[Table_MainInfo] 公司研究/石油天然气/能源设备与服务 证券研究报告 中海油服（601808）公司年报点评 2024年03月27日 2023 年盈利稳定增长，4Q23 单季收入创 新高 [Table_Summary] 投资要点：  2023年盈利稳定增长，4Q23单季收入创新高。2023年，中海油服实现营业收 入441.09亿元，同比+23.7%；实现归母净利润30.13亿元，同比+27.8%。其中， 4Q23实现营业收入146.01亿元，同比+27.9%，环比+37.3%，单季度收入创新 高；实现归母净利润 7.40 亿元，同比+154.3%，为 2015 年以来四季度单季最 好水平。  海外市场收入、毛利率改善明显。2023年，公司整体毛利率15.9%，同比提高 3.6个百分点。其中，国际市场实现收入收入94.70亿元（占总收入比重21.5%）， 同比+50.9%；毛利率9.1%，同比增加12.0个百分点。  钻井服务：工作量增长、日费率提升。2023年，公司钻井平台作业天数为17726 天，同比增加999天（+6.0%）；平均日收入8.7万美元/天，同比+11.5%。2023 年， ...

Investment Rating - The report gives a "Strong Buy" rating for CNOOC Services (601808.SH) [6] Core Views - CNOOC Services reported a revenue of RMB 44.109 billion in 2023, a year-on-year increase of 23.7%, and a net profit attributable to shareholders of RMB 3.013 billion, up 27.75% year-on-year [1][2] - The drilling services segment is recovering due to increased upstream capital expenditures, with a projected increase in performance [1][2] - The oilfield technical services segment, which accounted for 58.4% of total revenue in 2023, saw a revenue increase of RMB 25.6 billion, a growth of 31.4% year-on-year [1][2] Summary by Sections Drilling Services - The drilling services segment is experiencing recovery driven by upstream capital expenditures, with a significant increase in operational days to 17,726, up 6.0% year-on-year [1] - Revenue from drilling services reached RMB 12.07 billion, reflecting a growth of 16.6% [1][2] Oilfield Technical Services - This segment is the largest revenue contributor, achieving RMB 25.76 billion in 2023, an increase of RMB 6.16 billion year-on-year [1][2] - The company has made significant investments in technology R&D, leading to innovations recognized in the industry [1] Ship Services and Geophysical Exploration - Ship services generated RMB 3.94 billion in revenue, a 5.9% increase from RMB 3.73 billion in 2022 [2] - Geophysical exploration and engineering services reported revenue of RMB 2.34 billion, up 17.7% from RMB 1.99 billion in 2022 [2] Profitability - The company's net profit for 2023 was RMB 3.28 billion, a year-on-year increase of 31.35% [2] - The return on equity (ROE) improved to 7.2%, up 21.0% year-on-year, with a gross margin of 16.0%, reflecting a 29.4% increase [2] Financial Forecast - The forecast for net profit attributable to shareholders for 2024-2026 is RMB 3.89 billion, RMB 4.61 billion, and RMB 5.56 billion respectively [2][7]

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The report highlights that the drilling day rate has reached a turning point, benefiting from the ongoing recovery in the oil service market [5]. - In 2023, the company achieved a revenue of 44.109 billion yuan, a year-on-year increase of 23.70%, and a net profit attributable to shareholders of 3.013 billion yuan, up 27.75% year-on-year [5]. - The report emphasizes the significant improvement in the company's performance due to increased investment in oil and gas exploration and development by oil companies, driven by high oil prices [5][6]. Summary by Sections Revenue and Profit - The company reported a revenue of 44.109 billion yuan in 2023, with a net profit of 3.013 billion yuan, marking increases of 23.70% and 27.75% respectively [5]. - In Q4 2023, the revenue was 14.601 billion yuan, up 27.93% year-on-year, and the net profit was 740 million yuan, a substantial increase of 154.31% [5]. Drilling Operations - The global drilling market has remained active, with the company’s drilling platform operating days totaling 17,726 days in 2023, an increase of 999 days or 6.0% year-on-year [5]. - The average day rate for drilling platforms saw a turning point in 2023, with an increase of 11.5% for the year, driven by a 16.7% increase in semi-submersible platforms [5]. Market Expansion and Contracts - The company secured significant contracts, including a 4.7 billion yuan contract with two international oil companies in Norway and a 900 million yuan contract in Mexico [6]. - The report indicates that the company is expected to benefit from the growing demand for oilfield services as the market continues to recover [6]. Future Earnings Projections - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.86 yuan, 1.04 yuan, and 1.25 yuan respectively, with corresponding price-to-earnings (PE) ratios of 20.12X, 16.62X, and 13.82X [5].

