证券研究报告·公司点评报告·油服工程 中海油服（601808） 2024 年一季报点评：盈利能力显著提升，油服景 2024 年 04月 27日 气度维持 证券分析师 陈淑娴 买入（维持） 执业证书：S0600523020004 chensx@dwzq.com.cn [Table_EPS] 盈利预测与估值 2022A 2023A 2024E 2025E 2026E 研究助理 何亦桢 营业总收入（百万元） 35,659 44,109 47,536 51,137 55,131 执业证书：S0600123050015 同比（%） 22.11 23.70 7.77 7.58 7.81 heyzh@dwzq.com.cn 归母净利润（百万元） 2,359 3,013 3,833 4,425 5,181 股价走势 同比（%） 653.15 27.75 27.21 15.45 17.07 EPS-最新摊薄（元/股） 0.49 0.63 0.80 0.93 1.09 中海油服 沪深300 P/E（现价&最新摊薄） 37.73 29.53 23.22 20.11 17.18 25% 12 50 %% [ [TT aab bl l ...

[Table_MainInfo] 公司研究/石油天然气/能源设备与服务 证券研究报告 中海油服（601808）公司季报点评 2024年04月26日 [Table_InvestInfo] 投资评级 优于大市 维持 1Q24 归母净利润同比+57% 股票数据 [Table_Summary] 0[4T月ab2le5_日S收to盘ck价（In元fo）] 18.40 投资要点： 52周股价波动（元） 13.30-20.01 总股本/流通A股（百万股） 4772/2960  1Q24归母净利润同比较大幅度增长。2024年一季度，中海油服实现营业收入 总市值/流通市值（百万元） 87797/87797 101.48亿元，同比+20.0%，为历史同期最好水平；实现归母净利润6.36亿元， 相关研究 同比+57.3%，2022年以来同期维持稳定增长。 [《Ta 20b 2le 3_年R盈e利po稳rt定In增fo长] ，4Q23单季收入创新 高》2024.03.27  钻井服务：工作量维持相对稳定。受平台退租影响，1Q24公司钻井平台作业 天数为 4388天，同比减少77天（-1.7%），可用天使用率 84.7%，同比减少 ...

Investment Rating - The investment rating for the company is "Buy" with a target price set above the current price of 18.4 CNY [4]. Core Insights - The company reported a Q1 2024 net profit of 636 million CNY, exceeding market expectations, with a year-on-year growth of 57.3% [1]. - The revenue for Q1 2024 reached 10.15 billion CNY, reflecting a year-on-year increase of 20% [1]. - The drilling segment showed structural improvements, with the utilization rate of semi-submersible platforms increasing by 7.7 percentage points year-on-year [2]. - The company is expanding its oilfield technology services into the Brazilian market, which is expected to sustain high growth in the future [3]. Financial Summary - The projected net profits for 2024, 2025, and 2026 are 4.117 billion CNY, 5.932 billion CNY, and 6.597 billion CNY respectively, with corresponding P/E ratios of 21.3, 14.8, and 13.3 [3][6]. - The total revenue is expected to grow from 51.42 billion CNY in 2024 to 63.55 billion CNY in 2026, with growth rates of 16.58% and 14.26% for the following years [6][7]. - The company's total assets are projected to increase from 93.02 billion CNY in 2024 to 107.64 billion CNY in 2026 [7].

证券研究报告 [2T4abQl1e_业Tit绩le] 同比显著提升， 业务出海成效显著 公司研究 [Table_ReportDate] 2024年4月26日 [公Ta司ble点_Re评po报rtT告ype] [Table_Summary] 事件：2024 年 4 月 25 日晚，中海油服发布 2024 年第一季度报告。 [中Ta海bl油e_服Sto(c6k0A1n8dR0a8n.kS]H ) 2024Q1，公司实现营收101.48亿元，同比+20.0%，环比-30.5%；实现归 母净利润 6.36 亿元，同比+57.3%，环比-14.1%；扣非后归母净利润 6.56 投资评级 买入 亿元，同比+69.4%，环比-4.9%。实现基本每股收益 0.13 元，同比 上次评级 买入 +62.5%，环比-18.8%。 [左Ta前b明le _ A能ut源ho行r]业 首席分析师 点评： 执业编号：S1500518070001 ➢ 24Q1 公司利润同比明显提升，主要考虑在行业上升期，公司主动布 联系电话：010-83326712 邮箱：zuoqianming@cindasc.com 局全球区域市场，持续强化核心竞争力，以 ...

