Core Insights - The company achieved a revenue of 8.04 billion yuan in 2024, a year-on-year decrease of 4.3%, while the net profit attributable to shareholders was 97 million yuan, an increase of 5.35% year-on-year [1] - The first quarter of 2025 saw significant fluctuations in performance, with revenue of 1.54 billion yuan, a year-on-year decrease of 7.87% and a quarter-on-quarter decrease of 35.61% [1] - The company is actively exploring the oil and gas equipment market potential and has made positive progress in overseas markets and new product categories [1] Revenue Structure and Profitability - In 2024, the revenue from the oil machinery and oil and gas pipeline businesses accounted for approximately 8% and -10.8% year-on-year changes, respectively, with the former having a significantly higher gross margin than the latter [1] - The gross margin for 2024 was 16.4%, an increase of 0.53 percentage points year-on-year, while the net margin was 1.5%, an increase of 0.22 percentage points year-on-year [1] - The first quarter of 2025 saw a gross margin of 11.5%, a decrease of 2.95 percentage points year-on-year and 6.89 percentage points quarter-on-quarter [1] Business Segments Oil Machinery - The oil machinery segment is expected to generate approximately 4.5 billion yuan in revenue in 2024, a year-on-year increase of 11.62%, with a gross margin of 20.71%, an increase of 0.11 percentage points year-on-year [2] - The company has strengthened project operations, leading to a significant increase in market share for drilling and repair equipment, with new orders totaling 1.59 billion yuan [2] Drill Bits - The drill bit segment is projected to generate approximately 800 million yuan in revenue in 2024, a year-on-year decrease of 15.21%, with a gross margin of 26.54%, an increase of 1.03 percentage points year-on-year [3] - The decline in revenue is attributed to the domestic oil and gas exploration industry's cost-cutting strategies, which have reduced the usage of drill bits [3] Oil and Gas Pipelines - The oil and gas pipeline segment is expected to generate approximately 1.36 billion yuan in revenue in 2024, a year-on-year decrease of 41.66%, with a gross margin of 4.44%, a decrease of 0.62 percentage points year-on-year [4] - The decline is primarily due to the slowdown in national pipeline construction, leading to delays in project commencement and reduced orders [4] Overseas Market and Hydrogen Business - The company achieved overseas revenue of 1.36 billion yuan in 2024, a year-on-year increase of 51.89%, with an overseas revenue share of approximately 16.9%, an increase of about 6.3 percentage points year-on-year [6] - The hydrogen energy business is expected to generate approximately 58 million yuan in revenue in 2024, a year-on-year increase of 106.3%, with a gross margin of 0.05% [7] - The company has completed a full industrial layout for hydrogen energy and is positioned to benefit from the growth potential in the hydrogen energy sector [7]

Group 1 - The core point of the article is that China National Petroleum Corporation (CNPC) has applied for a patent for a method and system for optimizing oil and gas exploration rights based on mineral rights big data, which aims to enhance resource discovery and utilization while protecting quality mineral rights [1] Group 2 - CNPC was established in 1999 and is primarily engaged in gas production and supply, with a registered capital of 18,302,097,000 RMB [2] - The company has invested in 1,279 enterprises and participated in 508 bidding projects, holding 33 trademark records and 5,000 patent records, along with 168 administrative licenses [2]

丨证券研究报告丨 公司研究丨点评报告丨中国石化（600028.SH） [Table_Title] 炼油化工承压业绩下滑，高分红重视股东回报 research.95579.com 1 报告要点 [Table_Summary] 中国石化发布 2025 年一季报，2025 年第一季度，公司实现总营业收入 7,353.56 亿元，同比 减少 6.91%；实现利润总额达到 182.52 亿元，同比减少 32.6%；实现归母净利润 132.64 亿 元，同比减少 27.58%。上游增储稳油增气，降本增效取得新进展；炼化业务以效益为导向，低 成本应对市场变化；成品油销售业务发挥一体化优势，打造"油气氢电服"综合能源服务商； 重视股东回报，2024 年现金分红率达到 69%。 分析师及联系人 [Table_Author] 魏凯 王岭峰 SAC：S0490520080009 SAC：S0490521080001 SFC：BUT964 请阅读最后评级说明和重要声明 %% %% %% %% 中国石化（600028.SH） cjzqdt11111 [Table_Title2] 炼油化工承压业绩下滑，高分红重视股东回报 [Table_ ...

