Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company has shown steady growth in revenue and profit in the first half of 2024, driven by a recovery in oil service demand and strong performance in the Iraqi market [2][4] - The company’s total revenue for H1 2024 reached 2.18 billion RMB, a year-on-year increase of 15.0%, with a net profit of 110 million RMB, up 8.2% year-on-year [2] - The company has a robust order backlog, with total new orders amounting to 4.87 billion RMB in H1 2024, including a significant increase in orders from the Iraqi market [4] Financial Performance Summary - Revenue and profit forecasts for the company show a steady increase from 2022 to 2026, with projected revenues of 5.02 billion RMB in 2024 and net profits of 252.9 million RMB [1] - The company’s earnings per share (EPS) is expected to rise from 0.07 RMB in 2023 to 0.08 RMB in 2024, and further to 0.13 RMB by 2026 [1] - The return on equity (ROE) is projected to improve from 6.2% in 2023 to 9.5% in 2026 [1] Market and Operational Insights - The company’s oilfield technology services revenue grew by 24.9% year-on-year, while oilfield management services increased by 19.9% [3] - The Iraqi market remains a key growth area, contributing 57.0% of total revenue in H1 2024, with a 25.4% increase in revenue from this region [4] - The company has successfully secured a 25-year development contract for the Dhufriyah oilfield in Iraq, enhancing its operational capabilities [4]
安东油田服务：2024年中期业绩公告点评：油服需求复苏带动业绩稳健增长，伊拉克市场保持高速发展