证券研究报告——晨会聚焦 2025 年 8 月 27 日 | 8 月金股组合 | | | --- | --- | | 股票代码 | 股票名称 | | 002352.SZ | 顺丰控股 | | 002648.SZ | 卫星化学 | | 688019.SH | 安集科技 | | 600276.SH | 恒瑞医药 | | 688198.SH | 佰仁医疗 | | 600861.SH | 北京人力 | | 300395.SZ | 菲利华 | | 601138.SH | 工业富联 | | 002938.SZ | 鹏鼎控股 | | 688615.SH | 合合信息 | 中银晨会聚焦-20250827 ■重点关注 【石油石化】海油发展*徐中良 余嫄嫄。2025 年上半年度公司实现营业收 入 225.97 亿元，同比增长 4.46%，归母净利润为 18.29 亿元，同比增长 13.15%； 其中，第二季度实现营收 125.22 亿元，同比增长 0.78%，环比增长 24.30%。 归母净利润为 12.35 亿元，同比增长 10.75%。公司聚焦主责主业，业绩稳健 增长，看好公司传统主业竞争力提升，以及新质生产力业务发展空间广 ...

华油能源(01251)发布截至2025年6月30日止6个月中期业绩，该集团取得收入7.47亿元，同比减少2.87%; 公司拥有人应占亏损4793.5万元，同比减少23.6%;每股亏损0.025元。 面对行业技术不断变革与能源转型加速的新形势，本集团坚定不移地推进本集团"技术引领发展，创新 驱动未来"的技术战略方针，深化技术投入与创新实践，突破单点技术壁垒，系统性打通从技术研发到 产业服务的价值闭环，为油气公司提供适应能源革命趋势的一体化综合解决方案。 ...

智通财经APP讯，华油能源(01251)发布截至2025年6月30日止6个月中期业绩，该集团取得收入7.47亿 元，同比减少2.87%;公司拥有人应占亏损4793.5万元，同比减少23.6%;每股亏损0.025元。 面对行业技术不断变革与能源转型加速的新形势，本集团坚定不移地推进本集团"技术引领发展，创新 驱动未来"的技术战略方针，深化技术投入与创新实践，突破单点技术壁垒，系统性打通从技术研发到 产业服务的价值闭环，为油气公司提供适应能源革命趋势的一体化综合解决方案。 ...

上半年，惠博普（002554）(002554.SZ)在复杂的大环境下，始终以市场为先，深耕海外市场，聚焦高 价值项目，推进高潜力项目落地。报告期内，公司实现营业收入87,903.22万元；净利润4439.13万元， 较上年同期增长44.56%；扣非净利3819.51万元，较2024年上半年大幅增长89.76%。业绩变动，惠博普 表示，利润增长主要是由于海外项目回款金额较大，使得坏账准备冲回所致。 作为一家国际化的油气资源开发及利用综合解决方案服务商，惠博普致力于为全球客户提供高效、清洁 的能源及能源生产方式。公司主营业务包括油气工程及服务(EPCC)、环境工程及服务、油气资源开发 及利用。具体来看： 油气工程及服务业务作为营收支柱，受新签订单较少，以及海外大项目由于业主方审批等流程性延误造 成项目进度不及预期，从而导致收入确认较预期有一定程度的减少，该业务实现收入62,714.15万元；油 气资源开发及利用则贡献营收22,163.31万元。 需要提及的是，上半年，惠博普各环保项目顺利推进，并取得阶段性成果，公司环境工程及服务业务实 现了较好的业绩增长。报告期内，该板块业务录得3,025.76万元营收，较上年同 ...

