Xinda Securities·2024-08-28 07:31Investment Rating - The investment rating for the company is "Buy" [1][2]. Core Views - The company achieved a revenue of 22.529 billion yuan in the first half of 2024, representing a year-on-year increase of 18.9% [1]. - The net profit attributable to shareholders was 1.592 billion yuan, up 25.0% year-on-year, with a basic earnings per share of 0.33 yuan, reflecting a 17.9% increase [1]. - The average Brent oil price in H1 2024 was 83.39 USD per barrel, showing a slight increase compared to the previous year [1]. - The company is benefiting from the growth in global oilfield service market size, driven by increased operational volumes in drilling, oil technology, geophysical, and marine sectors [1][2]. Summary by Sections Financial Performance - In H1 2024, the company reported a revenue of 22.529 billion yuan, with a net profit of 1.604 billion yuan after deducting non-recurring items, marking a 19.4% increase [1]. - For Q2 2024, the revenue was 12.381 billion yuan, up 18.9% year-on-year, and the net profit was 957 million yuan, reflecting a 5.8% increase year-on-year [1]. - The company’s drilling and oil technology segments contributed significantly to profits, with domestic drilling business showing improved profitability [1][2]. Business Segments - The company operates 61 platforms, with an average utilization rate of 80.8% in H1 2024, an increase of 1.4 percentage points year-on-year [1]. - The average day rate for self-elevating and semi-submersible platforms increased by 4.9% to 8.6 million USD/day [1][2]. - The company has made progress in autonomous innovation, with successful applications of self-developed systems in both domestic and overseas markets [2]. Capital Expenditure and Future Outlook - The company’s capital expenditure is expected to remain high, with China National Offshore Oil Corporation (CNOOC) planning capital expenditures of 125 to 135 billion yuan in 2024, which supports the company’s order stability [2]. - Profit forecasts for 2024-2026 indicate net profits of 3.420 billion, 4.242 billion, and 5.114 billion yuan, with respective growth rates of 13.5%, 24.0%, and 20.6% [2]. - The company is expected to continue its overseas expansion and benefit from the recovery in industry conditions, maintaining a "Buy" rating [2].