Zhi Tong Cai Jing·2025-10-30 04:03Core Viewpoint - Bank of America Securities reports that CNOOC Services (02883) achieved a net profit of 3.21 billion RMB in the first three quarters, representing a year-on-year increase of 31% [1] Financial Performance - The net profit for the third quarter was 1.246 billion RMB, showing a year-on-year increase of 46% and a quarter-on-quarter increase of 16%, outperforming expectations [1] - Third-quarter revenue reached 11.5 billion RMB, reflecting a year-on-year increase of 4% but a quarter-on-quarter decrease of 8%, aligning with expectations [1] - The slowdown in revenue growth is attributed to a deceleration in the expansion of oil well services [1] Service Contribution - The contribution from drilling services has rapidly increased, primarily benefiting from high day rates from North Sea contracts and improved utilization rates of drilling platforms [1] Target Price Adjustment - Bank of America Securities raised the target price for CNOOC Services (601808) from 8 HKD to 8.2 HKD, maintaining a neutral rating [1]