Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [6][17]. Core Views - The company reported a revenue of 10.074 billion yuan in Q1 2025, representing a year-on-year growth of 9.42%. The net profit attributable to shareholders was 594 million yuan, up 18.48% year-on-year, and the non-recurring net profit was 551 million yuan, reflecting a growth of 25.84% [1]. - The company is actively developing deep-sea technology and equipment service capabilities, focusing on integrated technology services for deep-water oil and gas fields, proprietary tools, personnel services, and underwater products [4]. - The company has successfully launched several self-developed products, including the FiberInsight oilfield development interpretation model and a new electrophoretic coating for electric vehicle components [2]. Financial Performance and Forecast - The company forecasts net profits of 4.126 billion yuan, 4.659 billion yuan, and 5.232 billion yuan for 2025, 2026, and 2027, respectively, with corresponding EPS of 0.41 yuan, 0.46 yuan, and 0.51 yuan [5]. - The projected revenue growth rates for the years 2025 to 2027 are 4.82%, 6.60%, and 7.21%, respectively [5]. - The company’s EBITDA for 2025 is estimated at 7.318 billion yuan, with a PE ratio of 10.03 for 2025, decreasing to 7.91 by 2027 [5]. Industry Context - The company operates within the oil and gas service engineering sector, focusing on deep-water exploration and development technologies [6]. - The company is involved in the construction of LNG transport vessels, with the successful launch of the fourth ship in a series of twelve, highlighting its commitment to enhancing operational capabilities in the LNG sector [3].

证券代码：600968 证券简称：海油发展 公告编号：2025-013 中海油能源发展股份有限公司 1、审议通过《2025 年第一季度报告》 表决情况：同意票 6 票，反对票 0 票，弃权票 0 票。 此议案经审计委员会全体同意后提交董事会审议。 具体内容详见公司于同日在上海证券交易所网站（www.sse.com.cn）及在指 定信息披露媒体上披露的《2025 年第一季度报告》。 第五届董事会第十八次会议决议公告 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、董事会会议召开情况 中海油能源发展股份有限公司（以下简称"公司"）于 2025 年 4 月 11 日以 电子邮件方式向全体董事发出了《关于召开第五届董事会第十八次会议的通知》。 2025 年 4 月 22 日，公司于北京市东直门海油大厦会议室以现场结合视频方式召 开了第五届董事会第十八次会议，会议由公司董事周天育先生主持（代行董事长 职责）。 本次会议应到董事 6 位，实到董事 6 位。公司部分监事、高级管理人员、相 关部门负责人列席了本次会议，会议的召开符合法律、 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 10,074,340,632.16, representing a 9.42% increase compared to CNY 9,207,086,965.30 in the same period last year[4]. - Net profit attributable to shareholders was CNY 594,007,096.25, an increase of 18.48% from CNY 501,339,525.58 year-on-year[4]. - The net profit after deducting non-recurring gains and losses was CNY 551,149,869.54, reflecting a 25.84% increase compared to CNY 437,973,211.73 in the previous year[4]. - Basic and diluted earnings per share were both CNY 0.0584, up 18.48% from CNY 0.0493 in the previous year[5]. - Operating profit for Q1 2025 was ¥817,437,033.46, up from ¥685,434,020.31 in Q1 2024, reflecting a growth of 19.2%[23]. - Net profit for Q1 2025 was ¥619,014,765.81, compared to ¥535,493,450.72 in Q1 2024, representing an increase of 15.6%[23]. Cash Flow - The net cash flow from operating activities improved significantly, with a net outflow of CNY -184,020,517.30, a reduction of 82.41% from CNY -1,046,069,069.58 in the same period last year[4][8]. - In Q1 2025, the cash inflow from operating activities was CNY 12,721,732,700.63, an increase of 5.5% compared to CNY 12,058,408,352.10 in Q1 2024[27]. - The cash inflow from sales of goods and services was CNY 12,627,167,440.56, an increase from CNY 11,999,390,017.74 in the previous year, representing a growth of 5.2%[27]. - The company reported a cash outflow from operating activities of CNY 12,905,753,217.93, slightly down from CNY 13,104,477,421.68 in Q1 2024[27]. - The company experienced a net decrease in cash and cash equivalents of -CNY 1,660,496,865.55 in Q1 2025, compared to -CNY 3,067,918,439.45 in Q1 2024, indicating a reduction in cash outflow[28]. - Cash inflow from investment activities totaled CNY 3,695,300,257.82, significantly higher than CNY 1,826,284,416.17 in Q1 2024, marking a growth of 102.5%[28]. - The net cash flow from investment activities was -CNY 1,124,688,991.52, an improvement from -CNY 2,036,409,370.40 year-over-year[28]. - Cash inflow from financing activities was CNY 245,308,796.42, up from CNY 193,325,968.58 in Q1 2024, reflecting a growth of 26.9%[28]. - The net cash flow from financing activities was -CNY 351,508,743.99, a decline compared to a positive net flow of CNY 13,164,542.26 in the previous year[28]. - The total cash and cash equivalents at the end of Q1 2025 stood at CNY 2,890,121,709.41, compared to CNY 2,536,800,400.51 at the end of Q1 2024[28]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 47,997,438,636.47, a decrease of 3.04% from CNY 49,502,533,022.56 at the end of the previous year[5]. - As of March 31, 2025, the total current assets amounted to ¥25,642,697,719.22, a decrease from ¥27,192,388,841.38 as of December 31, 2024, representing a decline of approximately 5.7%[16]. - Cash and cash equivalents decreased to ¥5,170,861,668.18 from ¥6,665,817,800.98, reflecting a decline of about 22.4%[16]. - Accounts receivable decreased to ¥9,169,208,383.95 from ¥10,904,749,326.49, indicating a reduction of approximately 15.9%[16]. - The total liabilities decreased from ¥21,638,889,318.28 to ¥19,497,940,592.27, a reduction of about 9.9%[18]. - The total equity increased from ¥27,863,643,704.28 to ¥28,499,498,044.20, an increase of approximately 2.3%[18]. - The company reported a decrease in accounts payable from ¥13,841,913,552.73 to ¥11,179,527,524.67, a decline of approximately 19.2%[18]. Shareholder and Governance - There were no significant changes in the top 10 shareholders or their participation in financing activities, indicating stability in ownership[12]. - The company has not reported any significant audit opinions or financial irregularities for the current reporting period[13]. Research and Development - Research and development expenses for Q1 2025 were ¥155,812,474.02, slightly down from ¥165,738,353.66 in Q1 2024, indicating a focus on cost management[23]. Market Strategy - The company is focusing on expanding its market presence and enhancing its product offerings, although specific new products or technologies were not detailed in the provided content[15].

