油服工程：上游资本开支有望增长，带动油服工程盈利增长

Investment Rating - The industry investment rating is "Positive" for 2024 [1][33]. Core Viewpoints - The oil service engineering sector is expected to benefit from increased upstream capital expenditure, leading to profit growth in the oil service industry [2][3]. - In 2024 Q1, the oil service engineering sector achieved revenue of 60.86 billion yuan, a year-on-year increase of 2.23%, and a net profit attributable to the parent company of 2.24 billion yuan, a year-on-year increase of 23.44% [1][2][6]. Summary by Sections 1. 2024H1 Performance - The oil service engineering sector's revenue performance is stable, supported by easing overseas inflation and ongoing domestic economic recovery [1][6]. - The average operating profit of the oil service industry reached 13.32 billion yuan in 2023, a year-on-year increase of 27.5% [2][15]. 2. Upstream Capital Expenditure Growth - Global upstream oil and gas capital expenditure is projected to grow by 7% in 2024, reaching 570 billion USD, which will positively impact the profitability of the oil service industry [2][16]. - Major international oil companies plan to increase their capital expenditure to 119.1 billion USD in 2023, a year-on-year increase of 9% [2][11]. 3. Investment Recommendations - Companies with high growth potential, such as CNOOC Services and CNOOC Development, are recommended for investment due to expected increases in upstream capital expenditure [3][25]. - CNOOC Services is recognized as one of the largest oilfield service providers globally, with steady performance and significant growth potential driven by domestic energy supply policies [26].