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].

Financial Data and Key Metrics Changes - The company reported a year-on-year increase in revenue for the Well Services segment, although profit saw a slight decrease [6][9] - In the Drilling Services segment, the number of operational days increased by 11% year-on-year, totaling 4,890 days [10][11] - Interest expenses increased by RMB 70 million year-on-year, attributed to debt repayment strategies from the previous year [17] Business Line Data and Key Metrics Changes - The Well Services segment showed a slight increase in revenue but a decrease in profit due to higher expenses and previous strong sales performance [6][8] - The Drilling Services segment benefited from increased workloads in Mainland China and Norway, offsetting declines in Saudi Arabia [11][12] - The Marine Support Services and geophysical acquisition segments are expected to see increased workloads, particularly in the South China Sea [16] Market Data and Key Metrics Changes - The company noted fluctuations in international oil prices, with a recent decline from USD 75 to USD 60, but prices have since rebounded to USD 70 [20][21] - The company is closely monitoring geopolitical risks and their impact on operations, emphasizing the importance of technology-driven strategies [22][24] Company Strategy and Development Direction - The company aims to enhance its technological capabilities and cost control measures to improve market positioning [2] - There is a focus on securing long-term contracts with larger, state-owned enterprises to mitigate external volatility [24] - The company plans to gradually increase shareholder returns after addressing debt repayment and refinancing arrangements [18][30] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining normal operations despite recent oil price fluctuations and geopolitical uncertainties [21][22] - The company anticipates a stable outlook for capacity utilization and workload for the remainder of 2025 [14][17] - Management highlighted the importance of efficiency improvements in manpower and equipment utilization to sustain profitability [23] Other Important Information - The profit tax rate decreased to 17% from 25%-30% last year, with management indicating this may not be a permanent trend [25][26] - R&D expenses are expected to remain flat in Q1, with a slight increase anticipated for the full year [30] Q&A Session Summary Question: What is the growth rate in terms of revenue for Well Services? - Management indicated a slight increase in revenue for the Well Services segment in Q1 year-on-year [6][9] Question: What are the reasons for the increase in operational days in Drilling Services? - The increase was attributed to contributions from Mainland China and Norway, despite a slight decline in Saudi Arabia [11][12] Question: What is the outlook for capacity utilization in 2025? - Management expects high capacity utilization levels to continue, influenced by positive developments in Norway and Mainland China [14][17] Question: How will fluctuations in oil prices impact operations? - The company has not been significantly impacted by recent oil price fluctuations and will adjust strategies as necessary [21][22] Question: What is the status of the parent company's shareholding increase plan? - The parent company plans to increase shareholding within a year, with details to be disclosed as required [30][31]

Financial Performance - Revenue for Q1 2025 reached RMB 10,797.5 million, a 6.4% increase compared to RMB 10,148.0 million in the same period last year[5] - Net profit attributable to shareholders was RMB 887.2 million, representing a 39.6% increase from RMB 635.5 million year-on-year[5] - Net profit excluding non-recurring gains and losses was RMB 960.2 million, up 46.4% from RMB 655.7 million in the previous year[5] - Basic and diluted earnings per share increased by 46.2% to RMB 0.19 from RMB 0.13 in the same period last year[5] - Total profit amounted to RMB 1,129.2 million, reflecting a year-on-year growth of 20.1%[15] - Net profit reached RMB 936.7 million, showing a significant year-on-year increase of 35.6%[15] - Operating profit for Q1 2025 was CNY 1,241,196,412, representing a 24.0% increase from CNY 1,001,144,665 in Q1 2024[24] - The total comprehensive income for Q1 2025 was CNY 927,917,809, compared to CNY 698,147,125 in Q1 2024[24] Assets and Liabilities - Total assets at the end of the reporting period were RMB 83,377.9 million, a 0.5% increase from RMB 82,947.7 million at the end of the previous year[6] - The total assets as of March 31, 2025, were RMB 83,377.9 million, compared to RMB 82,947.7 million at the end of 2024[19] - The total liabilities decreased to RMB 38,006.9 million from RMB 38,523.1 million at the end of 2024[20] - The total equity attributable to shareholders of the parent company was CNY 44,706,914,140, an increase from CNY 43,797,161,954 year-over-year[21] 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[5] - Cash flow from operating activities showed a net outflow of CNY -2,288,151,342, worsening from CNY -834,951,230 in Q1 2024[25] - Cash flow from investing activities generated a net inflow of CNY 4,348,899,049, compared to a net outflow of CNY -333,915,883 in Q1 2024[26] Operational Highlights - The number of drilling service operating days increased to 4,889, up 11.4% from the previous year[16] - The utilization rate of self-elevating drilling platforms improved to 91.9%, an increase of 7.6 percentage points year-on-year[16] - The ship service business recorded 20,621 operating days, a substantial increase of 44.9% compared to the previous year[17] - The company operated 12 LNG-powered guard vessels, which cumulatively worked 1,065 days, reducing carbon emissions by approximately 12,000 tons annually[17] Strategic Focus - The company focused on enhancing international operations and improving resource integration, which contributed to profit growth[8] - The company is focusing on the development of intelligent equipment and low-carbon technologies to enhance core competitiveness and stabilize operational performance[15] Government Support - The company received government subsidies amounting to RMB 8,874,300, which are closely related to its normal business operations[7] - The company received CNY 5,525,000,000 from investment recoveries, significantly higher than CNY 3,000,000,000 in Q1 2024[26]

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].