CHINA OILFIELD SERVICES(601808)：DECENT QOQ GROWTH IN 3Q25

机构：中银国际 研究员：Lawrence LAU/Rainey DAI Further decline in revenue / earnings at well services segment. COSL's earnings grew 16% QoQ to RMB1.25bn in 3Q25. Margin improvement and lower effective tax rate were the key growth drivers. We expect its earnings to drop 17% QoQ in 4Q25 as it is likely to book more costs in 4Q of a year. We increase our 2025-27 earnings forecast by 8-10% mainly to reflect the decline in effective tax rate. We reiterate our BUY calls and raise our target price for its H shares to HK$9.70 ...