证券代码：600968 证券简称：海油发展 公告编号：2025-014 中海油能源发展股份有限公司 2025年第一季度授信担保情况的公告 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。 重要内容提示： 一、担保情况概述 公司分别于 2024 年 4 月 12 日、2024 年 6 月 5 日召开第五届董事会第十次 会议、2023 年年度股东大会，审议通过了《关于公司 2024 年度对外担保计划及 向金融机构申请授信额度的议案》，拟对公司控制的子公司提供新增授信担保额 度不超过人民币 50,000 万元。上述担保额度经董事会及股东大会审议通过后， 授权公司管理层在有关法律、法规及规范性文件允许范围内，从维护公司股东利 益最大化的原则出发，全权办理相关担保事宜，包括但不限于：签署、更改相关 协议，或办理与本担保事项相关的一切其他手续。上述担保额度授权有效期自 2023 年年度股东大会审议通过之日起至 2024 年年度股东大会召开之日止。具体 内容详见公司于 2024 年 4 月 16 日在上海证券交易所网站（www.sse.com ...

证券代码：600968 证券简称：海油发展 公告编号：2025-015 中海油能源发展股份有限公司 关于为全资子公司提供担保的公告 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。 重要内容提示： 本次中海油能源发展股份有限公司（以下简称"公司"）为全资子公司珠海 销售、珠海石化销售提供不超过人民币 96,700 万元的担保，担保期限为《付款 承诺函》有效期开始之日起三十六个月内有效。截至本公告披露日，公司已实际 为珠海销售、珠海石化销售提供的担保余额为 0.00 万元（不含本次）。 一、担保情况概述 （一）担保基本情况 为满足公司全资子公司珠海销售、珠海石化销售的经营和发展需要，公司于 2025 年 4 月 23 日签署《付款承诺函》，为全资子公司珠海销售、珠海石化销售 与中海石油深海开发有限公司（以下简称"深海开发"）签订的购销合同约定的 义务提供履约担保，担保金额为不超过人民币 96,700 万元，担保期限为 2025 年 4 月 23 日起三十六个月内。 （二）担保事项履行的审议程序 ● 被担保人名称：海油发展（珠海）销 ...

金十数据4月23日讯，海油发展公告称，一季度营业收入为100.74亿元，同比增长9.42%；归属于上市公 司股东的净利润为5.94亿元，同比增长18.48%。 海油发展：一季度净利润同比增长18.48% ...

