Summary of CNOOC Services Conference Call Company Overview - CNOOC Services reported Q1 revenue of 10.8 billion RMB, a year-on-year increase of 6.4%, and a net profit attributable to shareholders of 0.89 billion RMB, a significant year-on-year increase of nearly 40%, primarily benefiting from resource optimization and full industry chain integration [2][3][4]. Key Points Financial Performance - Q1 revenue reached 10.8 billion RMB, up 6.4% year-on-year [2][3]. - Net profit attributable to shareholders was 0.89 billion RMB, reflecting a nearly 40% increase year-on-year [2][3]. - Financial expenses decreased significantly, contributing positively to performance growth, with expectations for stable annual financial expenses [4][14]. Operational Highlights - Drilling platform operating days increased significantly, totaling 48,089 days in Q1, a year-on-year increase of 11.4% [2][3]. - High utilization rates for overseas drilling platforms, with four out of five semi-submersible drilling platforms currently operational [2][6]. - Domestic platforms maintained stable workload and utilization rates, with new platforms showing full scheduling [6][7]. Pricing and Contracts - Day rates for four vessels in Norway are approximately 300,000 USD [9]. - Day rates for overseas platforms are expected to remain stable during contract periods, unaffected by industry fluctuations [10]. - Domestic platform pricing has remained stable, with slight increases for new platforms [11][12]. Sector Insights - The overall gross margin for the oil service sector is expected to improve in 2024, although overseas profit margins remain lower than domestic due to initial technical layout and new market development impacts [13]. - The company is actively expanding deepwater business, participating in Brazilian deepwater projects and obtaining entry qualifications through an eight-country oil alliance [4][20]. Technology and R&D - The company has made significant investments in oil and gas exploration technology, particularly in ultra-deepwater high-temperature and high-pressure working fluids and directional equipment [21]. - Continuous focus on deepwater technology development, including successful operations of self-developed equipment and participation in deepwater projects [20]. Market Outlook - The company is closely monitoring market dynamics and will seek suitable contract opportunities in various regions, including North Sea and Brazil [17][18]. - New signing platform average rates are expected to rise, despite some regional fluctuations [23]. Additional Important Insights - The company has not seen any significant changes in operational platforms and does not currently plan to recognize impairment losses, although external market fluctuations could prompt adjustments [16]. - The company maintains a cooperative relationship with newly established operational companies under CNOOC, focusing on resource pooling and potential future collaborations [18].

Investment Rating - The report maintains a "Buy" rating for the A-shares and an "Accumulate" rating for the H-shares of the company [1]. Core Views - The company's Q1 2025 net profit attributable to shareholders increased by 39.6% year-on-year, driven by significant growth in drilling workload and effective cost control [5][6]. - The average Brent crude oil price in Q1 2025 was $74.98 per barrel, showing a year-on-year decrease of 8.3% but a quarter-on-quarter increase of 1.3% [6]. - The company is focusing on optimizing resource allocation and expanding into high-potential markets, leveraging its integrated advantages across the entire industry chain [6][9]. - The technical services segment has shown robust growth, with revenue from this segment increasing from 133 billion yuan in 2020 to 277 billion yuan in 2024, now accounting for 57% of total revenue [8]. Summary by Sections Financial Performance - In Q1 2025, the company achieved total revenue of 10.8 billion yuan, a year-on-year increase of 6.4% and a quarter-on-quarter decrease of 26.25% [5]. - The gross profit margin for Q1 2025 was 17.64%, up 1.24 percentage points year-on-year, with an annualized ROE of 8.02%, an increase of 1.97 percentage points [6]. Drilling Operations - The company recorded 4,889 days of drilling platform operations in Q1 2025, a year-on-year increase of 11.4% [7]. - The utilization rates for self-elevating and semi-submersible platforms were 91.9% and 90.4%, respectively, reflecting increases of 7.6 percentage points and 4.2 percentage points year-on-year [7]. Market Outlook - The report indicates that the company is well-positioned to benefit from the ongoing increase in upstream investment and the expansion of technical application scenarios in the oil and gas sector [9]. - The global trend of deteriorating oil and gas resources presents challenges, but also opportunities for the company's technical services [9]. Profit Forecast and Valuation - The profit forecasts for 2025-2027 have been adjusted upwards, with expected net profits of 3.806 billion yuan, 4.193 billion yuan, and 4.623 billion yuan, respectively [10]. - The report emphasizes the company's commitment to a technology-driven strategy and international market expansion, suggesting potential for high-quality growth [10].

