Changjiang Securities·2024-09-10 06:08Investment Rating - The investment rating for the company is "Buy" and is maintained [5] Core Views - The company reported significant performance improvement in the first half of 2024, with revenue reaching 225.29 billion yuan, a year-on-year increase of 19.37%, and net profit of 15.92 billion yuan, up 18.92% [6][7] - The overall industry sentiment is improving, benefiting from high oil prices and increased upstream exploration and development investments [6][7] - The company is expected to benefit from the substantial potential of offshore oil and gas resources, with increased capital expenditure from China National Offshore Oil Corporation (CNOOC) [7] Summary by Sections Financial Performance - In the first half of 2024, the company achieved revenue of 225.29 billion yuan, a 19.37% increase year-on-year, and a net profit of 15.92 billion yuan, up 18.92% [6] - The second quarter alone saw revenue of 123.81 billion yuan, with a year-on-year growth of 18.85%, and net profit of 9.57 billion yuan, an increase of 2.34% [6] Industry Outlook - The oil and gas industry is experiencing a recovery, driven by OPEC+ production cuts and high oil prices, leading to stable growth in the oilfield services market [6][7] - The company is leveraging its full industry chain advantages, with successful expansion across various business segments [6] Business Segments - The drilling segment saw an increase in operational days to 8,961, a 2.0% rise, with daily usage rates improving to 80.8% [6] - The oil technology services segment reported a revenue growth of 20.8%, while the marine vessel services segment increased operational days by 19.6% [6] - The geophysical exploration segment achieved a significant increase in three-dimensional survey work, with a 189.5% rise in operational area and a 20.4% increase in revenue [6] Contractual Developments - The company has secured new contracts for two previously suspended drilling platforms, mitigating operational impacts [6][7] - The contracts are expected to commence operations in late 2024 and early 2025, indicating a positive outlook for future revenue [6][7] Future Projections - The company forecasts earnings per share (EPS) of 0.80 yuan, 0.98 yuan, and 1.16 yuan for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings (PE) ratios of 18.6X, 15.1X, and 12.7X [7]