Shenwan Hongyuan Securities·2025-10-30 10:49Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company's performance in the first three quarters of 2025 met expectations, with total revenue of 34.854 billion yuan, a year-on-year increase of 3.5%, and a net profit attributable to shareholders of 3.209 billion yuan, a year-on-year increase of 31.3% [6] - The offshore oil service industry remains at a high level of prosperity, with the company's drilling platform operating days reaching 14,784 days, a year-on-year increase of 12.3% [6] - The company is focusing on enhancing its core technology system driven by fundamental research, which is expected to lead to stable growth in its oilfield technical services segment [6] - The company's capital expenditure remains high, with China National Offshore Oil Corporation (CNOOC) planning capital expenditures of 125 to 135 billion yuan for 2025, providing a solid order guarantee for the company [6] - The profit forecasts for 2025 and 2026 have been raised to 3.98 billion yuan and 4.7 billion yuan respectively, maintaining the 2027 profit forecast at 5.36 billion yuan, corresponding to price-to-earnings ratios of 17X, 15X, and 13X [6] Financial Data and Profit Forecast - Total revenue for 2025 is estimated at 51.233 billion yuan, with a year-on-year growth rate of 6.1% [5] - The net profit attributable to shareholders for 2025 is projected to be 3.98 billion yuan, reflecting a year-on-year growth rate of 26.9% [5] - The earnings per share for 2025 is expected to be 0.83 yuan [5] - The gross profit margin for 2025 is estimated at 17.2% [5] - The return on equity (ROE) for 2025 is projected to be 8.5% [5]