上 市 公 司 石油石化 2024 年03月 27 日 中海油服 (601808) 公 司 研 究 ——2023 年报业绩点评：业绩显著提升，油服景气有望 / 公 司 持续上行 点 评 报告原因：有业绩公布需要点评 买入 投资要点： （维持）  公司公告：2023年公司实现营业收入441.09亿元，同比提升23.7%；归母净利润30.13 证 亿元，同比提升27.8%；扣非归母净利润28.98亿元，同比提升28.5%。其中Q4实现营 券 研 业收入146.01亿元，环比提升37.3%；归母净利润约7.4亿元，环比下滑20.8%；扣非 市场数据： 2024年03月26日 究 归母净利润约6.9亿元，环比下滑25.5%。业绩表现基本符合预期，公司期间费用率有所 收盘价（元） 16.14 报 一年内最高/最低（元） 16.98/13.3 提升，主要系汇率变化导致财务费用大幅提升。分红方面，公司拟向全体股东每股派发现 告 市净率 1.9 金红利人民币0.21元（含税），分红比例达到33.25%。 息率（分红/股价） - 流通A股市值（百万元） 47782  钻井板块扭亏为盈，半潜式市场复苏较大。根据公司公告，20 ...

公司报告 | 年报点评报告 中海油服（601808） 证券研究报告 2024年03月 27日 投资评级 涨价逻辑开始兑现，公司业绩再创历史新高 行业 石油石化/油服工程 6个月评级 买入（维持评级） 当前价格 16.79元 中海油服2023业绩再创历史新高 2023 年公司营收达 441 亿元，同比+23.7%，归母净利润为 30.1 亿元，同 目标价格 元 比+27.8%。业绩符合预期并且创历史新高。 基本数据 钻井服务板块：涨价逻辑开始兑现 A股总股本(百万股) 2,960.47 半潜式平台使用率大幅抬升。2023年作业天数为17726天，同比+6%；其 流通A股股本(百万股) 2,960.47 中自升式平台同比+1.7%，半潜式钻井平台同比+24.8%。2023 年公司自升 A股总市值(百万元) 49,706.26 式、半潜式钻井平台可用天使用率分别 85.9%、83%，较 2022 年同期分别 流通A股市值(百万元) 49,706.26 减少2.3pct、增加15.4pct。其中自升式平台使用率主要受跨国拖航和海外 每股净资产(元) 8.73 客户验船待命影响同比下降，若剔除该因素影响，2023自升式 ...

