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].