2024年4月8日 公司研究 短期扰动无碍长期战略，坚定不移打造世界一流油服龙头 ——中海油服（601808.SH/2883.HK）公告点评 要点 A 股：买入（维持） 当 前价：19.84元 事件：公司发布《关于部分钻井平台作业暂停的公告》和《关于部分钻井平台作 业暂停的进展公告》，公司突然收到中东地区客户暂停4座钻井平台作业的通知， H 股：增持（维持） 公司正在和客户商讨具体暂停执行时间、后续安排及相应解决方案。暂停期间， 当前价：8.28港元 公司将同步积极寻找合适的市场机会。 点评： 作者 作业暂停涉及 4 座平台，对公司整体业务不够成重大影响。2022 年 10 月，公 分析师：赵乃迪 司与中东地区一流国际石油公司签署多份钻井平台服务长期合同，合同金额总计 执业证书编号：S0930517050005 010-57378026 约人民币 140 亿元。本次作业暂停涉及该客户的 4 座作业平台，本次部分钻井 zhaond@ebscn.com 平台作业暂停是因为客户作业计划调整，对公司中东区域原本经营预期造成一定 影响，目前公司依然有多座钻井平台在该区域正常提供服务。尽管本次作业暂停 分析师：蔡嘉豪 将 ...

证券代码：601808 证券简称：中海油服 公告编号：临2024-014 中海油田服务股份有限公司 关于部分钻井平台作业暂停的进展公告 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。 本次部分钻井平台作业暂停是因为客户作业计划调整，目前公司依然有多座钻井 平台在该区域正常提供服务。 公司目前总共运营、管理六十二座钻井平台，本次平台作业暂停对公司钻井板块 影响较小。公司将通过多种积极有效措施降低这一事项对公司整体业绩的影响。故本 次作业暂停预期对公司后续整体业务与财务状况不构成任何实际或重大影响。 公司其他业务，包括物探采集和工程勘察服务、油田技术服务以及船舶服务，作 业、市场均正常开展，不受本次作业暂停影响。 公司锚定建设世界一流企业的目标，深入践行"技术驱动""成本领先""一体化" "国际化""区域发展"五大发展战略，统筹推进生产经营、公司治理、改革创新等 各项工作，将继续开创高质量发展新局面，持续为股东创造价值。 特此公告。 中海油田服务股份有限公司董事会 2024 年 4 月 8 日 2024 年 4 月 4 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 20.24 CNY per share [2][4]. Core Insights - The company achieved stable growth in performance, with a total revenue of 44.109 billion CNY in 2023, representing a year-on-year increase of 23.7%, and a net profit attributable to shareholders of 3.013 billion CNY, up 27.8% year-on-year [1]. - The utilization rate of drilling platforms improved, with a total of 60 platforms managed by the company, achieving an operational day count of 17,726 days in 2023, a 6.0% increase from 2022 [1]. - The company is expected to benefit from high capital expenditures by CNOOC, with significant related transactions in drilling and oil technical services [1]. Financial Performance Summary - Revenue (in million CNY): 2022A: 35,659; 2023A: 44,109; 2024E: 50,194; 2025E: 55,235; 2026E: 60,230 [3]. - Net profit attributable to shareholders (in million CNY): 2022A: 2,359; 2023A: 3,013; 2024E: 4,218; 2025E: 5,304; 2026E: 6,660 [3]. - Earnings per share (CNY): 2022A: 0.49; 2023A: 0.63; 2024E: 0.88; 2025E: 1.11; 2026E: 1.40 [3].

证券代码：601808 证券简称：中海油服 公告编号：临2024-013 中海油田服务股份有限公司 关于部分钻井平台作业暂停的公告 日前，公司突然收到中东地区该客户暂停 4 座钻井平台作业（以下简称"本次作 业暂停"）的通知，公司正在和客户商讨具体暂停执行时间、后续安排及相应解决方 案。暂停期间，公司将同步积极寻找合适的市场机会。 本次作业暂停对公司中东区域原本经营预期造成一定影响，具体影响还在进一步 评估中。公司董事会相信，尽管本次作业暂停将对本公司中东区域发展形成短期的挑 战，但对本公司整体业务与财务状况不构成重大影响，公司对海外业务的整体发展仍 然保持积极乐观态度。 公司锚定建设世界一流企业的目标，深入践行"技术驱动""成本领先""一体化" "国际化""区域发展"五大发展战略，统筹推进生产经营、公司治理、改革创新等 各项工作，将继续开创高质量发展新局面，持续为股东创造价值。 特此公告。 中海油田服务股份有限公司董事会 2024 年 4 月 4 日 1 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。 2022 年 ...

