Investment Rating - The report maintains a "Strong Buy" rating for CNOOC Services [4] Core Views - CNOOC Services achieved a total revenue of 48.3 billion yuan in 2024, representing a year-on-year growth of 9.5%. The net profit attributable to shareholders was 3.137 billion yuan, up 4.1% year-on-year. In Q1 2025, revenue reached 10.8 billion yuan, a 6.4% increase, with net profit soaring by 39.6% to 888 million yuan [1][10] Summary by Sections Drilling Services - The average daily revenue for semi-submersible drilling platforms increased to 143,000 USD, a rise of 7.5% year-on-year. The drilling segment generated 13.2 billion yuan in revenue, up 9.4% year-on-year. Despite a decrease in operational days due to typhoons, Q1 2025 saw an 11.4% increase in operational days, with semi-submersible daily rates maintaining a high level [2][3] Oilfield Technical Services - Revenue from oilfield technical services reached 27.655 billion yuan in 2024, up 7.4%, with the technical segment's contribution rising to 57%. The core business line's operational volume increased year-on-year, supported by improved R&D efficiency [2][3] Other Businesses - The ship service segment saw a significant increase in operational volume, up 33.8% in 2024 and 44.9% in Q1 2025. However, the geophysical segment experienced fluctuations due to project cycles, with a notable decline in Q1 2025 [3] Financial Health - The company improved its debt structure, with current liabilities decreasing by 1.69% year-on-year. Operating cash flow for 2024 was 11 billion yuan, down 15.9% due to a 9.8% increase in operating costs. The financial expense ratio decreased to 1.29% [3][10] Future Outlook - The company is expected to benefit from ongoing demand in deepwater fields and technological services, with a focus on international expansion and increased overseas orders. The report anticipates net profits of 4.729 billion yuan, 5.896 billion yuan, and 7.487 billion yuan for 2025, 2026, and 2027 respectively [10][11]

Core Viewpoint - The article emphasizes the resilience and potential of the Chinese economy amidst global geopolitical tensions and trade protectionism, highlighting the importance of leveraging existing policies to capitalize on the opportunities presented by the revaluation of Chinese assets [1][2]. Policy Utilization - The recent easing of China-US trade tensions is expected to positively impact the prices of imported and exported goods, with China's exports to the US being more than three times its imports from the US, suggesting a greater positive effect on domestic prices [3]. - The central bank's monetary policy is likely to remain stable despite the trade negotiations, focusing on a proactive approach to maintain economic stability [4][5]. Asset Revaluation Logic - The revaluation of Chinese assets is driven by technological advancements and innovation, which are seen as core engines for productivity and economic development [6]. - Four main reasons support the ongoing revaluation logic: 1. Systemic support from China's large market size and complete industrial chain [8]. 2. The emergence of new industries like AI and renewable energy, enhancing overall productivity [8]. 3. A robust policy toolbox, including a projected fiscal deficit rate of around 4% for 2025, providing flexibility to counter external shocks [8]. 4. The current low valuation of Chinese assets, indicating significant room for recovery and growth [9]. Market Outlook - The revaluation of Chinese assets is expected to lead to an upward shift in the valuation of A-shares and Hong Kong stocks, with the latter showing more significant structural recovery potential due to long-standing liquidity discounts [10]. - The investment logic for Chinese assets is anticipated to shift from low valuation and high dividends to a focus on high growth sectors, particularly in technology, with a new valuation model emerging that emphasizes core business earnings and innovation metrics [10].

袁超展望称，宏观政策将进入观察期，立足将已推出的现有政策用好用足。 近日，《中美日内瓦经贸会谈联合声明》发布后，中国资产市场有积极反应。未来，中美贸易政策走向 及其对中国资产的影响备受关注。 为此，证券时报记者专访了分管国信证券经济研究所的高管袁超。他表示，前期中国已打出政策组合 拳，增强中国资产应对外部环境变化的能力，当前关键在于用好用足现有政策。 袁超认为，中国经济韧性足、潜力大，在超大规模市场纵深、全产业链体系加速重构的背景下，中国经 济中长期发展具备坚实基础，资产重估的内在逻辑并未改变。 他谈到，目前中国资产的吸引力已从"估值修复"向"技术驱动+资产重估"切换，未来如果政策红利持续 释放、科技突破转化为盈利增长且地缘风险边际缓和，外资主动型长线资金或将加速入场。 用好用足现有政策 袁超接受证券时报记者采访时表示，中美贸易摩擦的缓和有利于中国进口产品价格回落，中国出口产品 价格回升。考虑到中国对美出口金额是中国对美进口金额的三倍多，因此"关税战"降温对产品价格回升 的推动作用或大于对产品价格回落的拖累。整体来看，这或拉动国内CPI（消费者物价指数）和PPI（工 业品出厂价格指数）企稳回升。 在此背景下， ...

