Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock price will outperform the benchmark index by over 20% in the next 6-12 months [2][6]. Core Views - The company has shown continuous improvement in operational performance, with a focus on its core business areas and the development of new industries. The revenue for the first half of 2025 reached RMB 22.597 billion, a year-on-year increase of 4.46%, while the net profit attributable to the parent company was RMB 1.829 billion, up 13.15% year-on-year [4][9]. - The report highlights the company's strong performance in traditional sectors and the promising growth potential in new productivity sectors, supporting the "Buy" rating [6][9]. Financial Performance Summary - For the first half of 2025, the company achieved total revenue of RMB 22.597 billion, with a gross profit margin of 15.33%, an increase of 1.18 percentage points year-on-year. The revenue from energy logistics services, energy technology services, and low-carbon environmental and digitalization sectors were RMB 11.640 billion, RMB 7.993 billion, and RMB 3.870 billion, respectively, with year-on-year growth rates of 5.13%, 2.79%, and 11.17% [9][10]. - The company’s net profit for the second quarter of 2025 was RMB 1.235 billion, reflecting a year-on-year increase of 10.75% [11]. Earnings Forecast - The report adjusts the profit forecast for 2025-2027, estimating net profits of RMB 4.102 billion, RMB 4.646 billion, and RMB 5.177 billion, respectively, with corresponding P/E ratios of 10.1x, 8.9x, and 8.0x [6][8]. Business Development - The company is actively enhancing its full-chain service capabilities and pursuing high-end, digital, and green upgrades across its three main business areas. The report notes significant growth in core capabilities, with a 16.11% increase in the workload of downhole tools and a 32.89% increase in new energy technology business workload [9][10]. - The company is also focusing on strategic emerging industries, with ongoing projects in six major areas and 137 products and services, including advancements in marine big data ecosystems and domestic production of key technologies [9][10].
海油发展(600968):经营业绩持续向好,战新产业加快培育