（编辑 袁冠琳） 证券日报网讯 中集集团11月24日发布公告，在公司回答调研者提问时表示，2024年中集来福士揽获2艘 FPSO船体总包订单（"P-84"号和"P-85"号），2025年8月交付FPSOP-83船体，目前为巴西国油交付和在 建的浮式平台达到六艘。公司是国内唯二获巴西国油FPSO总包资质的企业，同时项目管理能力突出， 在交付期管理、质量管控上都具有优势，在全球FPSO建造领域处于领先地位。关于后续新项目进展， 公司会按规定及时履行信息披露义务。 ...

Core Viewpoint - CIMC Group announced a strong order reserve in the offshore oil and gas sector, with a focus on high-quality and high-end equipment orders, indicating a positive outlook for revenue and profit growth through efficient delivery [1] Order Reserve - As of June 30, 2025, the offshore engineering hand-held orders amount to approximately $5.55 billion, with production scheduled until 2027/2028 [1] - The company is primarily focusing on FPSO/FLNG projects for oil and gas orders, while non-oil and gas orders are being tracked through existing customer collaborations [1] Market Conditions - Offshore oil and gas project investments have been delayed this year due to macroeconomic uncertainties and high interest rates, with industry forecasts suggesting that delayed projects will be released in 2026 [1] - Investment in deep-sea projects is expected to peak for at least three consecutive years from 2026 to 2028 [1] Financial Outlook - The company anticipates strong growth in both revenue and profit for the year, supported by a high level of orders on hand and efficient delivery capabilities [1]

Core Viewpoint - CIMC (China International Marine Containers) has shown strong performance in the stock market, with significant increases in both A-shares and H-shares, driven by share buybacks and positive developments in its business segments [1][2]. Group 1: Stock Performance - CIMC's A-shares (000039.SZ) surged to a limit-up price of 8.94 RMB, marking a new high in over seven months, with a market capitalization of 48.2 billion RMB [1]. - CIMC's H-shares (2039.HK) rose by 11.83% to 8.13 HKD, achieving a new high in over a month, with a market capitalization of 43.5 billion HKD [1]. Group 2: Share Buybacks - Recently, CIMC has been actively repurchasing its shares, spending 20 million RMB to buy back 2.46 million A-shares at prices between 8.12 and 8.14 RMB per share [1]. - On the same day, the company also repurchased 280.5 thousand H-shares for 20 million HKD, with prices ranging from 6.98 to 7.27 HKD per share [1]. Group 3: Energy Storage Sector - CIMC is enhancing its energy storage capabilities, covering various systems including power generation, grid-side, and commercial energy storage, and has established strong partnerships with major overseas wind power operators [1]. - Since 2020, CIMC's subsidiary, Shijiazhuang Anruike, has made significant advancements in gas storage, leading the industry with solutions for compressed air, hydrogen, and carbon dioxide storage [1]. Group 4: Container and Marine Engineering Business - In the first three quarters of this year, CIMC's container dry box sales exceeded expectations [2]. - UBS has upgraded CIMC's rating to "Buy," anticipating that the marine engineering segment will contribute approximately 1.9 billion RMB in incremental gross profit from 2026 to 2027, supported by stable growth in China's exports and global trade [2].

Group 1 - CIMC's A-shares surged to a new high of 8.94 yuan, with a market capitalization of 48.2 billion yuan, while H-shares rose by 11.83% to 8.13 HKD, with a market capitalization of 43.5 billion HKD [1] - The company has been actively repurchasing shares, spending 20 million RMB to buy back 2.46 million A-shares at prices between 8.12-8.14 RMB per share, and 20 million HKD to repurchase 280.5 thousand H-shares at prices between 6.98-7.27 HKD per share [1] - CIMC is building an integrated energy storage industry chain, covering power generation, grid-side, and commercial energy storage systems, and has established solid partnerships with large overseas wind power operators [1] Group 2 - Since 2020, Shijiazhuang Anruike has made breakthroughs in gas storage, leading the industry with products covering compressed air, hydrogen, and carbon dioxide storage, providing solutions for large domestic storage projects [2] - CIMC's container sales exceeded expectations in the first three quarters of this year, and UBS has upgraded the company's rating to "Buy," expecting significant profit contributions from marine engineering business by 2026-27, estimated to bring an additional gross profit of about 1.9 billion RMB [2] - The stable growth of China's exports and global trade is expected to support container demand, with high-quality orders in marine engineering and sustained container demand contributing to profit growth [2]

