Core Viewpoint - The Shanghai Composite Index opened lower but rose later, while the CSI 300 Energy Index fell by 0.82% to 2106.64 points, with a trading volume of 4.239 billion yuan. The CSI 300 Energy Index has decreased by 0.31% over the past month, 5.24% over the past three months, and 13.23% year-to-date [1]. Group 1: Index Performance - The CSI 300 Energy Index has shown a decline of 0.31% in the last month, 5.24% in the last three months, and 13.23% year-to-date [1]. - The top ten holdings in the CSI 300 Energy Index include China Shenhua (25.01%), China Petroleum (17.54%), and China Petrochemical (16.09%) [1]. Group 2: Market Composition - The CSI 300 Energy Index is composed of 96.30% from the Shanghai Stock Exchange and 3.70% from the Shenzhen Stock Exchange [2]. - The industry composition of the CSI 300 Energy Index includes coal (50.97%), integrated oil and gas companies (33.62%), and fuel refining (10.16%) [2]. Group 3: Index Adjustment Mechanism - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2]. - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made in response to changes in the CSI 300 Index samples [2].

Core Viewpoint - The China Securities Index for small and medium-sized comprehensive energy shows a decline in performance over various time frames, indicating potential challenges in the energy sector [1][2]. Group 1: Index Performance - The China Securities Index for small and medium-sized comprehensive energy closed at 1901.11 points, with a decline of 6.73% over the past month, 6.43% over the past three months, and 10.19% year-to-date [1]. - The index is categorized into 11 industries based on the classification standards of the China Securities Index series, reflecting the overall performance of different industry securities [1]. Group 2: Index Holdings - The top ten holdings in the index include companies such as China Coal Energy (8.65%), Yongtai Energy (8.55%), and Jereh Oilfield Services (5.15%) [1]. - The index's market composition shows that the Shanghai Stock Exchange accounts for 54.91%, the Shenzhen Stock Exchange for 22.93%, and the Hong Kong Stock Exchange for 22.16% [2]. Group 3: Industry Composition - The index's industry composition reveals that coal accounts for 31.95%, coke for 26.40%, and oil refining for 13.43% [2]. - Other significant sectors include oil and gas extraction (10.52%), oilfield services (7.66%), and oil and gas circulation (5.27%) [2]. Group 4: Sample Adjustment - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2]. - Adjustments to the weight factors occur simultaneously with sample changes, and special circumstances may lead to temporary adjustments [2].

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Group 1 - The core viewpoint of the news is that Beiken Energy's stock is currently underperforming with a closing price of 8.1 yuan, down 2.29%, and a high rolling PE ratio of 50.15 times compared to the industry average of 25.90 times [1][2] - Beiken Energy's total market capitalization is 1.628 billion yuan, ranking 19th in the industry based on PE ratio [1][2] - The company experienced a net outflow of 5.0156 million yuan in main funds on April 11, but had a total inflow of 28.3899 million yuan over the past five days [1] Group 2 - Beiken Energy's main business includes providing integrated technical services such as drilling contracting, fracturing, and chemical product sales, making it one of the larger independent oilfield service providers in China [1] - The latest financial results show that for the third quarter of 2024, Beiken Energy achieved an operating income of 605 million yuan, a year-on-year decrease of 9.86%, and a net profit of 24.3379 million yuan, down 30.57% year-on-year, with a gross profit margin of 21.97% [1]

Group 1 - The core viewpoint of the news is that Beiken Energy's stock has experienced a significant decline, with a closing price of 7.61 yuan, down 9.94%, and a rolling PE ratio of 47.12 times, which is considerably higher than the industry average [1] - Beiken Energy's total market capitalization is 1.53 billion yuan, and it ranks 18th in the average PE ratio within the extraction industry, which has an average PE of 26.61 times and a median of 35.41 times [1][2] - As of September 30, 2024, Beiken Energy has 33,063 shareholders, a decrease of 4,116 from the previous count, with an average holding value of 352,800 yuan and an average shareholding of 27,600 shares per shareholder [1] Group 2 - Beiken Energy Holdings Co., Ltd. specializes in providing integrated technical services for drilling, fracturing, chemical product sales, and related testing and maintenance [1] - The company offers a wide range of products and services, including drilling, cementing, drilling fluids, directional drilling, horizontal drilling, underbalanced drilling, and various oilfield chemical products, making it one of the larger independent oilfield service providers in China [1] - The latest financial results for the third quarter of 2024 show that Beiken Energy achieved an operating revenue of 605 million yuan, a year-on-year decrease of 9.86%, and a net profit of 24.34 million yuan, down 30.57%, with a gross profit margin of 21.97% [1]

