2024-08-29 03:17Investment Rating - The report maintains a "Buy" rating for the company [6][7][8] Core Views - The company reported significant year-on-year growth in H1 2024, with operating revenue of 22.53 billion yuan, up 19.4%, and net profit attributable to shareholders of 1.59 billion yuan, up 18.9% [6][7] - The drilling operation days increased, with a total of 8,961 days in H1 2024, representing a 2% year-on-year growth [7] - The oilfield technology service segment is the main profit contributor, achieving a gross profit of 3.05 billion yuan, accounting for 80.34% of total gross profit [7] - Global offshore oil and gas capital expenditure is expected to rise, which may drive the company's performance upward [7] Summary by Sections Financial Performance - In H1 2024, the company achieved an operating revenue of 22.53 billion yuan, a year-on-year increase of 19.4%, and a net profit of 1.59 billion yuan, up 18.9% [6][7] - The gross margin for H1 2024 reached 16.83%, an increase of 1.58 percentage points year-on-year [6][7] Operational Metrics - The company’s drilling platform operating days totaled 8,961 days in H1 2024, with self-elevating platform days at 7,038, up 3.4% year-on-year [7] - The utilization rate of drilling platforms was 85.3%, a decrease of 1.2 percentage points year-on-year [7] Segment Performance - The oilfield technology service segment's operating profit was 2.29 billion yuan, a year-on-year increase of 32.67% [7] - The ship and geophysical exploration segments also showed improvement, with ship operating days increasing by 19.6% year-on-year [7] Market Outlook - The global oilfield service market is projected to grow by 7.1% in 2024, indicating a strong industry momentum [7] - The company has adjusted its profit forecasts for 2024-2026 due to potential impacts from suspended Middle Eastern orders and oil price fluctuations [7][8]