Core Viewpoint - The company has signed a contract with a Norwegian shipowner for the construction of a semi-submersible barge, marking a significant step in its international recognition and capabilities in shipbuilding [2][10]. Group 1: Contract Signing Details - The company's wholly-owned subsidiary, Panjin Dajin Ocean Engineering Co., Ltd., has signed a contract to design, build, and deliver a 43,000 DWT semi-submersible barge [2]. - The total contract amount is approximately RMB 285 million, with delivery scheduled for 2027 [2][7]. - The barge's key parameters, such as deadweight tonnage and maximum submersion depth, are leading in its category globally, showcasing strong load adjustment capabilities [2]. Group 2: Counterparty Information - The counterparty is a Norwegian shipowner specializing in marine engineering and services, operating a fleet of specialized vessels including barges, tugs, salvage ships, and heavy-lift vessels [3]. Group 3: Contract Main Content - The contract involves a semi-submersible barge with a deadweight tonnage of 43,000 DWT [5]. - Payments will be made in stages according to manufacturing milestones [6]. - The rights and obligations of both parties are clearly defined, with the buyer responsible for payment and the seller for design, construction, and delivery [8]. Group 4: Impact on the Company - This contract represents the first collaboration between Panjin Dajin and a European shipowner, indicating international market recognition of the company's shipbuilding capabilities [10]. - The project signifies a transition from simpler deck barges to more technically challenging semi-submersible barges, expanding the company's market opportunities in heavy marine engineering transport and installation [10]. - The execution of this contract is expected to positively impact the company's future operating performance, with revenue recognition aligned with accounting principles [10].

Financial Performance - In the first three quarters of 2025, the company achieved a revenue of 44.191 billion CNY, representing a year-on-year growth of 13.29% [2] - The net profit attributable to shareholders reached 355 million CNY, a significant increase of 20.89 times compared to the same period last year [2] Business Strategy and Development - The company is focusing on the strategic transformation towards "copper-based new materials + military carbon materials," emphasizing the production launch of new copper-based material projects and capacity release from Jiangsu Tianniao [2] - Key initiatives include the listing of Dingli Technology, which is expected to lay a foundation for annual performance and future development [2] Copper-based Materials Expansion - The company has established a presence in traditional and humanoid robot sectors, with copper products being supplied to notable enterprises such as Cardiff, New Asia Electronics, and Wanma Group [3] - The precision copper strip has been successfully expanded into the 5G communication and smart interconnection fields, supporting high-frequency signal transmission needs [3] - New copper conductor products are being developed for marine engineering applications, including underwater cables and offshore wind power [3] Production Capacity and Planning - Projects for an annual production capacity of 50,000 tons of high-precision copper alloy strip and 60,000 tons of copper alloy rolling materials are expected to be completed and operational within the year [3] - Additional projects for 20,000 tons of ultra-fine copper conductors for AI computing and 40,000 tons of high-performance aluminum conductors are also planned for completion this year [3] Aerospace and Defense Sector - Tianniao High-tech has been a core supplier for national aerospace projects, providing key materials for major missions such as "Tiangong-1" and "Shenzhou" series rockets [4] - The company is focusing on advanced materials development during the 14th Five-Year Plan, with a 300 million CNY project aimed at producing high-performance fiber preforms, expected to generate an annual output value of 600 million CNY upon reaching full capacity [4] Dingli Technology Overview - Dingli Technology specializes in the development and production of special thermal equipment and new materials, with 90% of its revenue coming from equipment and 10% from new materials [5] - The company is expanding its overseas market presence, particularly in Russia, Japan, and Southeast Asia, with foreign trade revenue significantly contributing to growth [5] Future Outlook - The company aims to leverage its core technology in preform weaving and efficient production capabilities to capture opportunities in the commercial aerospace sector [7] - Tianniao has been recognized as a "first-level supplier" by China Aerospace Science and Industry Corporation, highlighting its technical strength and service capabilities in the aerospace field [7]