Core Insights - Company achieved a total revenue of 48.3 billion yuan in 2024, representing a year-on-year growth of 9.5%, with a net profit attributable to shareholders of 3.14 billion yuan, up 4.1% year-on-year [1] - The fourth quarter revenue was 14.64 billion yuan, showing a slight increase of 0.3% year-on-year, while net profit for the quarter was 690 million yuan, down 6.4% year-on-year, indicating pressure on quarterly profits possibly due to seasonal cost fluctuations and project settlement timing [1] - The overall gross margin for the year was 15.7%, a decrease of 0.2 percentage points year-on-year, and the net profit margin was 7.0%, down 0.4 percentage points year-on-year, although effective cost control was noted with total expense ratio at 6.5%, down 0.6 percentage points year-on-year [1] Financial Performance - The company maintained a strong financial performance with a gross margin of 15.7% and a net profit margin of 7.0% despite slight declines in both metrics [1] - The company’s financial expense ratio decreased by 0.6 percentage points, benefiting from optimized debt structure and improved interest rate environment [1] Strategic Focus - The company is positioned as a leading integrated oilfield service provider, focusing on "technology-driven" and "cost leadership" strategies to strengthen its industry position [1] - There is a steady recovery in global oilfield service demand, with significant expansion in markets across Asia-Pacific, the Middle East, and the Americas [1] - The company increased its R&D investment with a research expense ratio of 2.9%, targeting breakthroughs in high-end technologies, particularly in deepwater exploration and digital oilfields [1] Future Projections - Based on the company's 2024 performance and the oil service industry's outlook, the earnings per share (EPS) forecasts for 2025 and 2026 have been adjusted to 0.82 yuan and 0.88 yuan respectively, with a new 2027 EPS forecast of 0.94 yuan [2] - The target price is set at 16.4 yuan based on a 20 times price-to-earnings ratio for comparable companies in 2025, maintaining a buy rating [2]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company is expected to achieve a revenue of 48.302 billion yuan in 2024, representing a year-on-year increase of 9.51%. The net profit attributable to shareholders is projected to be 3.137 billion yuan, up 4.11% year-on-year [2][6]. - In Q4 2024, the company reported a revenue of 14.640 billion yuan, a slight increase of 0.27% year-on-year, while the net profit for the quarter decreased by 6.43% to 0.692 billion yuan [2][6]. - The company is benefiting from improved daily rates despite a decrease in operational days due to weather conditions, enhancing its profitability [11]. - The company's oilfield technology services revenue increased by 7.4% to 27.655 billion yuan in 2024, with a gross margin improvement to 22.9% [11]. - The potential of marine oil and gas resources is significant, and the company is expected to benefit from increased capital expenditure by CNOOC [11]. - The government’s focus on deep-sea technology development presents new growth opportunities for the company [11]. - The company plans to distribute cash dividends of 1.1 billion yuan in 2024, with a dividend payout ratio of 35.08%, marking a historical high since 2015 [11]. Financial Summary - The company’s total revenue for 2024 is projected at 48.302 billion yuan, with a gross profit of 7.579 billion yuan, resulting in a gross margin of 16% [15]. - The estimated earnings per share (EPS) for 2025-2027 are 0.81 yuan, 0.87 yuan, and 0.92 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 18.40X, 17.14X, and 16.24X [11][15].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% within the next six months [5]. Core Insights - The company achieved a revenue of 48.302 billion yuan in 2024, representing a year-on-year increase of 9.51%, and a net profit attributable to shareholders of 3.137 billion yuan, up 4.11% year-on-year [1][4]. - The drilling services segment saw revenue growth of 9.4% year-on-year, driven by the company's proactive expansion into high-value overseas projects [2]. - The oilfield technology services segment reported a revenue increase of 7.4% year-on-year, with significant technological breakthroughs and successful overseas contracts [3]. Financial Summary - Revenue for 2024 is reported at 48.302 billion yuan, with projections for 2025, 2026, and 2027 at 52.921 billion yuan, 57.603 billion yuan, and 62.256 billion yuan respectively, reflecting growth rates of 9.56%, 8.85%, and 8.08% [4][13]. - The net profit attributable to shareholders is expected to grow from 4.183 billion yuan in 2025 to 5.711 billion yuan in 2027, with corresponding growth rates of 33.35%, 21.15%, and 12.69% [3][4]. - The earnings per share (EPS) is projected to increase from 0.88 yuan in 2025 to 1.20 yuan in 2027 [4][13].

