Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company's performance in 2024 showed a revenue of 48.302 billion yuan, a year-on-year increase of 9.5%, and a net profit of 3.137 billion yuan, up 4.1% year-on-year. The fourth quarter results met expectations despite a decline in net profit [9] - The drilling platform utilization rate decreased due to weather impacts, but daily rates increased, indicating potential for future growth in drilling operations [9] - The oilfield technology services segment remains a stable revenue source, contributing 84% of total gross profit, with successful marketization of self-developed technologies [9] - The shipbuilding segment saw significant growth, with operating days increasing by 33.8% year-on-year, while the geophysical segment also experienced a rise in project volume [9] - Global offshore oil and gas capital expenditure growth is slowing, but the company’s core client, CNOOC, is expected to maintain high capital expenditure levels, providing strong support for the company's performance [9] - The earnings forecast for 2025-2026 has been adjusted downwards due to the slowing growth in global offshore oil and gas capital expenditure, with new profit estimates of 3.7 billion and 4.5 billion yuan respectively [9] Financial Data and Profit Forecast - Total revenue is projected to grow from 44.109 billion yuan in 2023 to 63.140 billion yuan by 2027, with a compound annual growth rate of approximately 9.5% [8] - Net profit is expected to increase from 3.013 billion yuan in 2023 to 5.394 billion yuan in 2027, reflecting a compound annual growth rate of about 20.9% [8] - The company’s gross margin is projected to improve from 15.9% in 2023 to 17.6% in 2027, indicating enhanced operational efficiency [8]

Group 1 - China Aluminum reported a net profit of 12.4 billion yuan for 2024, an increase of 85.38% year-on-year, with a proposed cash dividend of 0.135 yuan per share [1] - Lihua Technology's net profit for 2024 decreased by 25.41% to 245 million yuan, with a proposed cash dividend of 0.7 yuan per 10 shares [1][2] - Zhongjing Food achieved a net profit of 175 million yuan in 2024, up 1.81% year-on-year, proposing a cash dividend of 8 yuan per 10 shares [3][4] - Sanwei Chemical's net profit fell by 6.92% to 263 million yuan, with a proposed cash dividend of 3 yuan per 10 shares [5] - Meino Biological's project for corn protein processing has received construction approval, with an investment of approximately 391 million yuan [6][7] Group 2 - Guangdian Electric's net profit surged by 411.28% to 74.73 million yuan, proposing a cash dividend of 0.7 yuan per 10 shares [13][14] - Xin'ao Co. reported a net profit of 4.493 billion yuan for 2024, down 36.64%, with a proposed cash dividend of 10.3 yuan per 10 shares [15] - Huaren Pharmaceutical's subsidiary received approval for a raw material drug, enhancing its product line [16] - Huanxin Technology received a project confirmation from BAIC Group for two display screen products, expected to enter mass supply [17] - Haitong Development plans to purchase four bulk carriers for a total of 59.25 million USD to expand its fleet [18] Group 3 - Guochuang High-tech won a bid for an asphalt procurement project worth 128 million yuan [22][23] - Huayi Pharmaceutical's subsidiary received overseas marketing approvals for several products [24] - Haisco's innovative drug HSK41959 has received clinical trial approval [25] - Hetai Machinery's subsidiary obtained a patent for a dust-proof chain technology [28] - Le Xin Medical's fetal heart rate monitor registration renewal application has been accepted [29] Group 4 - Feilong Co. became a designated supplier for an international client's electronic oil pump project, with expected sales of approximately 160 million yuan [29] - Yunnan Copper reported a net profit of 1.265 billion yuan for 2024, down 19.9%, with a proposed cash dividend of 2.4 yuan per 10 shares [42] - China Merchants Bank's net profit increased by 1.22% to 148.39 billion yuan, proposing a cash dividend of 20 yuan per 10 shares [43] - Shuanghui Development's net profit decreased by 1.26% to 4.989 billion yuan, with a proposed cash dividend of 7.5 yuan per 10 shares [44]