Investment Rating - The report maintains a "Buy" rating for CNOOC Services (601808) [1] Core Views - The company reported a revenue of 44.1 billion yuan in 2023, representing a year-on-year increase of 23.7%, and a net profit attributable to shareholders of 3.01 billion yuan, up 27.8% year-on-year [2][3] - The company has successfully expanded its international business, achieving a revenue of 9.47 billion yuan from international markets, a year-on-year increase of 50.9% [3] - The company emphasizes its commitment to dividends, with a total dividend payout of 1 billion yuan in 2023, translating to a dividend per share of 0.21 yuan [3] Financial Performance Summary - Total revenue (in million yuan) for 2022A was 35,659, for 2023A was 44,109, and projections for 2024E, 2025E, and 2026E are 47,536, 51,137, and 55,131 respectively, indicating a growth rate of 22.11%, 23.70%, 7.77%, 7.58%, and 7.81% [2][4] - Net profit attributable to shareholders (in million yuan) for 2022A was 2,359, for 2023A was 3,013, with projections for 2024E, 2025E, and 2026E at 3,833, 4,425, and 5,181 respectively, showing significant growth rates of 653.15%, 27.75%, 27.21%, 15.45%, and 17.07% [2][4] - The company’s operating cash flow for 2023 was 13.1 billion yuan, an increase of 89.8% year-on-year, indicating strong cash reserves [2][3] Profitability Improvement - The company’s operating profit for 2023 was 4.26 billion yuan, an increase of 1.26 billion yuan year-on-year, with significant contributions from drilling services and oilfield technical services [3] - Drilling services generated a revenue of 12.07 billion yuan in 2023, up 16.6% year-on-year, with a gross margin of 9.3% [3] - Oilfield technical services achieved a revenue of 25.76 billion yuan, a year-on-year increase of 31.4%, with a gross margin of 22.1% [3] International Strategy - The company has optimized its overseas market development and strategic layout, leveraging its integrated industry chain advantages [3] - The international market revenue growth reflects the company's successful internationalization strategy [3] Dividend Policy - The company has a dividend payout ratio of approximately 33%, with a dividend yield of about 1.3% based on the closing price on March 27, 2024 [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) with a current price of 16.14 CNY and a target price not specified for the next 6 months [1]. Core Views - The report highlights the sustained high demand in the offshore oil and gas sector, leading to rapid business growth for the company [2]. - In 2023, the company achieved a revenue of 44.11 billion CNY, representing a year-on-year growth of 23.7% [2]. - The net profit attributable to the parent company reached 3.01 billion CNY, a significant increase of 154.3% year-on-year [2]. - The report anticipates continued growth in the offshore oil service industry, driven by high oil prices and increased capital expenditures [3][5]. Summary by Sections Financial Performance - In 2023, the company reported revenues of 44.11 billion CNY, with a year-on-year growth of 23.7% [2]. - The net profit attributable to the parent company was 3.01 billion CNY, reflecting a year-on-year increase of 154.3% [2]. - The company’s gross margin improved significantly, with a gross margin of 15.9%, up 5.7 percentage points year-on-year [2]. Market Expansion - The company successfully expanded its domestic and international markets, with drilling platform utilization rates stabilizing [2]. - Revenue from domestic and international markets reached 34.64 billion CNY and 9.47 billion CNY, respectively, with year-on-year growth of 17.9% and 50.9% [2]. Profitability Forecast - The report projects that the company’s net profit attributable to the parent company will reach 4.00 billion CNY, 5.03 billion CNY, and 5.63 billion CNY for the years 2024, 2025, and 2026, respectively [5]. - The expected compound annual growth rate (CAGR) for net profit over the next three years is 23.2% [5]. Valuation - The report suggests that the company is well-positioned to benefit from the high oil and gas industry demand, maintaining a "Buy" rating [5]. - The estimated price-to-earnings (PE) ratios for the years 2024, 2025, and 2026 are projected to be 19, 15, and 14, respectively [5].

证券研究报告 [2T3abQl4e_业Tit绩le] 超预期，海外业务或将持续贡献利润 公司研究 [Table_ReportDate] 2024年3月27日 [公Ta司ble点_Re评po报rtT告ype] [Table_Summary] 事件：2024年 3月 26日晚，中海油服发布 2023年度报告。2023年，公 [中Ta海bl油e_服Sto(c6k0A1n8dR0a8n.kS]H ) 司实现营收441.09亿元，同比+23.7%；实现归母净利润30.13亿元，同比 +27.8%；扣非后归母净利润28.98亿元，同比+28.5%。实现基本每股收益 投资评级 买入 0.63元，同比+28.6%。 上次评级 买入 其中，2023Q4，公司实现营收 146.01 亿元，同比+27.9%，环比 [左Ta前b明le _ A能ut源ho行r]业 首席分析师 +37.3%；实现归母净利润 7.40 亿元，同比+156.0%，环比-20.8%；扣非 执业编号：S1500518070001 后归母净利润 6.90亿元，同比+167.2%，环比-25.5%。实现基本每股收益 联系电话：010-83326712 0.16元， ...

[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 [Table_InvestInfo] 2023 年盈利稳定增长，4Q23 单季收入创 投资评级 优于大市 维持 新高 股票数据 0[3T月ab2le6_日S收to盘ck价（In元fo）] 16.14 [Table_Summary] 52周股价波动（元） 13.30-16.98 投资要点： 总股本/流通A股（百万股） 4772/2960 总市值/流通市值（百万元） 77013/77013 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  相关研究 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%。 [《Ta工b作le量_R提e升po，rtI前nf三o]季 度盈利平稳增长》 其中，4Q23实现营业收入146.01亿元，同比+27.9%，环比+37.3%，单季度 2023.10.31 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 《盈利稳定增长》2023.08.24 ...

