Group 1 - The core point of the article highlights that PetroChina's oil service company has a closing price of 2.01 yuan, down 1.47%, with a rolling P/E ratio of 60.40 times and a total market capitalization of 38.149 billion yuan [1][2] - The average P/E ratio for the extraction industry is 31.71 times, with a median of 40.42 times, placing PetroChina's oil service company at the 19th position in the industry ranking [1] - As of March 10, 2025, the number of shareholders for PetroChina's oil service company is 107,800, an increase of 400 from the previous count, with an average holding value of 352,800 yuan and an average holding quantity of 27,600 shares [1] Group 2 - The latest performance report indicates that for the year 2024, the company achieved an operating income of 81.096 billion yuan, a year-on-year increase of 1.39%, and a net profit of 632 million yuan, a year-on-year increase of 7.20%, with a sales gross margin of 7.81% [2] - The company is focused on large-scale comprehensive oil and gas engineering and technical services, with key products including geophysical services, drilling, logging, special downhole operations, and engineering construction [1] - In 2024, the company plans to enhance its efforts in key core technology research and application, having received 15 provincial and ministerial-level scientific and technological awards, filed 1,034 patent applications, including 9 foreign patent applications, and obtained 779 authorized patents [1]

| 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 | 否 | | | 證券代號 (如上市) | 600871 | 說明 | 於上海證券交易所 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | | 庫存股份數目 | 每股發行/出售價 (註4) | 已發行股份總數 | | 於下列日期開始時的結存(註1) | 2025年2月28日 | | 13,569,378,551 | | 0 | | 13,569,378,551 | | 1). 其他 (請註明) | | | | % | | | | | 見B部分 | | | | | | | | | 變動日期 2025年3月24日 | | | | | | ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 中石化石油工程技術服務股份有限公司 呈交日期： 2025年3月24日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 | 否 | | | 證券代號 (如上市) | 600871 | 說明 | 於上海證券交易所 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫 ...

本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 公司发布2024年报，2024年，公司实现营业总收入811亿元，同比+1.39%，实现归母净利润6.32亿元，同 比+7.19%。2024Q4单季，公司实现营业总收入262亿元，同比+8.59%，环比+45.11%，实现归母净利 润-0.45亿元。 点评： 油服工程行业景气高企，公司毛利率改善，全年业绩稳定增长 2024年以来，受中东地区地缘政治局势紧张、OPEC+延长自愿减产等因素影响，国际油价高位震荡，石油 公司继续加大上游勘探开发投资力度，国内外油田服务、石油工程市场景气高企。公司积极把握油田服务 行业景气上行周期，持续优化生产运行和市场布局，进一步扩大优质规模市场，提高海外市场高端业务占 比，深化人力、装备等资源优化，深挖降本潜力，扎实推进科技创新。公 ...

Investment Rating - The report maintains an "Accumulate" rating for both A-shares and H-shares of the company [1]. Core Insights - The company achieved a record high in new contract signing, with a total of 912 billion CNY in 2024, representing a year-on-year growth of 10.7% [6]. - The company’s total revenue for 2024 was 811 billion CNY, a slight increase of 1.39% year-on-year, while the net profit attributable to shareholders was 6.32 billion CNY, up 7.19% year-on-year [4][5]. - The company is expected to benefit from the ongoing high demand in the oil service industry and the sustained capital expenditure from its parent company [9]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 811 billion CNY, with a net profit of 6.32 billion CNY, reflecting a stable growth trajectory [4][5]. - The gross profit margin improved to 7.81%, an increase of 0.57 percentage points year-on-year, while the return on equity (ROE) was 7.58%, a slight decrease of 0.02 percentage points [5]. Market Expansion - The company significantly enhanced its engineering service capabilities, achieving a record new contract amount of 912 billion CNY in 2024, with notable growth in overseas markets [6]. - The new contracts included 470 billion CNY from Sinopec, 199 billion CNY from domestic external markets, and 243 billion CNY from overseas markets, with the latter showing a remarkable growth of 45.5% [6]. Cost Reduction and Efficiency Improvement - The company implemented effective cost reduction strategies, optimizing human resources and asset management, which contributed to a decrease in operational costs [7]. - The operational cost per hundred CNY of revenue decreased by 0.57 CNY year-on-year, indicating improved operational efficiency [7]. Future Outlook - The company forecasts new contract amounts to reach 835 billion CNY in 2025, with expectations of continued high demand in both domestic and international markets [6]. - The report anticipates steady growth in net profit, projecting 8.10 billion CNY for 2025, 10.01 billion CNY for 2026, and 12.28 billion CNY for 2027 [10].

