Investment Rating - The report maintains an "Accumulate" rating for the company [5] Core Views - In 2024, the company is expected to achieve an operating revenue of 4.14 billion yuan, representing a year-on-year growth of 10.8%, while the net profit attributable to the parent company is projected to be 730 million yuan, a decrease of 10.6% due to increased financial expenses from currency exchange and interest costs [1] - In Q1 2025, despite a decline in Brent crude oil prices, the company achieved a net profit of 230 million yuan, reflecting a year-on-year increase of 33.0% due to its integrated capabilities [1] - The company signed development contracts for oil and gas blocks in Iraq, with significant geological reserves identified [2] Financial Performance and Forecast - The company’s revenue is projected to grow from 3.73 billion yuan in 2023 to 8.26 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 23% [4] - The net profit attributable to the parent company is expected to increase from 809.88 million yuan in 2023 to 1.76 billion yuan in 2027, with a notable growth rate of 74.81% in 2025 [4] - Earnings per share (EPS) are forecasted to rise from 1.75 yuan in 2023 to 3.82 yuan in 2027 [4] Production and Cost Analysis - In 2024, the company’s crude oil production is estimated at 655,000 tons, with a sales revenue of 1.93 billion yuan from domestic crude oil sales [2] - The average realized price for crude oil is calculated at 3,368 yuan per ton, equivalent to 67.7 USD per barrel, while the unit cost for domestic crude oil operations is 1,407 yuan per ton, or 28.3 USD per barrel [2] Strategic Developments - The company’s subsidiary signed contracts for the development of the EBN and MF blocks in Iraq, with substantial oil reserves identified [2]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5] Core Views - The company has shown a continuous improvement in profit margins, with a gross margin of 16.15% and a net margin of 10.76% in Q1 2025, reflecting a year-on-year increase of 6.24 percentage points and 2.26 percentage points respectively [1] - The company has a robust order backlog of 38.4 billion, indicating a solid foundation for future growth despite a 45% year-on-year decline in new contracts signed in Q1 2025 [3] Financial Performance - In Q1 2025, the company reported a revenue of 5.1 billion, a decrease of 10.15% year-on-year, while the net profit attributable to the parent company was 540 million, an increase of 13.85% year-on-year [1] - The company’s EBITDA for 2025 is projected to be 4.52 billion, with a net profit forecast of 2.51 billion, reflecting a growth rate of 16.10% [4] Operational Metrics - The company completed the construction of 10 land-based jackets and 11 offshore jackets in Q1 2025, with a notable increase in offshore installation work [2] - The company laid 79.8 kilometers of subsea pipelines, an increase of 10.9 kilometers year-on-year, indicating enhanced operational capacity [2] Order Book and Projects - The company’s major domestic projects include the development of the Penglai 19-3 oilfield and the Dongfang 13-3 gas field, while international projects include the Total ALK subsea pipeline replacement [3] - The company’s order book remains strong, with a total of 384 billion in hand orders, providing a solid basis for future revenue [3]

方正证券燕翔：预计2 0 2 5年有更多增量资金进入A股市场； 中金公司：结合一季报业绩，关注三条投资主线。 方正证券 预计2025年有更多增量资金进入A股市场 GUIDE 摘要 华西证券：权益市场后续行情有望演绎超跌反弹； 华创证券：市场已处底部配置区间，量比价更重要； 华创证券策略团队最新报告认为，市场已处底部配置区间，关税冲击转向政策对冲的第二阶段。"中国 版平准基金"入市，提供足量流动性弹药，对于第一阶段市场风偏大幅下挫后的恐慌情绪将起到极为明 显的稳定作用。 此刻量比价更重要，无需恐慌。市场成交额在未来一到两周若能够维持在1.5万亿元以 上，那么当下的防守反击时刻也将在市场本身的量价交易中进一步积累延续。 中金公司 结合一季报业绩，关注三条投资主线 中金公司研报表示， 伴随政策落地和科技行情调整，在一季报业绩期到来期间，结合外部不确定性 的明显提升，当前投资者有望更关注基本面动向，把握基本面拐点以及修复弹性可能是当前重要的 投资思路。 业绩披露阶段重点关注：1）一季报和年报业绩可能超预期或环比改善的景气领域。2） 业绩逐步从周期底部回升、产业趋势明确的细分领域，例如半导体、消费电子、通信设备等TMT ...

随着机器人、AI、固态电池等多个热门题材退潮，两市股指今日早盘呈现震荡调整走势，盘中突然跳水，上证指数跌破3400点，截至中午收盘，上证指数跌 0.94%，深证成指跌1.42%，创业板指跌1.70%，科创50指数跌2.02%。 海洋经济赛道全线大涨。 港股亦走弱，截至发稿，恒生指数跌超2%，恒生科技指数跌超3%。个股方面，蔚来、比亚迪等新能源汽车股跌幅明显，中芯国际、华虹半导体、上海复旦等 芯片股多数下跌。 海洋经济赛道延续强势 分时 五日 日K 周K 月K 更多。 [0] 850.28 7.01% 831.71 4.68% 2.34% 0.00% 794.56 775.99 -2.34% 757.41 -4.68% 738.84 -7.01% 11:30/13:00 09:30 15:00 | 海工装备(02003601) | | | --- | --- | | 午间休市 03-21 11:30:23 | | | 2563.54 | | | +120.25 +4.92% | | | 今 开 2454.25 最 高 2601.90 成交量3975.62万手 | | | PE 收 2443.29 最低 | 24 ...