Summary of Conference Call on Deep Sea Technology and Related Companies Industry Overview - The deep sea technology sector is highlighted in the 2025 government work report, indicating strong national commitment to its development [2][2] - Deep sea technology is recognized as a crucial component of new productivity, expected to enhance the performance of related companies, particularly in materials, equipment, and engineering services [2][2] Key Companies and Their Prospects 1. **Macco Xincai** - Leading domestic industrial coatings company, benefiting from rising container shipping prices, with container coatings revenue expected to grow over 200% year-on-year [2][4] - Holds over 40% market share in wind turbine blade coatings and is expanding into marine coatings, indicating potential for significant performance breakthroughs [2][4] 2. **Dalian Heavy Industry** - A major machinery manufacturing enterprise with steady revenue and profit growth, expected to see a 40% year-on-year profit increase in 2025 [2][5] - New high-end wind power casting capacity supports future growth, with a strong order backlog from 2021 to 2024 [2][5][16] 3. **CNOOC (China National Offshore Oil Corporation)** - A leader in China's offshore and deep-sea sectors, with significant technological capabilities and a strong production record [2][8] - "Deep Sea No. 1" project has produced over 110 billion cubic meters of natural gas, with further production expected from rich reserves in the South China Sea [2][9] 4. **CNOOC Engineering** - Benefiting from high capital expenditure from CNOOC, with expected performance growth of 10%-20% in 2025 [2][10] - Plans to establish a base in the Middle East to enhance operational efficiency and reduce costs [2][15] 5. **CNOOC Services** - Engaged in high-precision technical services, filling gaps in China's 3D seismic exploration data [2][12] - Expected to maintain rapid growth over the next 1-2 years, with a low valuation of around 8 times PE, indicating investment potential [2][12] Financial Insights - CNOOC's capital expenditure is projected to remain high, between 100 billion to 130 billion, with production growth rates of 3%-5% anticipated [2][13] - CNOOC's A-share price is approximately 30% higher than its Hong Kong counterpart, with potential for this discount to narrow as liquidity improves [2][14] Market Trends and Recommendations - The deep sea economy is expected to drive growth in oil and gas engineering and services sectors [2][7] - Recommended companies to watch include Macco Xincai, Dalian Heavy Industry, CNOOC Engineering, and CNOOC Services, all of which are positioned to benefit from advancements in energy and deep sea technology [2][19] Conclusion - The deep sea technology sector is poised for significant growth, supported by government policy and increasing demand, with several key companies likely to benefit from this trend.

Core Viewpoint - Institutional research enthusiasm remains high, with 137 listed companies disclosing research summaries, indicating ongoing interest in market dynamics and potential investment opportunities [2][3]. Group 1: Institutional Research Highlights - During the week of March 17 to March 21, only over 30% of companies surveyed by institutions achieved positive returns, with Tianhai Defense leading with a 25.23% increase [2]. - Tapa Group emerged as a key focus, receiving 6 institutional visits and engaging 154 institutions, highlighting its significance in the cement industry [3]. - Tapa Group aims to produce and sell over 16.3 million tons of cement by 2025, aligning its production goals with capacity control requirements [3]. Group 2: Company-Specific Insights - Shengmei Shanghai, a semiconductor cleaning equipment company, hosted 146 institutional visits, focusing on its growth in the sulfuric acid cleaning equipment market [5][6]. - Shengmei Shanghai is optimistic about its high-temperature sulfuric acid products and aims for better overseas market performance in 2024 [6]. - Chujian New Materials is expanding into high-end copper conductor materials and has attracted institutional interest due to its developments in robotics [7][9]. - Chujian New Materials has achieved breakthroughs in ultra-fine copper conductor technology, which is now ready for mass production [9].

