德石股份回复：您好，根据公司2024年年度报告，全球经济发展对石油、天然气持续开采保持刚性需 求，《BP世界能源展望（2020）》预计，随着新兴国家的不断繁荣和生活水平的提升，全球能源需求 将会持续增长，预计到2050年化石能源仍将在能源消费结构中占据重要地位，这将为石油、天然气勘探 开发投资规模的持续增长提供有力支撑。随着易采掘油气储量的逐步减少，油气公司开始投入大量资金 加强对老油井的再开采，加大深海深地油气井的投入，增加页岩油气等非常规油气的开采，因此，油气 公司对高性能井下工具及设备的需求也将有很大提升，驱动油气钻采井下工具及设备的需求同步日益增 长，油气钻采井下工具及设备行业长期发展趋势良好。谢谢！ 证券之星消息，德石股份(301158)09月17日在投资者关系平台上答复投资者关心的问题。 投资者提问：您好！想请教您几个问题：公司当前主业（钻井工具）的市场规模是否仍有较大拓展空 间？在行业竞争中，公司相比同行有哪些独特优势，目前的市场份额是否处于提升趋势？后续主业在销 量、技术升级等方面是否有明确的增量计划？此外，公司在新业务或新兴产业布局上是否已有积极进 展，这些布局对未来业绩增长是否有望形成有力 ...

Core Viewpoint - Changjiang Materials (001296.SZ) successfully bid for oil and gas exploration rights in the Ningxia Liupan Mountain Basin, investing RMB 85.38 million [1] Group 1: Investment Details - The company obtained the exploration rights for the Haiyuan block in the Ningxia Liupan Mountain Basin and received the exploration license from the Ministry of Natural Resources of the People's Republic of China [1] - Total investment for the exploration project is expected to not exceed RMB 130 million [1] - Funding for the project will come from the company's own resources, with funds being allocated in phases according to project progress [1] Group 2: Project Objectives - The investment aims to systematically study the geological data of the oil and gas survey in the Haiyuan block, analyze structural, stratigraphic, and sedimentary characteristics [1] - The project seeks to summarize geological conditions for oil and gas accumulation, optimize exploration deployment, and accelerate project implementation [1] - The goal is to achieve exploration breakthroughs and establish favorable conditions for efficient oil and gas development [1]

Investment Rating - The investment rating for China National Offshore Oil Corporation (CNOOC) is "Buy" (maintained) [1] Core Views - The company's performance in H1 2025 met expectations, with production growth offsetting the impact of oil price fluctuations [1] - CNOOC reported a revenue of RMB 207.61 billion in H1 2025, a year-on-year decrease of 8.45%, and a net profit attributable to shareholders of RMB 69.53 billion, down 12.79% year-on-year [5] - The company achieved a net production of 384.6 million barrels of oil equivalent in H1 2025, an increase of 6.1% year-on-year, with domestic production rising by 7.6% [5][6] - Brent crude oil futures averaged USD 66.71 per barrel in Q2 2025, a decrease of 21.55% year-on-year, while the company's average realized oil price was USD 69.15 per barrel, down 13.9% year-on-year [6] - CNOOC's cost control measures have strengthened its competitive advantage, with operating costs per barrel decreasing to USD 6.76, down 0.7% year-on-year [6] Financial Performance - CNOOC's revenue for H1 2025 was RMB 207.61 billion, with a net profit of RMB 69.53 billion [5] - The company expects net profits for 2025-2027 to be RMB 140.37 billion, RMB 146.32 billion, and RMB 154.52 billion, respectively, with corresponding P/E ratios of 8.88, 8.52, and 8.07 [9] - Key financial indicators for 2025E include revenue of RMB 420.60 billion, net profit of RMB 140.37 billion, and a gross margin of 54.2% [11] Production and Exploration - CNOOC's net production of oil and gas has steadily increased, with significant contributions from projects like "Deep Sea No. 1" Phase II [5][7] - The company made five new discoveries in the South China Sea and successfully evaluated 18 oil and gas structures in H1 2025 [7][8] - CNOOC's capital expenditure for H1 2025 was approximately RMB 57.6 billion, a decrease of 8.8% year-on-year [8]

