证券研究报告·公司深度研究·专用设备 ◼ 深耕油气行业二十余年，已进入全球油服龙头供应链 南京迪威尔高端制造股份有限公司成立于 1996 年，1998 年正式进入机械 加工制造业，深耕行业多年，已成长为全球知名的专业研发、生产和销售 油气钻采设备承压零部件的高新技术企业；产品涵盖油气生产系统专用 件、井控设备专用件及非常规油气开采专用件三大系列，广泛应用于全球 各大主要油气开采区的陆上井口、深海钻采、页岩气压裂、高压流体输送 等油气设备领域。公司目前处于成长阶段，业绩有所波动，2024 年公司实 现营收 11.2 亿元，同比下降 7%；实现归母净利润 0.9 亿元，同比-40%， 主要由于 2020-2021 年公司出口业务受外部因素影响，订单有所回落，业 绩出现短期扰动，2022 年快速恢复增长。展望未来，随着公司产品竞争力 的持续加强&规模效应释放，公司未来成长空间广阔。 ◼ 油服行业：看好深海油气、非常规油气领域 油服行业为油气开采提供设备和服务，因标准要求高、申请周期长具有高 壁垒。迪威尔作为油服设备专用件供应商，已形成以深海油气水下开采设 备、页岩气压裂设备、陆地油气开采设备等专用承压件为主的系列产 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company reported a robust performance in Q1 2025, achieving revenue of 2.687 billion yuan, a year-on-year increase of 26.07%. The net profit attributable to shareholders reached 466 million yuan, up 24.04% year-on-year, while the net profit excluding non-recurring items was 462 million yuan, reflecting a 28.37% increase year-on-year [2][6]. - The change in delivery structure has impacted the gross margin, but the company has effectively controlled its operating expenses. The internationalization strategy is being executed successfully, with significant breakthroughs in overseas markets. The company has a sufficient backlog of orders, and both the company and its controlling shareholders are actively increasing their holdings, indicating confidence in future performance. The domestic demand for unconventional oil and gas extraction is rising, and as a leading provider of fracturing equipment, the company is expected to benefit significantly [2][6]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a gross margin of 31.43%, a decrease of 0.26 percentage points quarter-on-quarter and a decline of 4.29 percentage points year-on-year. The net profit margin was 17.79%, down 1.75 percentage points quarter-on-quarter and 0.2 percentage points year-on-year. The decline in profitability is attributed to the large-scale delivery of lower-margin conventional cementing equipment. However, as higher-margin fracturing equipment is gradually delivered, profitability is expected to normalize [12]. - The company maintained a good control over its operating expenses, with an expense ratio of 10.75% in Q1 2025, a year-on-year decrease of 2.74 percentage points [12]. International Expansion - The company has made significant progress in its internationalization strategy, with core products in the oil and gas field equipment and technology services experiencing sustained demand. Key international contracts include: 1. A preliminary development contract for the Mansuriya gas field in Iraq signed in May 2024. 2. Successful delivery and application of the first set of Chinese electric fracturing equipment in North America, with new orders secured in July 2024. 3. A total engineering contract for seven gas booster stations with BAPCO in Bahrain, valued at approximately 3.16 billion USD (about 22 billion yuan). 4. Winning a digital well site transformation project with ADNOC, with a contract value of approximately 6.555 billion yuan, setting a record for the company [12]. Order Backlog and Shareholder Confidence - The company secured new orders worth 18.232 billion yuan in 2024, a year-on-year increase of 30.64%, with overseas orders growing by 65.37%. As of the end of 2024, the backlog of orders stood at 10.155 billion yuan, providing strong support for future operational performance. Additionally, the company announced a stock buyback plan of 150-250 million yuan and the controlling shareholder plans to increase holdings by 50-70 million yuan, reflecting confidence in future growth [12]. Industry Outlook - The demand for unconventional oil and gas extraction in China is expected to increase, supported by the "14th Five-Year Plan" for modern energy systems, which emphasizes the exploration and development of unconventional resources. The company, as a leading provider of fracturing equipment, is well-positioned to benefit from the anticipated growth in the oilfield services market [12].