【石化油服（600871.SH/1033.HK）】前三季度业绩大增，降本增效持续改善经营质量——2024年三季报点评（赵乃迪等）

Company Performance - The company achieved total operating revenue of 54.9 billion yuan in the first three quarters of 2024, a year-on-year decrease of 1.72%, and a net profit attributable to the parent company of 676 million yuan, a year-on-year increase of 52% [1] - In Q3 2024, the company achieved operating revenue of 18.1 billion yuan, a year-on-year decrease of 3.45%, and a net profit attributable to the parent company of 224 million yuan, a year-on-year increase of 91% [1] - The company's gross profit margin for the first three quarters was 7.92%, an increase of 0.89 percentage points year-on-year, and the annualized ROE was 10.58%, an increase of 3.04 percentage points year-on-year [1] Market Expansion - The company's cumulative new contract value in the first three quarters was 75.07 billion yuan, a year-on-year increase of 6.2% [2] - The new contract value in the domestic external market was 19 billion yuan, a year-on-year increase of 46.7%, and the overseas market new contract value was 16.22 billion yuan, a year-on-year increase of 15.5% [2] - The company expects the new contract value in 2024 to exceed 90 billion yuan [2] Investor Returns - The company conducted an H-share repurchase in Q3 2024, repurchasing 4.93 million shares with a total amount of 2.48 million yuan [3] - The company aims to achieve positive undistributed profits of the parent company by the end of 2024 to meet cash dividend conditions [3] Cost Efficiency - The company completed cost reduction and fee reduction of 410 million yuan in the first half of 2024 [4] - The company integrated asset allocation, leasing, disposal, and bidding businesses, forming an asset operation subsidiary company and establishing a resource sharing platform [4] Industry Outlook - The parent company, Sinopec, achieved upstream capital expenditure of 77.8 billion yuan in 2023 and is expected to maintain upstream capital expenditure of 77.6 billion yuan in 2024 [5] - Global upstream exploration and development capital expenditure is expected to be approximately 607.9 billion USD in 2024, a year-on-year increase of 5.7% [5]