Investment Rating - The report maintains an "Accumulate" rating for both A-shares and H-shares of the company [1]. Core Views - The company achieved a record high in new contract value in 2024, with a total of 912 billion yuan, representing a year-on-year increase of 10.7% [6]. - The company’s total revenue for 2024 was 811 billion yuan, a year-on-year increase of 1.39%, and the net profit attributable to shareholders was 6.32 billion yuan, up 7.19% year-on-year [4]. - The company is expected to benefit from the ongoing boom in the oil service industry and the high upstream capital expenditure from its parent company [9]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 811 billion yuan, with a net profit of 6.32 billion yuan [4]. - The gross profit margin improved to 7.81%, an increase of 0.57 percentage points year-on-year [5]. - The return on equity (ROE) was 7.58%, slightly down by 0.02 percentage points year-on-year [5]. Market Expansion - The company has significantly expanded its market presence, with new contracts in the domestic and overseas markets [6]. - The new contract value from the overseas market reached 243 billion yuan, a year-on-year increase of 45.5% [6]. - The company expects new contract values to remain high in 2025, projecting a total of 835 billion yuan [6]. Cost Reduction and Efficiency Improvement - The company has implemented effective cost reduction measures, optimizing human resources and asset management [7]. - The operating cost per hundred yuan of revenue decreased by 0.57 yuan year-on-year [7]. - The company aims to enhance its low-cost competitiveness through lean management practices [7]. Future Outlook - The company’s net profit is projected to grow steadily, with estimates of 8.10 billion yuan for 2025, 10.01 billion yuan for 2026, and 12.28 billion yuan for 2027 [10]. - The expected earnings per share (EPS) for 2025 is 0.04 yuan, increasing to 0.06 yuan by 2027 [10]. - The report anticipates continued growth in the oil service sector, supported by increasing global upstream capital expenditures [9].

Investment Rating - The report maintains an "Accumulate" rating for both A-shares and H-shares of the company [1]. Core Views - The company achieved a record high in new contract signing in 2024, with a total of 912 billion CNY, representing a year-on-year increase of 10.7% [6]. - The company’s operating revenue for 2024 was 811 billion CNY, a slight increase of 1.39% year-on-year, while the net profit attributable to shareholders was 6.32 billion CNY, up 7.19% year-on-year [4][10]. - The company is expected to benefit from the ongoing high demand in the oil service industry and the sustained capital expenditure from its parent company [9]. Summary by Sections Financial Performance - In Q4 2024, the company reported an operating revenue of 262 billion CNY, which is an increase of 8.59% year-on-year and 45.11% quarter-on-quarter [4]. - The gross profit margin for 2024 was 7.81%, an increase of 0.57 percentage points year-on-year, while the return on equity (ROE) was 7.58%, a slight decrease of 0.02 percentage points [5]. Market Expansion - The company has significantly expanded its market presence, particularly in overseas markets, with new contracts in the Middle East, including a 10-year extension for 11 drilling rigs in Saudi Arabia [6]. - The forecast for new contracts in 2025 is set at 835 billion CNY, indicating continued strong demand [6]. Cost Reduction and Efficiency - The company has implemented effective cost reduction measures, optimizing human resources and reducing non-productive expenses, leading to a decrease in operating costs [7]. - The company’s management has focused on lean management practices, resulting in a reduction of 124 teams and 271 project departments throughout the year [7]. Future Outlook - The company’s net profit is projected to grow steadily, with estimates of 8.10 billion CNY for 2025, 10.01 billion CNY for 2026, and 12.28 billion CNY for 2027 [10]. - The expected earnings per share (EPS) for 2025, 2026, and 2027 are 0.04 CNY, 0.05 CNY, and 0.06 CNY respectively [10].