Financial Data and Key Metrics Changes - TechnipFMC has established itself as a leading offshore equipment company with a strong backlog and higher margins through its Subsea two point zero offering [1] - The company is on track to book $30 billion in orders over the last three years and expects another $10 billion next year, indicating a growing backlog that will convert to revenue and earnings [8][7] Business Line Data and Key Metrics Changes - The Subsea business has seen an expansion in its customer base, moving from 10-12 customers to a broader range due to increased offshore investment and TechnipFMC's integrated offerings [9] - Subsea two point zero currently represents 70% of the order book, with expectations for this to grow as it provides predictability and efficiency in project delivery [24][30] Market Data and Key Metrics Changes - The company has expanded its geographical reach, moving from three to four operational pockets globally to a more extensive network, enhancing its market presence [9] - The shift in capital flows towards offshore projects has been noted, with clients showing increased confidence in investing offshore due to TechnipFMC's ability to deliver projects on time and within budget [14][23] Company Strategy and Development Direction - TechnipFMC's strategy focuses on reducing cycle times and improving project delivery through its Subsea two point zero and integrated offerings, which enhance predictability and performance [22][46] - The company is competing for capital flows rather than just against other companies, emphasizing the importance of delivering better project economics and execution [20][47] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the sustainability of the offshore resurgence and the company's ability to grow in orders, revenue, and earnings [6][7] - The management acknowledged the industry's past inefficiencies and emphasized the importance of improved execution and delivery standards in the current market [39][42] Other Important Information - The Surface Technologies business is primarily driven by the Middle East, with significant contributions from Saudi Arabia and the UAE, and is expected to see growth in 2026 [56][61] - TechnipFMC has built new facilities in Saudi Arabia and the UAE to meet local content requirements and support international operations [58][59] Q&A Session Summary Question: How is the order book evolving? - The order book has expanded with more customers and projects, reflecting a growing interest in offshore investments and TechnipFMC's integrated offerings [8][9] Question: What is the mix of orders between greenfield and brownfield projects? - The company has seen a surprising increase in greenfield projects, while brownfield investments continue to be significant due to their high returns [15] Question: How does TechnipFMC differentiate itself from competitors? - The company focuses on capital flows and project execution rather than just competing with other companies, emphasizing the quality of offshore reservoirs and the importance of reducing cycle times [20][47] Question: What is the expected growth for the Surface Technologies business? - The international Surface Technologies business is shaping up nicely, with a focus on project-based work in the Middle East [61][63]

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company is actively expanding into new fields such as nuclear power, marine engineering, and environmental protection, which are expected to become significant growth drivers in the future [3] - Due to a slowdown in traditional chemical demand, the company has adjusted its profit forecasts for 2025-2027, expecting net profits of 37.39 million, 44.95 million, and 54.92 million respectively, with corresponding P/E ratios of 91, 76, and 62 [3] Financial Performance Summary - The total revenue for 2023 is projected at 740.18 million, with a decline to 523.44 million in 2024, and a slight recovery to 527.34 million in 2025 [1] - The net profit attributable to the parent company is expected to decrease from 88.85 million in 2023 to 60.71 million in 2024, and further down to 37.39 million in 2025, reflecting a year-on-year decline of 38.42% [1][3] - The latest diluted EPS is forecasted to be 0.34 yuan per share in 2025, with a P/E ratio of 91.53 [1][3] Market Data Summary - The closing price of the stock is 31.96 yuan, with a market capitalization of approximately 3.48 billion [6] - The stock has a price-to-book ratio of 7.90 and a one-year price range of 14.15 to 45.55 yuan [6] Financial Forecasts - The company anticipates total revenue growth rates of -29.28% in 2024, followed by a slight recovery of 0.74% in 2025, and growth rates of 17.25% and 12.83% in 2026 and 2027 respectively [9] - The gross profit margin is expected to decline to 16.19% in 2025, with a gradual recovery to 17.62% by 2027 [9]