Investment Rating - The report maintains a "Buy" rating for the company, expecting significant stock price appreciation over the next six months [5]. Core Insights - The company reported a revenue of 10.798 billion yuan for Q1 2025, representing a year-on-year increase of 6.40%, and a net profit attributable to shareholders of 0.887 billion yuan, up 39.60% year-on-year [1][3]. - The utilization rate of drilling platforms has significantly improved, with a total of 4,889 operational days in Q1 2025, an increase of 11.4% year-on-year, and an overall utilization rate of 89.5%, up 10.3 percentage points year-on-year [2]. - The gross margin for Q1 2025 was 17.64%, reflecting an increase of 1.24 percentage points year-on-year, while the expense ratio was 6.64%, down 0.88 percentage points year-on-year, indicating effective cost control [3]. Financial Summary - The company forecasts net profits of 4.296 billion yuan, 4.905 billion yuan, and 5.436 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 36.94%, 14.18%, and 10.83% [4][3]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.90 yuan, 1.03 yuan, and 1.14 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 14.76X, 12.93X, and 11.67X [4][3]. - The company’s total revenue is expected to grow from 51.826 billion yuan in 2025 to 58.709 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 6.15% [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's performance in Q1 2025 showed significant improvement, with total revenue reaching 10.798 billion yuan, a year-on-year increase of 6.4%, and net profit attributable to shareholders at 887 million yuan, up 39.6% year-on-year [7] - The drilling platform utilization rate reached a historical high, with operating days for drilling platforms at 4,889 days, an increase of 11.4% year-on-year, and a utilization rate of 91.6%, up 6.9 percentage points year-on-year [7] - The oilfield technology services segment continues to grow steadily, contributing to stable revenue growth, with expectations for further performance improvement as key technologies are applied [7] - The ship service segment saw a significant increase in operating days, up 44.9% year-on-year, while the geophysical exploration segment experienced a temporary decline due to contract completions [7] - The parent company, CNOOC, plans to maintain high capital expenditures of 125-135 billion yuan in 2025, providing a solid order foundation for the company [7] - Profit forecasts for 2025-2027 are maintained at 3.711 billion, 4.460 billion, and 5.394 billion yuan, corresponding to PE ratios of 17X, 14X, and 12X respectively [7] Financial Data and Earnings Forecast - Total revenue for 2025 is estimated at 51.882 billion yuan, with a year-on-year growth rate of 7.4% [6] - Net profit attributable to shareholders for 2025 is projected to be 3.711 billion yuan, reflecting an 18.3% year-on-year increase [6] - Earnings per share for 2025 is expected to be 0.78 yuan [6] - The gross profit margin for 2025 is forecasted at 16.4% [6] - The return on equity (ROE) for 2025 is estimated at 7.9% [6]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [4] Core Views - The company's Q1 2025 performance exceeded market expectations, with revenue reaching 10.8 billion yuan, a year-on-year increase of 6.4%, and a net profit attributable to shareholders of 0.887 billion yuan, up 39.6% year-on-year [1] - The significant growth in drilling platform operating days and utilization rates contributed to profit elasticity, alongside improved debt structure leading to a reduction in interest expenses by 70 million yuan and a decline in the effective tax rate [1] - The drilling platform segment saw operating days of 4,889, an increase of 11.4% year-on-year, with utilization rates for self-elevating and semi-submersible platforms at 91.9% and 90.4%, respectively, benefiting from robust domestic workload and new contracts from Norway [2] - The oilfield technology services revenue maintained growth, supported by ongoing advancements in core technologies and the application of research outcomes, contributing to the long-term stability of the segment [3] Financial Summary - The forecast for net profit attributable to shareholders for 2025-2027 is 4.03 billion, 4.24 billion, and 4.43 billion yuan, respectively, with corresponding P/E ratios of 16, 15, and 14 [3][8] - The company's total revenue is projected to grow from 44.1 billion yuan in 2023 to 60.1 billion yuan in 2027, with a compound annual growth rate of approximately 8.5% [8] - The company's total assets are expected to increase from 83.2 billion yuan in 2023 to 103.8 billion yuan in 2027, indicating a strong growth trajectory [10]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [4] Core Views - The company's Q1 2025 performance exceeded market expectations, with