[Table_StockInfo] 买入 2024年 04月 25日 （维持） 证券研究报告•2024年一季报点评 当前价： 18.40元 中海油服（601808） 石油石化 目标价： ——元（6个月） 业绩超预期，钻井业务表现亮眼 投资要点 西南证券研究发展中心 [T ab事le件_S：u公m司m发ar布y] 2024年一季报，2024Q1实现营收101.5亿元，同比增长20.0%； [分Ta析bl师e_：Au邰th桂or龙] 实现归母净利润6.4亿元，同比增长57.3%。公司业绩实现快速增长。 执业证号：S1250521050002  充分发挥全产业链优势，各板块业务开展顺利。钻井板块：2024Q1，公司自升 电话：021-58351893 邮箱：tgl@swsc.com.cn 式、半潜式钻井平台作业天数同比分别-2.6%、+1.6%，可用天使用率同比分别 -3.9pp、+7.7pp，得益于高日费平台结构性调整，钻井板块营收与利润实现明显 联系人：杨云杰 增长。技术板块：公司充分发挥技术驱动业务战略价值，科技成果转化效能显 电话：021-58351893 著，收入规模持续增长。船舶板块：全面强化海上船 ...

Investment Rating - The report maintains a "Buy" rating for A-shares and an "Accumulate" rating for H-shares of the company [2] Core Views - The oil service industry is experiencing high prosperity, with the company's net profit attributable to shareholders increasing by 57% year-on-year in Q1 2024 [4] - The company achieved total operating revenue of 10.1 billion yuan in Q1 2024, a year-on-year increase of 20% [3] - The company is leveraging the active oilfield service market to enhance operational quality and profitability through effective resource allocation and cost control [4][6] Summary by Sections Financial Performance - In Q1 2024, the company reported a net profit of 636 million yuan, reflecting a 57% increase year-on-year but a 14% decrease quarter-on-quarter [3] - The annualized ROE for Q1 2024 was 6.1%, up by 2.0 percentage points year-on-year, while the cost-to-profit ratio improved to 7.5%, an increase of 1.7 percentage points year-on-year [4] Operational Highlights - The company maintained stable drilling workload with 3,488 days of platform operation, a slight decrease of 1.7% year-on-year [5] - The utilization rates for self-elevating and semi-submersible platforms were 84.3% and 86.2%, respectively, with the latter showing a year-on-year increase of 7.7 percentage points [5] Technological Advancements - The company is committed to a technology-driven strategy, with significant growth in the operational volume and revenue of its technology services [6] - The company has successfully expanded its overseas market presence, securing contracts in the Middle East and Southeast Asia, marking a record high for local business contracts [6] Market Outlook - The global oilfield service market is expected to grow, with a projected increase of 7.1% in 2024, driven by rising capital expenditures from oil companies [9] - The company is well-positioned to benefit from the ongoing recovery in the international offshore oil and gas engineering industry [9] Profit Forecast and Valuation - The report maintains profit forecasts for the company, expecting net profits of 3.916 billion, 4.828 billion, and 5.657 billion yuan for 2024, 2025, and 2026, respectively [10] - The corresponding EPS for these years is projected to be 0.82, 1.01, and 1.19 yuan per share [10]