公 司 研 究 中海油服（601808.SH）：站在巨人 2024年4月3日 强烈推荐/首次 肩膀上的海上油服龙头 东 中海油服 公司报告 兴 证 公司背靠大股东中国海油，是全球最具规模的油田服务供应商之一，业绩稳步增 公司简介： 券 长。截至2023年底中国海油集团持股50.53%，公司拥有完整的服务链条和强大 中海油田服务股份有限公司的主营业务涉 股 的海上石油服务装备群，业务覆盖油气田勘探、开发和生产的全过程，是全球油 及石油及天然气勘探、开发及生产的各个 份 阶段,主要分为钻井服务、油田技术服务、 田服务一体化的供应商之一。自2018年起，由于中海油集团增储上产力度加大， 有 船舶服务、物探勘察服务四大板块。公司 公司的主营业务收入一直呈现上升趋势。2023年，公司主营业务收入为 441.09 限 占据了中国近海油田技术服务市场大部分 亿元，同比增长23.70%；归母净利润为30.13亿元，同比大幅增长28.05%。 份额,其中固井、泥浆等服务在中国近海拥 公 有绝对市场优势。 司 油价维持高位，上游资本支出有望增长，带动油服业盈利增长。根据标普全球统 资料来源：公司公告、iFinD 证 计的各石油公 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company achieved a revenue of 44.109 billion yuan in 2023, representing a year-on-year increase of 23.7%. The net profit attributable to shareholders was 3.013 billion yuan, up 27.8% year-on-year [7] - The company plans to distribute a cash dividend of 0.21 yuan per share, with a payout ratio of 33.25% [7] - The drilling business is recovering due to sustained global upstream capital expenditure, with the parent company, CNOOC, expected to spend 125-135 billion yuan in 2024 [7] - The oil technology segment has shown high growth potential, contributing 58.39% to total revenue in 2023, with a year-on-year revenue increase of 31.4% [7] - The company has optimized its overseas market strategy, achieving a 50.9% year-on-year increase in international market revenue [7] - The earnings forecast has been revised upward, with expected revenues of 49.911 billion yuan, 53.266 billion yuan, and 59.490 billion yuan for 2024, 2025, and 2026 respectively [7] Summary by Sections Financial Performance - In 2023, the company reported a net cash flow from operating activities of 13.096 billion yuan, a significant increase of 89.8% year-on-year [7] - The basic earnings per share (EPS) for 2023 was 0.63 yuan, with projections of 0.87 yuan, 1.07 yuan, and 1.24 yuan for 2024, 2025, and 2026 respectively [8] Market Position - The domestic market accounted for 78.5% of total revenue in 2023, with a year-on-year growth of 17.9% [7] - The company secured new overseas contracts totaling approximately 4.2 billion USD in 2023, marking a 19.3% increase year-on-year [7] Future Outlook - The company is expected to maintain high-quality growth with a projected net profit of 4.154 billion yuan, 5.114 billion yuan, and 5.933 billion yuan for 2024, 2025, and 2026 respectively [7] - The price-to-earnings (PE) ratio is projected to decrease from 22.17 in 2024 to 15.52 in 2026, indicating potential for value appreciation [8]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook based on expected performance relative to market indices [8]. Core Views - The company reported a revenue of 44.109 billion yuan in 2023, a year-on-year increase of 23.7%, and a net profit of 3.013 billion yuan, up 27.8% year-on-year [2]. - The company's main business benefited from a high level of upstream investment, with global exploration and development spending increasing by 10.6% year-on-year [3]. - The company continues to implement a technology-driven strategy, with a compound annual growth rate of 5.2% in R&D investment from 2021 to 2023 [4]. - The company achieved a cash flow ratio of nearly 30% in 2023, improving its cost management and profitability metrics [5]. - Revenue projections for 2024-2026 are estimated at 51.910 billion yuan, 60.425 billion yuan, and 67.612 billion yuan, respectively, with corresponding net profits of 3.944 billion yuan, 4.735 billion yuan, and 5.477 billion yuan [6]. Summary by Sections Financial Performance - In 2023, the company achieved an operating income of 44.109 billion yuan and a net profit of 3.013 billion yuan, with significant growth in Q4 [2][3]. - The operating profit contributions from the drilling, technology, shipping, and geophysical segments were 65%, 27%, 5%, and 4%, respectively [3]. Technology and Strategy - The company is advancing its technology-driven strategy, with significant improvements in domestic offshore operations expected by 2025 [4]. - The technology segment generated revenue of 25.757 billion yuan in 2023, accounting for 58.39% of total revenue [4]. Cost Management and Profitability - The company has improved its operating profit margin to 9.7%, marking a continuous increase over the past three years [5]. - The accounts receivable turnover rate was 2.6 times, and the inventory turnover rate was 14.7 times, both showing growth compared to 2022 [5]. Future Outlook - The company anticipates continued revenue growth, with projected increases of 17.69%, 16.40%, and 11.89% for the years 2024, 2025, and 2026, respectively [6]. - The earnings per share (EPS) are expected to rise to 0.83 yuan, 0.99 yuan, and 1.15 yuan for the years 2024, 2025, and 2026 [6].