天风证券给予海油工程买入评级，Q2新签订单同比+42%

Group 1 - The core viewpoint of the report is that Tianfeng Securities has given a "buy" rating for CNOOC Engineering (600583.SH) based on its strong financial performance and growth prospects [1] - CNOOC Engineering's Q2 net profit attributable to shareholders increased by 18% year-on-year after excluding one-time impacts from the previous year [1] - The company's workload is significantly shifting towards high-margin businesses such as offshore installation and pipeline laying [1] - In Q2, new signed orders increased by 42% year-on-year, indicating strong demand and growth potential [1] Group 2 - Risks highlighted include the possibility of CNOOC's capital expenditures falling short of expectations [1] - There is a risk that a significant drop in international oil prices could affect oil companies' willingness to invest in capital expenditures [1] - The expansion of overseas orders or progress in operations may not meet expectations, posing additional risks [1]