Summary of CNOOC Services Conference Call Company Overview - CNOOC Services reported Q1 revenue of 10.8 billion RMB, a year-on-year increase of 6.4%, and a net profit attributable to shareholders of 0.89 billion RMB, a significant year-on-year increase of nearly 40%, primarily benefiting from resource optimization and full industry chain integration [2][3][4]. Key Points Financial Performance - Q1 revenue reached 10.8 billion RMB, up 6.4% year-on-year [2][3]. - Net profit attributable to shareholders was 0.89 billion RMB, reflecting a nearly 40% increase year-on-year [2][3]. - Financial expenses decreased significantly, contributing positively to performance growth, with expectations for stable annual financial expenses [4][14]. Operational Highlights - Drilling platform operating days increased significantly, totaling 48,089 days in Q1, a year-on-year increase of 11.4% [2][3]. - High utilization rates for overseas drilling platforms, with four out of five semi-submersible drilling platforms currently operational [2][6]. - Domestic platforms maintained stable workload and utilization rates, with new platforms showing full scheduling [6][7]. Pricing and Contracts - Day rates for four vessels in Norway are approximately 300,000 USD [9]. - Day rates for overseas platforms are expected to remain stable during contract periods, unaffected by industry fluctuations [10]. - Domestic platform pricing has remained stable, with slight increases for new platforms [11][12]. Sector Insights - The overall gross margin for the oil service sector is expected to improve in 2024, although overseas profit margins remain lower than domestic due to initial technical layout and new market development impacts [13]. - The company is actively expanding deepwater business, participating in Brazilian deepwater projects and obtaining entry qualifications through an eight-country oil alliance [4][20]. Technology and R&D - The company has made significant investments in oil and gas exploration technology, particularly in ultra-deepwater high-temperature and high-pressure working fluids and directional equipment [21]. - Continuous focus on deepwater technology development, including successful operations of self-developed equipment and participation in deepwater projects [20]. Market Outlook - The company is closely monitoring market dynamics and will seek suitable contract opportunities in various regions, including North Sea and Brazil [17][18]. - New signing platform average rates are expected to rise, despite some regional fluctuations [23]. Additional Important Insights - The company has not seen any significant changes in operational platforms and does not currently plan to recognize impairment losses, although external market fluctuations could prompt adjustments [16]. - The company maintains a cooperative relationship with newly established operational companies under CNOOC, focusing on resource pooling and potential future collaborations [18].

