海油发展（600968）：三大产业量效齐升，Q1归母净利润同比增长18%

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a total revenue of 10.1 billion yuan in Q1 2025, representing a year-on-year increase of 9.42% and a quarter-on-quarter decrease of 46.53% [5] - The net profit attributable to the parent company reached 594 million yuan in Q1 2025, reflecting a year-on-year growth of 18.38% and a quarter-on-quarter decline of 38.61% [5] - The company is focused on enhancing operational efficiency and cost control, leading to a significant increase in net profit [6][8] - The three main business segments—energy technology services, low-carbon environmental protection and digitalization, and energy logistics services—are all showing steady growth [6][7] Summary by Sections Financial Performance - In Q1 2025, the company reported a net profit increase of 18% driven by high oil prices and domestic market growth [6] - The annualized ROE for Q1 2025 was 8.7%, an increase of 0.6 percentage points year-on-year [6] - The gross profit margin for Q1 2025 was 12.90%, up by 1.02 percentage points [8] Business Segments - The energy technology services segment has shown significant capability improvements, contributing major profit increases [7] - The low-carbon and digitalization segment has seen growth in new energy technology services and pipeline coating projects [7] - The energy logistics segment has benefited from increased service volume and sales, offsetting price fluctuations due to international oil price changes [7] Industry Outlook - The global oil service market is expected to continue its growth, with a projected market size of 326.5 billion USD in 2025, a year-on-year increase of 3.3% [9] - The parent company, China National Offshore Oil Corporation (CNOOC), is actively pursuing a "seven-year action plan" for oil and gas production increase, which is expected to benefit the company in the long term [9] Profit Forecast and Valuation - The company is projected to achieve net profits of 4.262 billion yuan, 4.698 billion yuan, and 5.215 billion yuan for the years 2025, 2026, and 2027 respectively [10] - The report maintains the profit forecast for 2025-2026 and introduces a new forecast for 2027, with corresponding EPS of 0.42, 0.46, and 0.51 yuan per share [10]