this contract is not expected to have a significant impact on the company's total assets, net assets, and net profit for the fiscal year 2025 [1] - The long duration of the contract may lead to a positive influence on the company's revenue and total profit in the coming years [1][1] - The company warns that unforeseen market or economic factors could potentially affect the normal execution of the contract, advising investors to remain cautious [1]

Core Points - Sinopec Oilfield Services (01033) announced the signing of a fixed-price contract worth $359 million (approximately RMB 2.553 billion) with TotalEnergies for the NWP project in Iraq, which represents about 3.15% of the company's projected revenue for 2024 under Chinese accounting standards [1][1][1] - The contract will be executed by Sinopec's wholly-owned subsidiary, Sinopec Petroleum Engineering Construction Company, and has a duration of 41 months, involving the construction of 5 new production and injection well sites, upgrades to 11 existing well sites, and approximately 140 kilometers of gathering pipelines [1][1][1] - The contract is expected to positively impact the company's revenue and profit over the next 3-4 years, although it will not significantly affect the total assets, net assets, and net profit for the fiscal year 2025 [1][1][1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本通告的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示，概不會因本通告全部或任何部份內容而產生或因倚賴該等內容而引致的任 何損失承擔任何責任。 該合同履行預計對本公司2025年度的資產總額、淨資產和淨利潤等不構成重大影 響。由於該合同履行期較長，該合同實施後將對本公司未來3-4年的營業收入和 利潤總額產生一定積極影響。該合同履行過程中如遇到市場、經濟等不可預計或 不可抗力等因素，有可能影響該合同正常履行，提醒廣大投資者注意投資風險。 1 中石化石油工程技術服務股份有限公司 （在中華人民共和國註冊成立之股份有限公司） (股份代號：1033) 新簽海外合同公告 本公司董事會及全體董事保證本公告內容不存在任何虛假記載、誤導性陳述或 者重大遺漏，並對其內容的真實性、準確性和完整性承擔法律責任。 近日，中石化石油工程技術服務股份有限公司(「本公司」)的全資附屬公司中國 石化集團國際石油工程有限公司與道達爾能源拉塔維項目公司就伊拉克拉塔維 油區二期井場及井間管線項目（「NWP項目」）正式簽署設計、採購、供應、 施工、試運交鑰匙固定總價合同(「該合同」),該 ...

Core Viewpoint - Morgan Stanley reports that certain stocks in China's oil service and oil engineering sector have outperformed the industry average and Brent crude oil price increases over the past six months, driven by record new order volumes, stable backlog, strong delivery capabilities, and positive outlooks for capital expenditures from Chinese oil companies and new orders in overseas markets [1] Group 1: Company Recommendations - Sinopec Engineering (02386) is identified as the top pick in the industry, expected to achieve steady revenue and profit growth due to strong order growth momentum, with a projected dividend yield of 6% to 7%. The target price is raised from HKD 7.1 to HKD 8.4, maintaining an "Overweight" rating [1] - CNOOC Services (02883) is expected to see a 20% year-on-year profit growth in FY2025 due to improved capacity utilization and order terms, with the H-share target price adjusted down from HKD 11 to HKD 10.4, also rated "Overweight" [1] - Sinopec Oilfield Services (600871) (01033) and Offshore Oil Engineering (600583) (600583.SH) maintain "Overweight" ratings, with Sinopec Oilfield Services noted for effective cost control and improved shareholder returns. The target price for Sinopec Oilfield Services H-shares is raised from HKD 0.92 to HKD 1, while Offshore Oil Engineering's target price is increased from RMB 6.4 to RMB 7.1 [1]

Core Viewpoint - The modern energy sector in China is experiencing significant growth, driven by policy support and technological advancements, with a focus on energy storage and renewable energy solutions [4]. Group 1: Market Performance - As of September 19, 2025, the China Securities National New State-Owned Enterprise Modern Energy Index decreased by 0.03%, with mixed performance among constituent stocks [3]. - China Coal Energy led the gains with an increase of 3.90%, while China Rare Earths saw a decline of 1.82% [3]. - The Central State-Owned Enterprise Modern Energy ETF (561790) rose by 0.18%, closing at 1.15 yuan, and has accumulated a 1.06% increase over the past two weeks [3]. Group 2: Industry Developments - The 2025 World Energy Storage Conference opened in Ningde, Fujian, showcasing significant advancements in the energy storage sector, including the release of the "China Long-term Energy Storage Industry Blue Book" and the signing of 18 project cooperation agreements with a total planned investment of 24.58 billion yuan [3]. - The industry is witnessing a robust development of a comprehensive new energy storage system, with expectations of doubling large-scale storage capacity in the next two and a half years due to favorable policies [4]. Group 3: ETF and Index Insights - The Central State-Owned Enterprise Modern Energy ETF has seen a significant growth in scale, increasing by 2.11 million yuan over the past year, ranking in the top third among comparable funds [4]. - The index tracks 50 listed companies involved in modern energy sectors, with the top ten weighted stocks accounting for 48.28% of the index [4].

