Investment Rating - Strong Buy: The report maintains a "Strong Buy" rating for COSL (China Oilfield Services Limited), citing its position as a global integrated offshore oil service leader with significant growth potential in the current cycle [1][6] Core Views - COSL's growth space has been unlocked in the current cycle, driven by its comprehensive industry chain advantages and strong performance in both domestic and international markets [1][2] - The company's dual growth engines, oilfield technical services and drilling services, are expected to drive future growth, supported by technological breakthroughs and domestic energy supply policies [6] - COSL benefits from the high industry prosperity, with global oilfield service market size predicted to grow by 7.1% in 2024 [3] Financial Performance - In H1 2024, COSL achieved revenue of RMB 22.529 billion, a YoY increase of 19.4%, with net profit attributable to shareholders of RMB 1.592 billion, up 18.9% YoY [1] - Q2 2024 revenue reached RMB 12.381 billion, a YoY increase of 18.85%, with net profit attributable to shareholders of RMB 957 million, up 2.34% YoY [1] - Gross margin improved to 16.4% in H1 2024, up 1.6 percentage points YoY, while net margin slightly decreased to 7.6%, down 0.1 percentage points YoY [3] Business Segments - Oilfield Technical Services: Revenue reached RMB 12.83 billion in H1 2024, up 20.8% YoY, accounting for 56.95% of total revenue [2] - Drilling Services: Revenue increased by 18.2% YoY to RMB 6.42 billion in H1 2024, with day rates rising 4.9% YoY to USD 86,000/day [2] - Vessel Services: Revenue grew by 14.2% YoY to RMB 2.18 billion in H1 2024, with operating days increasing by 19.6% YoY [2] - Geophysical Services: Revenue surged by 20.4% YoY to RMB 1.1 billion in H1 2024, with 3D acquisition workload increasing by 189.5% YoY [2] Market Expansion - COSL successfully entered the Brazilian market, signing a drilling and workover service contract with a Brazilian client, expected to commence operations in 2025 [2] - Two previously suspended platforms in Saudi Arabia have secured new contracts, with one platform expected to start operations in late August/early September 2024 and another securing a 3-year contract in Southeast Asia [3][6] Financial Projections - The report forecasts COSL's net profit attributable to shareholders to reach RMB 3.425 billion, RMB 4.375 billion, and RMB 5.559 billion in 2024, 2025, and 2026, respectively [6] - EPS is projected to be RMB 0.72, RMB 0.92, and RMB 1.16 for 2024, 2025, and 2026, respectively [6] - ROE is expected to improve from 8.0% in 2024 to 11.9% in 2026, reflecting the company's strong profitability and growth potential [7] Industry Outlook - The global oilfield service market is expected to grow by 7.1% in 2024, driven by increased upstream capital expenditures due to medium-to-high oil prices [3] - COSL, as a global leader in offshore oil services, is well-positioned to benefit from the industry's upward trend, leveraging its full industry chain advantages and overseas market expansion [3][6]

%% %% 丨证券研究报告丨 联合研究丨公司点评丨中海油服（601808.SH） [Table_Title] 上半年业绩显著提升，部分暂停平台获新合同 | --- | --- | |------------------------------------------------------------------------------------|-------| | 报告要点 | | | [Table_Summary] 公司发布 2024 年半年报。 2024 年上半年实现营收 | | | 润 15.92 亿元，同比增长 18.92% ；单二季度实现营收 | | | 净利润 9.57 亿元，同比增长 2.34% 。行业景气度持续提升， | | | 发挥全产业链优势，各项业务拓展顺利；部分暂停平台重获合同，降低对公司经营影响；海洋 | | | 油气资源潜力巨大，中海油增储上产提高资本开支公司有望充分受益。 | | 分析师及联系人 [Table_Author] 魏凯 赵智勇 王岭峰 臧雄 SFC：BUT964 SFC：BRP550 SAC：S0490520080009 SAC：S0490517110001 S ...

2024 Interim Report 中期報告 2024 | 目錄 | | --- | | 74 | 董事長致辭 | 102 | 中期簡明合併綜合收益表 | | --- | --- | --- | --- | | 76 | 總裁致辭 | 103 | 中期簡明合併財務狀況表 | | 78 | 管理層討論與分析 | 105 | 中期簡明合併權益變動表 | | 94 | 補充資料 | 106 | 中期簡明合併現金流量表 | | 100 | 獨立審閱報告 | 107 | 中期簡明合併財務資料附註 | | 101 | 中期簡明合併損益表 | 144 | 公司指引 | 公司概覽 中海油田服務股份有限公司（以下簡稱「公司」，「集團」或「中海油服」）在香港聯合交易所（香港股票代碼：2883）和 上海證券交易所（上海股票代碼：601808）上市，是全球最具規模的綜合型油田服務供應商之一，服務貫穿石油及 天然氣勘探、開發及生產的各個階段。 財務摘要 | | 2022年上半年 | 2023年上半年 | 2024年上半年 | | --- | --- | --- | --- | | | 人民幣百萬元 | 人民幣百萬元 | 人民幣百萬 ...