Investment Rating - The report maintains an "Overweight" rating for the oil service sector [6] Core Viewpoints - The global upstream capital expenditure is expected to rebound in 2025, with a projected increase of over $582.4 billion, representing a 5% year-on-year growth, which lays a solid foundation for the oil service sector's prosperity [1][10] - The average day rate for global self-elevating platforms reached $103,600 per day in March 2025, a 6.7% increase year-on-year, while semi-submersible platforms averaged $248,400 per day, up 2.7% year-on-year, indicating sustained market demand [1][15] - The "Big Three" oil companies in China are increasing capital expenditures and oil and gas production, which is expected to benefit their affiliated oil service companies significantly [2][18] - The performance of oil service companies continues to improve, with notable profit growth reported for subsidiaries of China National Offshore Oil Corporation (CNOOC) in Q1 2025 [3][30] - The operational quality of oil service companies is improving, enhancing their competitiveness in the international market [4][37] Summary by Sections 1. Industry Prosperity and Performance - Global upstream capital expenditure is projected to recover, with 2024 offshore exploration and development investment expected to grow by 8.6% year-on-year, while onshore investment is anticipated to decline by 7.9% due to stagnation in North America [1][10] - The oil service market is expected to reach $316.1 billion in 2024, growing by 3%, and $326.5 billion in 2025, with a 3.3% increase [10] - The "Big Three" oil companies in China plan to maintain high capital expenditures in 2025, with respective budgets of CNY 210 billion, CNY 76.7 billion, and CNY 130 billion, supporting production growth [2][18] 2. Performance of Oil Service Companies - CNOOC's subsidiaries have shown significant profit growth, with net profits for CNOOC Services, CNOOC Engineering, and CNOOC Development growing at CAGRs of 15%, 22%, and 23% from 2022 to 2024 [3][30] - In Q1 2025, CNOOC Services, CNOOC Engineering, and CNOOC Development reported net profits of CNY 88.7 million, CNY 54.1 million, and CNY 59.4 million, reflecting year-on-year growth of 40%, 14%, and 18% respectively [3][30] 3. Improvement in Operational Quality - The gross margin of CNOOC's subsidiaries improved in Q1 2025, with increases of 1.9 percentage points for CNOOC Services and 3.9 percentage points for CNOOC Engineering compared to the previous year [4][37] - The annualized ROE for CNOOC Services and CNOOC Engineering increased by 0.7 percentage points and decreased by 0.3 percentage points respectively, indicating a trend of improving operational quality [4][37] 4. Investment Recommendations - The report suggests focusing on the "Big Three" oil companies and their affiliated oil service firms, as well as leading companies in the refining and chemical sectors [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's performance in Q1 2025 showed significant improvement, with total revenue reaching 10.798 billion yuan, a year-on-year increase of 6.4%, and net profit attributable to shareholders at 887 million yuan, up 39.6% year-on-year [7] - The drilling platform utilization rate reached a historical high, with operating days for drilling platforms at 4,889 days, an increase of 11.4% year-on-year, and a utilization rate of 91.6%, up 6.9 percentage points year-on-year [7] - The oilfield technology services segment continues to grow steadily, contributing to stable revenue growth, with expectations for further performance improvement as key technologies are applied [7] - The ship service segment saw a significant increase in operating days, up 44.9% year-on-year, while the geophysical exploration segment experienced a temporary decline due to contract completions [7] - The parent company, CNOOC, plans to maintain high capital expenditures of 125-135 billion yuan in 2025, providing a solid order foundation for the company [7] - Profit forecasts for 2025-2027 are maintained at 3.711 billion, 4.460 billion, and 5.394 billion yuan, corresponding to PE ratios of 17X, 14X, and 12X respectively [7] Financial Data and Earnings Forecast - Total revenue for 2025 is estimated at 51.882 billion yuan, with a year-on-year growth rate of 7.4% [6] - Net profit attributable to shareholders for 2025 is projected to be 3.711 billion yuan, reflecting an 18.3% year-on-year increase [6] - Earnings per share for 2025 is expected to be 0.78 yuan [6] - The gross profit margin for 2025 is forecasted at 16.4% [6] - The return on equity (ROE) for 2025 is estimated at 7.9% [6]

Investment Rating - The report assigns an "Outperform" rating to the company, indicating an expected relative return exceeding the benchmark index by more than 10% over the next 12-18 months [25]. Core Insights - The company is positioned as a unique drilling and energy service provider in Abu Dhabi, being the sole drilling service provider for the Abu Dhabi National Oil Company (ADNOC) [2]. - The company aims for a compound annual growth rate of at least 10% in dividends from FY2024 to FY2028, with dividends expected to reach at least $867 million by FY2025 [3][4]. - The company has a strong profit margin, with an EBITDA margin of approximately 50%, significantly higher than the industry average of around 18% [3]. Summary by Sections Company Overview - The company is focused on supporting ADNOC's goal of achieving a production capacity of 5 million barrels per day by 2027 and increasing natural gas capacity by over 13 billion cubic feet per day by 2030 [2]. - The company has implemented sustainable operations, including hybrid land drilling rigs equipped with battery storage systems to enhance efficiency and reduce fuel consumption [2]. Financial Performance - The company has the highest profit margin in the global oil service sector, with a minimum unlevered internal rate of return of 11-13% for offshore rigs and 10-12% for onshore rigs [3]. - The progressive dividend policy is expected to enhance the company's yield, which is currently competitive at around 4-5% [3]. Project Updates - The company has eight unconventional drilling rigs currently in operation, with plans for further expansion based on project efficiency [4]. - The final investment decision for the second phase of unconventional projects is anticipated by the end of FY2025 or early FY2026 [4]. Growth Strategy - The company plans to increase its rig count from 142 at the end of FY2024 to over 151 by FY2028, supporting its growth trajectory [5].

