Jing Ji Guan Cha Wang·2026-02-13 02:25Strategic Progress - The company plans a capital expenditure of approximately 8.44 billion yuan in 2026, an increase of about 1 billion yuan from 2025, focusing on equipment investment, technology research and development, and base construction [2] - The main driver for the increase in expenditure is the purchase of new vessels, with equipment maintenance and upgrades expected to rise to 3.5-4 billion yuan [2] - The company aims to increase the coverage of its fee system from 50% to 80% in 2026 and reduce total unit work costs by 2-5% year-on-year [2] Business Progress - Overseas projects in Norway and Brazil have become highlights for performance growth, with the COSL Innovator platform operating in Equinor's Arkenstone gas block and COSL Prospector in the Vikingskipet block, with related orders expected to extend until 2028 [3] - The South China Sea No. 8 drilling platform has a contract day rate of 147,000 USD in Brazil, with profit contributions expected to materialize in 2026 [3] - Domestic business workload is expected to remain stable, supporting high utilization rates of drilling platforms, which reached 93.4% in the first half of 2025 [3] Institutional Views - Analysts have raised the company's 2026 profit forecast by 3% to 4.5 billion yuan and introduced a net profit forecast for 2027 of 4.77 billion yuan [4] - The current A-share price corresponds to a price-to-earnings ratio of approximately 16.5 times for 2026 and 15.6 times for 2027, while H-shares correspond to 8.3 times and 7.7 times respectively [4] Company Status - The company plans to enhance profit margins through cost control, targeting a year-on-year increase in cost-to-profit ratio by 0.2-0.5 percentage points [5] - The company aims to expand into 4-5 new markets over the next five years, consolidating its "1+2+N" internationalization strategy [5]