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]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [4] Core Views - The company's revenue for 2024 reached 48.3 billion yuan, a year-on-year increase of 9.5%, while the net profit attributable to the parent company was 3.14 billion yuan, up 4.1% year-on-year. The growth rate has slowed mainly due to the suspension of platforms in Saudi Arabia and tax adjustments in Mexico, with these impacts expected to dissipate in 2025 [1][3] - The drilling services segment is expected to regain work volume in 2025 after the suspension of platforms in Saudi Arabia. The operating days in 2024 were 17,502 days, a decrease of 1% year-on-year, with self-elevating platforms increasing by 2% and semi-submersible platforms decreasing by 14% [2] - The gross margin for oilfield technical services remained high, slightly improving to 22.9% in 2024, with revenues of 27.66 billion yuan, a year-on-year increase of 7.4% [3] Financial Summary - The company's total revenue for 2023 was 44.11 billion yuan, with a projected increase to 48.3 billion yuan in 2024 and further growth to 54.01 billion yuan in 2025, reflecting a growth rate of 9.51% for 2024 and 11.81% for 2025 [9] - The net profit for 2023 was 3.01 billion yuan, expected to rise to 3.14 billion yuan in 2024 and 4.03 billion yuan in 2025, indicating a growth rate of 4.11% for 2024 and 28.39% for 2025 [9] - The company's earnings per share (EPS) is projected to be 0.66 yuan in 2024 and 0.84 yuan in 2025, with corresponding price-to-earnings (P/E) ratios of 22.66 and 17.65 [9] Market Position - The company operates in the oil and gas services sector, specifically focusing on drilling services and oilfield technical services, which are expected to see recovery and growth in the coming years [4][2]

Core Viewpoint - CNOOC Services (中海油服) has achieved continuous growth in revenue and net profit for three consecutive years, with a focus on advancing "smart oil services" and increasing R&D investment [2][3][4]. Financial Performance - In 2024, CNOOC Services reported a revenue of 48.302 billion yuan, representing a year-on-year increase of 9.51%, and a net profit of 3.137 billion yuan, up 4.11% from the previous year [2][4]. - From 2022 to 2024, the company's revenue increased by approximately 65%, while net profit surged nearly ninefold [5]. R&D Investment - CNOOC Services has consistently increased its R&D expenditure, totaling over 3.6 billion yuan from 2022 to 2024 [3][12]. - The R&D personnel accounted for 11.3% of the total workforce, with 55.5% of R&D staff holding a master's degree or higher [12]. Business Segments - The drilling services segment generated a revenue of 13.207 billion yuan in 2024, reflecting a growth of 9.4% [6]. - The oilfield technical services segment achieved a revenue of 27.655 billion yuan, up 7.4% year-on-year [8]. - The marine services segment reported a revenue of 4.769 billion yuan, marking a significant increase of 20.9% [9]. - The geophysical exploration and engineering survey services generated a revenue of 2.67 billion yuan, with a growth of 14.1% [9]. Market Position and Strategy - CNOOC Services is recognized as China's largest offshore drilling contractor and a major player in the international drilling market, operating 62 drilling platforms as of the end of 2024 [5]. - The company aims to enhance its international operations, with revenue from international markets reaching 10.885 billion yuan, a 14.9% increase, accounting for 22.5% of total revenue [10]. Capital Expenditure - In 2024, CNOOC Services completed capital expenditures of 7.32 billion yuan, achieving 98.4% of its annual budget [14]. - The company anticipates capital expenditures of around 7.2 billion yuan for 2025, focusing on equipment investment, technology upgrades, and R&D [14].

