证券研究报告 公司研究 [公司点评报告 Table_ReportType] [Table_StockAndRank] 海油工程(600583.SH) | | | [Table_Author] 左前明 能源行业首席分析师 执业编号：S1500518070001 联系电话：010-83326712 邮箱：zuoqianming@cindasc.com 胡晓艺 石化行业分析师 执业编号：S1500524070003 邮箱：huxiaoyi@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大 厦B座 邮编：100031 25Q1 利润率创新高，公司业绩保持增长 [Table_ReportDate] 2025 年 4 月 28 日 [Table_S 事件：2025 ummar年y]4 月 25 日，海油工程发布 2025 年一季度报告，2025 年第 一季度，公司单季度营业收入 50.96 亿元，同比下降 10%，环比下降 46.5%；单季度归母净利润 5.41 亿元，同比上涨 14%，环比上涨 30%；单 季度扣非后净利润 4.77 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating expected performance above the benchmark index by over 15% [4]. Core Insights - The company reported a single-quarter revenue of 5.096 billion yuan in Q1 2025, a year-on-year decrease of 10% and a quarter-on-quarter decrease of 46.5%. However, the net profit attributable to the parent company was 541 million yuan, reflecting a year-on-year increase of 14% and a quarter-on-quarter increase of 30% [1][4]. - The gross margin for Q1 2025 was 16.15%, with a quarter-on-quarter increase of 2.76 percentage points and a year-on-year increase of 6.24 percentage points, marking the highest level since 2020 [4]. - The company has a robust order backlog, with total orders amounting to approximately 38.4 billion yuan as of the end of Q1 2025, despite a 45% year-on-year decrease in new contracts [4]. Financial Summary - Total revenue for 2023 is projected at 30.752 billion yuan, with a year-on-year growth rate of 4.7%. For 2024, revenue is expected to decline to 29.954 billion yuan, followed by a recovery to 32.411 billion yuan in 2025, representing an 8.2% growth [3]. - The net profit attributable to the parent company is forecasted to grow from 1.621 billion yuan in 2023 to 2.547 billion yuan in 2025, with year-on-year growth rates of 11.1% and 17.8% respectively [3]. - The report anticipates an increase in EPS (diluted) from 0.37 yuan in 2023 to 0.58 yuan in 2025, with corresponding P/E ratios decreasing from 14.92 to 9.50 [3][4].

Group 1 - The report emphasizes that market trends often experience multiple phases of decline before a significant upward trend, characterized by a W-shaped bottoming period with volume contraction followed by expansion [1] - It identifies that the market's main line is driven by both policy certainty and industry logic, suggesting that long-term logic is crucial for sustained growth in any sector [1] - Three scenarios are outlined where sectors may not develop into main lines post-bottoming: defensive sectors attracting short-term capital, sectors with weak short-term policy support, and sectors that do not optimize their structure post-bottoming [1] Group 2 - The April Politburo meeting highlighted the importance of stabilizing employment, enterprises, markets, and expectations, indicating a shift in policy focus to ensure internal stability before engaging in international economic struggles [2][8] - High-frequency indicators show a decline in China's EPMI index, suggesting a contraction in economic activity, with significant drops in product orders and imports [2] - The report suggests that the domestic economic recovery momentum needs to be strengthened, with recommendations for sector allocation focusing on internet and consumer sectors [2] Group 3 - The report indicates that the 30-day moving average of the All A Index is a pressure point, with the market entering a downtrend, and emphasizes the importance of monitoring the profitability effect [3] - It recommends focusing on sectors that are expected to benefit from a turnaround, such as healthcare and new energy, while also highlighting the technology sector under the domestic substitution trend [3] - The report suggests maintaining a neutral position until the pressure point is breached, given the current market conditions [3] Group 4 - The report discusses the need for timely implementation of incremental reserve policies based on changing circumstances, indicating that the absence of new policies is due to the incomplete rollout of existing ones [8][29] - It emphasizes the importance of accelerating the issuance and utilization of local government special bonds and ultra-long-term special bonds to support economic stability [8][29] - The report notes that the current policy approach mirrors strategies used during the early pandemic period, focusing on stabilizing key economic areas before further stimulus [29] Group 5 - The report highlights that the consumer electronics industry is expected to benefit from a recovery in export chains due to a more relaxed attitude from the U.S. regarding tariffs [12] - It notes that TSMC's 2nm process is progressing well, with expectations for increased demand driven by hardware upgrades [12] - The report also mentions Huawei's upcoming product launches, which are anticipated to make significant advancements in smart technology [12] Group 6 - The report indicates that the home appliance sector continues to show resilience, with a double-digit growth in exports despite tariff impacts, driven by strong demand in North America [17] - It suggests that the upcoming peak season for air conditioning and promotional events in May could further boost domestic retail sales [17] - The report recommends several key players in the home appliance sector, including Midea and Gree, as potential investment opportunities [17] Group 7 - The report on the pharmaceutical sector highlights the innovative transition of the company, focusing on differentiated PD-1 therapies that address unmet clinical needs [18] - It notes the company's established international experience and the potential for significant growth in global markets, particularly with its biosimilar products [18] - The report emphasizes the expected approval of innovative drugs in Europe, which could drive future revenue growth [18] Group 8 - The report discusses the energy sector, particularly the performance of satellite chemicals, which saw a significant increase in net profit driven by strong ethane cracking profits [21] - It highlights the expected doubling of ethylene production capacity due to new projects, which could enhance profitability [21] - The report also notes the favorable pricing environment for propionic acid, which is expected to contribute positively to the company's financial performance [21]

