德石股份：钻具业务的商业模式呈现较为明显的国内外分化特征

Core Viewpoint - The business model of the company's drilling tools exhibits a clear differentiation between domestic and international markets, with domestic operations focusing on drilling tool rentals and international operations primarily on sales [2] Company Analysis - The domestic oil and gas industry has experienced a downturn since 2015, leading companies to shift from one-time purchases of drilling tools to rental models to control costs and optimize cash flow [2] - The rental model presents a "double-edged sword" for the company, as it incurs higher operational costs due to the need for significant upfront investment in rental facilities and ongoing expenses related to maintenance, transportation, and staffing [2] - If the company's drilling tool products maintain stable quality and sufficient lifespan, the cumulative value generated from rentals may exceed that of one-time sales, potentially leading to higher profitability in the long run [2]