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company's performance in 2024 showed a revenue of 48.302 billion yuan, a year-on-year increase of 9.5%, and a net profit of 3.137 billion yuan, up 4.1% year-on-year. The fourth quarter results met expectations despite a decline in net profit [9] - The drilling platform utilization rate decreased due to weather impacts, but daily rates increased, indicating potential for future growth in drilling operations [9] - The oilfield technology services segment remains a stable revenue source, contributing 84% of total gross profit, with successful marketization of self-developed technologies [9] - The shipbuilding segment saw significant growth, with operating days increasing by 33.8% year-on-year, while the geophysical segment also experienced a rise in project volume [9] - Global offshore oil and gas capital expenditure growth is slowing, but the company’s core client, CNOOC, is expected to maintain high capital expenditure levels, providing strong support for the company's performance [9] - The earnings forecast for 2025-2026 has been adjusted downwards due to the slowing growth in global offshore oil and gas capital expenditure, with new profit estimates of 3.7 billion and 4.5 billion yuan respectively [9] Financial Data and Profit Forecast - Total revenue is projected to grow from 44.109 billion yuan in 2023 to 63.140 billion yuan by 2027, with a compound annual growth rate of approximately 9.5% [8] - Net profit is expected to increase from 3.013 billion yuan in 2023 to 5.394 billion yuan in 2027, reflecting a compound annual growth rate of about 20.9% [8] - The company’s gross margin is projected to improve from 15.9% in 2023 to 17.6% in 2027, indicating enhanced operational efficiency [8]

机构风向标 | 中海油服(601808)2024年四季度已披露 前十大机构累计持仓占比56.18% 2025年3月26日，中海油服(601808.SH)发布2024年年度报告。截至2025年3月25日，共有22个机构 投资者披露持有中海油服A股股份，合计持股量达26.87亿股，占中海油服总股本的56.31%。其中，前 十大机构投资者包括中国海洋石油集团有限公司、中国证券金融股份有限公司、香港中央结算有限公 司、中国工商银行股份有限公司-华泰柏瑞沪深300交易型开放式指数证券投资基金、中国银行股份有限 公司-招商瑞文混合型证券投资基金、中信银行股份有限公司-招商优质成长混合型证券投资基金 (LOF)、中国建设银行股份有限公司-易方达沪深300交易型开放式指数发起式证券投资基金、鹏华基金- 中国人寿保险股份有限公司-传统险-鹏华基金国寿股份成长股票传统可供出售单一资产管理计划、招商 品质发现混合A、鹏华精选成长混合A，前十大机构投资者合计持股比例达56.18%。相较于上一季度， 前十大机构持股比例合计下跌了0.71个百分点。 公募基金方面，本期较上一期持股增加的公募基金共计7个，主要包括招商优质成长混合(LOF) ...

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 achieved a total operating revenue of 48.3 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 [5][10]. - The report highlights the company's strong performance in the technology sector, which has become a core competitive advantage, contributing significantly to revenue growth [8][9]. - The company is expected to benefit from the ongoing growth in exploration and development investments in the oil and gas sector, particularly in deepwater projects [9]. Summary by Sections Financial Performance - In Q4 2024, the company reported an operating revenue of 14.6 billion yuan, a year-on-year increase of 0.27% and a quarter-on-quarter increase of 31.50% [5]. - The overall gross margin for 2024 was 15.7%, a slight decrease of 0.19 percentage points year-on-year, with domestic business gross margin at 18.1%, up 0.4 percentage points [6]. - The company’s return on equity (ROE) for 2024 was 7.16%, a decrease of 0.08 percentage points year-on-year [6]. Business Segments - The drilling services segment generated revenue of 13.2 billion yuan in 2024, an increase of 9.4% year-on-year, with a gross margin of 7.5% [7]. - The oilfield technology services segment achieved revenue of 27.655 billion yuan, up 7.4% year-on-year, with a gross margin of 22.9%, an increase of 0.80 percentage points [8]. Strategic Outlook - The company emphasizes a "technology-driven" strategy, which has led to an increase in the overall technology coverage to 81% and a significant rise in revenue from the technology segment from 13.3 billion yuan in 2020 to 27.7 billion yuan in 2024 [8]. - The report indicates that the company is well-positioned to capitalize on the industry's growth and the expansion of technology service markets, driven by increasing complexity in oil and gas exploration and development [9]. Profit Forecast and Valuation - The report projects net profits for 2025, 2026, and 2027 to be 3.509 billion yuan, 3.914 billion yuan, and 4.310 billion yuan respectively, with corresponding earnings per share (EPS) of 0.74 yuan, 0.82 yuan, and 0.90 yuan [10][11].