传统的管理模式不仅加重基层负担，更制约生产效率提升。为此，北疆项目部以"轻量化、低成本"为原 则，整合数据资源，将核心流程归纳为《基本信息表》《出入库表》《检修表》，员工仅需一次录入， 系统即可自动关联生成探伤报告、生产报表等8类文档，填报错误率从5%降至0.5%。 据了解，系统为每件工具赋予"身份证明"，形成全生命周期"电子档案"，输入识别号即可一键查询工具 位置、检修记录及使用历史，检索效率提升90%。同时，优化供井流程，自动提取数据生成供井单，现 场核对后10分钟即可完成发井，与过去发井前需现场抄录工具信息并反复核对的做法相比，效率提升 66%。 本报4月27日讯(大众新闻记者顾松通讯员杨冬玲)面对钻井工具管理中长期存在的填表繁琐、数据分 散、追溯低效等问题，胜利石油工程公司管具技术服务中心以"基层减负"为突破口，在北疆项目部率先 试点数字化管理新模式。 该中心引入WPS智能表格搭建钻井工具全过程管理系统，把20余类手工报表精简至3张基础表，填报效 率提升51%，工具全流程实现"一码贯通、数据共享"，年节约人工成本812小时，为基层管理数字化转 型提供了可复制的"样板经验"。 北疆项目部工具班长期受困于 ...

Investment Rating - The report maintains a positive outlook on the petrochemical industry, particularly regarding propylene profitability and the expected tightening of supply-demand dynamics [4][5]. Core Insights - The report highlights the anticipated reduction in operating rates for PDH units due to high costs associated with U.S. propane imports, which could lead to a significant drop in propylene supply [4][5]. - It emphasizes the potential for increased imports from Japan and South Korea, although these may not fully compensate for the domestic supply gap [4][5]. - The report suggests that the overall profitability of PDH units remains low, and future tariffs could delay or cancel planned new capacity [4][5]. Summary by Sections Upstream Sector - Brent crude oil prices closed at $66.87 per barrel, a decrease of 1.60% from the previous week, while WTI prices fell by 2.57% to $63.02 per barrel [4][22]. - U.S. commercial crude oil inventories increased by 244,000 barrels, while gasoline inventories decreased by 4.476 million barrels [25][22]. - The report notes a stable day rate for self-elevating drilling rigs, indicating a recovery trend in the oil service sector [4][22]. Refining Sector - The report indicates an increase in overseas refined oil crack spreads, with Singapore's refining margin rising to $10.75 per barrel [4][22]. - The profitability of domestic refining products is expected to improve gradually as economic recovery progresses [4][22]. Polyester Sector - PTA profitability has increased, while polyester filament profitability has decreased, indicating mixed performance within the polyester supply chain [4][22]. - The report suggests that the polyester industry may see improvements in the medium to long term as new capacity comes online [4][22]. Investment Recommendations - The report recommends focusing on leading refining companies such as Hengli Petrochemical, Rongsheng Petrochemical, and Dongfang Shenghong due to favorable competitive dynamics [4][17]. - It also highlights the potential for valuation recovery in companies like Satellite Chemical and Tongkun Co., given the expected improvements in the industry [4][17].

