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【石化油服(600871.SH/1033.HK)】25H1业绩显著改善,新签合同再创新高——公告点评(赵乃迪/蔡嘉豪/王礼沫)
光大证券研究· 2025-08-20 23:06
Core Viewpoint - The company reported a steady growth in revenue and net profit for the first half of 2025, indicating improved operational quality despite challenges in the international oil market [4][5]. Financial Performance - In H1 2025, the company achieved total revenue of 22.6 billion yuan, a year-on-year increase of 4.5%, and a net profit attributable to shareholders of 1.83 billion yuan, up 13.1% year-on-year [4]. - For Q2 2025, the company recorded a revenue of 12.5 billion yuan, a year-on-year increase of 0.78% and a quarter-on-quarter increase of 24.3%, with a net profit of 1.235 billion yuan, reflecting a year-on-year growth of 10.75% and a quarter-on-quarter growth of 107.97% [4]. Operational Insights - The company’s net profit growth of 13% in H1 2025 is attributed to its focus on core operations and the successful implementation of policies aimed at increasing reserves and production [5]. - The average Brent crude oil price in H1 2025 was $70.81 per barrel, down 15.1% year-on-year, with Q2 prices dropping to $66.71 per barrel, a decrease of 21.5% year-on-year [5]. Business Segments Performance - In H1 2025, the energy technology services segment generated revenue of 7.993 billion yuan, a growth of 2.79%, while the low-carbon environmental and digitalization segment saw revenue of 3.870 billion yuan, up 11.17% [6]. - The energy logistics services segment achieved revenue of 11.64 billion yuan, reflecting a year-on-year increase of 5.13% [6]. Cost Management and Efficiency - The company improved its gross margin to 15.33%, an increase of 1.18 percentage points year-on-year, through effective cost control measures [7]. - The company is advancing the transformation of traditional industries towards high-end, intelligent, and green solutions, launching ten digital management modules [8]. Industry Outlook - The global oilfield services market is expected to grow to $326.5 billion in 2025, a year-on-year increase of 3.3%, driven by rising oil supply and energy security demands [9]. - The parent company, China National Offshore Oil Corporation (CNOOC), is actively pursuing a seven-year action plan to increase oil and gas reserves and production, with targeted growth rates of 5.9%, 2.6%, and 3.8% for 2025-2027 [9].
油服工程板块8月20日涨1.61%,潜能恒信领涨,主力资金净流入7505.61万元
Market Performance - The oil service engineering sector increased by 1.61% on August 20, with Qianeng Hengxin leading the gains [1] - The Shanghai Composite Index closed at 3766.21, up 1.04%, while the Shenzhen Component Index closed at 11926.74, up 0.89% [1] Stock Performance - Qianeng Hengxin (300191) closed at 20.91, up 3.98% with a trading volume of 208,100 shares and a transaction value of 437 million [1] - Haiyou Development (600968) closed at 4.07, up 3.30% with a trading volume of 1,260,600 shares and a transaction value of 511 million [1] - Other notable stocks include Bomaike (603727) at 14.87 (+1.99%), Zhongyou Engineering (600339) at 3.52 (+1.73%), and Shihua Oil Service (600871) at 2.06 (+1.48%) [1] Capital Flow - The oil service engineering sector saw a net inflow of 75.06 million from main funds, while retail funds experienced a net outflow of 3.08 million [2] - Main funds showed significant inflows into Qianeng Hengxin (47.51 million) and Haiyou Development (25.45 million), while notable outflows were seen in Huibo Yin (-6.28 million) and Zhongman Petroleum (-9.39 million) [3]
8月20日石化油服AH溢价达180.2%,位居AH股溢价率第五位
Jin Rong Jie· 2025-08-20 08:50
Group 1 - The Shanghai Composite Index rose by 1.04%, closing at 3766.21 points, while the Hang Seng Index increased by 0.17%, closing at 25165.94 points [1] - Sinopec Oilfield Service Corporation (SSC) has an A/H premium of 180.2%, ranking fifth among A/H shares [1] - SSC's A-shares closed at 2.06 yuan, with a gain of 1.48%, while its H-shares closed flat at 0.8 Hong Kong dollars [1] Group 2 - SSC is a major integrated oil and gas engineering and technical service company controlled by China Petroleum & Chemical Corporation, with over 60 years of operational experience [1] - The company was formed through the restructuring of various oilfield enterprises under China Petroleum & Chemical Corporation in June 2012 [1] - SSC was listed simultaneously in Shanghai and Hong Kong in 2014, with stock codes SH600871 and HK1033 [1]
【石化油服(600871.SH/1033.HK)】25H1业绩显著改善,新签合同再创新高——公告点评(赵乃迪/蔡嘉豪/王礼沫)
光大证券研究· 2025-08-19 23:05
