Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights the robust development of deep-sea technology and the company's stable performance, indicating a promising future [1] - The company is expected to benefit from high capital expenditures by CNOOC, which plans to allocate between 125 billion to 135 billion RMB for capital expenditures in 2025 [8] - The report anticipates a significant increase in net profit for 2025, projecting it to reach 4.267 billion RMB, a 36.01% year-on-year growth [1][8] Financial Forecasts - Total revenue is projected to grow from 44.109 billion RMB in 2023 to 49.307 billion RMB in 2025, reflecting a year-on-year increase of 2.08% [1] - The net profit attributable to shareholders is expected to rise from 3.013 billion RMB in 2023 to 4.267 billion RMB in 2025, with a notable growth rate of 36.01% [1] - The earnings per share (EPS) is forecasted to increase from 0.63 RMB in 2023 to 0.89 RMB in 2025 [1] Business Performance - The company operates 48 self-elevating drilling platforms and 14 semi-submersible drilling platforms, with a slight decrease in operational days due to weather impacts [8] - The company has successfully launched high-end oil and gas technology equipment and expanded its service capabilities in various sectors, including drilling, oilfield technology, and marine services [8] - The report notes that the company has achieved record overseas contract amounts and revenues in its geophysical services segment [8]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 16.4 CNY based on a 20x P/E ratio for 2025 [4][6]. Core Views - The company has demonstrated steady revenue growth, with a projected revenue of 51.6 billion CNY in 2025, reflecting a 6.8% year-on-year increase [10]. - The company is leveraging technology and cost control to strengthen its market position, with a focus on high-end technology breakthroughs and integrated service capabilities [12]. - The company's net profit for 2024 is expected to be 3.1 billion CNY, a 4.1% increase from the previous year, indicating stable profitability [10][12]. Financial Performance Summary - Revenue for 2023 was 44.1 billion CNY, with a year-on-year growth of 23.7%, and is projected to reach 48.3 billion CNY in 2024 [10]. - The gross profit margin for 2024 is expected to be 15.7%, slightly down from 15.9% in 2023, while the net profit margin is projected to be 6.5% [10][12]. - The company’s EPS for 2025 is forecasted at 0.82 CNY, with a steady increase to 0.94 CNY by 2027 [4][10]. Market Position and Strategy - The company is positioned as a leading integrated oilfield service provider, focusing on technological advancements and cost leadership to enhance its competitive edge [12]. - The company has reduced its debt ratio to 46.4%, which supports future capital expenditures and technological investments [12]. - The report highlights the recovery in global oilfield service demand, particularly in the Asia-Pacific, Middle East, and Americas regions [12].

Core Insights - Company achieved a total revenue of 48.3 billion yuan in 2024, representing a year-on-year growth of 9.5%, with a net profit attributable to shareholders of 3.14 billion yuan, up 4.1% year-on-year [1] - The fourth quarter revenue was 14.64 billion yuan, showing a slight increase of 0.3% year-on-year, while net profit for the quarter was 690 million yuan, down 6.4% year-on-year, indicating pressure on quarterly profits possibly due to seasonal cost fluctuations and project settlement timing [1] - The overall gross margin for the year was 15.7%, a decrease of 0.2 percentage points year-on-year, and the net profit margin was 7.0%, down 0.4 percentage points year-on-year, although effective cost control was noted with total expense ratio at 6.5%, down 0.6 percentage points year-on-year [1] Financial Performance - The company maintained a strong financial performance with a gross margin of 15.7% and a net profit margin of 7.0% despite slight declines in both metrics [1] - The company’s financial expense ratio decreased by 0.6 percentage points, benefiting from optimized debt structure and improved interest rate environment [1] Strategic Focus - The company is positioned as a leading integrated oilfield service provider, focusing on "technology-driven" and "cost leadership" strategies to strengthen its industry position [1] - There is a steady recovery in global oilfield service demand, with significant expansion in markets across Asia-Pacific, the Middle East, and the Americas [1] - The company increased its R&D investment with a research expense ratio of 2.9%, targeting breakthroughs in high-end technologies, particularly in deepwater exploration and digital oilfields [1] Future Projections - Based on the company's 2024 performance and the oil service industry's outlook, the earnings per share (EPS) forecasts for 2025 and 2026 have been adjusted to 0.82 yuan and 0.88 yuan respectively, with a new 2027 EPS forecast of 0.94 yuan [2] - The target price is set at 16.4 yuan based on a 20 times price-to-earnings ratio for comparable companies in 2025, maintaining a buy rating [2]