Investment Rating - The report maintains an "Overweight" rating for the oil service sector [6] Core Viewpoints - The global upstream capital expenditure is expected to rebound in 2025, with a projected increase of over $582.4 billion, representing a 5% year-on-year growth, which lays a solid foundation for the oil service sector's prosperity [1][10] - The average day rate for global self-elevating platforms reached $103,600 per day in March 2025, a 6.7% increase year-on-year, while semi-submersible platforms averaged $248,400 per day, up 2.7% year-on-year, indicating sustained market demand [1][15] - The "Big Three" oil companies in China are increasing capital expenditures and oil and gas production, which is expected to benefit their affiliated oil service companies significantly [2][18] - The performance of oil service companies continues to improve, with notable profit growth reported for subsidiaries of China National Offshore Oil Corporation (CNOOC) in Q1 2025 [3][30] - The operational quality of oil service companies is improving, enhancing their competitiveness in the international market [4][37] Summary by Sections 1. Industry Prosperity and Performance - Global upstream capital expenditure is projected to recover, with 2024 offshore exploration and development investment expected to grow by 8.6% year-on-year, while onshore investment is anticipated to decline by 7.9% due to stagnation in North America [1][10] - The oil service market is expected to reach $316.1 billion in 2024, growing by 3%, and $326.5 billion in 2025, with a 3.3% increase [10] - The "Big Three" oil companies in China plan to maintain high capital expenditures in 2025, with respective budgets of CNY 210 billion, CNY 76.7 billion, and CNY 130 billion, supporting production growth [2][18] 2. Performance of Oil Service Companies - CNOOC's subsidiaries have shown significant profit growth, with net profits for CNOOC Services, CNOOC Engineering, and CNOOC Development growing at CAGRs of 15%, 22%, and 23% from 2022 to 2024 [3][30] - In Q1 2025, CNOOC Services, CNOOC Engineering, and CNOOC Development reported net profits of CNY 88.7 million, CNY 54.1 million, and CNY 59.4 million, reflecting year-on-year growth of 40%, 14%, and 18% respectively [3][30] 3. Improvement in Operational Quality - The gross margin of CNOOC's subsidiaries improved in Q1 2025, with increases of 1.9 percentage points for CNOOC Services and 3.9 percentage points for CNOOC Engineering compared to the previous year [4][37] - The annualized ROE for CNOOC Services and CNOOC Engineering increased by 0.7 percentage points and decreased by 0.3 percentage points respectively, indicating a trend of improving operational quality [4][37] 4. Investment Recommendations - The report suggests focusing on the "Big Three" oil companies and their affiliated oil service firms, as well as leading companies in the refining and chemical sectors [5]