revenue reaching 10.8 billion yuan, a year-on-year increase of 6.4%, and a net profit attributable to shareholders of 0.887 billion yuan, up 39.6% year-on-year [1] - The significant growth in drilling platform operating days and utilization rates contributed to profit elasticity, alongside improved debt structure leading to a reduction in interest expenses by 70 million yuan and a decline in the effective tax rate [1] - The drilling platform segment saw an operating day count of 4,889 days in Q1 2025, representing an 11.4% year-on-year increase, with utilization rates for self-elevating and semi-submersible platforms at 91.9% and 90.4%, respectively [2] Financial Performance and Forecast - The company maintains a profit forecast for 2025-2027 with net profits projected at 4.03 billion yuan, 4.24 billion yuan, and 4.43 billion yuan, respectively, corresponding to P/E ratios of 16, 15, and 14 [3][8] - The revenue for 2025 is estimated at 54.01 billion yuan, reflecting an 11.81% growth rate, with EBITDA expected to be 9.71 billion yuan [8] - The company’s total assets are projected to reach 93.01 billion yuan by 2025, with a debt-to-asset ratio of 48.23% [10]

证券代码：601808 证券简称：中海油服 公告编号：临2025-011 中海油田服务股份有限公司 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"本公司"或"中海油服"） 董事会 2025 年第二次会议于 2025 年 4 月 23 日在北京以现场表决方式召开。会议通 知于 2025 年 4 月 8 日以电子邮件方式送达董事。会议应出席董事 8 人（卢涛先生因 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，范白涛先生因其 他公务原因未能亲自出席并书面委托刘秋东先生代为行使表决权），实际出席董事 8 人。会议由董事长赵顺强先生主持。公司监事胡昭玲女士、王林根先生列席会议。公 司董事会秘书孙维洲先生、首席财务官郄佶先生列席会议。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《中海油田服务股份有限公司 章程》(以下简称"《公司章程》")的规定。 二、董事会会议审议情况 本议案已经审计委员会审议通过，并同意提交董事会审议。 ...

Financial Performance - The company's operating revenue for Q1 2025 was RMB 10,797.5 million, representing a 6.4% increase compared to RMB 10,148.0 million in the same period last year[2]. - The net profit attributable to shareholders was RMB 887.2 million, a significant increase of 39.6% from RMB 635.5 million year-on-year[2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 960.2 million, up 46.4% from RMB 655.7 million in the previous year[2]. - The basic earnings per share increased to RMB 0.19, reflecting a 46.2% rise from RMB 0.13 in the same quarter last year[2]. - The total profit for the same period was RMB 1,129.2 million, with a year-on-year growth of 20.1%[11]. - Net profit reached RMB 936.7 million, reflecting a year-on-year increase of 35.6%[11]. - Total operating revenue for Q1 2025 reached CNY 10,797,543,330, an increase of 6.4% compared to CNY 10,147,976,009 in Q1 2024[20]. - Net profit for Q1 2025 was CNY 936,709,221, up 35.6% from CNY 690,643,205 in Q1 2024[20]. - The total comprehensive income for Q1 2025 was CNY 927,917,809, compared to CNY 698,147,125 in Q1 2024, reflecting a growth of 32.9%[20]. Asset and Equity - The total assets at the end of the reporting period were RMB 83,377.9 million, a slight increase of 0.5% from RMB 82,947.7 million at the end of the previous year[3]. - The equity attributable to shareholders rose to RMB 44,706.9 million, marking a 2.1% increase from RMB 43,797.2 million at the end of the last year[3]. - Total assets amounted to CNY 83,377,931,592, slightly up from CNY 82,947,662,938 at the end of 2024[17]. - The company reported a decrease in total liabilities to CNY 38,006,961,054 from CNY 38,523,127,034, a reduction of 1.3%[17]. - The company's cash and cash equivalents increased to CNY 7,870,284,462 from CNY 5,974,129,777, representing a growth of 31.7%[16]. - Accounts receivable rose to CNY 18,095,848,147, a 28.7% increase from CNY 14,062,653,396 as of December 31, 2024[16]. - The company’s inventory increased to CNY 2,584,923,102, up 12.6% from CNY 2,296,494,268[16]. - The company’s short-term borrowings remained stable at CNY 2,512,370,000, slightly down from CNY 2,515,940,000[17]. Cash Flow - The net cash flow from operating activities was a negative RMB 2,288.2 million, compared to a negative RMB 835.0 million in the same period last year, primarily due to sales and service receipts not reaching the settlement period[5]. - Cash inflow from operating activities decreased to CNY 7,533,130,348 from CNY 8,590,381,976 year-over-year[21]. - Cash flow from sales of goods and services was CNY 7,473,927,999, down from CNY 8,562,987,965 year-over-year[21]. - Cash inflow from investment activities significantly increased to CNY 5,607,400,795 from CNY 3,230,193,901 year-over-year[21]. - Net cash flow from investment activities improved to CNY 4,348,899,049 from CNY -333,915,883 year-over-year[21]. - Total cash outflow from financing activities decreased to CNY 249,831,869 from CNY 922,579,343 year-over-year[21]. - Cash and cash equivalents at the end of the period rose to CNY 7,225,765,941 from CNY 3,881,974,138 