Core Viewpoint - The company is actively expanding its presence in both traditional and humanoid robot sectors, while also enhancing its copper conductor product offerings across various industries [1] Group 1: Product Development and Applications - The company has successfully supplied copper conductor products in bulk to several wiring harness enterprises, including Zhejiang Cardiff, New Asia Electronics, and Wanma Group [1] - Precision copper strips have been extended into the 5G communications and smart interconnect sectors, being applied in critical components such as shielding covers, high-speed connectors, and integrated circuit lead frames to support high-frequency signal transmission needs [1] - Newly developed shaped copper conductors are entering the marine engineering sector, widely applicable to ship cables, offshore wind power, and submarine cables for medium and high voltage transmission scenarios, marking a breakthrough for high-end copper materials in deep-sea technology [1] Group 2: Market Expansion and Upgrading - The copper strip and plate business is continuously upgrading towards high-end products, with precision brass strips and copper plates entering emerging application scenarios such as 5G communication connectors and consumer electronics, covering multiple segments including automotive high-voltage wiring harnesses and data center server internals [1]

Core Viewpoint - Oceaneering International reported strong Q2 earnings, surpassing estimates, but shares have underperformed the S&P 500 in the past month, raising questions about future performance leading up to the next earnings release [1][2]. Financial Performance - Adjusted profit for Q2 2025 was 49 cents per share, exceeding the Zacks Consensus Estimate of 42 cents and up from 28 cents in the same quarter last year [2]. - Total revenues reached $698.2 million, aligning with estimates and reflecting a 4.4% increase from $668.8 million in the previous year [2]. Segment Performance - **Subsea Robotics**: Revenues were $218.8 million, slightly up from $215 million year-over-year, but missed the estimate of $242.8 million. Operating income rose to $64.5 million from $61.8 million, beating the estimate of $63.1 million, with an EBITDA margin of 35% [4]. - **Manufactured Products**: Revenues increased to $145.1 million from $139.3 million, surpassing the estimate of $139.4 million. Operating profit grew to $18.8 million from $14.4 million, exceeding the estimate of $15.3 million [5]. - **Offshore Projects Group**: Revenues rose 3.6% to $149.3 million from $144.1 million, but fell short of the estimate of $144.6 million. Operating income improved to $21.7 million from $13.2 million, beating the estimate of $21.4 million [6][7]. - **Integrity Management & Digital Solutions**: Revenues increased to $75.4 million from $73.5 million, exceeding the estimate of $73.8 million. Operating income rose to $4.6 million from $3.5 million, beating the projection of $4.4 million [8]. - **Aerospace and Defense Technologies**: Revenues grew to $109.6 million from $97 million, surpassing the estimate of $98 million. Operating income increased to $16.3 million from $7.2 million, beating the estimate of $10 million [9][10]. Capital Expenditure & Balance Sheet - Capital expenditure for Q2 totaled $32.8 million. As of June 30, 2025, cash and cash equivalents were $434 million, with long-term debt at approximately $484.6 million, resulting in a debt-to-total capital ratio of 36.4% [11]. Analyst Sentiment - No earnings estimate revisions were made by analysts in the last two months, indicating a period of stability in expectations [12]. Investment Scores - Oceaneering International holds a Growth Score of A and a Value Score of A, placing it in the top 20% for the value investment strategy, while it lags in Momentum Score with a D. The aggregate VGM Score is A [13]. Outlook - The company has a Zacks Rank of 3 (Hold), suggesting an expectation of an in-line return from the stock in the upcoming months [14].