Investment Rating - The investment rating for the company is "Accumulate" [8] Core Views - The company reported a revenue of 48.302 billion RMB for 2024, representing a year-on-year growth of 9.51%, and a net profit attributable to shareholders of 3.137 billion RMB, up 4.11% year-on-year [1] - The company's performance in 2024 was below expectations primarily due to slower growth in drilling services and higher operating costs, yet it demonstrated resilience amid falling oil prices and production cuts in downstream sectors [1][5] - The company has a complete industrial chain advantage and has seen significant results from the large-scale application of its self-developed technology products, contributing to a revenue of 27.655 billion RMB from oilfield technology services, a year-on-year increase of 7.4% [3] - The international oil and gas exploration and development sector remains robust, with the company achieving overseas revenue of 10.885 billion RMB in 2024, a year-on-year increase of 14.9% [4] Summary by Sections Financial Performance - The company achieved a gross profit margin of 15.69% in 2024, a slight decrease of 0.19 percentage points year-on-year, mainly due to increased preparation costs for new operating platforms affecting overseas gross profit [2] - The total operating revenue is projected to grow from 44.109 billion RMB in 2023 to 62.933 billion RMB by 2027, with a compound annual growth rate (CAGR) of 8.26% [7] - The net profit attributable to shareholders is expected to rise from 3.013 billion RMB in 2023 to 5.601 billion RMB in 2027, reflecting a CAGR of 14.16% [7] Profitability and Valuation - The company’s estimated earnings per share (EPS) for 2025 is projected at 0.87 RMB, with a price-to-earnings (PE) ratio of 20x, leading to a target price of 17.40 RMB [5] - The target price for the Hong Kong stock is set at 9.46 HKD, based on a PE ratio of 10x [5][9] Market Outlook - The global offshore oil and gas project capital expenditure is expected to exceed 100 billion USD in 2025, with a year-on-year increase of over 20% [4] - The company is well-positioned to benefit from the ongoing industry upturn and the continuous realization of high-quality orders from overseas markets [4]

Core Viewpoint - CNOOC Services (中海油服) has achieved continuous growth in revenue and net profit for three consecutive years, with a focus on advancing "smart oil services" and increasing R&D investment [2][3][4]. Financial Performance - In 2024, CNOOC Services reported a revenue of 48.302 billion yuan, representing a year-on-year increase of 9.51%, and a net profit of 3.137 billion yuan, up 4.11% from the previous year [2][4]. - From 2022 to 2024, the company's revenue increased by approximately 65%, while net profit surged nearly ninefold [5]. R&D Investment - CNOOC Services has consistently increased its R&D expenditure, totaling over 3.6 billion yuan from 2022 to 2024 [3][12]. - The R&D personnel accounted for 11.3% of the total workforce, with 55.5% of R&D staff holding a master's degree or higher [12]. Business Segments - The drilling services segment generated a revenue of 13.207 billion yuan in 2024, reflecting a growth of 9.4% [6]. - The oilfield technical services segment achieved a revenue of 27.655 billion yuan, up 7.4% year-on-year [8]. - The marine services segment reported a revenue of 4.769 billion yuan, marking a significant increase of 20.9% [9]. - The geophysical exploration and engineering survey services generated a revenue of 2.67 billion yuan, with a growth of 14.1% [9]. Market Position and Strategy - CNOOC Services is recognized as China's largest offshore drilling contractor and a major player in the international drilling market, operating 62 drilling platforms as of the end of 2024 [5]. - The company aims to enhance its international operations, with revenue from international markets reaching 10.885 billion yuan, a 14.9% increase, accounting for 22.5% of total revenue [10]. Capital Expenditure - In 2024, CNOOC Services completed capital expenditures of 7.32 billion yuan, achieving 98.4% of its annual budget [14]. - The company anticipates capital expenditures of around 7.2 billion yuan for 2025, focusing on equipment investment, technology upgrades, and R&D [14].