2024年，石化油服海外营收181亿元，同比增长12.5%，海外收入占比达到22.6%，同比提升了2.2个 百分点；新签合同额243亿元，同比增长45.5%。在钻井大包业务方面，公司成功中标科威特南部钻井 大包项目212口井工作量，打破了国际知名油服公司在中东高端业务的垄断地位；日费制钻修井业务方 面，公司在科威特新续签合同额达11.6亿美元。 石化油服：2024年报营收利润双增长 新签合同额创 历史最好水平 3月18日晚，大型综合油气工程与技术先导型服务公司——石化油服（600871）发布了2024年年度 业绩报告。年报显示，石化油服2024年营收利润双增长，盈利能力持续提升，实现营业收入811亿元， 同比增长1.4%；归母净利润6.3亿元，同比增长7.2%；毛利率7.8%，同比提升0.6个百分点，经营活动净 现金流31亿元。 2024年，公司持续优化生产运行和市场布局，进一步扩大优质规模市场，提高海外市场高端业务占 比。同时，公司深化人力、装备等资源优化，深挖降本潜力，扎实推进科技创新，稳步实施特色化业务 发展，实现营收利润双丰收。 新签合同额创历史最好水平 2024年，石化油服大力提升工程技术服务能力， ...

Financial Performance - The net profit attributable to shareholders for 2024 is RMB 631,606 thousand according to Chinese accounting standards, and RMB 620,631 thousand according to international financial reporting standards[5]. - The company's operating revenue for 2024 reached RMB 81,096,178 thousand, representing a 1.4% increase compared to RMB 79,980,939 thousand in 2023[25]. - Operating profit increased by 15.2% to RMB 1,036,512 thousand in 2024 from RMB 899,969 thousand in 2023[25]. - The total profit for 2024 was RMB 1,132,523 thousand, a 22.0% increase from RMB 928,340 thousand in 2023[25]. - Net profit attributable to shareholders was RMB 631,606 thousand, up 7.2% from RMB 589,216 thousand in the previous year[25]. - The company reported a significant decrease of 62.9% in net profit after deducting non-recurring gains and losses, amounting to RMB 133,487 thousand in 2024 compared to RMB 359,452 thousand in 2023[25]. - The company experienced a net loss of RMB 44,620 thousand in the fourth quarter of 2024, following a net profit of RMB 224,419 thousand in the third quarter[29]. - The company achieved a consolidated revenue of RMB 81.1 billion in 2024, a year-on-year increase of 1.4%, marking the best performance since the 13th Five-Year Plan[38]. - The cash flow from operating activities decreased by 44.4% to RMB 3,100,854 thousand in 2024 from RMB 5,576,913 thousand in 2023[25]. - The total assets at the end of 2024 were RMB 77,340,105 thousand, a 2.9% increase from RMB 75,162,974 thousand at the end of 2023[25]. Dividend and Retained Earnings - The company's retained earnings at the end of 2024 are negative, amounting to RMB -1,820,779 thousand, leading to a recommendation of no cash dividend distribution for the year[5]. - The board of directors has proposed not to increase capital reserves due to the negative retained earnings[5]. - The company has a cash dividend policy that mandates a minimum of 40% of the net profit attributable to shareholders be distributed as cash dividends, but no dividends will be distributed for 2024 due to negative retained earnings[196]. - The board of directors will propose a cash dividend distribution plan once the company regains the ability to distribute dividends, ensuring the protection of minority shareholders' rights[197]. Governance and Management - The annual report has been audited by Lixin Accounting Firm and Hong Kong Lixin Dehao Accounting Firm, both issuing standard unqualified audit opinions[4]. - The board of directors consists of six members, with a quorum met for the meeting where the annual report was approved[4]. - The company held its 2023 annual general meeting on June 12, 2024, where the audited financial report for 2023 was approved[149]. - The company’s board of directors and supervisory board members were elected during the annual general meeting[149]. - The company has made adjustments to its management structure, including the resignation of non-executive director Zhao Jinhai due to work adjustments[180]. - The company has established an asset operation company as part of its strategy to enhance operational efficiency, approved in the 2nd board meeting on June 21, 2024[184]. - The