Core Viewpoint - The company has shown significant improvement in operational performance despite challenges in the oil service industry, with a focus on expanding its market presence and enhancing profitability through strategic initiatives [4][6][10]. Financial Performance - In H1 2025, the company achieved total revenue of 37.05 billion yuan, a year-on-year increase of 0.6%, and a net profit attributable to shareholders of 490 million yuan, up 9.0% year-on-year [4]. - In Q2 2025, the company reported a total revenue of 19.2 billion yuan, reflecting a year-on-year increase of 4.99% and a quarter-on-quarter increase of 7.56%, while the net profit was 274 million yuan, showing a slight decline of 0.16% year-on-year but a significant increase of 25.44% quarter-on-quarter [4]. Loss Compensation Announcement - The company plans to use 2 billion yuan from surplus reserves and 1.6 billion yuan from capital reserves to offset accumulated losses, resulting in a cumulative undistributed profit of 0 yuan on the parent company’s financial statements after the implementation of this plan [5][9]. Industry Development - The oil service industry is experiencing steady growth, with the company benefiting from policies aimed at increasing reserves and production. The average Brent crude oil price in H1 2025 was $70.81 per barrel, down 15.1% year-on-year, while Q2 saw a price of $66.71 per barrel, down 21.5% year-on-year [6][10]. - The company has improved its operational efficiency and market positioning, leading to a significant increase in net profit and a gross margin of 8.44%, up 0.41 percentage points year-on-year [6]. Contract Acquisition - The company signed new contracts worth 63.7 billion yuan in H1 2025, a year-on-year increase of 3.2%, marking the highest level since the 13th Five-Year Plan. Notably, overseas contracts increased by 71.8% year-on-year to 19.6 billion yuan [7][8]. - The company has set a target of over 95 billion yuan in new contracts for 2025, with specific goals for different markets, indicating a strong pipeline for future revenue [8]. Strategic Focus - The company is committed to enhancing its engineering service capabilities and expanding into high-end and diversified markets, particularly in international regions such as Saudi Arabia, Kuwait, and Ecuador [7][8]. - The ongoing development of new energy and carbon capture utilization and storage (CCUS) initiatives presents significant opportunities for growth in the oil and gas sector [10].
【光大研究每日速递】20250820
光大证券研究· 2025-08-19 23:05
Group 1 - Huayou Cobalt achieved a revenue of 37.197 billion yuan in the first half of 2025, a year-on-year increase of 23.8%, with a net profit attributable to shareholders of 2.71 billion yuan, up 62.3% [5] - In Q2 2025, Huayou Cobalt's revenue reached 19.35 billion yuan, a year-on-year increase of 28.3% and a quarter-on-quarter increase of 8.5% [5] - The company reported a net profit of 1.46 billion yuan in Q2 2025, reflecting a year-on-year growth of 27% and a quarter-on-quarter growth of 16.5% [5] Group 2 - Sinopec Oilfield Service Company reported a total revenue of 37.05 billion yuan in H1 2025, a slight increase of 0.6% year-on-year, with a net profit of 490 million yuan, up 9.0% [6] - In Q2 2025, the company achieved a revenue of 19.2 billion yuan, a year-on-year increase of 4.99% and a quarter-on-quarter increase of 7.56% [6] - The net profit for Q2 2025 was 274 million yuan, showing a year-on-year decrease of 0.16% but a quarter-on-quarter increase of 25.44% [6] Group 3 - Keda Li reported steady growth in its main business, with a focus on becoming a platform company for robot components, particularly in precision processing and large-scale manufacturing [6] - The company is concentrating on its humanoid robot subsidiary, Kemon, which focuses on reducers and joint modules [6] Group 4 - Huatian Technology achieved a revenue of 7.78 billion yuan in H1 2025, a year-on-year increase of 15.81%, with a net profit of 226 million yuan, up 1.68% [7] - The semiconductor industry's recovery is expected to drive demand for the company's products, with anticipated accelerated performance in H2 2025 as capacity is gradually released [7] Group 5 - Xtep International reported a revenue increase of 7.1% and a net profit increase of 21.5% in H1 2025 [8] - The main brand and Saucony showed collaborative growth, with the main brand's revenue up 4.5% and professional sports revenue up 32.5% [8] - The company maintains its full-year guidance, expecting steady growth in the main brand's revenue and a 30-40% increase in Saucony's revenue [8] Group 6 - Aimeike reported a revenue of 1.3 billion yuan in H1 2025, a year-on-year decrease of 21.6%, with a net profit of 790 million yuan, down 29.6% [8] - The company experienced a decline in revenue and net profit in both Q1 and Q2 2025, with significant year-on-year decreases [8] Group 7 - Gilead Sciences-B reported a revenue of 0.01 billion yuan in H1 2025, with a net profit of -88 million yuan [8] - The company is fully transitioning to innovative drug research and development, with key clinical progress expected for its core metabolic disease treatment products by the end of this year to early next year [8]