丨证券研究报告丨 公司研究丨点评报告丨海油发展（600968.SH） [Table_Title] 三大产业稳健增长，毛利率创同期新高 报告要点 [Table_Summary] 公司发布 2025 年半年报，2025 年上半年，公司实现营业收入 225.97 亿元，同比增加 4.46%， 实现归母净利润 18.29 亿元，同比增加 13.15%；2025 年单二季度，公司实现营业收入 125.22 亿元，同比增加 0.78%，实现归母净利润 12.35 亿元，同比增加 10.75%。公司上半年毛利率 和净利率创历史同期新高；聚力提升产业发展质效，能源技术服务产业收入和毛利率双升；低 碳环保与数字化产业各业务工作量均实现提升；差异化经营应对油价波动，能源物流服务产业 收入同比增长 5.13%；出售冷能业务及资产，优化资源配置。 分析师及联系人 [Table_Author] 魏凯 王岭峰 research.95579.com 1 海油发展（600968.SH） cjzqdt11111 [Table_Title2] 三大产业稳健增长，毛利率创同期新高 [Table_Summary2] 事件描述 公司发布 2025 年 ...

融券方面，当日融券卖出0.17万股，净买入30.44万股。 最近三个交易日，13日-15日，海油发展分别获融资买入2.69亿元、0.84亿元、0.42亿元。 8月15日，沪深两融数据显示，海油发展获融资买入额0.42亿元，居两市第576位，当日融资偿还额1.50 亿元，净卖出10744.47万元。 ...

Major Events - Tianyue Advanced (02631) plans to globally offer 47.7457 million H-shares from August 11 to August 14 [1] - Hengrui Medicine (01276) has its injection drugs listed in the proposed breakthrough treatment varieties public notice [1] - Shoucheng Holdings (00697) invests in Southern Universal Data Center REIT and Southern Runze Technology Data Center REIT [1] - Boyaa Interactive (00434) is included in the MSCI Global Small Cap Index [1] Financial Performance - Yum China (09987) reports a net profit of $507 million, an increase of 1.6% year-on-year [1] - Master Kong Holdings (00322) announces a profit attributable to shareholders of 2.271 billion yuan, up 20.5% year-on-year [1] - Q Tech (01478) reports a profit of 308 million yuan, a significant increase of 167.59% year-on-year [1] - Hang Wan Technology (01523) announces a net profit of approximately $21.665 million, up about 13.4% year-on-year, with a dividend of 12.34 HK cents per share [1] - Ruipu Lanjun (00666) reports a gross profit of approximately 829 million yuan, a year-on-year growth of 177.8% [1] - Kingdee International (00268) sees a revenue increase of 11.24% to 3.192 billion yuan, with strong growth in cloud business [1] - Yuyuan Group (00551) reports a profit attributable to shareholders of $171 million, a decrease of 7.2% year-on-year [1] - Boyaa Interactive (00434) reports a profit attributable to shareholders of 226 million HKD, down 27.8% year-on-year [1] - Chongqing Machinery and Electric (02722) expects a net profit attributable to shareholders to increase by about 50% year-on-year [1] - Anton Oilfield Services (03337) anticipates a significant profit increase of 41.6% to 60.5% year-on-year [1] - Sany International (00631) expects a net profit of approximately 1.234 billion to 1.332 billion yuan, an increase of 25% to 35% year-on-year [1] - Datang Renewable (01798) reports a cumulative power generation of approximately 21.3563 million MWh in the first seven months, an increase of 11.75% year-on-year [1] - China Jinmao (00817) reports a cumulative contracted sales amount of 61.807 billion yuan in the first seven months, up 23.12% year-on-year [1] - New Town Development (01030) reports a cumulative contract sales amount of approximately 11.99 billion yuan in the first seven months, down 55.66% year-on-year [1] - Dongfeng Motor Group (00489) reports automobile sales of approximately 978,500 units in the first seven months, a decrease of about 8.9% year-on-year [1] - Hopson Development Holdings (00754) reports a total contracted sales amount of approximately 9.047 billion yuan in the first seven months, down 12.49% year-on-year [1] - Yuyuan Group (00551) reports a net operating income of approximately $667.5 million in July, a year-on-year decrease of 1.9% [1]