Investment Rating - The report maintains a "Recommended" rating for the company [5][7]. Core Views - The company achieved a revenue of 1.981 billion yuan in the first half of 2025, representing a year-on-year growth of 3.29%. However, the net profit attributable to shareholders decreased by 29.81% to 300 million yuan [1][3]. - The gross profit margin showed resilience, but the operating expenses surged significantly due to the initiation of the Iraq oilfield project and increased foreign exchange losses [2][4]. - The company has successfully entered the African exploration market with a new project in Algeria, holding a 90% stake in a 38,700 square kilometer area with estimated natural gas reserves of 109.257 billion cubic meters [4]. Summary by Sections Financial Performance - In Q2 2025, the company reported a revenue of 1.038 billion yuan, a year-on-year decline of 6.56% but a quarter-on-quarter increase of 10.02%. The net profit attributable to shareholders was 70 million yuan, down 72.44% year-on-year and 69.33% quarter-on-quarter [2]. - The gross profit for Q2 2025 was 438 million yuan, a year-on-year decrease of 17.17% but a slight quarter-on-quarter increase of 0.98%. Operating expenses reached 287 million yuan, a significant year-on-year increase of 71.38% and a quarter-on-quarter increase of 257.56% [2]. Business Segments - The oil sales segment generated 1.084 billion yuan in revenue, down 2.72% year-on-year, while the oil service segment saw a revenue increase of 15.75% to 761 million yuan [3]. - The gross profit from oil sales decreased by 11.96% to 734 million yuan, while the oil service segment's gross profit surged by 203.29% to 119 million yuan [3]. Production and Exploration - The company produced 438,900 tons of crude oil in the first half of 2025, an increase of 8.37% year-on-year. The production from the Wensu and Gengke blocks was 318,000 tons and 120,900 tons, respectively [4]. - The company has optimized its extraction plans in the Gengke block, showing significant production increases in Q1 and Q2 2025 [4]. Investment Outlook - The company is expected to have strong cost advantages and high growth potential in production. The projected net profits for 2025, 2026, and 2027 are 685 million yuan, 922 million yuan, and 1.041 billion yuan, respectively, with corresponding EPS of 1.48 yuan, 1.99 yuan, and 2.25 yuan [5][6].

Core Viewpoint - China National Offshore Oil Corporation (CNOOC) reported strong mid-year performance for 2025, with significant revenue and profit growth, alongside a robust increase in natural gas production [2][3]. Financial Performance - CNOOC achieved operating revenue of 207.608 billion RMB and a net profit attributable to shareholders of 69.5 billion RMB for the reporting period [2]. - The company declared an interim dividend of 0.73 HKD per share, totaling approximately 31.602 billion RMB [2]. Production and Exploration - The company's net production reached 384.6 million barrels of oil equivalent, marking a 6.1% year-on-year increase, with both domestic and international production exceeding historical levels [4]. - CNOOC made five new discoveries in domestic exploration, including significant finds in the Bohai Bay Basin and the Beibu Gulf Basin [3][4]. - Internationally, CNOOC signed oil contracts in Iraq and Kazakhstan, expanding its overseas exploration footprint [3]. Technological Advancements - CNOOC enhanced its research and development capabilities, implementing advanced seismic data collection and processing technologies, which improved exploration data quality [6]. - The company achieved a historical low natural decline rate of 9.5% in offshore oil fields through innovative technologies [6]. Environmental Initiatives - CNOOC made strides in clean production, utilizing energy-saving measures and renewable energy sources, achieving over 900 million kWh of green electricity generation [7]. - The company initiated its first CCUS project in the South China Sea, promoting a new model for marine energy recycling [7]. Strategic Outlook - CNOOC's chairman emphasized the company's commitment to high-quality development and safety in production, aiming to meet annual targets despite market fluctuations [7].

