Guoxin Securities·2026-01-29 10:45Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][20]. Core Insights - The company is expected to have a capital expenditure of approximately RMB 8.44 billion by 2026, focusing on equipment investment, technology upgrades, R&D, and base construction, indicating a positive development trajectory [2][18]. - The company is a domestic leader in the oil service industry, with an optimized business structure and an expected gradual increase in gross profit margin. The projected net profits for 2025-2027 are RMB 4.098 billion, RMB 4.274 billion, and RMB 4.560 billion, respectively, with earnings per share of RMB 0.86, RMB 0.90, and RMB 0.96 [3][20]. Summary by Relevant Sections Company Overview - The company has made significant progress since the "14th Five-Year Plan" and is well-positioned for future growth [2]. Market Conditions - The Brent crude oil price is expected to fluctuate between USD 55-65 per barrel by 2026, influenced by geopolitical tensions and the high costs of new wells in the U.S. shale oil sector [3][8]. - The marine oil and gas sector is identified as a key area for development, with capital expenditures expected to remain high [9][17]. Financial Projections - The company anticipates a drilling ship utilization rate exceeding 90% and an overall equipment utilization rate reaching historical highs by 2025. Key operational metrics are expected to continue improving in 2026 [19][20]. - The projected revenue growth rates for 2025-2027 are 2%, 12%, and 12%, respectively, with net profit growth rates of 4%, 31%, and 4% [24].