Investment Rating - The investment rating for the company is "Buy" [2] Core Views - The company achieved a revenue of 48.302 billion yuan in 2024, representing a year-on-year increase of 9.5%. The net profit attributable to shareholders was 3.137 billion yuan, up 4.1% year-on-year, with a basic earnings per share of 0.66 yuan, an increase of 4.8% year-on-year [3][4] - The company is accelerating its overseas business expansion, with revenue growth in drilling, oil technology, shipping, and geophysical exploration segments at 9.4%, 7.4%, 20.9%, and 14.2% respectively. The shipping segment showed significant growth due to resource integration and increased operational volume [5] - The company maintains a high level of capital expenditure, which supports stable growth in oil service orders. In 2025, the company plans to spend 125 to 135 billion yuan on capital expenditures [8] Financial Summary - In 2024, the company reported total revenue of 48.302 billion yuan, with a year-on-year growth rate of 9.5%. The net profit attributable to shareholders was 3.137 billion yuan, with a growth rate of 4.1% [7] - The company's gross margin for 2024 was 15.7%, with a projected increase to 16.5% in 2025 [7] - The company plans to distribute a cash dividend of 0.23 yuan per share in 2024, with a payout ratio of 35.08%, an increase of 1.83 percentage points from the previous year [8] Earnings Forecast - The forecast for net profit attributable to shareholders for 2025-2027 is 4.005 billion yuan, 4.322 billion yuan, and 4.652 billion yuan, with year-on-year growth rates of 27.7%, 7.9%, and 7.6% respectively. The diluted EPS for the same period is projected to be 0.84 yuan, 0.91 yuan, and 0.97 yuan [8]

证券研究报告 公司研究 [公司点评报告 Table_ReportType] [Table_StockAndRank] 中海油服(601808.SH) 投资评级 买入 上次评级 买入 [Table_Author] 左前明 能源行业首席分析师 执业编号：S1500518070001 联系电话：010-83326712 邮箱：zuoqianming@cindasc.com 胡晓艺 石化行业分析师 执业编号：S1500524070003 邮箱：huxiaoyi@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅 大厦B座 邮编：100031 [无惧特殊事件扰动，公司 Table_Title] 24 年业绩稳健增长 [Table_ReportDate] 2025 年 3 月 26 日 [Table_S 事件： ummary] 2025 年 3 月 25 日晚，中海油服发布 2024 年度报告。2024 年，公 司实现营收 483.02 亿元，同比+9.5%；实现归母净利润 31.37 亿元，同比 +4.1%；扣非后归母净利润 32.29 ...

中海油田服务股份有限公司 独立董事候选人声明与承诺 本人姚昕，已充分了解并同意由提名人中海油田服务股份有限公司董事会提 名为中海油田服务股份有限公司董事会独立董事候选人。本人公开声明，本人具 备独立董事任职资格，保证不存在任何影响本人担任中海油田服务股份有限公司 独立董事独立性的关系，具体声明并承诺如下： 一、本人具备上市公司运作的基本知识，熟悉相关法律、行政法规、部门规 章及其他规范性文件，具有 5 年以上法律、经济、会计、财务、管理或者其他履 行独立董事职责所必需的工作经验。 本人已经参加培训并取得证券交易所认可的相关培训证明材料。 二、本人任职资格符合下列法律、行政法规和部门规章以及公司规章的要求： （一）《中华人民共和国公司法》关于董事任职资格的规定； （二）《中华人民共和国公务员法》关于公务员兼任职务的规定（如适用）； （三）中国证监会《上市公司独立董事管理办法》、上海证券交易所自律监 管规则以及公司章程有关独立董事任职资格和条件的相关规定； （四）中共中央纪委、中共中央组织部《关于规范中管干部辞去公职或者退 （离）休后担任上市公司、基金管理公司独立董事、独立监事的通知》的规定（如 适用）； （五） ...