Core Insights - The core equipment provided by Tianhua Chemical Machinery and Automation Research Design Institute has been successfully operating in Sinopec Yizheng Chemical Fiber's PTA production facility, which is the largest single-unit PTA production facility globally [1][2] - The facility has been running stably for 18 months since its commissioning in April 2024, achieving or exceeding all performance indicators [1] - The production process utilizes advanced "short-flow, green, and intelligent" technology, significantly reducing energy consumption and emissions compared to traditional PTA production methods [1] Equipment and Technology - Tianhua's CTA and PTA rotary pressure filters have shortened the production process significantly, saving 20% in space and reducing investment costs by approximately 15% [1] - The energy consumption of the CTA product recovery unit has decreased by about 75%, enhancing the economic viability of the facility [1] - The collaboration of pressure filtration and pressure distillation technologies has addressed traditional issues of high water consumption and wastewater generation, with desalinated water consumption reduced by 95% and wastewater volume decreased by 70% [1] Energy Efficiency - The overall energy consumption of the facility has been reduced from 100 kg standard oil per ton to 20 kg standard oil per ton, representing an 80% decrease compared to traditional processes [1] - This reflects the advanced manufacturing concept of "low-carbon, efficient, and economical" [1] Industry Impact - Tianhua's core equipment has also been adopted in the 3 million ton PTA facility of Dushan Energy, with further upgrades to the rotary pressure filter technology, making it the largest in the world [2] - This advancement is expected to enhance the level of PTA production technology and equipment in China [2]

Market Overview - On September 17, the oil service engineering sector rose by 0.63% compared to the previous trading day, with Renji Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3876.34, up 0.37%, while the Shenzhen Component Index closed at 13215.46, up 1.16% [1] Stock Performance - Key stocks in the oil service engineering sector showed varied performance, with Renji Co., Ltd. closing at 7.58, up 4.12%, and Tongyuan Petroleum at 5.93, up 1.72% [1] - Other notable performers included Zhongyou Engineering at 3.57, up 1.13%, and Haiyou Development at 3.93, up 0.77% [1] Trading Volume and Value - Renji Co., Ltd. had a trading volume of 334,400 shares, with a transaction value of 253 million yuan [1] - Tongyuan Petroleum recorded a trading volume of 1,498,200 shares, with a transaction value of 901 million yuan [1] Capital Flow Analysis - The oil service engineering sector experienced a net outflow of 32.45 million yuan from institutional investors, while retail investors saw a net inflow of 49.81 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors increased their positions [2] Individual Stock Capital Flow - Renji Co., Ltd. saw a net inflow of 15.37 million yuan from institutional investors, while it experienced a net outflow of 12.80 million yuan from speculative funds [3] - Other stocks like Beiken Energy and Haiyou Engineering also had significant net inflows from retail investors, indicating strong retail interest [3]

Core Insights - The company operates in various sectors including construction, project management, and oil and gas services, indicating a diversified business model [10] - The financial performance shows fluctuations in revenue and net profit growth rates over the years, with a notable decline in 2023 [12][15] - Significant changes in asset and liability structures were observed in the first half of 2025, impacting the company's financial ratios [33][36] Financial Performance - Revenue and net profit growth rates have varied, with a peak in 2022 followed by a decline in 2023, indicating potential challenges in maintaining growth [12][15] - In the first half of 2025, the company reported a revenue of 366.43 billion and a net profit of 15.70 billion, reflecting a decrease compared to previous periods [12][15] Cash Flow Analysis - The net cash flow from operating activities for the first half of 2025 was 21.51 billion, while financing activities contributed 4.07 billion, and investment activities resulted in a negative cash flow of 7.9 billion [23] Asset and Liability Changes - As of the first half of 2025, contract assets increased by 28.62%, while accounts receivable decreased by 22.89%, indicating a shift in asset management [33] - Short-term borrowings rose by 24.05%, impacting the company's total asset ratio, while other liabilities showed a decrease [36] Financial Ratios - The company reported a current ratio of 0.68 and a quick ratio of 0.67 in the first half of 2025, suggesting potential liquidity concerns [39] - The average return on equity for the first half of 2025 was 8.53%, down by 0.43 percentage points from the previous year [20]