分析师：张伟保 S1050523110001 zhangwb@cfsc.com.cn 联系人：覃前 S1050124070019 qinqian@cfsc.com.cn | 基本数据 | 2025-04-14 | | --- | --- | | 当前股价（元） | 3.93 | | 总市值（亿元） | 399 | | 总股本（百万股） | 10165 | | 流通股本（百万股） | 10165 | | 52 周价格范围（元） | 3.51-4.83 | | 日均成交额（百万元） | 206.72 | 市场表现 资料来源：Wind，华鑫证券研究 -20 -10 0 10 20 30 40 (%) 海油发展 沪深300 2025 年 04 月 14 日 增储上产助力营收增长，多元布局驱动未来发展 —海油发展（600968.SH）公司事件点评报告 买入(首次) 事件 相关研究 海油发展发布 2024 年度业绩报告：2024 全年实现营业总收 入 525.17 亿元，同比+6.51%；实现归母净利润 36.56 亿元， 同比+18.66%。其中 2024Q4 单季度实现营业收入 188.43 亿 元，同比+6.37% ...

Investment Rating - The report assigns a "Buy" investment rating for the company, marking the first coverage of the stock [8]. Core Views - The company achieved a total revenue of 52.517 billion yuan in 2024, representing a year-on-year increase of 6.51%, with a net profit attributable to shareholders of 3.656 billion yuan, up 18.66% year-on-year [4][5]. - The domestic market remains the primary revenue source, contributing 98.78% of total revenue, with an improvement in domestic business gross margin by 1.20 percentage points year-on-year [5]. - The company is diversifying its operations into areas such as LNG refueling and renewable energy, including significant projects in offshore solar energy [7]. Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 18.843 billion yuan, a year-on-year increase of 6.37% and a quarter-on-quarter increase of 56.48% [4]. - The overall gross margin for 2024 was 14.62%, an increase of 1.15 percentage points year-on-year, attributed to cost control and efficiency improvements [5]. Cost Structure and R&D - The company optimized its expense structure, with sales expenses slightly increasing due to business development, while financial expenses decreased due to higher interest income from bank deposits [6]. - R&D expenses decreased as the company focused on major projects and improved the quality and efficiency of its research activities [6]. Technological Development and Diversification - The company has established a technical system for marginal oilfield development and is expanding into LNG refueling and green energy sectors [7]. - Significant projects include the construction of the first gigawatt-level offshore solar project and the launch of a new LNG refueling vessel [7]. Profit Forecast - The company is expected to achieve net profits of 4.079 billion yuan, 4.656 billion yuan, and 5.402 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 9.8, 8.6, and 7.4 [8][10].

Core Points - The CSI All Share Oil and Gas Extraction and Oilfield Services Index opened at 3989.28 points and has seen a decline of 2.47% in the past month, 1.93% in the past three months, and 6.22% year-to-date [1] - The index is designed to reflect the overall performance of different industry companies within the CSI All Share Index, categorized into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries [1] Index Composition - The top ten weighted companies in the CSI All Share Oil and Gas Extraction and Oilfield Services Index are: CNOOC Engineering (14.9%), Jereh (14.77%), CNOOC Development (9.84%), China Oilfield Services (9.69%), Sinopec Oilfield Service (9.31%), China National Petroleum Engineering (6.66%), Hongtian (3.84%), Sinopec Machinery (3.69%), Deweier (2.98%), and Haimer Technology (2.96%) [1] - The market segments of the index holdings show that the Shanghai Stock Exchange accounts for 62.59%, the Shenzhen Stock Exchange for 36.79%, and the Beijing Stock Exchange for 0.62% [2] - In terms of industry composition, oilfield services represent 50.78% and oil and gas extraction represent 49.22% of the index holdings [2] Index Adjustment - The index samples are adjusted semi-annually, with adjustments implemented on the next trading day following the second Friday of June and December each year [2] - Weight factors are adjusted in accordance with the sample adjustments, which are generally fixed until the next scheduled adjustment [2] - Temporary adjustments occur when the CSI All Share Index samples are modified, and changes in industry classification due to special events will also prompt corresponding adjustments in the index samples [2]

证券研究报告 | 2025年04月10日 海油发展（600968.SH） 优于大市 能源技术服务高增长，2024 年扣非归母净利润同比增长 32.9% 公司第四季度扣非归母净利润 13.1 亿元，全年扣非归母净利润同比增长 32.9%。2024 年公司实现营收 525.2 亿元（同比+6.5%），归母净利润 36.6 亿元（同比+18.7%），扣非归母净利润 38.0 亿元（同比+32.9%），毛利率 为 14.6%（同比+1.2pcts），净利率为 7.2%（同比+0.7pcts）。2024 年第四 季度公司实现营收 188.4 亿元（同比+6.4%），归母净利润 9.7 亿元（同比 +3.4%），扣非归母净利润 13.1 亿元（同比+47.1%），毛利率为 14.6%（同 比+1.7pcts），净利率为 5.2%（同比-0.1pcts）。公司非经常性损益主要因 为台风影响，四季度发生船舶修理支出 4.3 亿元，计入营业外支出所致。公 司 2024 年度现金分红金额 13.7 亿元（含税），分红率达到 37.53%。 公司能源技术服务产业收入增长 15%，各板块毛利率均有提升。分板块来看， 公司能源技术服务 ...