Investment Rating - The report maintains a "Buy" rating for the A-shares and an "Accumulate" rating for the H-shares of the company [1]. Core Views - The company achieved a total operating revenue of 48.3 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 [5][10]. - The report highlights the company's strong performance in the technology sector, which has become a core competitive advantage, contributing significantly to revenue growth [8][9]. - The company is expected to benefit from the ongoing growth in exploration and development investments in the oil and gas sector, particularly in deepwater projects [9]. Summary by Sections Financial Performance - In Q4 2024, the company reported an operating revenue of 14.6 billion yuan, a year-on-year increase of 0.27% and a quarter-on-quarter increase of 31.50% [5]. - The overall gross margin for 2024 was 15.7%, a slight decrease of 0.19 percentage points year-on-year, with domestic business gross margin at 18.1%, up 0.4 percentage points [6]. - The company’s return on equity (ROE) for 2024 was 7.16%, a decrease of 0.08 percentage points year-on-year [6]. Business Segments - The drilling services segment generated revenue of 13.2 billion yuan in 2024, an increase of 9.4% year-on-year, with a gross margin of 7.5% [7]. - The oilfield technology services segment achieved revenue of 27.655 billion yuan, up 7.4% year-on-year, with a gross margin of 22.9%, an increase of 0.80 percentage points [8]. Strategic Outlook - The company emphasizes a "technology-driven" strategy, which has led to an increase in the overall technology coverage to 81% and a significant rise in revenue from the technology segment from 13.3 billion yuan in 2020 to 27.7 billion yuan in 2024 [8]. - The report indicates that the company is well-positioned to capitalize on the industry's growth and the expansion of technology service markets, driven by increasing complexity in oil and gas exploration and development [9]. Profit Forecast and Valuation - The report projects net profits for 2025, 2026, and 2027 to be 3.509 billion yuan, 3.914 billion yuan, and 4.310 billion yuan respectively, with corresponding earnings per share (EPS) of 0.74 yuan, 0.82 yuan, and 0.90 yuan [10][11].

Core Points - The document provides a special explanation regarding the non-operating fund occupation and other related fund transactions of CNOOC Services Co., Ltd. for the year 2024 [1] - It includes an audit report summarizing the non-operating fund occupation and related transactions [2] Summary by Sections Non-Operating Fund Occupation - The document outlines the non-operating fund occupation by the controlling shareholder, actual controller, and their affiliated enterprises [3] - It specifies the nature of the occupation, the reasons for the occupation, and the financial balances involved [4] Related Fund Transactions - The document details the related fund transactions with other associated parties and their subsidiaries [5] - It includes information on the beginning and ending balances of these transactions for the year 2024, as well as the amounts that occurred during the year [4][5]

中海油服: 中海油服：2024年度内部控制审计报告 中海油田服务股份有限公司 内部控制审计报告 内部控制审计报告 安永华明（2025）专字第70001873_A01号 中海油田服务股份有限公司 中海油田服务股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我们 审计了中海油田服务股份有限公司 2024 年 12 月 31 日的财务报告内部控制的有 效 性。 三、内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于情 况的变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低，根 据内部控制审计结果推测未来内部控制的有效性具有一定风险。 四、财务报告内部控制审计意见 我们认为，中海油田服务股份有限公司按照《企业内部控制基本规范》和相关 规定在所有重大方面保持了有效的财务报告内部控制。 A member firm of Ernst & Young Global Limited 内部控制审计报告（续） 安永华明（2025）专字第 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控 制评价指 ...

中海油服: 中海油服2024年度独立董事述职报告 （姚昕） 中海油田服务股份有限公司 根据《中华人民共和国公司法》（以下简称"《公司法》"）《上市公司独立董事 管理办法》《上海证券交易所股票上市规则》《上海证券交易所上市公司自律监管指引 第1号——规范运作》《上海证券交易所上市公司自律监管指引第5号——交易与关联交 易》《香港联合交易所有限公司证券上市规则》等公司适用的法律法规、《中海油田服 务股份有限公司章程》（以下简称"《公司章程》"），以及良好公司治理对独立董事 的内在要求，2024年度本人谨慎认真、勤勉诚信履职尽责，积极发挥作用，维护公司和 股东尤其是中小股东的合法权益，促进发展战略规划的不断推进实施，为公司的发展做 出了积极的贡献，现将本年度履职情况报告如下： 一、基本情况 本人作为公司独立董事，具备独立董事的任职资格，在公司及公司子公司不拥有任 何业务或财务利益，也不在公司担任除独立董事外的任何管理职务，不存在影响独立性 的情况，符合有关监管要求，担任提名委员会主席、审计委员会委员和薪酬与考核委员 会委员，基本信息及主要工作经历如下： 面的专业意见，尤其是在聘任董事监事高级管理人员、财务报告审阅、 ...

中海油服: 中海油服2024年度利润分配方案公告 证券代码：601808 证券简称：中海油服 公告编号：临 2025-007 中海油田服务股份有限公司 重要内容提示： ? 每股分配比例 A 股每股派发现金红利人民币 0.2306 元（含税）。 ? 本次利润分配以实施权益分派股权登记日登记的总股本为基数，具体日期将在权益分派 实施公告中明确。 ? 如在实施权益分派的股权登记日前中海油田服务股份有限公司（下称"公司"）总股本 发生变动的，拟维持分配总额不变，相应调整每股分配比例，并将另行公告具体调整情 况。 ? 不会触及《上海证券交易所股票上市规则（2024 年 4 月修订）》第 9.8.1 条第一款第（八） 项规定的可能被实施其他风险警示的情形。 一、利润分配方案内容 （一）利润分配方案的具体内容 截至 2024 年 12 月 31 日，公司母公司报表中期末未分配利润为人民币 24,409,394,399 元。 经公司董事会决议，公司 2024 年度拟以实施权益分派股权登记日登记的总股本为基数分配利润。 本次利润分配方案如下： 特别提示 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 ...