2024年3月27日 公司研究 行业景气日费率持续改善，技术驱动践行高质量发展 ——中海油服（601808.SH/2883.HK）2023 年报点评 A 股：买入（维持） 要点 当前价：16.14元 H 股：增持（维持） 事件： 2024年3月26日，公司发布2023年报。2023年公司实现营业总收入441亿 当前价：8.28港元 元，同比+24%，实现归母净利润30亿元，同比+28%（调整后）。2023Q4单季， 公司实现营业总收入146亿元，同比+28%，环比+37%；实现归母净利润7.40亿 作者 元，同比+154%，环比-21%。 分析师：赵乃迪 执业证书编号：S0930517050005 点评： 010-57378026 油服行业景气高企，23年归母净利润、现金流显著改善 zhaond@ebscn.com 2023年，布伦特原油均价为82.17美元/桶，同比-17%，总体仍保持在中高位。 分析师：蔡嘉豪 石油公司继续加大上游勘探开发投资力度，据《中国海洋能源发展报告2023》，全 执业证书编号：S0930523070003 021-52523800 球海洋油气勘探开发投资约为1869亿美元，同比增长 ...

Financial Performance - The company achieved a net profit of RMB 3,282,628,207 for the year 2023, with a net profit attributable to shareholders of RMB 3,013,254,837[4]. - The company's operating revenue for 2023 reached RMB 44,108.6 million, representing a 23.7% increase compared to RMB 35,658.9 million in 2022[20]. - The net profit attributable to shareholders for 2023 was RMB 3,013.3 million, up 27.8% from RMB 2,358.7 million in 2022[20]. - The net cash flow from operating activities for 2023 was RMB 13,095.9 million, an increase of 89.8% compared to RMB 6,899.9 million in 2022[20]. - The total assets of the company at the end of 2023 amounted to RMB 83,245.8 million, reflecting a 7.9% increase from RMB 77,160.7 million at the end of 2022[20]. - The basic earnings per share for 2023 was RMB 0.63, a 28.6% increase from RMB 0.49 in 2022[21]. - The weighted average return on equity for 2023 was 7.45%, an increase of 1.35 percentage points from 6.10% in 2022[21]. - The net assets attributable to shareholders at the end of 2023 were RMB 41,643.0 million, a 5.7% increase from RMB 39,409.2 million at the end of 2022[20]. - The company achieved a comprehensive gross profit margin of 15.9%, which is an increase of 3.6 percentage points year-on-year[59]. - The company reported a total of RMB 83.3 million in income from financial products and government subsidies during the period[75]. Dividend and Profit Distribution - The total undistributed profits available for distribution as of the end of 2023 amounted to RMB 22,586,454,270 after distributing RMB 763,454,720 in dividends for the year 2022[4]. - The company plans to distribute a cash dividend of RMB 0.21 per share, totaling RMB 1,002,034,320, based on a total share capital of 4,771,592,000 shares[4]. - The total cash dividend amount for the year is CNY 1,002,034,320, which represents 33.25% of the net profit attributable to ordinary shareholders in the consolidated financial statements[181]. - 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 has positive retained earnings[179]. Risk Management and Compliance - The company faces significant risks including market competition risks due to uncertainties in the international oil and gas industry[8]. - The company has implemented a comprehensive risk management framework, including the revision of key internal control documents and the establishment of a multi-channel risk reporting mechanism[95]. - The company has strengthened its governance structure, ensuring compliance with the Hong Kong Stock Exchange's corporate governance code and enhancing the effectiveness of the board of directors[96]. - The company has emphasized risk assessment related to international projects, particularly in light of geopolitical factors, to improve control over overseas service projects[97]. - The company has maintained compliance with all requirements of the shareholders' meeting resolutions, with no issues in execution reported[110]. - The company’s related party transactions were conducted in accordance with relevant regulations and were deemed fair[191]. Operational Efficiency and Growth Strategies - The company plans to continue expanding its market presence and investing in new technologies to enhance operational efficiency[23]. - The company is committed to a cost leadership strategy, implementing various management measures that have significantly improved cost control and operational efficiency[29]. - The company is focused on five strategic development areas: "technology-driven," "cost leadership," "integration," "internationalization," and "regional development" to optimize its service capabilities[51]. - The company plans to enhance oil and gas exploration and development efforts, particularly in ultra-deepwater and unconventional oil and gas sectors[83]. - The company is committed to a "technology-driven" strategy, enhancing its core technological competitiveness to drive growth[89]. - The company aims to transition towards a green and low-carbon model, diversifying into renewable energy sectors such as wind and solar[88]. Research and Development - The company has emphasized a technology-driven strategy, enhancing its R&D capabilities and achieving a continuous increase in the ratio of R&D investment to output[28]. - Research and development expenses rose to RMB 1,253.9 million, an increase of 28.2% compared to the previous year[56]. - The total R&D investment was 1,644.2 million RMB, which is 3.7% of total operating income[68]. - The company employed 1,730 R&D personnel, making up 11.2% of the total workforce[69]. - The company is investing in R&D, allocating $G million towards the development of new technologies and products[146]. Governance and Board Structure - The board of directors has been restructured, with new appointments made in 2023, ensuring compliance with securities trading standards and enhancing oversight functions[99]. - The board has established several committees, including an audit committee, to oversee specific company affairs effectively[111]. - The independent directors effectively fulfilled their responsibilities, providing professional opinions on financial reporting, related party transactions, and risk management[105]. - The company has established clear divisions of responsibility between the board and management to ensure effective governance and internal controls[102]. - The company has implemented training programs for directors and senior management to enhance professional development throughout 2023[123]. Environmental and Social Responsibility - The company is committed to continuous improvement in its environmental management practices and compliance with regulations[197]. - The company invested CNY 9,780,000 in environmental protection during the reporting period[195]. - The company reduced carbon emissions by 46,311 tons through various decarbonization measures[198]. - The company achieved fuel savings of 8,865.38 tons by enhancing fuel consumption assessment mechanisms[198]. - The company has disclosed a sustainability report, indicating its commitment to social responsibility and ESG practices[200].