Group 1: Industrial Gas Industry - The industrial gas industry in China is rapidly developing, with a continuously expanding market size, and the company is optimistic about industrial gas enterprises with stable cash flow and certain revenue scale [3] - The domestic substitution wave in electronic specialty gases is ongoing, and the company is closely monitoring the product development and capacity expansion of industrial gas companies entering this field [3] - Key recommended companies include Huate Gas, Wuhua Technology, China Shipbuilding Gas, Jinhong Gas, and Yakeke [3] Group 2: Gold Market - Historical analysis shows that gold bull markets occur during periods of global economic imbalance and international order changes, with the current period being the third round of value reassessment for gold since 2008 [5] - The trend of "de-dollarization" is accelerating due to disruptions in international order, and gold is expected to maintain long-term allocation value as a super-sovereign currency [5] Group 3: WuXi AppTec - WuXi AppTec reported a revenue of 39.241 billion yuan for 2024, with a year-on-year growth of 5.2% after excluding COVID-19 commercialization projects, and a net profit of 9.45 billion yuan, meeting expectations [7] - The company’s TIDES-related performance and capacity are rapidly growing, with projected net profits for 2025-2027 being 10.98 billion, 12.52 billion, and corresponding PE ratios of 18, 16, and 14 times [7] Group 4: Hong Kong Pharmaceutical Sector - The valuation of the Hong Kong pharmaceutical sector has been shrinking for several years, with some quality companies' PE valuations nearing historical lows [10] - The company suggests actively increasing allocation in the sector, focusing on high-quality companies with limited downside risk and long-term investment value [10] Group 5: CNOOC Engineering - CNOOC Engineering achieved a total revenue of 29.954 billion yuan in 2024, a decrease of 2.59% year-on-year, while net profit increased by 33.38% to 2.161 billion yuan [12] - Projected net profits for 2025-2027 are 2.442 billion, 2.817 billion, and 3.012 billion yuan, with corresponding EPS of 0.55, 0.64, and 0.68 yuan per share [12] Group 6: Zhongzi Technology - Zhongzi Technology reported a decline in performance due to weakened downstream demand and increased investment in new business expansion [15] - The company anticipates production capacity for composite material structural components to be operational by the end of the year, which may drive growth in the humanoid robot sector [15] Group 7: Li Auto - Li Auto's 2024 performance showed a slight decline in gross margin, with a new strategy focusing on smart, pure electric, and overseas expansion for 2025 [18] - The company has adjusted its projected non-GAAP net profits for 2025-2026 to 11.1 billion and 18.6 billion yuan, with an estimated 20.2 billion yuan for 2027 [18] Group 8: Tin Industry - The suspension of mining operations at the Bisie tin mine by Alphamin Resources is expected to reduce global tin output by 5.3%, contributing to ongoing supply tightness [23] - The demand for tin remains strong due to the semiconductor and photovoltaic sectors, with current inventory levels being low since 2024 [23]

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Investment Rating - The report maintains an "Overweight" rating for the oil and gas sector, particularly favoring the "three major oil companies" and oil service companies [5]. Core Views - The geopolitical risks in the Red Sea region have intensified, impacting oil supply concerns and potentially supporting oil prices due to increased geopolitical risk premiums [1]. - Global oil demand is expected to grow steadily, with IEA projecting an increase of 1.03 million barrels per day and OPEC forecasting a rise of 1.45 million barrels per day in 2025 [2]. - The oil service sector is expected to maintain high levels of activity, with global upstream capital expenditure projected to reach over $582.4 billion in 2025, a 5% increase year-on-year [3]. Summary by Sections Oil and Gas Sector - The Red Sea conflict has escalated, with significant military actions reported, which may lead to a decrease in oil supply and an increase in oil prices due to geopolitical risk premiums [1]. - The average breakeven price for new shale oil wells in the U.S. has risen to $64 per barrel, indicating a marginal cost for U.S. shale oil production [2]. Oil Service Sector - Global offshore exploration and development investment is expected to grow by 8.6% in 2024, while onshore investment is projected to decline by 7.9% [3]. - The average day rates for drilling rigs remain high, with self-elevating platforms at $102,400 per day and semi-submersible platforms at $226,000 per day [3]. Investment Recommendations - The report suggests focusing on undervalued, high-dividend, and well-performing companies in the oil and gas sector, including China National Petroleum, Sinopec, CNOOC, and oil service companies [4]. - It also highlights opportunities in domestic semiconductor materials and agricultural chemicals, recommending companies like Jingshui Electric Materials and Wanhua Chemical [4].