股市必读:石化油服中报 - 第二季度单季净利润同比下降0.16%
Sou Hu Cai Jing· 2025-08-19 18:38
Core Viewpoint - The company, Sinopec Oilfield Service Corporation, reported a mixed performance in its financial results for the first half of 2025, with a slight increase in revenue and a notable rise in net profit, while also announcing no interim dividends for the year [4][5][8]. Trading Information - As of August 19, 2025, the stock price closed at 2.03 yuan, with a turnover rate of 0.75% and a trading volume of 1.0167 million shares, resulting in a total transaction value of 207 million yuan [1]. - On the same day, the fund flow indicated a net outflow of 15.27 million yuan from main funds, accounting for 7.36% of the total transaction value, while retail investors saw a net inflow of 19.15 million yuan, representing 9.23% of the total [2][8]. Shareholder Changes - As of July 31, 2025, the number of shareholders decreased to 119,400, a reduction of 9,954 shareholders or 7.7% compared to June 30, 2025. The average number of shares held per shareholder increased from 104,700 to 113,500 shares [3][8]. Performance Highlights - For the first half of 2025, the company reported a main revenue of 37.051 billion yuan, a year-on-year increase of 0.62%. The net profit attributable to shareholders was 492 million yuan, up 8.95% year-on-year, while the net profit excluding non-recurring items reached 424 million yuan, marking a significant increase of 68.76% [4][8]. - In the second quarter of 2025, the main revenue was 19.2 billion yuan, reflecting a year-on-year growth of 4.99%. However, the net profit attributable to shareholders slightly decreased by 0.16% to 274 million yuan, while the net profit excluding non-recurring items surged by 77.53% to 205 million yuan [4]. Company Announcements - The board of directors decided not to distribute interim dividends for the first half of 2025 and will not conduct a capital reserve increase. The company plans to use 1.820779 billion yuan from its reserves to offset accumulated losses [5][9]. - The board also approved several resolutions, including the financial report for the first half of 2025 and the risk assessment reports for its subsidiaries [6][7].
8月19日石化油服AH溢价达175.67%,位居AH股溢价率第四位
Jin Rong Jie· 2025-08-19 09:04
Group 1 - The Shanghai Composite Index fell by 0.02% to close at 3727.29 points, while the Hang Seng Index decreased by 0.21% to 25122.9 points [1] - Sinopec Oilfield Service Corporation (SSC) has an AH premium of 175.67%, ranking fourth among AH shares [1] - SSC's A-shares closed at 2.03 yuan, remaining flat, while H-shares closed at 0.8 Hong Kong dollars, down by 1.23% [1] Group 2 - SSC is a major integrated oil and gas engineering and technical service company controlled by China Petroleum & Chemical Corporation (Sinopec Group), with over 60 years of operational experience [1] - The company was formed through the restructuring of various oilfield enterprises and has been listed in both Shanghai and Hong Kong since 2014 [1] - The stock codes for SSC are SH600871 for A-shares and HK1033 for H-shares [1]
油服工程板块8月19日跌0.05%,科力股份领跌,主力资金净流出3520.51万元
Market Overview - On August 19, the oil service engineering sector experienced a slight decline of 0.05% compared to the previous trading day, with Keli Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 3727.29, down 0.02%, while the Shenzhen Component Index closed at 11821.63, down 0.12% [1] Stock Performance - Notable gainers in the oil service engineering sector included: - Renji Co., Ltd. (002629) with a closing price of 7.11, up 3.19% and a trading volume of 267,400 shares, totaling 188 million yuan [1] - Beiken Energy (002828) closed at 10.67, up 1.33% with a trading volume of 208,900 shares, totaling 222 million yuan [1] - Other stocks showed minor fluctuations, with some experiencing negligible changes [1] Capital Flow - The oil service engineering sector saw a net outflow of 35.21 million yuan from institutional investors, while retail investors contributed a net inflow of 26.13 million yuan [2] - The overall capital flow indicates a mixed sentiment among different investor types, with institutional investors withdrawing funds while retail investors increased their positions [2] Individual Stock Capital Flow - Key stocks and their capital flow include: - Haiyou Development (600968) with a net inflow of 17.93 million yuan from institutional investors, but a net outflow of 22.72 million yuan from retail investors [3] - Beiken Energy (002828) saw a net inflow of 16.56 million yuan from institutional investors, but a significant net outflow of 20.92 million yuan from speculative funds [3] - The data reflects varying levels of confidence in different stocks within the sector, with some attracting institutional interest while others face selling pressure from speculative investors [3]