公司公告汇总 中海油服发布关于为全资子公司提供担保的公告，主要内容如下：- 担保对象为COSL Middle East FZE，担保金额为9800万美元，在前期预计额度内，无反担保。- 截至公告日，上市公司及其控股子公 司对外担保总额为441.44亿元人民币，占上市公司最近一期经审计净资产的比例为99.4%。- 2025年7月 31日，COSL Middle East FZE与香港上海汇丰银行有限公司签署美元循环贷款协议，中海油服为借款人 提供担保，担保期限至2026年7月30日。- 被担保人COSL Middle East FZE是中海油服的全资子公司，法 定代表人为胡文军，成立于2006年7月2日，注册地为迪拜，注册资本为100万迪拉姆，主要提供油气行 业相关服务。2025年3月31日的财务数据显示，资产总额为3172.56百万元人民币，负债总额为2740.31百 万元人民币，资产净额为432.25百万元人民币。- 担保协议的主要内容包括：担保人为中海油田服务股 份有限公司，被担保人为COSL Middle East FZE，担保金额为9800万美元，担保期限自2025年7月31日 起至2026年7月30 ...

Group 1 - The core project of Roke Petroleum's headquarters in Chengdu's Xindu District has commenced construction, representing a significant step in the company's strategy for energy security and the development of high-end equipment manufacturing in the region [1][2] - The total investment for the headquarters project is 500 million yuan, covering an area of 35 acres, and will integrate high-end oil and gas well tool research and development, precision manufacturing, comprehensive testing, and engineering technical services [1] - Once completed, the project is expected to become the leading center for downhole completion tool research, production, and testing in the country, filling gaps in the regional industrial chain and promoting the independent and high-end development of products and technologies in this field [1][2] Group 2 - The oil and gas service industry in Xindu District has shown strong growth, attracting over 200 core supporting enterprises, including leading companies like Sinopec Southwest Oil Engineering and PetroChina Chuanqing Drilling [2] - The establishment of Roke Petroleum's headquarters is a key move in Xindu's strategy to become a major growth pole in northern Chengdu, with an anticipated annual output value exceeding 400 million yuan upon completion [2] - The project will enhance the high-end equipment manufacturing industry chain in Xindu and contribute to Chengdu's goal of becoming a national advanced manufacturing base [2]

Core Viewpoint - The major shareholder and actual controller of Beiken Energy, Chen Pinggui, has completed a share reduction plan, selling a total of 6.03 million shares, which accounts for 3% of the company's total share capital [1] Group 1: Share Reduction Details - Chen Pinggui's share reduction plan was announced on March 28, with a timeframe from April 22 to July 21, 2025, during which he intended to reduce his holdings by up to 6,029,628 shares [1] - The reduction was executed in two phases: from April 22 to June 17, 2,009,876 shares were sold at an average price of 8.5736 yuan per share, and from June 6 to July 16, 4,019,752 shares were sold at an average price of 8.8584 yuan per share [1] - The total cash generated from this reduction was approximately 52.84 million yuan, leaving Chen Pinggui with 26,455,372 shares, representing 13.1627% of the company [1] Group 2: Previous Share Reduction - Prior to this, Chen Pinggui had reduced his holdings by 410,000 shares between July 31 and October 30, 2024, at an average price of 8.741 yuan, resulting in approximately 3.58 million yuan in cash [2] Group 3: Company Background and Business - Beiken Energy was established in 2009 and is based in Karamay, listed on the Shenzhen Stock Exchange since December 2016, focusing on integrated engineering services in the oil and gas sector, coal gas extraction, clean coal utilization, and chemical product sales [2] Group 4: Upcoming Share Issuance - Beiken Energy plans to issue up to 54 million shares to its chairman, Chen Dong, aiming to raise no more than 356 million yuan, which will lead to a change in the controlling shareholder from Chen Pinggui to Chen Dong [2] - Post-issuance, Chen Dong's shareholding will increase to 21.18%, while Chen Pinggui's will decrease from 15.17% to 11.95% [2] Group 5: Financial Performance - In Q1 2025, Beiken Energy reported revenue of 141.9 million yuan, a year-on-year decline of 14.81%, and a net profit of 5.023 million yuan, which represents a significant drop compared to previous periods [3] - The company's net profit has shown considerable volatility, with a loss exceeding 300 million yuan in 2022, and fluctuating profits from 2019 to 2024 [3]