Group 1: Share Buybacks - WuXi AppTec plans to repurchase A-shares with a total amount of 1 billion yuan, at a price not exceeding 92.05 yuan per share, to be used for cancellation and reduction of registered capital [1] - Senying Windows intends to repurchase shares using self-raised funds, with a total amount between 10 million and 20 million yuan, at a price not exceeding 19.44 yuan per share, for employee stock ownership plans or equity incentive plans [1] Group 2: Contract Wins - CloudWalk Technology's subsidiary signed a contract worth 195.38 million yuan for a computing power expansion project, marking a strategic breakthrough in the AIGC field and enhancing its AI technology capabilities [2] Group 3: Annual Reports - Jinyi Industrial reported a revenue of 2.37 billion yuan for 2024, a 2.4% increase, and a net profit of 130 million yuan, turning around from a loss of 19.29 million yuan the previous year [3] - Shanjin International achieved a revenue of 13.585 billion yuan, a 67.6% increase, with a net profit of 2.173 billion yuan, up 52.57% [3] - Boshen Co. reported a revenue of 1.681 billion yuan, a 4.65% increase, and a net profit of 192 million yuan, up 48.9% [3] - Dong'e Ejiao's revenue reached 5.921 billion yuan, a 25.57% increase, with a net profit of 1.557 billion yuan, up 35.29% [4] - Xindong Lian Ke reported a revenue of 405 million yuan, a 27.57% increase, and a net profit of 222 million yuan, up 34.33% [5] - Haiyou Engineering's revenue was 29.954 billion yuan, a 2.59% decrease, while net profit increased by 33.38% to 2.161 billion yuan [5] - Hengtong Co. reported a revenue of 2 billion yuan, a 46.69% decrease, with a net profit of 155 million yuan, up 31.98% [5] - CITIC Haze reported a revenue of 2.163 billion yuan, a 9.83% increase, and a net profit of 303 million yuan, up 26.81% [5] Group 4: Important Corporate Actions - Changsheng Bearing adjusted its share repurchase price ceiling from 66.80 yuan to 128.50 yuan per share, effective from March 18, 2025 [9] - Weichai Power plans to temporarily suspend the spin-off of its subsidiary Weichai Torch Technology for listing on the Growth Enterprise Market [9] Group 5: Investments and Collaborations - Haifeng Wind Power signed an investment agreement for a 2.5 billion yuan offshore high-end equipment manufacturing export base project [11] - Xingsheng Machinery plans to acquire 51% of Suzhou Electric Fuel Injection Technology Co., Ltd. for 76.5 million yuan [14]

根据《上海证券交易所上市公司自律监管指引第 5 号——交易与关 联交易(2023 年 1 月修订)》（上证发〔2023〕6 号）及《关于规范上市公 司与企业集团财务公司业务往来的通知》（证监发〔2022〕48 号）要求， 海洋石油工程股份有限公司（简称"海油工程"）通过查验中海石油财务 有限责任公司（简称"海油财务"）《金融许可证》《营业执照》等证照资 料，及二〇二四年度审计报告，对海油财务的经营资质、业务和风险状 况进行了评估，具体情况报告如下： 一、中海石油财务有限责任公司基本情况 中海石油财务有限责任公司于 2002 年 5 月 13 日由中国人民银行批 准开业，2002 年 6 月 14 日完成工商登记。法定中文名称为"中海石油 财务有限责任公司"，注册资本 40 亿元。2016 年 10 月，经北京市工商 管理局审批，并向原北京银监局备案，股权结构变更为： | 股东名称 | 投资金额（元） | 持股比例(%) | | --- | --- | --- | | 中国海洋石油集团有限公司 | 2,515,901,060.00 | 62.90 | | 中海石油（中国）有限公司 | 1,272,084,806 ...