Financial Data and Key Metrics Changes - The overall fourth quarter revenue reached a record $343.7 million, up 2.2% sequentially and 11.8% year over year, with full year revenue at $1.3 billion, up 13.6% year over year [24][25] - Adjusted EBITDA for Q4 was a record $87.2 million with margins of 25.4%, up 157 basis points sequentially; full year adjusted EBITDA was $310.1 million, up 18.2% year over year, with margins at 23.8% [25][26] - Earnings per share (EPS) for Q4 was $0.30, and $1.04 for the full year, reflecting a 96% year-over-year increase [25][26] - Free cash flow for the full year was $124 million, with a conversion rate on adjusted EBITDA of 40.1% [26][27] Business Line Data and Key Metrics Changes - The company secured new contracts and enhanced its core business, particularly in unconventional gas development, which is expected to drive future growth [8][12] - The Roia Direction Drilling Platform and NEDA decarbonization portfolio were highlighted as key technological advancements contributing to operational efficiency and revenue quality [19][20] Market Data and Key Metrics Changes - The MENA region's total rig count is at historical highs, surpassing North America for the first time, indicating robust activity growth despite global commodity price fluctuations [12][13] - Saudi Arabia is experiencing a shift towards unconventional gas development, with significant investments planned to increase gas power generation [14][15] Company Strategy and Development Direction - The company aims to capitalize on growth opportunities in the MENA region, particularly in Saudi Arabia, Kuwait, and Libya, while maintaining a focus on technology expansion and operational efficiency [8][12][32] - The strategic positioning in gas development and the introduction of innovative technologies like the Roia platform are expected to drive future growth [19][20][32] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about sustained activity growth in core countries, despite a moderate growth outlook for 2025 compared to previous years [12][32] - The company is well-positioned to outperform the market due to its strategic exposure to gas development projects and its innovative technology portfolio [32][34] Other Important Information - The company has made significant progress in remediating internal control weaknesses and enhancing operational processes, contributing to improved working capital efficiency [28][29] - The company is exploring potential M&A opportunities but is primarily focused on internal growth and technology enhancement [50][51] Q&A Session Summary Question: Overview of regional spending patterns and growth expectations - Management anticipates moderate growth in the MENA region for 2025, with single-digit growth expected overall, while specific countries like Kuwait may see double-digit growth [36][37] Question: Changes in product mix and exposure in Saudi Arabia - The company noted a shift towards unconventional gas projects in Saudi Arabia, with ongoing involvement in the Jafura project expected to drive future growth [40][41] Question: Capital allocation strategy and potential M&A - The company plans to focus on internal growth and technology development rather than geographical expansion, with potential for M&A in technology partnerships [50][51] Question: Margin performance and sustainability - Management expressed confidence that margins in 2025 will track closely with 2024 levels, despite increased competition [54][55] Question: Developments in Kuwait and offshore discoveries - Kuwait is experiencing strong activity with significant offshore discoveries, and the company is well-positioned to capitalize on these developments [56][58]