company plans to implement a "Quality Improvement and Efficiency Enhancement" action plan for 2024, approved in the 3rd board meeting on July 4, 2024[184]. - The company has signed multiple framework agreements with Sinopec Group, including product supply and engineering services, with transaction limits set until December 31, 2027[185]. Research and Development - Research and development expenditure amounted to RMB 2.25 billion, with a spending intensity of 2.8%, resulting in 1,034 patent applications, the highest within the China Petroleum Group[41]. - The company applied for 1,034 patents, including 9 foreign patents, and was awarded 15 provincial and ministerial science and technology awards in 2024[59]. - The company’s research and development expenditure increased by 7.8% year-on-year to RMB 2.25 billion, reflecting a commitment to core technology development[70]. - The total R&D expenditure for 2024 is RMB 2,247,111 thousand, representing 2.8% of operating revenue[84]. Market and Contracts - The company signed new contracts worth RMB 91.2 billion, a 10.7% increase year-on-year, with external market contracts rising by 36.4% to RMB 44.2 billion, achieving a historic high[40]. - The company plans to sign new contracts worth RMB 83.5 billion in 2025, with a target to keep the cost of revenue per hundred yuan at RMB 92.4 or below[43]. - The international business revenue was RMB 18.1 billion, up 12.5% year-on-year, accounting for 22.6% of the company's total revenue[57]. - The drilling services segment generated RMB 40.18 billion in revenue, a 0.9% increase from the previous year[52]. Operational Efficiency - The company reduced non-productive expenses by 13.4% year-on-year, optimizing its operational efficiency[38]. - The average daily efficiency of 3D seismic collection improved by 3.9%, and the average drilling cycle was shortened by 5.6%[39]. - The company aims to enhance its governance capabilities by revising its governance documents and implementing reforms in the supervisory board[44]. - The company is focused on expanding its market presence and enhancing production efficiency through innovative technologies and resource optimization[49]. Risks and Challenges - The company faces risks from oil price declines and market competition, with a supply-demand imbalance in the oilfield service market[121]. - The company is exposed to foreign exchange risks due to its operations in multiple countries and holding of USD debt, which may affect operational costs[125]. - The company reported a significant increase in income tax expenses by 47.7% to RMB 500,917 thousand, due to increased overseas profits[81]. Employee and Compensation - The total remuneration for directors, supervisors, and senior management for the reporting period amounted to RMB 9,851,394[175]. - The remuneration for directors and supervisors is determined based on their responsibilities, duties, and the company's performance[175]. - Employee training programs are in place to enhance job performance and personal growth, focusing on key positions and utilizing various training methods[195]. - The company emphasizes a differentiated compensation system to motivate employees, linking pay to performance and responsibilities[194].

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) 海外監管公告 此海外監管公告乃根據香港聯合交易所有限公司證券上市規則第 13.10B 條作 出。 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。 2024年3月22日，公司召开第十届董事会审计委员会第十五 次会议，审议通过了续聘立信和香港立信为公司2024年度外部审 计师的有关议案。经评估，审计委员会认为立信和香港立信具备 相应的执业资质和投资者保护能力，能够胜任公司审计工作，未 发现违反诚信和独立性的情况，公司续聘外部审计师的审议程序 符合《公司章程》和相关监管要求。审计委员会同意续聘立信和 茲載列中石化石油工程技術服務股份有限公司在上海證券交易所網站刊登的以 下資料全文，僅供參考。 承董事會命 沈澤宏 公司秘書 2025年3月18日 於本公告日期，本公司現任董事為吳柏志先生 # 、張建闊先生 # 、章麗莉女士 + 、杜坤先生 + 、 徐可禹先生 ...