Financial Performance - The company's operating revenue for 2024 was CNY 2,995,441.59 million, a decrease of 2.59% compared to CNY 3,075,203.75 million in 2023[22]. - The net profit attributable to shareholders for 2024 was CNY 216,139.66 million, representing a 33.38% increase from CNY 162,050.63 million in 2023[22]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 180,868.61 million, up 46.20% from CNY 123,714.04 million in 2023[22]. - The net cash flow from operating activities for 2024 was CNY 385,024.86 million, a decrease of 24.87% from CNY 512,492.41 million in 2023[22]. - The total assets at the end of 2024 were CNY 4,823,088.27 million, an increase of 11.51% from CNY 4,325,166.35 million at the end of 2023[22]. - The net assets attributable to shareholders at the end of 2024 were CNY 2,626,652.03 million, a 5.94% increase from CNY 2,479,459.37 million at the end of 2023[22]. - The basic earnings per share for 2024 were CNY 0.49, a 32.43% increase from CNY 0.37 in 2023[23]. - The diluted earnings per share for 2024 were also CNY 0.49, reflecting the same growth rate of 32.43% compared to 2023[23]. - The weighted average return on equity for 2024 was 8.47%, an increase of 1.80 percentage points from 6.67% in 2023[23]. Market and Project Development - The company secured a market contract amount of 30.244 billion RMB in 2024, with a backlog of orders approximately 40 billion RMB, providing strong support for future market development[33]. - The company completed 73 large-scale engineering projects in 2024, with 34 projects finished within the year, and processed 453,900 tons of steel, a decrease of 3.83% year-on-year[30]. - The company successfully delivered the largest single-unit booster station in China and completed the construction of the world's largest 270,000 cubic meter LNG storage tank, showcasing its leading technology in LNG storage[31]. - The company secured new contracts for the Qatar RUYA EPCI 09 and Saudi CRPO149&152 projects, marking significant progress in its Middle East development strategy[34]. - The company signed the SHWE gas field Phase IV development contract, demonstrating its capability in deepwater construction over 1000 meters, gaining international owner recognition[34]. Research and Development - The company invested CNY 41.71 million in environmental protection during the reporting period, demonstrating its commitment to sustainability[157]. - Research and development expenses increased by 3.46% to 1.23 billion RMB, reflecting the company's commitment to technological innovation[58]. - The company has allocated 500 million RMB for research and development in the upcoming year, focusing on sustainable energy solutions[126]. - The company employed 1,878 R&D personnel, representing 19.12% of the total workforce, with a focus on enhancing technological innovation in strategic emerging industries[78]. - The company has implemented a differentiated incentive mechanism for research personnel to enhance innovation and support high-quality development[140]. Sustainability and Environmental Initiatives - The company is committed to providing low-carbon engineering solutions for offshore oil and gas development, focusing on reducing CO2 and methane emissions through innovative development plans[106]. - The company achieved a carbon reduction of 10,120 tons through various measures, including the use of clean energy and upgrading old high-energy-consuming equipment[197]. - The company’s photovoltaic project in Zhuhai has a capacity of 9.3 MW, expected to generate 9.5 million kWh of green electricity annually, reducing CO2 emissions by 3,675 tons[196]. - The company’s green electricity usage reached 41.66 million kWh in 2024, accounting for 26.9% of total electricity consumption, leading to a carbon reduction of 29,000 tons[198]. - The company has established a new energy management system, based on ISO 50001 standards, to enhance energy management and support green transformation[196]. Governance and Management - The company has established a comprehensive governance framework, consisting of 38 governance documents to ensure compliance with laws and regulations[111]. - The company held two shareholder meetings in 2024, approving nine key proposals including the 2023 annual report and profit distribution plan[114]. - The board of directors conducted five meetings in 2024, reviewing 50 important matters including financial budgets and investment plans[115]. - The total remuneration for all directors, supervisors, and senior management was 9.37 million RMB[129]. - The company has implemented a performance-based compensation system, with a focus on differentiated incentives for key personnel to enhance motivation and support international market expansion[139]. Employee Development and Training - The total number of employees in the parent company is 5,543, and the total number of employees in major subsidiaries is 4,281, resulting in a combined total of 9,824 employees[138]. - The company conducted 9,021 training sessions in 2024, with a total of 390,200 training participants and total training hours reaching 2,459,500 hours, averaging 256.25 hours per employee[141]. - The company has a total of 4,786 technical personnel, which constitutes approximately 48.8% of the total workforce, highlighting its emphasis on technical expertise[138]. Financial Strategy and Future Outlook - Future outlook suggests a projected revenue growth of 10% for 2025, driven by new project acquisitions and market expansion strategies[124]. - The company plans to enhance its digital infrastructure, with an investment of 500 million RMB to improve customer experience and operational efficiency[124]. - The company plans to implement a "quality improvement and efficiency return" action plan in 2025[133]. - The company is focusing on expanding into new markets such as floating wind power, CCS/CCUS, hydrogen energy, and offshore photovoltaics, transitioning from traditional oil and gas operations to emerging industries[100]. - The company aims to strengthen its total contracting capabilities in the LNG industry chain, actively expanding into high-end business areas such as FSRU and FLNG[106].