证券研究报告 | 2025年04月30日 中国海油（600938.SH） 优于大市 油气产量稳增长，2025 年第一季度实现归母净利润 365 亿元 公司 2025 年第一季度实现归母净利润 365 亿元，盈利韧性凸显，业绩超预 期。公司 2025 年第一季度实现营业收入 1068.6 亿元（同比-4.1%，环比 +13.1%），归母净利润 365.3 亿元（同比-8.0%，环比+71.9%），扣非 归母净利润 370.3 亿元（同比-6.2%，环比+111.2%）。2025 年第一季度 布伦特原油期货均价为 75.0 美元/桶（同比-8.3%），公司受益于油气 产销量上升、降本增效、人民币贬值、实现气价上升等因素，部分抵销 了实现油价下跌的影响，业绩超预期。 公司油气净产量稳步增长，成本管控成效显著。公司 2025 年第一季度油气 销售收入为 882.7 亿元（同比-1.9%，环比+4.9%），油气净产量达到 188.8 百万桶油当量（同比+4.8%），其中国内净产量 130.8 百万桶油当量（同比 +6.2%），占比 69.3%，主要得益于渤中 19-6 等油气田贡献，海外净产量 58.0 百万桶油当量（ ...

上 市 公 司 石油石化 2025 年 04 月 30 日 中国海油 (600938) ——业绩表现好于油价变化，降本增效成果显著 报告原因：有业绩公布需要点评 买入（维持） | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 16.49 | | 资产负债率% | 28.74 | | 总股本/流通 A 股（百万） | 47,530/2,990 | | 流通 B 股/H 股（百万） | -/44,540 | 一年内股价与大盘对比走势： 04-29 05-29 06-29 07-29 08-29 09-29 10-29 11-29 12-29 01-29 02-28 03-31 -20% -10% 0% 10% 20% 中国海油 沪深300指数 (收益率) 相关研究 证券分析师 刘子栋 A0230523110002 liuzd@swsresearch.com 宋涛 A0230516070001 songtao@swsresearch.com 研究支持 陈悦 A0230524100003 chenyue@swsresearch.com 联系人 陈悦 (86 ...

Investment Rating - The investment rating for Zhongman Petroleum (603619.SH) is "Buy" [1] Core Views - The report highlights that in Q1 2025, Zhongman Petroleum achieved a significant year-on-year revenue increase of 17%, reaching 943 million yuan, while the net profit attributable to shareholders rose by 34% to 230 million yuan [1][3] - The increase in profits is primarily attributed to the engineering segment, which saw a substantial recovery compared to the previous year [3] - The company’s oil and gas production increased by 28.51% year-on-year, totaling 277,200 tons, with crude oil production at 218,800 tons, reflecting a 10.62% increase [3] - The report anticipates continued strong performance for the company, projecting net profits of 903 million yuan, 1.181 billion yuan, and 1.697 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 24.5%, 30.8%, and 43.6% [3][4] Financial Summary - For Q1 2025, the company reported a gross margin of 45.98% and a net margin of 26.17%, with financial expenses turning negative at -22.63 million yuan compared to 39.27 million yuan in the same period last year [3] - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 1.95 yuan, 2.56 yuan, and 3.67 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 8.03, 6.14, and 4.28 [3][4] - The report indicates that the company’s total revenue is expected to grow from 4.485 billion yuan in 2025 to 6.766 billion yuan in 2027, with a compound annual growth rate of 27.1% [4]

Investment Rating - The investment rating for Zhongman Petroleum (603619.SH) is "Buy" [1] Core Views - The report highlights that in Q1 2025, Zhongman Petroleum achieved a revenue of 943 million yuan, representing a year-on-year increase of 17% but a quarter-on-quarter decrease of 12.96%. The net profit attributable to the parent company was 230 million yuan, up 34% year-on-year and 301% quarter-on-quarter [1][3] - The report indicates that the increase in net profit is primarily driven by the engineering segment, which saw significant profit growth compared to the previous year when it faced challenges due to rig relocations [3] - The company’s oil and gas production totaled 277,200 tons in Q1 2025, reflecting a year-on-year increase of 28.51%, with crude oil production at 218,800 tons, up 10.62% year-on-year [3] - The report notes that the development of the Iraq oil and gas blocks is progressing steadily, with the first joint management meeting for the EBN and MF projects completed, which is expected to positively impact future operational performance [3] Financial Summary - For the fiscal years 2023 to 2027, the total revenue is projected to grow from 3,732 million yuan in 2023 to 6,766 million yuan in 2027, with year-on-year growth rates of 16.7%, 10.8%, 8.5%, 18.7%, and 27.1% respectively [4] - The net profit attributable to the parent company is forecasted to increase from 812 million yuan in 2023 to 1,697 million yuan in 2027, with year-on-year growth rates of 68.3%, -10.6%, 24.5%, 30.8%, and 43.6% [4] - The report projects the earnings per share (EPS) to rise from 1.76 yuan in 2023 to 3.67 yuan in 2027, with corresponding price-to-earnings (P/E) ratios decreasing from 8.94 to 4.28 [4][3]