Financial Performance - The company's operating revenue for Q1 2024 reached RMB 10,148 million, representing a 20.0% increase compared to the same period last year[4] - The net profit attributable to shareholders of the listed company was RMB 635.5 million, an increase of 57.3% year-on-year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 655.7 million, reflecting a 69.5% increase year-on-year[4] - The basic earnings per share for the period was RMB 0.13, up 62.5% compared to the previous year[4] - Total profit for Q1 2024 was RMB 940.1 million, reflecting a year-on-year growth of 47.8%[15] - Net profit for Q1 2024 amounted to RMB 690.6 million, showing a year-on-year increase of 51.3%[15] - Total revenue for Q1 2024 reached CNY 10,147,976,009, a 19.96% increase from CNY 8,456,256,979 in Q1 2023[24] - Operating profit for Q1 2024 was CNY 1,001,144,665, compared to CNY 659,384,434 in Q1 2023, reflecting a growth of 51.93%[26] - Net profit attributable to shareholders for Q1 2024 was CNY 635,514,312, up from CNY 404,088,646 in Q1 2023, marking a 57.19% increase[26] Assets and Liabilities - The total assets at the end of the reporting period were RMB 82,463.1 million, a decrease of 0.9% from the end of the previous year[6] - The equity attributable to shareholders of the listed company increased to RMB 42,329.0 million, a rise of 1.6% from the previous year[6] - Total assets as of March 31, 2024, were CNY 82,463,076,897, a decrease from CNY 83,245,834,646 at the end of 2023[23] - Current assets totaled CNY 29,216,759,662, down from CNY 30,270,102,514 at the end of 2023[22] - Total liabilities decreased to CNY 39,465,403,138 from CNY 40,989,728,253 at the end of 2023[23] - The company’s total equity increased to CNY 42,997,673,759 from CNY 42,256,106,393 at the end of 2023[23] Cash Flow - The net cash flow from operating activities was a negative RMB 835.0 million, compared to a negative RMB 96.2 million in the same period last year, primarily due to increased cash payments for goods and services[8] - In Q1 2024, the company reported cash inflows from operating activities of CNY 8,590,381,976, an increase from CNY 7,752,592,846 in Q1 2023, representing a growth of approximately 10.7%[28] - The net cash flow from operating activities was negative CNY 834,951,230, compared to a negative CNY 96,217,098 in the same period last year, indicating a significant decline in operational cash generation[28] - Cash inflows from investment activities totaled CNY 3,230,193,901, up from CNY 1,038,468,095 in Q1 2023, marking a substantial increase of about 210.5%[28] - The net cash flow from investment activities was negative CNY 333,915,883, compared to a negative CNY 15,050,075 in Q1 2023, reflecting increased investment outflows[28] - Cash outflows from financing activities amounted to CNY 922,579,343, significantly higher than CNY 288,821,134 in Q1 2023, indicating increased financial obligations[28] - The ending cash and cash equivalents balance was CNY 3,881,974,138, compared to CNY 3,162,511,233 at the end of Q1 2023, representing an increase of approximately 22.7%[28] - The company paid CNY 678,438,681 in debt repayments, a significant increase from CNY 78,135,622 in Q1 2023, indicating a focus on reducing leverage[28] - The total cash inflow from sales of goods and services was CNY 8,562,987,965, compared to CNY 7,728,094,128 in Q1 2023, reflecting a growth of about 10.8%[28] - The company reported a total cash outflow from operating activities of CNY 9,425,333,206, which is an increase from CNY 7,848,809,944 in Q1 2023, indicating rising operational costs[28] Operational Metrics - The number of operational days for drilling services was 4,388 days, a decrease of 1.7% compared to the previous year[19] - The utilization rate for self-elevating drilling platforms was 80.2%, while semi-submersible platforms had a utilization rate of 76.0%[19] - The company operated 172 vessels in its shipping services, with a total of 14,227 operational days, an increase of 3.9% year-on-year[20] - The three-dimensional survey area increased to 6,696 square kilometers, a significant rise of 502.7% year-on-year[19] Strategic Initiatives - The company is actively expanding its global market presence and enhancing its core competitiveness, contributing to the growth in revenue across various segments[8] - The company is focusing on enhancing its technological innovation capabilities and optimizing the development of core technology products[20] - The company aims to strengthen its cost control and core competitiveness through lean management practices[15] - The company expects to reduce carbon emissions by 12,000 tons annually through the operation of 12 LNG-powered guard vessels[20] - The company reported a total non-recurring loss of RMB 20,160,276 for the period, influenced by various factors including asset disposal losses and other operating expenses[7] - Research and development expenses for Q1 2024 were CNY 334,360,621, compared to CNY 235,932,638 in Q1 2023, indicating a 41.73% increase[26] - The company’s gross profit margin improved, with gross profit for Q1 2024 at CNY 891,299,825, compared to CNY 518,409,531 in Q1 2023[26] - The weighted average return on net assets increased by 0.5 percentage points to 1.5%[4]