Group 1 - The oil and gas extraction sector is expected to experience a "U" shaped price trend, with Brent crude oil projected to range between $60 and $80 per barrel in 2025. Supply is anticipated to increase significantly, led by non-OPEC production, while demand remains stable with a global GDP growth rate of 3.2% [3][9][10] - The refining and olefins sector is nearing a bottom in terms of profitability, with significant supply pressures still present. The profitability in the midstream sector is expected to remain at the bottom level for the next two years, but there is potential for recovery in 2025 as oil prices decline [4][8] - The polyester industry is witnessing a shift in profit margins down the supply chain, with expectations of a gradual improvement in market conditions. The production capacity for polyester filament yarn is nearing completion, and a rebound in the industry is anticipated in the second half of 2025 [5][8] Group 2 - Investment analysis suggests a favorable outlook for ethane-to-ethylene projects in China, with recommendations for companies like Satellite Chemical. The polyester sector is expected to tighten supply, providing a good basis for price increases, with recommendations for companies such as Tongkun Co. and Wankai New Materials [6][8] - The refining sector is expected to benefit from stricter consumption tax regulations and lower operating rates in small refineries, with a focus on high-quality large refining companies like Hengli Petrochemical and Rongsheng Petrochemical [6][8] - The upstream exploration and development sector remains highly favorable, with capital expenditures in offshore oil services expected to remain high, recommending companies like CNOOC Services and Offshore Engineering [6][8]

Investment Rating - The industry rating is "Outperform the Market" (maintained rating) [6] Core Insights - The construction sector saw a 1.6% increase last week, in line with the CSI 300, with emerging business-related stocks performing well, while traditional infrastructure state-owned enterprises showed weaker performance [1][4] - The fiscal expansion in February supported a rapid growth in social financing, which is expected to further drive fixed asset investment, particularly in infrastructure [2][16] - The inclusion of "deep-sea technology" in the government work report indicates that the deep-sea economy is poised to become a new engine for economic growth, with the marine economy expected to exceed 10 trillion yuan in 2024 [3][18] Summary by Sections 1. Fiscal Expansion and Social Financing - In February, new social financing reached 2.23 trillion yuan, a year-on-year increase of 737.4 billion yuan, with government bond net financing accounting for 76% of the month's social financing increment [2][16] - The acceleration of government financing is expected to lay a better foundation for the improvement of infrastructure physical volume [2][16] 2. Market Review - The construction index rose by 1.62% from March 10 to March 14, with notable gains in the construction decoration and landscaping engineering sectors [4][22] - Key stocks that performed well include Matrix Co. (+24.58%) and Dongyi Risheng (+21.75%) [4][22] 3. Investment Recommendations - Focus on the conversion of infrastructure physical volume and cyclical upward elasticity, recommending high-growth local state-owned enterprises and undervalued blue-chip central enterprises [5][27] - Emphasize the transformation of the construction sector and the rising prosperity of emerging businesses, particularly in computing power and cleanroom sectors [5][29] - Pay attention to major hydropower projects, deep-sea economy, and low-altitude economy as thematic investment opportunities [5][30]