Core Viewpoint - Sinopec Oilfield Service Corporation (石化油服) reported a stable performance in the first half of 2025, with slight growth in revenue and profit, while the outlook for the oil service industry remains positive due to ongoing demand for oil and gas [1][2]. Company Summary - In the first half of 2025, the company achieved operating revenue of 37.05 billion yuan, a year-on-year increase of 0.6% [1]. - The net profit attributable to shareholders was 4.92 billion yuan, reflecting a year-on-year growth of 9% [1]. - The total new contract value signed in the first half was 63.67 billion yuan, up 3.2% year-on-year [1]. - New contracts from Sinopec Group amounted to 34.37 billion yuan, increasing by 3.0% [1]. - New contracts from domestic external markets were 9.68 billion yuan, showing a significant decline of 42.7% [1]. - New contracts from overseas markets reached 19.62 billion yuan, marking a substantial increase of 71.8% [1]. - The company operates five major business segments: geophysics, drilling engineering, logging, downhole special operations, and engineering construction, covering the entire oil and gas industry chain from exploration to production [1]. Industry Summary - The oil service industry is expected to maintain a high level of prosperity in the second half of 2025 [2]. - Global economic recovery and stable growth in China's economy will support continued demand for oil and gas [2]. - Oil and gas are recognized as strategic energy resources, emphasizing the importance of strategic reserves and emergency support [2]. - Domestic oil companies are expected to continue implementing energy security strategies, maintaining stable capital expenditure for oil and gas exploration and development [2]. - The oil service market is projected to grow steadily due to increased efforts by oil companies to enhance oil and gas reserves and production [2].

Group 1 - The latest stock price of China National Offshore Oil Corporation (CNOOC) is 26.21 yuan, with an increase of 0.05 yuan from the previous trading day. The intraday high reached 26.38 yuan, and the low was 26.01 yuan, with a total trading volume of 7.62 billion yuan and a turnover rate of 0.97% [1] - CNOOC is the largest offshore oil and gas producer in China, primarily engaged in oil and gas exploration, development, and production. The company's operations cover conventional oil and gas, shale oil and gas, and coalbed methane resources, with multiple oil and gas fields in the Bohai Sea, western South China Sea, eastern South China Sea, and East China Sea [1] - The latest announcement from the company indicates that the Yellowtail project in the Stabroek block of Guyana has commenced production ahead of schedule. The project has a designed capacity of 250,000 barrels per day, which will increase the total capacity of the block to 900,000 barrels per day. CNOOC holds a 25% stake in this block through its wholly-owned subsidiary [1]

Core Viewpoint - The financial performance of Zhongjie Oil and Gas Co., Ltd. for the year 2024 shows a decline in revenue and net profit, with significant reliance on a few major clients for sales, particularly in the overseas oil and gas market [1][2]. Financial Performance - The company's 2024 operating revenue was CNY 2.548 billion, a decrease of 6.56% year-on-year [1]. - The net profit attributable to shareholders was CNY 488 million, down 61.61% year-on-year [1]. - The net profit after deducting non-recurring gains and losses was CNY 311 million, an increase of 42.38% year-on-year [1]. Client Dependency - The top five clients accounted for CNY 1.802 billion in sales, representing 70.73% of total revenue [1]. - The largest client, Vitol Energy Trading SA, contributed 56.2% of the company's total revenue [8][9]. Oil and Gas Development - The company's oil and gas resources are primarily located in Kazakhstan, specifically in the Caspian Basin, known for its rich oil and gas reserves [3][4]. - The company has successfully maintained a low comprehensive decline rate in oil production, achieving a total crude oil output of 247,300 tons for the year [4]. Sales and Revenue Recognition - The sales model includes both export and domestic sales within Kazakhstan, with revenue recognition based on the transfer of control at the point of shipment [5][6]. - For exports, revenue is recognized upon completion of loading and obtaining the shipping bill of lading [5]. Taxation and Cost Analysis - The company experienced a significant decrease in various taxes related to oil and gas sales in 2024 compared to 2023, including a 14.12% reduction in customs duties and a 13.89% reduction in export revenue tax [14][15]. - The average international oil price in 2024 was approximately USD 79.86 per barrel, down 2.49% from 2023 [15][16]. Fixed Assets and Investments - The fixed asset balance at the end of 2024 was CNY 156 million, an increase of 84.36% year-on-year, with cash payments for fixed assets, intangible assets, and other long-term assets totaling CNY 122 million [18]. - The company has been actively procuring fixed assets primarily in Kazakhstan, adhering to local procurement regulations [19].