证券代码：601808 证券简称：中海油服 公告编号：临2024-017 中海油田服务股份有限公司 2024 年董事会第二次会议决议公告 (三) 审议通过关于 COSL Singapore Limited 公司向挪威系公司逐级增资的议 案。 特别提示 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 中海油田服务股份有限公司（以下简称"公司"或"中海油服"）2024 年董事会 第二次会议于 2024 年 4 月 25 日在北京以现场表决方式召开。会议通知于 2024 年 4 月 11 日以电子邮件方式送达董事。会议应出席董事 8 人，实际出席董事 8 人（卢涛 先生、熊敏先生因其他公务原因未能亲自出席并书面委托赵顺强先生代为行使表决权， 刘秋东先生因其他公务原因未能亲自出席并书面委托范白涛先生代为行使表决权）。 会议由董事长赵顺强先生主持。公司监事赵锋先生、程新生先生、马修恩先生列席会 议。公司董事会秘书孙维洲先生列席会议。会议的召开符合《中华人民共和国公司法》 等相关法律、行政法规、部门规章和《中海油田 ...

证券代码：601808 证券简称：中海油服 公告编号：临 2024-016 中海油田服务股份有限公司 关于为全资子公司提供担保的公告 特别提示 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： 本次为 COSL Drilling Brasil Ltda.提供的履约担保金额在年度 履约担保额度内。截至本公告发布日，本公司及控股子公司提供的对外 担保总额约为人民币 397.8 亿元，占本公司最近一期经审计净资产的比 例约为 94.1%。 一、担保情况概述 为支持本公司境外全资子公司COSL Drilling Brasil Ltda.与巴西客户签 订钻井平台钻井、修井作业项目中的服务合同，2024年3月22日，本公司为其提 1 被担保人名称：中海油田服务股份有限公司（以下简称"公司"或"本 公司"）的全资子公司：COSL Drilling Brasil Ltda. 本次担保金额及对外担保总额： 本次担保是否有反担保: 无反担保 对外担保逾期的累计数量：无逾期对外担保 特别风险提示：截至本报告披露日，公司及公司控股子公司 ...

智通财经APP获悉，石油股震荡走高，截至发稿，中海油(00883)涨2.83%，报18.92港元；中石油(00857) 涨2.32%，报7.49港元；中海油服(02883)涨2.09%，报9.29港元。 消息面上，布伦特原油站上90美元/桶大关，日内涨3.42%。WTI原油站上85美元/桶，日内涨3.88%。据 报道，一名美国官员证实，以色列导弹击中了伊朗境内一处地点。此前报道显示伊朗中部的伊斯法罕、 叙利亚南部的苏韦达省，以及伊拉克的巴格达地区和巴比伦省都传出了爆炸声。 宝城期货此前指出，今年二季度，地缘衍生风险持续扩散所带来的原油溢价增强依然是驱动油价重心上 行的主要逻辑。与此同时，原油供应端继续维持偏紧格局。此外，二季度原油需求回暖，炼厂春检结束 并陆续重启，消费能力增强将提振原油库存去化节奏。二季度全球原油供需缺口料扩大。 ...