Group 1 - The closing price of CNOOC Services on March 31 was 14.08 yuan, down 1.47%, with a rolling PE ratio of 21.42 times and a total market value of 67.184 billion yuan [1] - The average PE ratio for the extraction industry is 30.13 times, with a median of 39.51 times, placing CNOOC Services at the 11th position in the industry ranking [1] - As of the 2024 annual report, 210 institutions hold shares in CNOOC Services, including 207 funds and 3 other entities, with a total shareholding of 2,710.9906 million shares valued at 41.343 billion yuan [1] Group 2 - CNOOC Services specializes in oil and gas exploration, development, and production, offering services such as drilling, oilfield technical services, shipping services, geophysical data collection, and engineering surveying [1] - For the latest financial results in the 2024 annual report, the company achieved an operating revenue of 48.302 billion yuan, a year-on-year increase of 9.51%, and a net profit of 3.137 billion yuan, a year-on-year increase of 4.10%, with a gross profit margin of 15.69% [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company is expected to achieve a revenue of 48.302 billion yuan in 2024, representing a year-on-year increase of 9.51%. The net profit attributable to shareholders is projected to be 3.137 billion yuan, up 4.11% year-on-year [2][6]. - In Q4 2024, the company reported a revenue of 14.640 billion yuan, a slight increase of 0.27% year-on-year, while the net profit for the quarter decreased by 6.43% to 0.692 billion yuan [2][6]. - The company is benefiting from improved daily rates despite a decrease in operational days due to weather conditions, enhancing its profitability [11]. - The company's oilfield technology services revenue increased by 7.4% to 27.655 billion yuan in 2024, with a gross margin improvement to 22.9% [11]. - The potential of marine oil and gas resources is significant, and the company is expected to benefit from increased capital expenditure by CNOOC [11]. - The government’s focus on deep-sea technology development presents new growth opportunities for the company [11]. - The company plans to distribute cash dividends of 1.1 billion yuan in 2024, with a dividend payout ratio of 35.08%, marking a historical high since 2015 [11]. Financial Summary - The company’s total revenue for 2024 is projected at 48.302 billion yuan, with a gross profit of 7.579 billion yuan, resulting in a gross margin of 16% [15]. - The estimated earnings per share (EPS) for 2025-2027 are 0.81 yuan, 0.87 yuan, and 0.92 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 18.40X, 17.14X, and 16.24X [11][15].

Investment Rating - The report maintains a "Buy" rating for the company, indicating that the stock is expected to outperform the market index by at least 15% over the next six months [9][11]. Core Insights - The company has demonstrated strong revenue growth, with total revenue for 2024 reaching 48.30 billion yuan, a year-on-year increase of 9.5%. The net profit attributable to shareholders was 3.14 billion yuan, reflecting a 4.1% increase [9]. - The report highlights the company's strategic focus on technology-driven growth, with significant advancements in oil technology services contributing to a revenue increase of 7.4% in this segment [9]. - The international market strategy has proven effective, with overseas revenue surpassing 10.88 billion yuan, marking a 14.9% increase year-on-year, showcasing the company's competitive edge in global markets [9]. Summary by Sections Financial Performance - Total revenue for 2022 was 35.66 billion yuan, increasing to 44.11 billion yuan in 2023, and projected to reach 52.97 billion yuan in 2025, with a compound annual growth rate (CAGR) of approximately 22.11% from 2022 to 2023 [8]. - The net profit for 2022 was 2.36 billion yuan, expected to grow to 4.23 billion yuan by 2025, indicating a robust growth trajectory [8]. - Earnings per share (EPS) are projected to increase from 0.49 yuan in 2022 to 0.89 yuan in 2025, reflecting strong profitability [8]. Business Segments - Drilling services generated 13.21 billion yuan in revenue for 2024, a 9.4% increase, despite a slight decrease in gross margin [9]. - Vessel services saw a significant revenue increase of 20.9%, reaching 4.77 billion yuan, driven by enhanced operational efficiency [9]. - Geophysical services reported a revenue of 2.67 billion yuan, up 14.1%, with substantial increases in operational capacity [9]. Strategic Initiatives - The company is committed to a technology-driven strategy, with notable advancements in oil technology services leading to increased revenue and improved profit margins [9]. - The international strategy has been successful, with a focus on expanding overseas contracts and enhancing market presence, contributing to a diversified revenue stream [9].

Investment Rating - The investment rating for the company is "Buy" [9] Core Views - The company has demonstrated strong revenue growth with a projected revenue of 52.98 billion yuan for 2025, reflecting a growth rate of 9.67% compared to the previous year [9] - The net profit attributable to the parent company is expected to reach 4.23 billion yuan in 2025, indicating a significant increase of 34.76% [9] - The company is focusing on technological advancements to drive growth, with a notable increase in its oil technology services revenue [9] - The international market strategy is yielding results, with overseas revenue surpassing 10.88 billion yuan, marking a 14.9% increase [9] Summary by Sections Financial Performance - In 2024, the company reported total revenue of 48.30 billion yuan, a year-on-year increase of 9.5%, and a net profit of 3.14 billion yuan, up 4.1% [9] - The earnings per share (EPS) for 2024 is 0.66 yuan, with projections of 0.89 yuan for 2025 and 1.00 yuan for 2027 [10] Business Segments - Drilling services generated revenue of 13.21 billion yuan in 2024, with a growth of 9.4%, while ship services saw a 20.9% increase to 4.77 billion yuan [9] - The company has successfully expanded its oil technology services, achieving a revenue of 27.66 billion yuan, up 7.4% [9] Market Strategy - The company is implementing an international strategy, with a focus on expanding its overseas contracts, which currently amount to approximately 36.06 billion USD [9] - The company has made significant technological advancements, enhancing its competitive edge in the international market [9]