Group 1 - Recent geopolitical tensions have led to a rapid increase in international crude oil prices, with Brent crude reported at $72.79 per barrel and domestic crude futures rising by 5.43% [1] - The market anticipates an increase in demand for oil and gas exploration, development, and equipment maintenance due to rising oil prices and concerns over energy supply stability [1] - Companies in the oil and gas equipment sector, such as Shandong Molong and China Petroleum, have seen their stocks surge, with several hitting the daily limit up on June 16 [1] Group 2 - Leading domestic oil service equipment companies, such as Yantai Jereh Petroleum Service Group and Suzhou Neway Valve, have experienced explosive growth in orders from the Middle East [2] - Jereh's overseas business revenue is projected to reach 45.2% in 2024, with a 100% year-on-year increase in orders from the Middle East [2] - The oil service equipment industry is witnessing a recovery in capital expenditure due to sustained high international crude oil prices, leading to increased demand for oil and gas equipment and services [2]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][25]. Core Views - The company achieved a net profit attributable to shareholders of 138 billion yuan in 2024, representing a year-on-year growth of 11.4% [1][10]. - The company's operating revenue for 2024 is projected to be 420.51 billion yuan, with a slight increase of 0.9% year-on-year [1][5]. - The company has successfully managed to control costs, with the average cost per barrel of oil equivalent at 28.52 USD, a decrease of 1.1% year-on-year [2][17]. - The company plans to maintain a stable capital expenditure, with 2024 capital expenditure at 132.5 billion yuan, a 2.2% increase from the previous year [3][20]. - The company has proposed a final dividend of 0.66 HKD per share, resulting in a total annual dividend of 1.40 HKD per share, with a payout ratio of 44.7% [3][23]. Summary by Sections Financial Performance - In 2024, the company reported a net profit of 138 billion yuan, with operating revenue of 420.51 billion yuan [1][10]. - The fourth quarter of 2024 saw a revenue drop of 13.9% year-on-year, primarily due to falling oil prices [1][10]. - The company’s operating cash flow reached 220.89 billion yuan, reflecting a 5.3% increase year-on-year [1][10]. Production and Sales - The company achieved a record net production of 726.8 million barrels of oil equivalent in 2024, a 7.2% increase year-on-year [2][13]. - Oil and gas sales revenue for 2024 was 355.62 billion yuan, up 8.5% from the previous year [2][13]. - The average realized price for oil liquids was 76.8 USD per barrel, a slight decrease of 1.6% year-on-year [2][17]. Capital Expenditure and Dividends - The company’s capital expenditure for 2024 was 132.5 billion yuan, with expectations for 2025 set between 125 billion and 135 billion yuan [3][20]. - The company has a stable reserve life of 10 years, with confirmed reserves reaching 7.27 billion barrels of oil equivalent, a 7.2% increase year-on-year [3][20]. - The proposed dividend reflects a strong commitment to returning value to shareholders, with a dividend yield of 7.5% for H shares and 4.9% for A shares [3][23].