中海油田服务股份有限公司董事会 关于独立董事独立性自查情况的专项报告 中海油田服务股份有限公司（以下简称"公司"）董事会共有三名 独立董事，分别为赵丽娟女士、郭琳广先生和姚昕先生。根据法律法 规要求，现任三名独立非执行董事分别向公司董事会提交了书面签署 后的《独立非执行董事的独立性确认函》，均确认其符合法律法规对 独立董事的独立性要求。公司董事会对独立董事的独立性情况进行了 评估，并出具如下意见： 经核查赵丽娟女士、郭琳广先生和姚昕先生的任职经历及个人签 署的独立性确认文件，确认各位独立董事在 2023 年度没有在公司担 任除独立董事以外的任何职务，亦没有在公司的主要股东单位中担任 任何职务。上述三名独立董事在 2023 年度与公司及其主要股东之间 不存在利害关系或其他可能妨碍其独立客观判断的关系，始终保持高 度的独立性，符合《上市公司独立董事管理办法》《上海证券交易所 股票上市规则》《上海证券交易所上市公司自律监管指引第 1 号-规范 运作》中关于独立董事独立性的要求。 特此公告。 中海油田服务股份有限公司 董事会 2024 年 3 月 26 日 ...

中海油田服务股份有限公司 （于中华人民共和国注册成立之股份有限公司） 章 程 二 OO 二年九月二十六日临时股东大会决议通过 二 OO 二年十月三十日临时股东大会决议修改 二 OO 三年五月二十七日股东大会决议修改 二 OO 四年十一月五日临时股东大会决议修改 二 OO 六年十一月二十二日临时股东大会决议修改 二 OO 七年六月六日年度股东大会决议修改 二 OO 九年六月三日年度股东大会决议修改 二 O 一 O 年十二月二十二日临时股东大会决议修改 二 O 一一年五月二十三日年度股东大会决议修改 二 O 一三年五月二十四日年度股东大会决议修改 二 O 一三年十二月二十日临时股东大会决议修改 二 O 一三年五月二十四日年度股东大会决议授权董事会修改 二 O 一六年五月三十一日年度股东大会决议修改 二 O 一六年七月二十二日临时股东大会决议修改 二 O 一七年六月一日年度股东大会决议修改 二 O 一七年十二月十三日临时股东大会决议修改 二 O 一八年五月三十日年度股东大会决议修改 二 O 一九年五月三十日年度股东大会决议修改 二 O 二二年十二月二十二日临时股东大会决议修改 二 O 二三年八月十七日临时股东大会决 ...