Group 1: Oil and Gas Industry - Global offshore exploration and development investment is expected to grow by 8.6% in 2024, while onshore investment is projected to decline by 7.9% [3] - Upstream capital expenditure is anticipated to recover in 2025, reaching over $582.4 billion, a year-on-year increase of 5% [3] - The domestic "three major oil companies" are focused on increasing reserves and production, with continuous growth in capital expenditure and output, benefiting oil service companies [3] Group 2: Agriculture and Animal Husbandry - The average weight of pigs for slaughter has decreased, indicating a potential turning point in inventory [4] - As of April 18, the average price of external three yuan pigs was 14.97 yuan/kg, with a week-on-week increase of 2.11% [4] - The average weight of commodity pigs for slaughter was 128.57 kg, down by 0.24 kg week-on-week, and the national frozen product inventory rate was 14.88%, a decrease of 0.06 percentage points [4] Group 3: Pharmaceutical Industry - China's implementation of tariffs on U.S. medical devices is expected to increase import costs, accelerating domestic substitution [5] - The domestic medical device sector, particularly in innovative and high-barrier areas, is likely to benefit from this policy [5] Group 4: Banking Sector - Jiangsu Bank reported a revenue of 80.8 billion yuan in 2024, a year-on-year increase of 8.8%, and a net profit of 31.8 billion yuan, up 10.8% [6] - The bank's return on average equity (ROAE) was 13.6%, a decrease of 0.9 percentage points year-on-year, with strong risk compensation ability and stable dividend rate [6] Group 5: Steel Industry - In Q1 2025, CITIC Special Steel achieved a net profit margin of 13.84 billion yuan, the highest in nearly eight quarters, while the debt-to-asset ratio reached the lowest since Q3 2019 [7] - The company reported total revenue of 26.84 billion yuan, a year-on-year decrease of 5.59% but a quarter-on-quarter increase of 4.44% [7] Group 6: Technology Sector - Huace Navigation's revenue for 2024 was 3.251 billion yuan, a year-on-year increase of 21.38%, with a net profit of 583 million yuan, up 29.89% [8] - The company aims for a net profit of 730 million yuan in 2025, representing a growth of approximately 25% compared to the previous year [8] Group 7: LED Lighting Industry - Jingfeng Mingyuan's business includes power management chips and control driver chips, with applications in LED lighting and high-performance computing [9]

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 今 日 聚 焦 【石油化工】石化24年报总结：不确定环境下的确定性，"三桶油"及油服再创佳绩—— 石油化工行业周 报第 399 期（ 20250414 — 20250420 ） 根据 S&P Global 统计， 2024 年全球海上勘探开发投资同比增长 8.6% ，陆上勘探开发投资同比下降 7.9% ，预计 25 年全球上游资本开支恢复增长，有望达到 5824 亿美元以上，同比增长 5% ，上游资本开支的持 续扩增为油服景气奠定基础 。国内"三桶油"坚持增储上产，资本开支和产量持续增长，旗下油服企业有望 持续受益，我们持续看好油服企业工作量的增长和盈利能力的改善。 （赵乃迪/蔡嘉豪/王礼沫） 2025-04-20 您可点击今日推送内容 ...

贝克休斯油服：美国钻井公司四周以来首次增加油气钻机数量。 ...