Core Insights - In April 2025, Chinese non-gaming applications continued to show growth in overseas markets, particularly in short video, AI, tools, and e-commerce categories [1] Industry Summary - The leading companies in the market are leveraging content innovation and technology as core advantages to expand their market leadership [1] - Emerging publishers are also making breakthroughs in niche segments, injecting more vitality into the global market [1]

Investment Rating - The investment rating for the company is "Buy" and it is maintained [9]. Core Insights - The company reported a significant increase in performance for Q1 2025, with total revenue reaching 10.798 billion yuan, a year-on-year increase of 6.40%. The total profit amounted to 1.129 billion yuan, up 20.12%, and the net profit attributable to shareholders was 0.887 billion yuan, reflecting a substantial increase of 39.60% [2][6]. Summary by Relevant Sections Financial Performance - In Q1 2025, the company achieved a gross profit margin of 17.64%, an increase of 1.24 percentage points year-on-year. The expense ratio decreased by 0.88 percentage points, with financial expense ratio down by 0.6 percentage points due to optimized debt structure, leading to a 2.28 percentage point reduction in asset-liability ratio [11]. Drilling Business - The drilling business saw a significant improvement in workload, with operating days for drilling platforms increasing by 11.4% year-on-year to 4,889 days in Q1 2025. The utilization rate of drilling platforms reached 89.5%, an increase of 10.3 percentage points year-on-year [11]. Technology-Driven Strategy - The company continues to implement a "technology-driven" strategy, resulting in stable growth in oilfield technical services. The gross profit margin for oilfield technical services increased to 22.9%, up 0.80 percentage points year-on-year, with the segment's revenue share rising from 29% in 2014 to 57% in 2024 [11]. Market Potential - The company is expected to benefit from the significant potential of offshore oil and gas resources, with China's offshore capital expenditure budget for 2025 set at 125-135 billion yuan, maintaining a high baseline from 2024. This will support substantial energy engineering construction demand [11]. Earnings Forecast - The projected EPS for the company from 2025 to 2027 is 0.81 yuan, 0.87 yuan, and 0.92 yuan, respectively, with corresponding PE ratios of 16.61X, 15.47X, and 14.66X based on the closing price on April 25, 2025 [11].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 16.4 CNY based on a 20x P/E ratio for 2025 [4][6]. Core Views - The company has demonstrated steady revenue growth, with a projected revenue of 51.6 billion CNY in 2025, reflecting a 6.8% year-on-year increase [10]. - The company is leveraging technology and cost control to strengthen its market position, with a focus on high-end technology breakthroughs and integrated service capabilities [12]. - The company's net profit for 2024 is expected to be 3.1 billion CNY, a 4.1% increase from the previous year, indicating stable profitability [10][12]. Financial Performance Summary - Revenue for 2023 was 44.1 billion CNY, with a year-on-year growth of 23.7%, and is projected to reach 48.3 billion CNY in 2024 [10]. - The gross profit margin for 2024 is expected to be 15.7%, slightly down from 15.9% in 2023, while the net profit margin is projected to be 6.5% [10][12]. - The company’s EPS for 2025 is forecasted at 0.82 CNY, with a steady increase to 0.94 CNY by 2027 [4][10]. Market Position and Strategy - The company is positioned as a leading integrated oilfield service provider, focusing on technological advancements and cost leadership to enhance its competitive edge [12]. - The company has reduced its debt ratio to 46.4%, which supports future capital expenditures and technological investments [12]. - The report highlights the recovery in global oilfield service demand, particularly in the Asia-Pacific, Middle East, and Americas regions [12].

Core Viewpoint - In February 2025, institutional research enthusiasm increased significantly, with over 600 companies being investigated, marking a notable rise from January 2025 [1][4]. Group 1: Institutional Research Overview - A total of over 600 companies were researched by institutions in February 2025, showing a clear increase compared to January [1][4]. - The electronic industry was the most favored, with more than 80 companies undergoing institutional research, followed by mechanical equipment, computer, and pharmaceutical industries, each with over 50 companies [2][10]. - Among the companies that received more than five research visits in February, the electronic industry had the highest representation, with seven companies [2][10]. Group 2: Notable Companies and Their Insights - Ampere Dragon received the highest number of institutional research visits in February, exceeding 20 times, focusing on smart driving applications and the development of brake force sensors for the latest intelligent driving brake systems [5]. - Hengfeng Tools was also frequently researched, discussing the uncertainties in the development and mass production of tools for humanoid robot components, indicating that the market demand is currently low [6]. - Huichuan Technology highlighted its PLC products' expansion and aims for over 20% market share, emphasizing its strategic importance in automation [7]. - Longli Technology discussed its focus on technology-driven innovation, particularly in OLED panel-related technologies, enhancing product competitiveness [8].