Investment Rating - The report maintains a "Buy" rating for CNOOC Services (601808) [1] Core Views - The company reported strong performance in Q1 2024, with revenue of 10.15 billion yuan, a year-on-year increase of 20.0%, and a net profit attributable to shareholders of 640 million yuan, up 57.3% year-on-year [2] - The company benefits from its full industry chain advantages, with significant growth in the drilling segment due to structural adjustments in high-day-rate platforms [2] - High oil prices are driving capital expenditure growth, with the offshore oil and gas sector expected to remain buoyant [2] - The company is projected to achieve net profits of 4.0 billion, 5.03 billion, and 5.64 billion yuan for 2024-2026, with a compound annual growth rate of 23.2% [2] Summary by Sections Financial Performance - Q1 2024 revenue reached 10.15 billion yuan, a 20.0% increase year-on-year - Q1 2024 net profit attributable to shareholders was 640 million yuan, reflecting a 57.3% year-on-year growth - The gross margin for Q1 2024 was 16.4%, up 2.6 percentage points year-on-year, driven by increased overseas platform utilization [2][3] Business Segments - Drilling Segment: Q1 2024 saw a slight decrease in self-elevating platform operating days by 2.6% but an increase of 1.6% for semi-submersible platforms, leading to significant revenue and profit growth [2] - Technology Segment: The company effectively leveraged its technology-driven business strategy, resulting in continuous revenue growth [2] - Vessel Segment: The company operated 172 workboats, achieving 14,227 operational days in Q1 2024, a 3.9% increase year-on-year [2] - Geophysical Segment: Accelerated digital geophysical construction led to a 502.7% year-on-year increase in 3D acquisition workload [2] Market Outlook - The global oil demand is expected to continue growing in 2024, with upstream exploration and development capital expenditure projected at approximately 607.9 billion USD, a 5.7% year-on-year increase [2] - Offshore exploration and development capital expenditure is anticipated to grow by 19.5% year-on-year, benefiting companies like CNOOC Services [2] Earnings Forecast - Projected net profits for 2024, 2025, and 2026 are 4.0 billion, 5.03 billion, and 5.64 billion yuan, respectively, with corresponding EPS of 0.84, 1.05, and 1.18 yuan [3]

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。 ...

证 券 2024 年 04 月 17 日 研 究 油服行业景气度提升，持续打造世界一流能源服 报 务公司 告 —中海油服（601808.SH）公司动态研究报告 买入(首次) 投资要点 分析师：张伟保 S1050523110001 ▌上游勘探开发支出增加，公司业绩显著提升 zhangwb@cfsc.com.cn 2023 年全球上游勘探开发投资规模整体保持稳定增长，海上 联系人：刘韩 S1050122080022 油气勘探资本支出和油田服务市场规模持续扩大，钻井平台 liuhan@cfsc.com.cn 利用率持续稳定恢复。公司在行业上升周期，以完整产业链 基本数据 优势打造以客户需求为导向的油田全生命周期一体化服务品 2024-04-17 牌，有效推动装备板块和技术板块的协同发展。2023 年，公 当前股价（元） 19.52 司油田技术、钻井、船舶、物探和工程勘察板块的收入同比 总市值（亿元） 931 增长 31.4%、16.6%、5.9%、17.7%，油田技术服务板块的营 总股本（百万股） 4772 收贡献最为明显。四个板块毛利率分别为 22.1%、9.3%、 流通股本（百万股） 2960 2.9%、3.2 ...

- - ⴲⵤㅣ⌈ 篤行 致遠 公司介绍 公司概览 中海油田服务股份有限公司（以下简称「公司」，「集团」或「中海油服」）在香港联合交易所（香港股票代码 ： 2883）和上海证券交易所（上海股票代码 ：601808）上市，是全球最具规模的综合型油田服务供应商之一，服务 贯穿石油及天然气勘探、开发及生产的各个阶段。 业务表现 2023年，中海油服通过四大板块（钻井服务、油田技术服 务、船舶服务、物探采集和工程勘察服务）的业务向客户提 供在石油及天然气勘探、开发与生产的各个阶段所需的单一 业务作业服务、捆绑服务、一体化服务及总承包作业服务。 此外，公司在社会和环境等更广泛的营运层面的表现达到了 公司预期目标（详细信息请参见财务报告和环境、社会及管 治(ESG)报告部分）。 前景展望 我们在中国市场份额稳固 ；在亚太、中东、美洲、欧 洲、非洲等地区积极开拓海外市场，为持续拓展业务提 供了强大的平台。 我们遇到的挑战和风险因地而异，其中不少是油田服务 行业的性质使然，包括不明朗的政治和法制环境、深水 及海外运营带来的风险。公司在油田服务方面具有多年 经验，凭借对中国市场的充分掌握，以及严谨的风险管 理方针，中海油服有信心 ...

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： 本公司拟于 2024 年 4 月 25 日 收 市 后 在 上 海 证 券 交 易 所 网 站 （http://www.sse.com.cn）发布本公司 2024 年第一季度报告。为了便于广大投资者 更全面深入地了解本公司 2024 年第一季度业绩和经营情况，本公司拟于 2024 年 4 月 25 日 17:30-18:30 召开业绩说明会，就投资者普遍关心的问题进行交流。 一、业绩说明会类型 本次业绩说明会通过电话会议方式召开，本公司将针对 2024 年第一季度业绩和 经营情况与投资者进行交流，并对投资者普遍关注的问题进行回答。 1 证券代码：601808 证券简称：中海油服 公告编号：临2024-015 中海油田服务股份有限公司 关于召开 2024 年第一季度业绩说明会的公告 三、参加人员 公司管理层。 四、投资者参加方式 （一）如投资者参加会议，请联系 cosl@wsfg.hk 或致电（852）3977 1830、 （021）6330 9198 获 ...

1 （股份代號：2883） ...