year-over-year[22]. Operational Metrics - The number of drilling days increased to 4,889 days, up 11.4% from the previous year[12]. - The utilization rate for self-elevating drilling platforms improved to 91.2%, an increase of 11.0 percentage points year-on-year[13]. - The company's vessel service operations totaled 20,621 days, marking a significant increase of 44.9% year-on-year[14]. - The number of operational self-elevating drilling platforms was 3,833 days, with a year-on-year increase of 12.1%[12]. - The company reported a 31.0% increase in underwater cable operations, totaling 152 square kilometers[12]. Research and Development - Research and development expenses for Q1 2025 were CNY 264,372,602, down 21% from CNY 334,360,621 in Q1 2024[20]. - The company aims to enhance its core technology capabilities and promote the application of research results to support long-term growth[14]. Environmental Impact - The LNG-powered guard vessels operated for 1,065 days, contributing to a reduction of approximately 12,000 tons of carbon emissions annually[14]. Government Subsidies - The company received government subsidies amounting to RMB 8,874,300, which are closely related to its normal business operations[4]. - The company received government subsidies of CNY 2,648,217 in the first quarter of 2025[21].

Core Viewpoint - The Shanghai Composite Index opened lower but rose later, while the CSI 300 Energy Index fell by 0.82% to 2106.64 points, with a trading volume of 4.239 billion yuan. The CSI 300 Energy Index has decreased by 0.31% over the past month, 5.24% over the past three months, and 13.23% year-to-date [1]. Group 1: Index Performance - The CSI 300 Energy Index has shown a decline of 0.31% in the last month, 5.24% in the last three months, and 13.23% year-to-date [1]. - The top ten holdings in the CSI 300 Energy Index include China Shenhua (25.01%), China Petroleum (17.54%), and China Petrochemical (16.09%) [1]. Group 2: Market Composition - The CSI 300 Energy Index is composed of 96.30% from the Shanghai Stock Exchange and 3.70% from the Shenzhen Stock Exchange [2]. - The industry composition of the CSI 300 Energy Index includes coal (50.97%), integrated oil and gas companies (33.62%), and fuel refining (10.16%) [2]. Group 3: Index Adjustment Mechanism - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2]. - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made in response to changes in the CSI 300 Index samples [2].

Financial Performance - The company's operating revenue for 2024 reached RMB 48,301.6 million, a 9.5% increase from RMB 44,108.6 million in 2023[23]. - Net profit attributable to shareholders for 2024 was RMB 3,137.0 million, reflecting a 4.1% increase compared to RMB 3,013.3 million in 2023[23]. - The total profit for 2024 was RMB 4,667.3 million, up by RMB 424.5 million, marking a 10.0% increase compared to the previous year[43]. - The net profit reached RMB 3,399.1 million, reflecting a year-on-year increase of RMB 116.5 million, or 3.5%[43]. - The company reported a total of RMB 10,148.0 million in revenue for Q1 2024, with a net profit of RMB 635.5 million[27]. - In Q2 2024, the revenue increased to RMB 12,380.5 million, with a net profit of RMB 956.9 million[27]. - The company recorded a net profit of RMB 752.9 million in Q4 2024, with total revenue for the quarter at RMB 14,640.1 million[27]. - The company's revenue for 2024 reached RMB 48,301.6 million, representing a year-on-year increase of 9.5%[64]. - The company achieved a comprehensive gross profit margin of 15.7% in 2024, which remained stable year-on-year[68]. - Domestic revenue accounted for 77.5% of total revenue, with a year-on-year increase of 8.0%[69]. - International revenue reached RMB 10,884.6 million, marking a year-on-year increase of 14.9%[69]. Dividend Distribution - The company plans to distribute a cash dividend of RMB 0.2306 per share, totaling approximately RMB 1,100,329,115.20, which represents 35.08% of the net profit attributable to shareholders for the year[5]. - The cash dividend amount for the reporting period was approximately 1.1 billion RMB, which represents 35.08% of the net profit attributable to ordinary shareholders[199]. - Each share will receive a cash dividend of 2.306 RMB (including tax)[199]. - The company did not propose a plan for cash profit distribution despite having positive distributable profits[198]. - The company's cash dividend policy stipulates that the annual dividend level should not be less than 20% of the net profit for the year, provided that the company is profitable and has positive retained earnings[196]. Risk Management - The company faces significant risks including market competition risks due to uncertainties in the international oil and gas industry and health, safety, and environmental risks