石化油服上半年实现净利润49.2亿元 同比增长9%
Zheng Quan Ri Bao Wang· 2025-08-19 06:41
Core Viewpoint - Sinopec Oilfield Service Corporation (石化油服) reported a stable performance in the first half of 2025, with slight growth in revenue and profit, while the outlook for the oil service industry remains positive due to ongoing demand for oil and gas [1][2]. Company Summary - In the first half of 2025, the company achieved operating revenue of 37.05 billion yuan, a year-on-year increase of 0.6% [1]. - The net profit attributable to shareholders was 4.92 billion yuan, reflecting a year-on-year growth of 9% [1]. - The total new contract value signed in the first half was 63.67 billion yuan, up 3.2% year-on-year [1]. - New contracts from Sinopec Group amounted to 34.37 billion yuan, increasing by 3.0% [1]. - New contracts from domestic external markets were 9.68 billion yuan, showing a significant decline of 42.7% [1]. - New contracts from overseas markets reached 19.62 billion yuan, marking a substantial increase of 71.8% [1]. - The company operates five major business segments: geophysics, drilling engineering, logging, downhole special operations, and engineering construction, covering the entire oil and gas industry chain from exploration to production [1]. Industry Summary - The oil service industry is expected to maintain a high level of prosperity in the second half of 2025 [2]. - Global economic recovery and stable growth in China's economy will support continued demand for oil and gas [2]. - Oil and gas are recognized as strategic energy resources, emphasizing the importance of strategic reserves and emergency support [2]. - Domestic oil companies are expected to continue implementing energy security strategies, maintaining stable capital expenditure for oil and gas exploration and development [2]. - The oil service market is projected to grow steadily due to increased efforts by oil companies to enhance oil and gas reserves and production [2].
石化油服(600871):25H1业绩显著改善,新签合同再创新高
EBSCN· 2025-08-19 02:34
Investment Rating - The report maintains an "Accumulate" rating for both A-shares and H-shares of the company, with current prices at 2.03 CNY and 0.81 HKD respectively [1]. Core Views - The company has shown significant improvement in performance for the first half of 2025, with total revenue reaching 37.05 billion CNY, a year-on-year increase of 0.6%, and a net profit attributable to shareholders of 490 million CNY, up 9.0% year-on-year [5][7]. - The company has set a new record for new contract signings, totaling 63.7 billion CNY in the first half of 2025, representing a 3.2% increase year-on-year, marking the highest level since the 13th Five-Year Plan [8][9]. - The company is actively expanding its high-end and diversified overseas markets, with overseas contract signings increasing by 71.8% year-on-year [8]. Summary by Sections Financial Performance - In 2025H1, the company achieved a gross profit margin of 8.44%, an increase of 0.41 percentage points year-on-year, and an annualized ROE of 10.97%, up 0.18 percentage points year-on-year [7]. - The company reported a net profit of 2.74 billion CNY in Q2 2025, with a year-on-year decrease of 0.16% but a quarter-on-quarter increase of 25.44% [5]. Contract Signings and Market Expansion - The company has set a target of over 95 billion CNY for new contract signings in 2025, with specific targets of 50 billion CNY from China Petroleum Group, 18 billion CNY from domestic external markets, and 27 billion CNY from overseas markets [9]. - The company is focusing on enhancing its engineering service capabilities and expanding into high-quality domestic and international markets [8]. Industry Outlook - The oil service industry is expected to benefit from stable development and increased upstream capital expenditure, with global upstream capital spending projected to recover and exceed 582.4 billion USD in 2025, a year-on-year increase of 5% [12]. - The implementation of new energy laws and plans in China is anticipated to drive high-quality exploration and development in the oil and gas sector, presenting significant opportunities for the company [12]. Profit Forecast and Valuation - The report has adjusted profit forecasts for 2025-2027, expecting net profits of 909 million CNY, 1.099 billion CNY, and 1.315 billion CNY respectively, with corresponding EPS of 0.05, 0.06, and 0.07 CNY per share [13].