Guoxin Securities·2025-10-30 11:57Investment Rating - The investment rating for the company is "Outperform the Market" [5][22][26] Core Views - The company has significantly increased its net profit in Q3 2025, with a year-on-year growth of 46.24% and a quarter-on-quarter growth of 15.69%. The revenue for Q3 2025 was 11.533 billion yuan, while the net profit reached 1.246 billion yuan [1][8] - The increase in revenue and gross profit is primarily attributed to the higher utilization rates of large equipment and the orderly operation of high-day-rate projects for overseas semi-submersible drilling platforms [1][8] - The company is focusing on optimizing its business structure, with expectations for gradual improvements in gross margins. The profit forecasts for 2025-2027 have been raised to 4.098 billion, 4.274 billion, and 4.560 billion yuan respectively [3][22] Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported a revenue of 34.854 billion yuan, a year-on-year increase of 3.54%, and a net profit of 3.209 billion yuan, a year-on-year increase of 32.09% [1][8] - The gross margin for Q3 2025 was 19.53%, up by 1.46 percentage points year-on-year, and the net margin was 10.80%, up by 3.15 percentage points year-on-year [1][8] Drilling Platform Utilization - The utilization rate of drilling platforms remains high, with a total of 14,784 operational days in the first three quarters, representing a year-on-year increase of 12.3%. The self-elevating drilling platforms operated for 11,624 days, up by 9.7% year-on-year, while semi-submersible platforms operated for 3,160 days, up by 22.9% year-on-year [11][17] - The calendar day utilization rate for drilling platforms was 90.3%, an increase of 11.6 percentage points year-on-year [11] Oilfield Technology Services - The oilfield technology services segment has maintained growth in workload, with significant increases in ship service operations, totaling 62,589 operational days, a year-on-year increase of 17.7% [2][17] - The engineering survey segment is focusing on high-return businesses, with a notable increase in underwater operations, which saw a year-on-year growth of 131.3% [18]