Financial Data and Key Metrics Changes - In Q4 2024, the company reported revenue of $455 million and adjusted EBITDA of $71 million, down from $575 million and $135 million in Q3 2024 respectively [17][42] - For the full year 2024, total revenue was $2.19 billion with adjusted EBITDA of $501 million, maintaining an adjusted EBITDA margin of 23% [17][43] - Free cash flow for Q4 was $54 million, an increase from $31 million in Q3, totaling $185 million for the full year [20][44] Business Line Data and Key Metrics Changes - Stimulation services revenue decreased to $384 million in Q4 from $507 million in Q3, with adjusted EBITDA dropping to $54 million from $113 million [44][45] - Proppant Production segment generated $47 million in revenue in Q4, down from $53 million in Q3, with adjusted EBITDA of $14 million compared to $17 million in the previous quarter [46][48] - Manufacturing segment revenues remained flat at $62 million in Q4, with adjusted EBITDA increasing to $3 million from near break-even in Q3 [51][52] Market Data and Key Metrics Changes - The North American completions industry faced challenges in Q4 due to budget constraints, holiday shutdowns, and adverse weather conditions [17][21] - The company noted a significant improvement in activity in the Stimulation business since the end of 2024, with the highest number of active fleets since mid-2024 [26][27] - The Haynesville market is expected to see increased activity due to improved gas prices, with the company holding the largest Proppant footprint in the region [19][20] Company Strategy and Development Direction - The company continues to execute a differentiated commercial strategy by partnering with operators who prioritize integrated, efficient solutions [10][22] - The launch of Livewire Power marks a strategic step in the power generation market, focusing on the demand for power in remote locations [15][23] - The company is committed to innovation, investing in next-generation pumps and software platforms to maintain industry leadership [16][23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in surpassing Q3 2024 efficiency records in the Stimulation business, despite challenges [13][21] - The company anticipates marginal growth in the frac market throughout 2025, with a focus on long-term customer relationships over short-term pricing gains [28][68] - Management highlighted the importance of maintaining a disciplined approach to capital allocation and managing asset portfolios [20][57] Other Important Information - The company generated $54 million of free cash flow in Q4 and $185 million for the full year, indicating strong cash generation capabilities [20][44] - Total cash and cash equivalents at year-end were approximately $15 million, with total liquidity of about $81 million [56] - The company repaid approximately $157 million of long-term debt in 2024 and plans to continue using free cash flow for deleveraging [57] Q&A Session Summary Question: Activity improvement in Stimulation and Proppant - Management noted that the start of the year has seen a nice pickup in activity, with operators returning to work and increasing volumes [66][67] Question: Livewire business ramp-up and CapEx guidance - Management indicated that internal demand is the priority for Livewire, with capital investments focused on projects that meet economic return thresholds [69][72] Question: Frac supply-demand dynamics and asset attrition - Management discussed the accelerated attrition of older assets due to high utilization rates, leading to a tighter supply-demand balance [83][85] Question: Current pricing dynamics - Management refrained from providing specific pricing details but emphasized a focus on long-term customer relationships over short-term pricing strategies [90][91] Question: Electrification of frac fleets and power allocation - Management acknowledged the careful consideration of resource allocation to sustain both oilfield services and other market demands without compromising customer commitments [100][101]

Financial Data and Key Metrics Changes - For Q4 2024, total revenue was $272 million, down 7.2% sequentially, with adjusted EBITDA of $93 million, also down 7.6% sequentially, resulting in adjusted EBITDA margins of 34.1% [8][11][15] - GAAP net income for the quarter was $57 million, compared to $62 million in Q3 2024, driven by lower revenues in both segments [16][17] - Adjusted net income and earnings per share were $57 million and $0.71 per share, respectively, down from $63 million and $0.79 per share in Q3 2024 [17][18] Business Line Data and Key Metrics Changes - Pressure control segment revenues were $177 million, down 4.5% sequentially, with operating income decreasing by $1.7 million or 3.3% [12] - Spoolable technology segment revenues were $96 million, down 11.2% sequentially, with operating income decreasing by $7.4 million or 22.4% [13] - Adjusted segment EBITDA for pressure control decreased by $0.5 million or 0.8% sequentially, while spoolable technology segment adjusted EBITDA decreased by $7.3 million or 17.1% [12][14] Market Data and Key Metrics Changes - The company ended the year with a cash balance of $343 million, an increase of approximately $39 million from the previous quarter [19] - The public or Class A ownership of the company averaged 85% and ended the quarter at 86% [16] Company Strategy and Development Direction - The company aims to ramp up production at its new facility in Vietnam and introduce new products to enhance value in both segments [28][36] - Focus on international expansion and diversification of revenue sources, targeting a long-term goal of 40% international revenue contribution [30][36] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in outperforming underlying activity levels in the US market despite trade policy uncertainties [42][43] - The company anticipates a strong rebound in customer activity in the second and third quarters of 2025, with expectations for increased international orders [30][36] Other Important Information - The board approved a quarterly dividend of $0.13 per share, to be paid in March [23] - The company made a cash tax payment of approximately $25 million in January related to deferred 2024 federal taxes [21] Q&A Session Summary Question: Outlook for US activity in the next few quarters - Management is confident in their ability to outgrow underlying activity levels, anticipating a US rig count in the 550 to 560 range [42][43] Question: Margin headwind comparison between Bossier City and China - Historical costs were at least 35% higher for the Bossier facility compared to the Far East supply chain, with increasing tariffs expected to impact costs [45][46] Question: Game plan for mitigating tariff impacts - The company has flexibility between its facilities in Vietnam and Bossier City to mitigate tariff impacts, with a focus on vertical manufacturing capabilities [57][60] Question: Commercialization of H2S solutions - The H2S product is commercialized, with shipments expected to begin in March or April, targeting the Middle East market [68][70] Question: Spoolable technology growth in 2025 - The company is optimistic about growth in spoolable technology, despite a flat completion activity outlook, with international growth potential remaining strong [80][86] Question: International growth opportunities in pressure control - Management acknowledged progress in international growth but refrained from providing specific details on opportunities in regions like Argentina and the Middle East [95][96]