丨证券研究报告丨 公司研究丨点评报告丨海油发展（600968.SH） [Table_Title] 三大产业稳健增长，毛利率创同期新高 报告要点 [Table_Summary] 公司发布 2025 年半年报，2025 年上半年，公司实现营业收入 225.97 亿元，同比增加 4.46%， 实现归母净利润 18.29 亿元，同比增加 13.15%；2025 年单二季度，公司实现营业收入 125.22 亿元，同比增加 0.78%，实现归母净利润 12.35 亿元，同比增加 10.75%。公司上半年毛利率 和净利率创历史同期新高；聚力提升产业发展质效，能源技术服务产业收入和毛利率双升；低 碳环保与数字化产业各业务工作量均实现提升；差异化经营应对油价波动，能源物流服务产业 收入同比增长 5.13%；出售冷能业务及资产，优化资源配置。 分析师及联系人 [Table_Author] 魏凯 王岭峰 research.95579.com 1 海油发展（600968.SH） cjzqdt11111 [Table_Title2] 三大产业稳健增长，毛利率创同期新高 [Table_Summary2] 事件描述 公司发布 2025 年 ...

天风证券（601162）股份有限公司张樨樨,厉泽昭近期对海油发展（600968）进行研究并发布了研究报告 《2025H1业绩符合预期，低碳环保与数字化多点开花》，给予海油发展买入评级。 海油发展 公司发布2025年H1业绩 2025上半年营业收入225.97亿元，同比增长4.46%；归属于母公司所有者的净利润18.29亿元，同比增长13.15%； 基本每股收益0.18元，同比增长13.21%。第二季度营业收入125.22亿元，同比增长0.78%；归属于母公司所有者的 净利润12.35亿元，同比增长10.75%。 公司持续提升油气生产领域核心技术&高端装备产品的供给能力2025上半年，能源技术服务产业实现营业收入 79.93亿元，同比增长2.79%。井下工具业务工作量同比增长16.11%，人工举升服务工作量同比增长3.24%，装备 设计制造及运维服务工作量同比增长5.42%。天津海洋装备智能制造基地(一期)顺利投产，移动式自安装井口平 台"海洋石油165"完成适应性优化并成功投用，我国首座海上移动式多功能支持平台"增产一号"开工建造。 低碳环保与数字化多点开花 2025上半年低碳环保与数字化产业实现营业收入38 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [11][13]. Core Viewpoints - The company operates in three main segments: energy technology services, energy logistics services, and low-carbon environmental and digitalization services. It has shown significant cost reduction and efficiency improvements since its listing, with a steady decline in operating expenses. Despite fluctuations in oil prices, the company's performance has been consistently growing, benefiting from the national seven-year action plan [2][7][46]. - The global potential for offshore oil and gas resources is substantial, with ultra-deepwater being a future trend. The company is well-positioned to capitalize on increased exploration and development efforts in offshore oil and gas, especially as domestic oil companies increase capital expenditures to enhance energy security [8][54]. - The company has a strong correlation between its revenue and profitability with the production activities of CNOOC, demonstrating resilience against oil price fluctuations. The average dividend payout ratio since its listing is 35.62%, indicating robust dividend potential as earnings continue to grow [10][39]. Summary by Sections Company Overview - The company is a publicly listed entity controlled by China National Offshore Oil Corporation (CNOOC), focusing on offshore and onshore oil and gas production. It aims to become a world-class energy technology service provider with a Chinese characteristic [7][30]. Business Segments - The company’s business is divided into three main categories: 1. Energy technology services, which have seen rapid revenue growth. 2. Energy logistics services, which are expected to benefit from stable demand for LNG transportation. 3. Low-carbon environmental and digitalization services, which are crucial for sustainable development [9][36][39]. Financial Performance - In 2024, the company achieved a revenue of 52.517 billion yuan, with energy logistics services contributing 23.210 billion yuan, energy technology services 21.733 billion yuan, and low-carbon services 10.060 billion yuan. The revenue from CNOOC accounted for 61.7% of total revenue [39][42]. - The company’s net profit for 2024 was 3.656 billion yuan, reflecting an 18.66% year-on-year increase, supported by a steady rise in operational efficiency and cost management [46][48]. Market Trends - The report highlights the increasing reliance on foreign oil and gas, with crude oil dependency reaching 72.1% and natural gas dependency at 42% by 2024. This trend emphasizes the need for enhanced domestic exploration and production efforts [55][56]. - The company is expected to benefit from CNOOC's stable capital expenditures, which are projected to increase significantly despite fluctuations in oil prices, supporting the overall offshore oil service industry [65][66].