CNOOC EnerTech(SH:600968) 光大证券研究·2025-10-22 23:04Core Viewpoint - The company reported a slight increase in total revenue and net profit for the first three quarters of 2025, but faced a decline in Q3 performance due to seasonal fluctuations and external factors [4][5]. Financial Performance - For the first three quarters of 2025, the company achieved total revenue of 33.95 billion yuan, a year-on-year increase of 0.8%, and a net profit attributable to shareholders of 2.85 billion yuan, up 6.1% year-on-year [4]. - In Q3 2025, the company recorded total revenue of 11.35 billion yuan, down 5.7% year-on-year and 9.4% quarter-on-quarter, with a net profit of 1.02 billion yuan, a decrease of 4.5% year-on-year and 17.2% quarter-on-quarter [4][5]. Operational Insights - The company maintained a steady growth in the oilfield service industry, benefiting from policies aimed at increasing reserves and production, despite the international oil price decline [5]. - The company focused on improving operational quality, with a return on equity (ROE) of 20.5% for the first three quarters, a slight decrease of 0.7 percentage points year-on-year, and a cost-to-profit margin of 9.6%, an increase of 0.6 percentage points year-on-year [5]. Cost Management and Transformation - The company implemented cost control measures, achieving a gross profit margin of 16.16%, an increase of 1.55 percentage points year-on-year [6]. - The company is accelerating the transformation of traditional industries towards high-end, intelligent, and green development, launching ten digital management modules and establishing smart factories [6]. Strategic Initiatives - The parent company, China National Offshore Oil Corporation (CNOOC), is actively pursuing a seven-year action plan for oil and gas reserve increases, with production growth targets of 5.9%, 2.6%, and 3.8% for 2025 to 2027 [7]. - The company is enhancing its core capabilities in energy technology services, with significant growth in self-developed equipment and a shift towards value-driven operations [7].