Core Viewpoint - CNOOC Services (02883.HK) reported a revenue of 48.302 billion RMB for the year ending December 31, 2024, representing a year-on-year increase of 9.51% with overseas revenue exceeding 10.89 billion RMB, marking a significant milestone [1] Group 1: Financial Performance - The company's net profit attributable to shareholders was 3.137 billion RMB, an increase of 4.11% year-on-year, with basic earnings per share at 0.6574 RMB and a proposed final dividend of 0.2306 RMB per share [1] - The drilling services segment achieved a revenue of 13.182 billion RMB, reflecting a 9.4% increase compared to the same period in 2023 [2] - The oilfield technology services segment generated a revenue of 27.610 billion RMB, up 7.4% year-on-year [3] - The marine services segment reported a revenue of 4.761 billion RMB, showing a significant growth of 20.9% compared to the previous year [4] Group 2: Business Strategy and Market Position - The company is focusing on technological innovation and cost control to enhance its market position and capitalize on international oil and gas market trends [1] - CNOOC Services is the largest offshore drilling contractor in China and is recognized internationally, operating 62 drilling platforms by the end of 2024 [2] - The company emphasizes a "technology-driven" strategy to enhance its service offerings and expand its market presence, particularly in offshore markets [3] - The marine services division has successfully expanded into Southeast Asia and Africa, enhancing its service capabilities and market penetration [4] Group 3: Future Outlook - The CEO anticipates oil prices to fluctuate between 60 to 80 USD, with overall exploration and development investments expected to grow steadily [5] - The company has not pursued new acquisitions since acquiring four self-elevating drilling platforms in 2023, indicating a potential shift in strategy where foreign companies may seek to acquire Chinese technology [5]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% within the next six months [5]. Core Insights - The company achieved a revenue of 48.302 billion yuan in 2024, representing a year-on-year increase of 9.51%, and a net profit attributable to shareholders of 3.137 billion yuan, up 4.11% year-on-year [1][4]. - The drilling services segment saw revenue growth of 9.4% year-on-year, driven by the company's proactive expansion into high-value overseas projects [2]. - The oilfield technology services segment reported a revenue increase of 7.4% year-on-year, with significant technological breakthroughs and successful overseas contracts [3]. Financial Summary - Revenue for 2024 is reported at 48.302 billion yuan, with projections for 2025, 2026, and 2027 at 52.921 billion yuan, 57.603 billion yuan, and 62.256 billion yuan respectively, reflecting growth rates of 9.56%, 8.85%, and 8.08% [4][13]. - The net profit attributable to shareholders is expected to grow from 4.183 billion yuan in 2025 to 5.711 billion yuan in 2027, with corresponding growth rates of 33.35%, 21.15%, and 12.69% [3][4]. - The earnings per share (EPS) is projected to increase from 0.88 yuan in 2025 to 1.20 yuan in 2027 [4][13].

Investment Rating - The investment rating for the company is "Accumulate" [8] Core Views - The company reported a revenue of 48.302 billion RMB for 2024, representing a year-on-year growth of 9.51%, and a net profit attributable to shareholders of 3.137 billion RMB, up 4.11% year-on-year [1] - The company's performance in 2024 was below expectations primarily due to slower growth in drilling services and higher operating costs, yet it demonstrated resilience amid falling oil prices and production cuts in downstream sectors [1][5] - The company has a complete industrial chain advantage and has seen significant results from the large-scale application of its self-developed technology products, contributing to a revenue of 27.655 billion RMB from oilfield technology services, a year-on-year increase of 7.4% [3] - The international oil and gas exploration and development sector remains robust, with the company achieving overseas revenue of 10.885 billion RMB in 2024, a year-on-year increase of 14.9% [4] Summary by Sections Financial Performance - The company achieved a gross profit margin of 15.69% in 2024, a slight decrease of 0.19 percentage points year-on-year, mainly due to increased preparation costs for new operating platforms affecting overseas gross profit [2] - The total operating revenue is projected to grow from 44.109 billion RMB in 2023 to 62.933 billion RMB by 2027, with a compound annual growth rate (CAGR) of 8.26% [7] - The net profit attributable to shareholders is expected to rise from 3.013 billion RMB in 2023 to 5.601 billion RMB in 2027, reflecting a CAGR of 14.16% [7] Profitability and Valuation - The company’s estimated earnings per share (EPS) for 2025 is projected at 0.87 RMB, with a price-to-earnings (PE) ratio of 20x, leading to a target price of 17.40 RMB [5] - The target price for the Hong Kong stock is set at 9.46 HKD, based on a PE ratio of 10x [5][9] Market Outlook - The global offshore oil and gas project capital expenditure is expected to exceed 100 billion USD in 2025, with a year-on-year increase of over 20% [4] - The company is well-positioned to benefit from the ongoing industry upturn and the continuous realization of high-quality orders from overseas markets [4]