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 ...

Investment Rating - The investment rating for the company is "Buy" [2] Core Views - The company achieved a revenue of 48.302 billion yuan in 2024, representing a year-on-year increase of 9.5%. The net profit attributable to shareholders was 3.137 billion yuan, up 4.1% year-on-year, with a basic earnings per share of 0.66 yuan, an increase of 4.8% year-on-year [3][4] - The company is accelerating its overseas business expansion, with revenue growth in drilling, oil technology, shipping, and geophysical exploration segments at 9.4%, 7.4%, 20.9%, and 14.2% respectively. The shipping segment showed significant growth due to resource integration and increased operational volume [5] - The company maintains a high level of capital expenditure, which supports stable growth in oil service orders. In 2025, the company plans to spend 125 to 135 billion yuan on capital expenditures [8] Financial Summary - In 2024, the company reported total revenue of 48.302 billion yuan, with a year-on-year growth rate of 9.5%. The net profit attributable to shareholders was 3.137 billion yuan, with a growth rate of 4.1% [7] - The company's gross margin for 2024 was 15.7%, with a projected increase to 16.5% in 2025 [7] - The company plans to distribute a cash dividend of 0.23 yuan per share in 2024, with a payout ratio of 35.08%, an increase of 1.83 percentage points from the previous year [8] Earnings Forecast - The forecast for net profit attributable to shareholders for 2025-2027 is 4.005 billion yuan, 4.322 billion yuan, and 4.652 billion yuan, with year-on-year growth rates of 27.7%, 7.9%, and 7.6% respectively. The diluted EPS for the same period is projected to be 0.84 yuan, 0.91 yuan, and 0.97 yuan [8]

Investment Rating - The investment rating for the company is "Buy" [2] Core Insights - The company reported a revenue of 48.302 billion yuan in 2024, representing a year-on-year increase of 9.5%. The net profit attributable to shareholders was 3.137 billion yuan, up 4.1% year-on-year, with a basic earnings per share of 0.66 yuan, reflecting a 4.8% increase [3][4] - The company has accelerated its overseas business expansion, with revenue growth in drilling, oil technology, shipping, and geophysical segments of 9.4%, 7.4%, 20.9%, and 14.2% respectively. The shipping segment showed significant growth due to resource integration and increased operational volume [5] - The company’s international revenue accounted for 22.5% of total revenue, with a year-on-year growth of 14.9%, while domestic revenue grew by 8.0% [5] - The company plans to maintain high capital expenditures, with a projected capital spending of 125 to 135 billion yuan in 2025, which supports stable growth in performance [8] Financial Summary - In 2024, the company achieved total revenue of 48.302 billion yuan, with a projected revenue of 53.022 billion yuan for 2025, indicating a growth rate of 9.8% [7] - The net profit attributable to shareholders is expected to reach 4.005 billion yuan in 2025, with a year-on-year growth of 27.7% [7] - The company’s gross margin is projected to improve slightly from 15.7% in 2024 to 16.5% in 2025 [7] - The earnings per share (EPS) is forecasted to be 0.84 yuan in 2025, with a price-to-earnings (P/E) ratio of 18.07 [7][8]

Investment Rating - The report maintains an "Overweight" rating for the oil and gas sector, particularly favoring the "three major oil companies" and oil service companies [5]. Core Views - The geopolitical risks in the Red Sea region have intensified, impacting oil supply concerns and potentially supporting oil prices due to increased geopolitical risk premiums [1]. - Global oil demand is expected to grow steadily, with IEA projecting an increase of 1.03 million barrels per day and OPEC forecasting a rise of 1.45 million barrels per day in 2025 [2]. - The oil service sector is expected to maintain high levels of activity, with global upstream capital expenditure projected to reach over $582.4 billion in 2025, a 5% increase year-on-year [3]. Summary by Sections Oil and Gas Sector - The Red Sea conflict has escalated, with significant military actions reported, which may lead to a decrease in oil supply and an increase in oil prices due to geopolitical risk premiums [1]. - The average breakeven price for new shale oil wells in the U.S. has risen to $64 per barrel, indicating a marginal cost for U.S. shale oil production [2]. Oil Service Sector - 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]. - The average day rates for drilling rigs remain high, with self-elevating platforms at $102,400 per day and semi-submersible platforms at $226,000 per day [3]. Investment Recommendations - The report suggests focusing on undervalued, high-dividend, and well-performing companies in the oil and gas sector, including China National Petroleum, Sinopec, CNOOC, and oil service companies [4]. - It also highlights opportunities in domestic semiconductor materials and agricultural chemicals, recommending companies like Jingshui Electric Materials and Wanhua Chemical [4].

Investment Ratings - The report maintains a "Buy" rating for Dongpeng Beverage, Aimeike, and the oil and gas sector, while adjusting China Overseas Grand Oceans' rating to "Accumulate" [9][10][5][6]. Core Insights - The beverage sector shows steady growth with a diversified product matrix, leading to increased market share for Dongpeng Beverage [9]. - Aimeike's acquisition of AestheFill is expected to enhance its market position and resolve capacity constraints, contributing to future profit growth [10]. - The oil and gas sector is anticipated to benefit from OPEC+'s production increase, driving demand for oil transportation [5]. Summary by Relevant Sections Industry Research - The petrochemical and transportation sectors are viewed positively, with recommendations to focus on companies like China National Petroleum, Sinopec, and oil service firms [5]. - The report highlights the potential of domestic semiconductor and panel materials, suggesting investments in companies like Jingrui Electric Materials and Tongcheng New Materials [5]. - The agricultural chemicals and vitamin sectors are also recommended for investment, with specific companies identified [5]. Company Research - Dongpeng Beverage's sales performance in early 2025 is stable, with projected net profits increasing significantly over the next few years [9]. - Aimeike's acquisition is expected to enhance its competitive edge in the domestic recycling market, with positive profit forecasts [10]. - China Overseas Grand Oceans shows a steady sales performance but faces short-term pressure, leading to a revised rating [6].

Group 1: Industry Insights - The petrochemical and transportation sectors are expected to see continuous improvement in supply and demand, with a positive outlook on the profitability of viscose filament yarns [3] - The semiconductor materials sector is poised for growth due to an increase in fab investments, with the number of 300mm wafer fabs in mainland China projected to rise from 29 in 2024 to 71 by 2027, indicating a significant opportunity for domestic material companies [4] - The agricultural chemicals and private refining sectors are also expected to perform well, alongside the vitamin and methionine segments [3] Group 2: Company Performance - Alibaba Group plans to invest over 380 billion yuan in cloud and AI hardware infrastructure over the next three years, marking the largest investment in this area by a private company in China [5] - Hongsoft Technology is anticipated to benefit from the rapid development of edge AI, with projected revenue of 820 million yuan in 2024, representing a 22% year-on-year increase, and a net profit of 180 million yuan, up 98% [7] - China National Offshore Oil Corporation (CNOOC) has made significant breakthroughs in oil and gas exploration in the Beibu Gulf, with a capital expenditure budget of 125 to 135 billion yuan for 2025 [8] - Andisu's revenue for 2024 is expected to reach 15.5 billion yuan, a year-on-year increase of 18%, with net profit soaring by 2,209% to 1.2 billion yuan [9] - Dongfang Yuhong reported a decline in revenue and net profit for 2024, with total revenue of 2.806 billion yuan, down 14.5%, and a net profit of 110 million yuan, down 95.2% [10]