中海油田服务股份有限公司 关于参加 2024 年度天津辖区上市公司半年报业绩说明会 暨投资者网上集体接待日活动的公告 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。 为进一步加强与投资者的互动交流，中海油田服务股份有限公司（以下简称"公 司"）将参加由天津证监局、天津上市公司协会与深圳市全景网络有限公司联合举办 的"2024 年度天津辖区上市公司半年报业绩说明会暨投资者网上集体接待日活动"， 现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net），或关注微信公众号"全景财经"，或下载"全景路演"APP， 参与本次互动交流，活动时间为 2024 年 9 月 3 日（周二）13:30-16:40（其中公司与 投资者线上交流时间为 15:00-16:30）。 届时公司将在线就公司业绩、公司治理、发展战略、经营状况和可持续发展等投 资者关心的问题，与投资者进行沟通与交流，欢迎广大投资者踊跃参与！ 特此公告。 中海油田服务股份有限公司 董 事 会 2024 ...

2024 年 08 月 28 日 中海油服 (601808) —— 24H1 业绩同比显著提升，中东订单利空影响有所 改善 报告原因：有业绩公布需要点评 买入（维持）投资要点： ⚫ 公司公告：2024 年上半年公司实现营业收入 225.29 亿元，同比增长 19.4%；归母净利润 | --- | --- | |-----------------------------------------------|------------------------------------| | 市场数据： 收盘价（元） 一年内最高/最低（元） | 2024 年 08 月 27 14.36 20.01/13.32 | | 市净率 | 1.6 | | 息率（分红/股价） | 1.46 | | 流通 A 股市值（百万元） | 42,512 | | 上证指数/深证成指 | 2,848.73/8,103.76 | 注："息率"以最近一年已公布分红计算 | --- | --- | |--------------------------|---------------------| | 基础数据: | 2024 年 06 月 30 日 ...

http://www.cindasc.com 1 | --- | --- | |-------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------| | 证券研究报告 | [Table_Title]Q2 业绩同比小幅增长，中东暂停平台部分锁定合同 | | | [Table_ReportDate] 2024 年 8 月 28 日 | | 公司研究 | | | | [Table_S 事件： ummary] 2024 年 8 月 27 日晚，中海油服发布 2024 年半年度报告。2024 年 | | 公司点评报告 Table_ReportType] | 上半年，公司实现营收 225.29 亿元，同比+19.4%；实现归母净利润 15.92亿元，同比+18.9%；扣非后归母净利润16.04亿元，同比+2 ...

[ T able_StockInfo] 2024 年 08 月 27 日 证券研究报告•2024 年半年报点评 买入 （维持） 当前价：14.36 元 中海油服（601808）石油石化 目标价：——元（6 个月） 平台日费持续修复，24H1 业绩快速增长 [Table_Summary 事件：公司发布] 2024年半年报，2024H1 公司实现营业收入 225.3亿元，同比 增长 19.4%，实现归母净利润 15.9亿元，同比增长 18.9%。2024Q2公司实现 营业收入 123.8 亿元，同比增长 18.8%，实现归母净利润 9.6 亿元，同比增长 2.3%。公司上半年业绩实现高速增长。 各板块业务开展顺利，钻井平台日费持续修复。2024H1，公司在全力保障国内 增储上产基础上，不断深化国际市场开拓能力，各板块主要业务工作量明显增 加。2024H1，公司钻井服务营收 64.2 亿元，同比+18.2%，其中自升式、半潜 式钻井平台作业天数同比分别+3.4%、-3.0%，日费同比分别+7.2%、+8.9%； 油田技术服务营收 128.3 亿元，同比+20.8%；船舶服务营收 21.8 亿元，同比 +14.2%； ...

