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 ...

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]