海油发展首次覆盖：受益中海油增储上产，深海作业打开空间

Investment Rating - The report initiates coverage with a "Buy" rating for the company, targeting a price of 4.00 CNY, compared to the current price of 3.32 CNY, indicating over 20% upside potential [2][3][21]. Core Views - The company is a leading energy technology service provider under CNOOC, benefiting from rising international oil prices, increased reserves and production by CNOOC, and high growth in capital expenditures, which opens up future growth opportunities [2][22]. - The company focuses on stabilizing and increasing oil and gas production while actively seizing the energy transition trend, enhancing its capabilities in low-carbon and digital industries, and investing in LNG technology and clean energy services [2][22]. - The company has shown stable revenue and profit growth, with a CAGR of over 13% in revenue from 2018 to 2022, and a net profit of 2.145 billion CNY in the first three quarters of 2023, representing a year-on-year increase of 16.53% [2][6]. Summary by Sections Financial Performance - The company’s revenue is projected to grow from 47.784 billion CNY in 2022 to 53.058 billion CNY in 2025, with a stable growth rate of approximately 5% in the following years [6][17]. - The net profit attributable to shareholders is expected to increase from 2.416 billion CNY in 2022 to 3.494 billion CNY in 2025, reflecting a growth rate of 10% per year [6][17]. - The EPS is forecasted to be 0.29 CNY in 2023, 0.31 CNY in 2024, and 0.34 CNY in 2025 [2][18]. Business Segments - The company operates in three main business segments: Energy Technology Services, Low-Carbon and Digital Services, and Energy Logistics Services [22][25]. - The Energy Technology Services segment is expected to generate revenues of 17.447 billion CNY in 2023, growing at a rate of 12% annually [15][17]. - The Low-Carbon and Digital Services segment is projected to achieve revenues of 9.846 billion CNY in 2023, with an annual growth rate of 8% [15][17]. - The Energy Logistics Services segment is anticipated to see a decline in revenue, from 25.273 billion CNY in 2022 to 22.088 billion CNY in 2025, reflecting a negative growth trend [15][17]. Market Position and Strategy - The company is positioned to benefit from CNOOC's ongoing efforts to increase reserves and production, particularly in the South China Sea, which is expected to enhance its long-term growth prospects [2][22]. - The report highlights the company's unique position as the only full-chain FPSO service provider in China, which strengthens its market leadership [15][22]. - The company is also focusing on enhancing its digital capabilities and low-carbon technologies to align with global energy transition trends [2][22].