中曼石油：油服民企转型油气开采，开启第二成长曲线

Investment Rating - The report assigns an "Outperform" rating to the company with a target price range of 29 7-32 67 yuan, indicating a 23%-35% premium over the current price [17][19] Core Views - The company has transitioned from a pure oilfield service provider to an integrated oil and gas company with exploration, drilling, and equipment manufacturing businesses [17][28] - Domestic Xinjiang Wensu oilfield is rapidly increasing production, driving revenue and profit growth [17] - Overseas oilfields in Kazakhstan and Iraq have high reserve-to-production ratios and significant long-term production potential [17] - The company is expected to enter a rapid growth phase in the next three years with projected revenue of 4 654 billion yuan in 2024 and net profit of 1 189 billion yuan [17] Financial Analysis - The company's main businesses include drilling engineering services, drilling equipment sales and leasing, and oil exploration and production [1] - In 2021, the company obtained the "Xinjiang Tarim Basin Wenbei Block Oil and Gas Mining License" and began integrating its three main business segments [1] - The company's drilling business revenue has remained stable at around 1 billion yuan, with fluctuating gross margins due to the pandemic and project cycles [3] - The company's asset-liability ratio has shown a decreasing trend from 75% in 2016 to around 40% in 2024Q1 [2] Industry Overview - The oil and gas industry is a vital part of the national economy, traditionally dominated by state-owned enterprises [4] - In 2023, CNPC, Sinopec, and CNOOC accounted for 92% of China's crude oil production, while Yanchang Petroleum accounted for 5 56% [4] - The domestic oilfield service market is highly concentrated, with state-owned oilfield service companies accounting for 85% of the market share [9] Business Operations - The company's technical advantages lie in its ability to complete high-difficulty drilling projects and shorten construction cycles [10] - The company has completed numerous technically challenging drilling projects both domestically and internationally [10] - The company's drilling equipment manufacturing business complements its oil exploration and engineering services, creating a significant integrated advantage [31] Market Expansion - The company has expanded its international presence, particularly in countries along the "Belt and Road" initiative [37] - The company is the first Chinese drilling contractor to provide drilling engineering services in Russia and has operations in multiple countries including the Middle East, Central Asia, North Africa, and Europe [37] - In 2023, the company signed a 3 90 billion USD drilling engineering service contract with Basra Energy Company Limited, further solidifying its presence in the Iraqi market [96] Exploration and Development - The company's Wensu oilfield in Xinjiang has seen rapid production growth, with a compound annual growth rate of 85% from 2021 to 2023 [17] - The company's overseas oilfields, primarily in Kazakhstan and Iraq, have significant reserves and long-term production potential [17] - The company successfully bid for the development rights of two blocks in Iraq in May 2024, which are expected to contribute to future growth [17]