此外，阎洪涛还表示，公司始终坚持全球配置油气资产的原则，如若国际油价继续下跌，对于中国海油这种有大 量现金流、桶油成本较低且利润率较高的公司而言，或是较好的并购机会。公司将根据彼时的市场情况、国际形 势，以及公司的技术专长和管理能力，具体分析并决策，按照市场运行原则，寻求调整和优化公司油气资产组合 的机会。 "基于对全球石油供需长期情况的预判，我们并不悲观。低油价不会影响中国海油的长期发展战略，公司2025年的 投资计划和产量目标指引也不会调整。"阎洪涛指出，当前低油价是受特朗普政府相关关税政策影响，市场预期未 来全球经济下行将影响石油需求，"低油价是结果，而非原因。"基于此，他认为，低油价不会造成石油行业在全 球所有行业中地位变弱，也不代表石油公司的经济性、地位在全球范围内下降，特朗普关税政策对全球的影响 是"一贯且连续的"。 面对国际油价低位震荡现状，阎洪涛表示，中国海油将继续坚持低成本策略，始终在全球主要石油公司中保持桶 油成本优势。"在高油价时不盲目乐观，不大手笔花钱、增加桶油成本；低油价时也不悲观，要坚守成本优势。" 不过，油气销量上升，以及公司对桶油成本的控制一定程度抵消了油价下跌影响。今年一季度 ...

● 本季度报告已经中国石化第九届董事会第六次会议审议通过。本公司全体董事出席董事会审议季度报 告。 ● 中国石化董事长马永生先生，副董事长、总裁赵东先生，财务总监兼会计机构负责人寿东华女士保证 本季度报告中财务信息的真实、准确、完整。 ● 本季度报告中的财务报表未经审计。 一、主要财务数据 （一）主要会计数据和财务指标 重要内容提示 ● 中国石油化工股份有限公司（"中国石化""公司"或"本公司"）董事会、监事会及董事、监事、高级管 理人员保证本季度报告内容的真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担个 别和连带的法律责任。 1.按中国企业会计准则编制的主要会计数据及财务指标 ■ 2.非经常性损益项目和金额 单位：人民币百万元 ■ 3.按国际财务报告会计准则编制的主要会计数据及财务指标 ■ （二）公司主要会计数据、财务指标（按中国企业会计准则）发生大幅度变动的情况 ■ 二、股东信息 截至报告期末股东总数及前十名股东持股情况 ■ 注1：中国石油化工集团有限公司（"中国石化集团公司"）通过境外全资附属公司盛骏国际投资有限公 司持有1,042,664,000股H股，占中国石化股本总额的0.86%， ...

Summary of CNOOC Services Conference Call Company Overview - CNOOC Services reported Q1 revenue of 10.8 billion RMB, a year-on-year increase of 6.4%, and a net profit attributable to shareholders of 0.89 billion RMB, a significant year-on-year increase of nearly 40%, primarily benefiting from resource optimization and full industry chain integration [2][3][4]. Key Points Financial Performance - Q1 revenue reached 10.8 billion RMB, up 6.4% year-on-year [2][3]. - Net profit attributable to shareholders was 0.89 billion RMB, reflecting a nearly 40% increase year-on-year [2][3]. - Financial expenses decreased significantly, contributing positively to performance growth, with expectations for stable annual financial expenses [4][14]. Operational Highlights - Drilling platform operating days increased significantly, totaling 48,089 days in Q1, a year-on-year increase of 11.4% [2][3]. - High utilization rates for overseas drilling platforms, with four out of five semi-submersible drilling platforms currently operational [2][6]. - Domestic platforms maintained stable workload and utilization rates, with new platforms showing full scheduling [6][7]. Pricing and Contracts - Day rates for four vessels in Norway are approximately 300,000 USD [9]. - Day rates for overseas platforms are expected to remain stable during contract periods, unaffected by industry fluctuations [10]. - Domestic platform pricing has remained stable, with slight increases for new platforms [11][12]. Sector Insights - The overall gross margin for the oil service sector is expected to improve in 2024, although overseas profit margins remain lower than domestic due to initial technical layout and new market development impacts [13]. - The company is actively expanding deepwater business, participating in Brazilian deepwater projects and obtaining entry qualifications through an eight-country oil alliance [4][20]. Technology and R&D - The company has made significant investments in oil and gas exploration technology, particularly in ultra-deepwater high-temperature and high-pressure working fluids and directional equipment [21]. - Continuous focus on deepwater technology development, including successful operations of self-developed equipment and participation in deepwater projects [20]. Market Outlook - The company is closely monitoring market dynamics and will seek suitable contract opportunities in various regions, including North Sea and Brazil [17][18]. - New signing platform average rates are expected to rise, despite some regional fluctuations [23]. Additional Important Insights - The company has not seen any significant changes in operational platforms and does not currently plan to recognize impairment losses, although external market fluctuations could prompt adjustments [16]. - The company maintains a cooperative relationship with newly established operational companies under CNOOC, focusing on resource pooling and potential future collaborations [18].