Investment Rating - The industry investment rating is "Positive" [1] Core Viewpoints - Oil prices experienced slight fluctuations as of April 25, 2025, with Brent and WTI prices at $65.80 and $63.02 per barrel respectively [7][22] - OPEC+ may accelerate the exit from voluntary production cuts in June, raising concerns about supply increases [7] - Kazakhstan's energy minister indicated that national interests would take precedence over OPEC+ interests, further intensifying supply concerns [7] - The market faces multiple uncertainties, including tariffs and geopolitical tensions involving the US, Iran, and Russia-Ukraine negotiations [7] Oil Price Summary - As of April 25, 2025, Brent crude futures settled at $65.80 per barrel, down $0.46 (-0.69%) from the previous week; WTI crude futures settled at $63.02 per barrel, up $0.61 (+0.98%) [22] - Russian Urals crude spot price remained stable at $65.49 per barrel, while Russian ESPO crude price decreased by $0.32 (-0.51%) to $62.28 per barrel [22] Offshore Drilling Services - As of April 21, 2025, the number of global offshore self-elevating drilling rigs was 381, an increase of 1 from the previous week; the number of floating drilling rigs was 141, also up by 1 [26] US Oil Supply - As of April 18, 2025, US crude oil production was 13.46 million barrels per day, a decrease of 0.02 million barrels per day from the previous week [42] - The number of active drilling rigs in the US increased by 2 to 483 as of April 25, 2025 [42] - The number of fracturing fleets in the US rose by 5 to 205 as of April 25, 2025 [42] US Oil Demand - As of April 18, 2025, US refinery crude oil processing volume was 15.89 million barrels per day, an increase of 325,000 barrels per day from the previous week, with a refinery utilization rate of 88.10%, up 1.8 percentage points [53] US Oil Inventory - As of April 18, 2025, total US crude oil inventory was 841 million barrels, an increase of 712,000 barrels (+0.08%) from the previous week [64] - Strategic oil inventory was 397 million barrels, up 468,000 barrels (+0.12%); commercial crude oil inventory was 443 million barrels, up 244,000 barrels (+0.06%) [64] Related Companies - Key companies in the industry include China National Offshore Oil Corporation (CNOOC), China Petroleum & Chemical Corporation (Sinopec), and China National Petroleum Corporation (PetroChina) [1]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5] Core Views - The company has shown a continuous improvement in profit margins, with a gross margin of 16.15% and a net margin of 10.76% in Q1 2025, reflecting a year-on-year increase of 6.24 percentage points and 2.26 percentage points respectively [1] - The company has a robust order backlog of 38.4 billion, indicating a solid foundation for future growth despite a 45% year-on-year decline in new contracts signed in Q1 2025 [3] Financial Performance - In Q1 2025, the company reported a revenue of 5.1 billion, a decrease of 10.15% year-on-year, while the net profit attributable to the parent company was 540 million, an increase of 13.85% year-on-year [1] - The company’s EBITDA for 2025 is projected to be 4.52 billion, with a net profit forecast of 2.51 billion, reflecting a growth rate of 16.10% [4] Operational Metrics - The company completed the construction of 10 land-based jackets and 11 offshore jackets in Q1 2025, with a notable increase in offshore installation work [2] - The company laid 79.8 kilometers of subsea pipelines, an increase of 10.9 kilometers year-on-year, indicating enhanced operational capacity [2] Order Book and Projects - The company’s major domestic projects include the development of the Penglai 19-3 oilfield and the Dongfang 13-3 gas field, while international projects include the Total ALK subsea pipeline replacement [3] - The company’s order book remains strong, with a total of 384 billion in hand orders, providing a solid basis for future revenue [3]

证券代码：600583 证券简称：海油工程 公告编号：临 2025-019 海洋石油工程股份有限公司2024年年度权益分派实施公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 每股分配比例 A 股每股现金红利0.201元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/5/7 | － | 2025/5/8 | 2025/5/8 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 4 月 8 日的2024年年度股东大会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 本次利润分配以方案实施前的公司总股本4,421,354,800股为基数，每股派发现金红利 0.201元（含税），共计派发现 ...

·中国和肯尼亚签署电子商务合作谅解备忘录 ·乘联分会：1-3月进口汽车9.5万辆同比下降39% ·报告：2024年中国AI产业规模突破7000亿元 ·特朗普与泽连斯基会晤讨论俄乌冲突无条件停火事宜 ·四川省人民政府25日晚发布通知，统一取消普通住宅和非普通住宅标准。（新华社） ·据意大利安莎通讯社26日报道，美国总统特朗普与乌克兰总统泽连斯基当天在梵蒂冈城举行简短会晤，讨论了俄乌冲突无条件停火事宜。（新华社） ·记者从商务部了解到，4月24日，中国与肯尼亚在北京签署了《中华人民共和国商务部和肯尼亚共和国信息通信和数字经济部关于电子商务合作的谅解备忘 录》。肯尼亚是与我建立双边电子商务合作机制的第34个国家。（央视新闻） ·国际货币基金组织在美国华盛顿特区召开第51届国际货币与金融委员会（IMFC）会议。中国人民银行行长潘功胜出席会议并发言。潘功胜强调，中国愿进 一步深化与基金组织的合作，支持基金组织在维护全球经济金融稳定方面发挥更大的作用。（新华财经） ·记者26日从市场监管总局获悉，近日，市场监管总局印发《贯彻落实民营企业座谈会精神重点举措清单》，提出37条重点举措。2025年，将进一步完善商 业秘密保护规 ...