specific to offshore oilfield services[8]. - The company emphasizes the importance of risk awareness regarding forward-looking statements related to future plans and strategies[6]. - The company has implemented measures to enhance risk management and response capabilities across its operations[111]. - The company is exposed to foreign exchange risks due to its operations in multiple countries and holding of USD debt[109]. - The company may encounter asset impairment risks as competition intensifies in the oilfield services sector[110]. - The company has established a comprehensive risk management organization and conducts annual risk identification and assessment, reporting to the board[128]. Audit and Compliance - The company has received a standard unqualified audit report from Ernst & Young Hua Ming[4]. - The board of directors and senior management have confirmed the authenticity, accuracy, and completeness of the annual report[3]. - There were no instances of more than half of the directors being unable to guarantee the authenticity of the annual report[8]. - The company has maintained strict compliance with insider information management and has not identified any insider trading incidents during the reporting period[116]. - The board confirmed that there were no significant internal control deficiencies identified during the reporting period[152]. - The company has renewed its audit engagement with Ernst & Young for both domestic and international audits for the year 2024[143]. Technological Innovation and Development - The company is focusing on technological innovation and cost control to enhance its market position amid a complex global economic environment[43]. - The "璇玑" system achieved its second "thousand-million milestone" within a year, indicating significant progress in technology development[39]. - The company aims to achieve high-quality development and a solid foundation for the "十四五" planning goals by 2025[42]. - The company is investing in R&D, allocating $G million towards the development of new technologies and services[167]. - Research and development expenses increased to RMB 1,384.9 million, up 10.4% from the previous year[65]. - The company is focusing on new product development, particularly in the offshore drilling technology sector[169]. Market Expansion and Strategy - The company successfully entered the African market and expanded its customer base in Southeast Asia, enhancing its market penetration[52]. - The company is actively pursuing sustainable solutions to reduce carbon footprints in response to stricter environmental regulations[101]. - The company aims to enhance its integrated service capabilities throughout the oilfield lifecycle, focusing on customer demand[106]. - The company is considering strategic acquisitions to enhance its market position, targeting a deal valued at approximately $200 million[168]. - Market expansion plans include entering three new international markets by the end of 2024[168]. Governance and Management - The board consists of 8 directors, with 1 female director, representing 12.5% gender diversity, and the female director serves as the chair of the audit committee[124]. - The company has established a legal compliance and risk management committee, chaired by the chairman and CEO, to oversee risk management efforts[126]. - The independent directors have fulfilled their responsibilities and ensured the protection of minority shareholders' rights[197]. - The company has established 14 internal control systems covering all levels from headquarters to domestic and overseas units, ensuring compliance and effectiveness[127]. - The company has a comprehensive employee welfare system, including health check-ups and paid leave[194]. Employee and Workforce Management - The total number of employees in the parent company is 13,350, and in major subsidiaries, it is 2,159, totaling 15,509 employees[192]. - The company has a diverse employee composition, with 1,467 holding master's degrees or above, and 7,884 holding bachelor's degrees[192]. - The company has established a dynamic distribution mechanism for salary, emphasizing the importance of grassroots employees[194]. - The training program focuses on enhancing political, management, and professional capabilities to support sustainable high-quality development[194]. Environmental and Sustainability Initiatives - The company aims to enhance its ESG governance by focusing on environmental protection and carbon emissions, aligning with regulatory requirements[143]. - The company is committed to green and low-carbon development, promoting industrial transformation and upgrading[106]. - Future guidance indicates a focus on sustainability initiatives, with a commitment to reduce carbon emissions by I% over the next five years[170].