Tianfeng Securities·2025-10-30 06:47Investment Rating - The investment rating for the company is "Buy" with a target price not specified [4] Core Views - The company's Q3 net profit attributable to shareholders reached 1.25 billion yuan, a year-on-year increase of 46%, exceeding market expectations due to high utilization rates of drilling platforms and reduced financial interest expenses [1][3] - The drilling platform segment saw a significant increase in operating days, totaling 4,878 days in Q3, up 16% year-on-year, with semi-submersible drilling platforms showing a 59% increase [2] - The company maintains a positive outlook for its oilfield technology services, with operating volumes in the first three quarters of 2025 showing year-on-year growth [3] Financial Performance - For Q3 2025, the company's revenue was 11.5 billion yuan, reflecting a 3.6% year-on-year growth [1] - The projected net profits for 2025-2027 are 4.03 billion, 4.24 billion, and 4.43 billion yuan respectively, with corresponding P/E ratios of 17, 16, and 15 [3][8] - The company reported a total market capitalization of 41.39 billion yuan with a total share capital of approximately 2,960.47 million shares [5] Operational Metrics - The utilization rates for self-elevating and semi-submersible drilling platforms were 92.8% and 87.4% respectively, showing significant year-on-year increases [2] - The company is focused on enhancing its technological capabilities and integrating its innovation chain with the industry chain to drive growth [3]