Investment Rating - A-shares: Buy (maintained) with a current price of 14.36 CNY [2] - H-shares: Overweight (maintained) with a current price of 6.80 HKD [2] Core Views - The company achieved a 19% YoY increase in operating revenue and an 18.92% YoY increase in net profit attributable to shareholders in H1 2024 [5] - The company's internationalization strategy has been effective, with new contracts signed in overseas markets, particularly in Southeast Asia [11] - The company's drilling workload has remained stable, with a significant increase in technical service revenue, growing by 20.8% YoY in H1 2024 [8] - The company has re-locked contracts for two drilling platforms, ensuring workload stability in the oilfield services market [12] Financial Performance - H1 2024 operating revenue: 22.5 billion CNY, up 19.37% YoY [5] - H1 2024 net profit attributable to shareholders: 1.6 billion CNY, up 18.92% YoY [5] - Q2 2024 operating revenue: 12.4 billion CNY, up 18.85% YoY and 22% QoQ [5] - Q2 2024 net profit attributable to shareholders: 957 million CNY, up 2.34% YoY and 50.57% QoQ [5] - H1 2024 operating cash flow: 1.715 billion CNY, up 49% YoY [7] - H1 2024 ROE: 7.6%, up 0.8 pct YoY [7] Business Segments - Drilling services revenue in H1 2024: 6.4 billion CNY, up 18.2% YoY [8] - Technical services revenue in H1 2024: 12.8 billion CNY, up 20.8% YoY [8] - 2D seismic acquisition: 11,174 km, down 13.6% YoY [8] - 3D seismic acquisition: 16,370 km², up 189.5% YoY [8] Strategic Initiatives - The company is focusing on technology-driven development and improving operational efficiency [9] - It has established a "North-South Dual Center" for rotary steering and logging-while-drilling production lines [9] - The company is enhancing its digital capabilities and optimizing resource allocation through four product line operation centers [10] Market Outlook - The global oilfield services market is expected to grow by 7.1% in 2024, driven by increased upstream investment in deepwater and unconventional oil and gas sectors [12] - The company is well-positioned to benefit from the recovery in the oilfield services market, with a strong pipeline of contracts and a focus on high-quality development [12] Valuation and Forecast - Forecasted net profit attributable to shareholders for 2024-2026: 3.916 billion CNY, 4.828 billion CNY, and 5.657 billion CNY, respectively [13] - Forecasted EPS for 2024-2026: 0.82 CNY, 1.01 CNY, and 1.19 CNY, respectively [13]

[ T able_StockInfo] 2024 年 08 月 27 日 证券研究报告•2024 年半年报点评 买入 （维持） 当前价：14.36 元 中海油服（601808）石油石化 目标价：——元（6 个月） 平台日费持续修复，24H1 业绩快速增长 [Table_Summary 事件：公司发布] 2024年半年报，2024H1 公司实现营业收入 225.3亿元，同比 增长 19.4%，实现归母净利润 15.9亿元，同比增长 18.9%。2024Q2公司实现 营业收入 123.8 亿元，同比增长 18.8%，实现归母净利润 9.6 亿元，同比增长 2.3%。公司上半年业绩实现高速增长。 各板块业务开展顺利，钻井平台日费持续修复。2024H1，公司在全力保障国内 增储上产基础上，不断深化国际市场开拓能力，各板块主要业务工作量明显增 加。2024H1，公司钻井服务营收 64.2 亿元，同比+18.2%，其中自升式、半潜 式钻井平台作业天数同比分别+3.4%、-3.0%，日费同比分别+7.2%、+8.9%； 油田技术服务营收 128.3 亿元，同比+20.8%；船舶服务营收 21.8 亿元，同比 +14.2%； ...

Investment Rating - The investment rating for the company is "Buy" with a target price indicating a potential return of over 20% within the next six months [6][15]. Core Views - The company's performance in H1 2024 exceeded expectations, with revenue reaching 22.53 billion yuan, a year-on-year increase of 19.4%, and net profit attributable to shareholders at 1.59 billion yuan, up 18.9% [1]. - The industry is experiencing a sustained increase in drilling platform day rates, reflecting high market demand [2]. - Two drilling platforms affected by the Saudi suspension have secured new contracts, indicating a recovery in operations [3]. - The oilfield services segment continues to show high growth, with revenues of 12.83 billion yuan in H1 2024, a year-on-year increase of 20.8% [4]. Financial Performance Summary - Revenue for 2024 is projected at 50.40 billion yuan, with a growth rate of 14.26% [5]. - The net profit attributable to shareholders is forecasted to be 3.48 billion yuan in 2024, reflecting a growth rate of 15.52% [5]. - The company's earnings per share (EPS) is expected to be 0.73 yuan in 2024, with a price-to-earnings (P/E) ratio of 19.69 [5][11]. Operational Metrics - In Q2 2024, the operational days for self-elevating and semi-submersible platforms were 3,618 and 955 days, respectively, with self-elevating platforms showing a 10% year-on-year increase [2]. - The average day rates for self-elevating and semi-submersible platforms in H1 2024 were $74,000 and $134,000, respectively, marking increases of 7.2% and 8.9% year-on-year [2]. Market Position - The company has successfully entered the Brazilian market, signing contracts for drilling and workover services, which are expected to commence in 2025 [4].