发展国内海底管道业务的同时，中国海油海油工程安装分公司副总经理宫学成介绍，近年来该公司先后 承揽东南亚、中东、非洲等地区的10余个项目，累计铺设海底管道500余公里，创造了全球"海管尺寸最 大"和"单根海管最重"等多项行业施工纪录，进一步推动中国海洋工程企业深度参与全球油气合作。 中国海油表示，经过40年技术攻关与工程实践，中国海洋油气管道工程技术与装备能力已实现全方位跨 越，对加快海洋油气资源开发、提升国家海洋能源自主保障能力具有里程碑意义。(完) "十四五"以来，中国海油依托重大工程项目，联合国内高校、科研院所和产业链上下游企业持续加大原 创性技术攻关，铺管作业能力实现全面提升，累计铺设海管超1500公里，最大作业水深1542米，实现从 浅水向超深水的历史性跨越。 截至目前，中国海底油气管道总长度已超过1万公里，铺设规格实现了从2英寸到48英寸海管的全尺寸覆 盖，涵盖了单层管、双层管、复合管、子母管等国际主流全部类型，铺管技术及装备能力达到国际先进 水平，并在装备技术体系完整性等方面走在了国际前列。 中新社北京9月28日电 (记者 王恩博)中国海油28日对外宣布，中国海底油气管道总长度成功突破1万公 里， ...

Core Viewpoint - The company reported significant growth in revenue and net profit for the first half of 2025, indicating improved operational efficiency and financial health [1][2]. Financial Performance - In the first half of 2025, the company achieved revenue of 23.32 billion yuan, a year-on-year increase of 3.5%, and a net profit attributable to shareholders of 1.964 billion yuan, up 23.3% [1]. - The gross profit margin reached 17.54%, an increase of 0.71 percentage points year-on-year, while the expense ratio decreased by 0.51 percentage points [2]. - Interest expenses fell by 21.23% due to optimized debt structure, contributing to a 2.74 percentage point decrease in the asset-liability ratio [2]. Operational Efficiency - The company improved drilling operations, with a total of 9,906 days of platform operation in the first half of 2025, a 10.5% increase year-on-year [2]. - The average daily rate for platforms was $91,000, a 5.8% increase year-on-year, with semi-submersible platform rates rising by 27.6% [3]. Market Strategy - The company is focusing on high-potential markets and leveraging its integrated industry chain advantages to enhance core competitiveness [2]. - The oilfield technology service business is expected to grow steadily, with a gross profit margin of 23.98% in the first half of 2025, up 0.23 percentage points year-on-year [3]. Industry Outlook - The potential for offshore oil and gas resources is significant, with the company expected to benefit from ongoing projects in the South China Sea and Bohai Sea [4]. - The capital expenditure budget for China National Offshore Oil Corporation (CNOOC) is projected to be between 125 billion and 135 billion yuan for 2025, maintaining a high baseline from 2024 [4].

Group 1 - China's investment and construction projects in the energy sector for Saudi Arabia, Iraq, UAE, Kuwait, Qatar, and Angola from 2020 to 2024 total $50.28 billion, with major oil and gas projects accounting for $29.15 billion, showing a year-on-year increasing trend [1] - The oil service equipment industry has high standards, long application cycles, and requires dual certification from both the industry and clients, creating significant technical barriers and a favorable competitive landscape [1] - Leading domestic oil service equipment companies, such as Jereh and Neway, have seen explosive growth in orders from the Middle East, with Jereh's orders in the region expected to double in 2024 and Neway's overseas orders increasing by 60% in Q1 2025, with Middle East and Africa orders making up 44% of the total [1] Group 2 - The long-term energy transition concerns have led oil companies to favor the development of offshore oil and gas resources, which have superior resource endowments and lower barrel costs, as oil prices remain stable [2] - The development of offshore oil and gas resources is gaining momentum, with advancements in technology and equipment enhancing the competitiveness of China's oil service industry in international markets [2] - It is recommended to focus on resource stocks and oil service stocks that demonstrate stable performance [2] Group 3 - Related Hong Kong-listed companies in the oil service sector include CNOOC Services (02883), Sinopec Oilfield Services (01033), Giant Oilfield Services (03303), Anton Oilfield Services (03337), and Honghua Group (00196) [3]

Investment Rating - The investment rating for the company is "Buy" and it is maintained [9]. Core Insights - The company reported a significant increase in performance for Q1 2025, with total revenue reaching 10.798 billion yuan, a year-on-year increase of 6.40%. The total profit amounted to 1.129 billion yuan, up 20.12%, and the net profit attributable to shareholders was 0.887 billion yuan, reflecting a substantial increase of 39.60% [2][6]. Summary by Relevant Sections Financial Performance - In Q1 2025, the company achieved a gross profit margin of 17.64%, an increase of 1.24 percentage points year-on-year. The expense ratio decreased by 0.88 percentage points, with financial expense ratio down by 0.6 percentage points due to optimized debt structure, leading to a 2.28 percentage point reduction in asset-liability ratio [11]. Drilling Business - The drilling business saw a significant improvement in workload, with operating days for drilling platforms increasing by 11.4% year-on-year to 4,889 days in Q1 2025. The utilization rate of drilling platforms reached 89.5%, an increase of 10.3 percentage points year-on-year [11]. Technology-Driven Strategy - The company continues to implement a "technology-driven" strategy, resulting in stable growth in oilfield technical services. The gross profit margin for oilfield technical services increased to 22.9%, up 0.80 percentage points year-on-year, with the segment's revenue share rising from 29% in 2014 to 57% in 2024 [11]. Market Potential - The company is expected to benefit from the significant potential of offshore oil and gas resources, with China's offshore capital expenditure budget for 2025 set at 125-135 billion yuan, maintaining a high baseline from 2024. This will support substantial energy engineering construction demand [11]. Earnings Forecast - The projected EPS for the company from 2025 to 2027 is 0.81 yuan, 0.87 yuan, and 0.92 yuan, respectively, with corresponding PE ratios of 16.61X, 15.47X, and 14.66X based on the closing price on April 25, 2025 [11].