Core Viewpoint - Beiken Energy reported a slight decrease in revenue for 2024, but achieved significant growth in key regions, leading to an increase in net profit [1][3]. Financial Performance - The company achieved an operating revenue of 951 million yuan, a decrease of 3.02% year-on-year [1]. - Net profit attributable to shareholders was 4.32 million yuan, while the net profit excluding non-recurring items was 44.93 million yuan, reflecting a year-on-year growth of 13.37% [1]. Market Performance - The Southwest region saw a revenue increase of 14.42%, reaching 533 million yuan, while the Xinjiang region experienced a 23.41% growth, generating 245 million yuan [3]. - The company completed 167 wells and 501 fracturing segments, with a total drilling footage of 291,000 meters [3]. Business Strategy - The company is focusing on stabilizing traditional markets in Xinjiang and Southwest while actively developing new markets [3]. - Beiken Energy is optimizing its business and customer structure, controlling production equipment and workforce size, and enhancing engineering technology and digitalization to achieve cost reduction and efficiency [3]. Expansion Plans - The company is transitioning towards upstream oil and gas resource exploration and development, acquiring 10 lease areas in Alberta and Saskatchewan, Canada, covering 1,510.038 hectares [4]. - This shift is expected to become a new profit growth point for the company [4]. Dividend Distribution - The company proposed a cash dividend of 0.5 yuan per 10 shares (including tax) to all shareholders [5].

Financial Performance - The company achieved an operating revenue of 341.62 million CNY in 2024, an increase of 25.71% compared to the previous year [4] - The net profit attributable to shareholders was -15.74 million CNY, with a year-on-year reduction in losses of 15.72% [4] - The gross profit margin for the year was 3.12%, an increase of 0.29% from the previous year [4] Cost and Expense Analysis - Operating costs increased by 6.69 million CNY, a rise of 25.33% year-on-year, primarily due to increased labor and service costs [2][3] - Management expenses rose by 2.67 million CNY due to headquarters relocation and litigation costs [3] - Financial expenses increased by 623,500 CNY due to higher interest from increased loans [3] Future Growth Drivers - Projected operating revenue for 2025 is expected to continue growing, driven by scale effects and improved cost control [5] - The company plans to seek funding support from major shareholders through private placements [5] - There is a focus on mergers and acquisitions to enhance the company's fundamentals [5] Industry Outlook - The implementation of new energy laws and resource regulations in 2025 is expected to boost oil and gas exploration and development [8] - The oil service industry is anticipated to have growth potential despite challenges from global economic slowdowns and fluctuating oil prices [8] Risk Management and Expansion Plans - The company acknowledges risks from market concentration and plans to diversify its customer base and geographic reach [9] - Strategies include seeking opportunities in low-efficiency blocks and expanding into markets outside Xinjiang [9] Cost Reduction Strategies - The company plans to raise 197.5 million CNY through private placements for working capital and equipment upgrades [11] - Measures to control costs include performance assessments and optimizing personnel and equipment utilization [11] Profitability Expectations - The company aims to achieve a minimum operating revenue of 400 million CNY in 2025 and return to profitability [12] - Future profitability will depend on macroeconomic conditions, market dynamics, and management efforts [12]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：300164 证券简称：通源石油 公告编号：2025-008 一、重要提示 本年度报告摘要来自年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投资者 应当到证监会指定媒体仔细阅读年度报告全文。 所有董事均已出席了审议本报告的董事会会议。 董事会决议通过的本报告期优先股利润分配预案 □适用 □不适用 中审亚太会计师事务所（特殊普通合伙）对本年度公司财务报告的审计意见为：标准的无保留意见。 本报告期会计师事务所变更情况：公司本年度会计师事务所由变更为中审亚太会计师事务所（特殊普通 合伙）。 非标准审计意见提示 □适用√不适用 公司上市时未盈利且目前未实现盈利 □适用√不适用 董事会审议的报告期利润分配预案或公积金转增股本预案 □适用√不适用 公司计划不派发现金红利，不送红股，不以公积金转增股本。 （一）主要业务 公司致力于为油气田开发提供全方位的解决方案和技术服务。公司以射孔作为核心竞争力，钻完井一体 化业务为核心主业，形成了涵盖定向钻井、测井、射孔、压裂增产等一体化业务。同时，公司将清洁能 源业务和CCUS业务作为战略发展方向，努力推 ...