Investment Rating - The report maintains a "Buy" rating for the A-shares and an "Accumulate" rating for the H-shares of the company [1]. Core Views - The company's Q1 2025 net profit attributable to shareholders increased by 39.6% year-on-year, driven by significant growth in drilling workload and effective cost control [5][6]. - The average Brent crude oil price in Q1 2025 was $74.98 per barrel, showing a year-on-year decrease of 8.3% but a quarter-on-quarter increase of 1.3% [6]. - The company is focusing on optimizing resource allocation and expanding into high-potential markets, leveraging its integrated advantages across the entire industry chain [6][9]. - The technical services segment has shown robust growth, with revenue from this segment increasing from 133 billion yuan in 2020 to 277 billion yuan in 2024, now accounting for 57% of total revenue [8]. Summary by Sections Financial Performance - In Q1 2025, the company achieved total revenue of 10.8 billion yuan, a year-on-year increase of 6.4% and a quarter-on-quarter decrease of 26.25% [5]. - The gross profit margin for Q1 2025 was 17.64%, up 1.24 percentage points year-on-year, with an annualized ROE of 8.02%, an increase of 1.97 percentage points [6]. Drilling Operations - The company recorded 4,889 days of drilling platform operations in Q1 2025, a year-on-year increase of 11.4% [7]. - The utilization rates for self-elevating and semi-submersible platforms were 91.9% and 90.4%, respectively, reflecting increases of 7.6 percentage points and 4.2 percentage points year-on-year [7]. Market Outlook - The report indicates that the company is well-positioned to benefit from the ongoing increase in upstream investment and the expansion of technical application scenarios in the oil and gas sector [9]. - The global trend of deteriorating oil and gas resources presents challenges, but also opportunities for the company's technical services [9]. Profit Forecast and Valuation - The profit forecasts for 2025-2027 have been adjusted upwards, with expected net profits of 3.806 billion yuan, 4.193 billion yuan, and 4.623 billion yuan, respectively [10]. - The report emphasizes the company's commitment to a technology-driven strategy and international market expansion, suggesting potential for high-quality growth [10].

Investment Rating - The investment rating for the company is "Accumulate" [8] Core Views - The company reported a revenue of 48.302 billion RMB for 2024, representing a year-on-year growth of 9.51%, and a net profit attributable to shareholders of 3.137 billion RMB, up 4.11% year-on-year [1] - The company's performance in 2024 was below expectations primarily due to slower growth in drilling services and higher operating costs, yet it demonstrated resilience amid falling oil prices and production cuts in downstream sectors [1][5] - The company has a complete industrial chain advantage and has seen significant results from the large-scale application of its self-developed technology products, contributing to a revenue of 27.655 billion RMB from oilfield technology services, a year-on-year increase of 7.4% [3] - The international oil and gas exploration and development sector remains robust, with the company achieving overseas revenue of 10.885 billion RMB in 2024, a year-on-year increase of 14.9% [4] Summary by Sections Financial Performance - The company achieved a gross profit margin of 15.69% in 2024, a slight decrease of 0.19 percentage points year-on-year, mainly due to increased preparation costs for new operating platforms affecting overseas gross profit [2] - The total operating revenue is projected to grow from 44.109 billion RMB in 2023 to 62.933 billion RMB by 2027, with a compound annual growth rate (CAGR) of 8.26% [7] - The net profit attributable to shareholders is expected to rise from 3.013 billion RMB in 2023 to 5.601 billion RMB in 2027, reflecting a CAGR of 14.16% [7] Profitability and Valuation - The company’s estimated earnings per share (EPS) for 2025 is projected at 0.87 RMB, with a price-to-earnings (PE) ratio of 20x, leading to a target price of 17.40 RMB [5] - The target price for the Hong Kong stock is set at 9.46 HKD, based on a PE ratio of 10x [5][9] Market Outlook - The global offshore oil and gas project capital expenditure is expected to exceed 100 billion USD in 2025, with a year-on-year increase of over 20% [4] - The company is well-positioned to benefit from the ongoing industry upturn and the continuous realization of high-quality orders from overseas markets [4]

（东莞市莞城区可园南路一号） 1-1-0 本次股票发行后拟在北京证券交易所上市，该市场具有较高的投资风险。北京证券交易所主 要服务创新型中小企业，上市公司具有经营风险高、业绩不稳定、退市风险高等特点，投资者面 证券简称： 科力股 份 证券代码： 873234 新疆维吾尔自治区克拉玛依市克拉玛依区友谊路 138 号 新疆科力新技术发展股份有限公司 新疆科力新技术发展股份有限公司招股说明书（申报稿） 本公司的发行申请尚未经中国证监会注册。本招股说明书申报稿不具有据以发行股票的法律 效力，投资者应当以正式公告的招股说明书全文作为投资决定的依据。 临较大的市场风险。投资者应充分了解北京证券交易所市场的投资风险及本公司所披露的风险因 素，审慎作出投资决定。 保荐机构（主承销商） 本次发行概况 中国证监会和北京证券交易所对本次发行所作的任何决定或意见，均不表明其对注册申请文 件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的盈利能力、投资价 值或者对投资者的收益作出实质性判断或者保证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发行人自行负责； ...