智通财经网·2025-08-28 08:08Core Viewpoint - UBS reports that CNOOC Services (02883, 601808.SH) achieved a net profit of 1.964 billion RMB in the first half of this year, reflecting a year-on-year growth of 23%, with revenues of 23.3 billion RMB, up 3.5% year-on-year, meeting expectations [1] Financial Performance - CNOOC Services' net profit for H1 is 1.964 billion RMB, a 23% increase year-on-year [1] - Revenue for the same period is 23.3 billion RMB, representing a 3.5% year-on-year growth [1] Forecast and Valuation - UBS slightly raised the earnings forecast for 2025 to 2027 by 1-2% [1] - The target price has been adjusted from 9.8 HKD to 10.8 HKD based on discounted cash flow valuation, maintaining a "Buy" rating [1] Business Outlook - The domestic business of CNOOC Services is expected to remain stable [1] - Contracts for overseas drilling platforms are secured until 2027 to 2030, with strong potential for overseas day rates [1] - The company is designing fully domestically produced drilling platforms and is pursuing low-cost strategies to adapt to a low oil price environment [1] Revenue Insights - A decline in revenue from well services is attributed to short-term interruptions, but future growth is anticipated to be driven by technological advancements, albeit at a stable growth rate [1]