Market Overview - The oil service engineering sector increased by 0.12% on October 30, with CNOOC leading the gains [1] - The Shanghai Composite Index closed at 3986.9, down 0.73%, while the Shenzhen Component Index closed at 13532.13, down 1.16% [1] Stock Performance - Key stocks in the oil service engineering sector showed varied performance, with Yingsikangwang leading with a closing price of 14.58, up 4.29% [1] - Other notable performances include: - CNOOC Engineering at 5.49, up 0.37% - CNOOC Development at 3.92, up 0.26% - China Oil Engineering at 3.66, down 0.54% - Keli Co. at 34.60, down 0.63% [1] Trading Volume and Value - The trading volume and value for key stocks were significant, with Yingsikangwang achieving a transaction value of 713 million [1] - The overall trading volume for the oil service engineering sector indicated active participation, with various stocks showing substantial turnover [1] Capital Flow - The oil service engineering sector experienced a net outflow of 348 million from institutional investors, while retail investors saw a net inflow of 433 million [2][3] - The capital flow for individual stocks revealed: - CNOOC Development with a net inflow of 763.10 thousand from retail investors - CNOOC Engineering with a net outflow of 43.94 thousand from institutional investors [3] Individual Stock Analysis - Stocks like Beiken Energy and Huibo Yin faced significant net outflows, indicating potential concerns among institutional investors [2][3] - Conversely, stocks such as Renji Co. and Zhun Oil Co. saw notable retail investor interest, suggesting a divergence in investor sentiment [3]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][22]. Core Views - The company has significantly increased its net profit in Q3 2025, with a year-on-year growth of 46.24% and a quarter-on-quarter growth of 15.69%. The revenue for Q3 2025 was 11.53 billion yuan, with a gross margin of 19.53% [1][8]. - The drilling platform utilization rate remains high, contributing to revenue and profit growth, particularly from high-day-rate projects in the North Sea [1][11]. - The oilfield technology service segment has seen a steady increase in workload, with a notable 17.7% increase in ship service operations [2][17]. - The company is focusing on high-return businesses in the engineering survey segment, optimizing capacity allocation [2][18]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported a revenue of 34.854 billion yuan, a year-on-year increase of 3.54%, and a net profit of 3.209 billion yuan, also up by 32.09% [1][8]. - The revenue for Q3 2025 was 11.533 billion yuan, with a gross margin of 19.53% and a net margin of 10.80% [1][8]. Drilling Operations - The total operating days for drilling platforms in the first three quarters reached 14,784 days, a year-on-year increase of 12.3%. The utilization rate for self-elevating platforms was 92.6% [11][1]. - The North Sea semi-submersible drilling platform projects have effectively boosted revenue and profit [1][11]. Oilfield Technology Services - The oilfield technology service segment has maintained growth in workload, with significant increases in ship service operations, totaling 62,589 days, up 17.7% year-on-year [2][17]. - The company is enhancing its service offerings to meet diverse customer needs [2][17]. Engineering Survey - The company is focusing on high-return projects, with a significant increase in underwater operations, which grew by 131.3% year-on-year, while 2D and 3D survey operations saw declines [2][18]. Profit Forecast - The profit forecast for 2025-2027 has been adjusted upwards, with expected net profits of 4.098 billion yuan, 4.274 billion yuan, and 4.560 billion yuan respectively [3][22]. - The earnings per share are projected to be 0.86 yuan, 0.90 yuan, and 0.96 yuan for the same period [3][22].

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [4] Core Views - The company's Q3 net profit attributable to shareholders reached 1.25 billion yuan, a year-on-year increase of 46%, exceeding market expectations due to high utilization rates of drilling platforms and reduced financial interest expenses [1][3] - The drilling platform segment saw a significant increase in operating days, totaling 4,878 days in Q3, up 16% year-on-year, with semi-submersible drilling platforms showing a 59% increase [2] - The company maintains a positive outlook for its oilfield technology services, with operating volumes in the first three quarters of 2025 showing year-on-year growth [3] Financial Performance - For Q3 2025, the company's revenue was 11.5 billion yuan, reflecting a 3.6% year-on-year growth [1] - The projected net profits for 2025-2027 are 4.03 billion, 4.24 billion, and 4.43 billion yuan respectively, with corresponding P/E ratios of 17, 16, and 15 [3][8] - The company reported a total market capitalization of 41.39 billion yuan with a total share capital of approximately 2,960.47 million shares [5] Operational Metrics - The utilization rates for self-elevating and semi-submersible drilling platforms were 92.8% and 87.4% respectively, showing significant year-on-year increases [2] - The company is focused on enhancing its technological capabilities and integrating its innovation chain with the industry chain to drive growth [3]

Market Overview - The oil service engineering sector increased by 0.33% compared to the previous trading day, with Keli Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 4016.33, up 0.7%, while the Shenzhen Component Index closed at 13691.38, up 1.95% [1] Stock Performance - Keli Co., Ltd. (code: 920088) closed at 34.82, with a rise of 2.87% and a trading volume of 31,900 shares, amounting to a transaction value of 109 million yuan [1] - Huibo Yin (code: 002554) closed at 3.45, up 2.37%, with a trading volume of 852,700 shares, totaling 291 million yuan [1] - Zhongman Petroleum (code: 619609) closed at 20.10, increasing by 1.57% with a trading volume of 95,300 shares [1] - Other notable stocks include Beiken Energy (code: 002828) at 11.59 (+1.40%), Qianeng Hengxin (code: 300191) at 20.49 (+1.19%), and Tongyuan Petroleum (code: 300164) at 5.99 (+1.01%) [1] Capital Flow - The oil service engineering sector experienced a net outflow of 61.94 million yuan from institutional investors, while retail investors saw a net inflow of 58.92 million yuan [2][3] - The main capital inflow and outflow for specific stocks include: - Huibo Yin: net outflow of 46.79 million yuan from main capital [3] - Ren Zhi Co., Ltd. (code: 002629): net inflow of 13.97 million yuan from main capital [3] - Zhongman Petroleum: net inflow of 13.35 million yuan from main capital [3] - Tongyuan Petroleum: net inflow of 11.08 million yuan from main capital [3]

Core Viewpoint - The stock of Huibo Po has experienced fluctuations, with a recent decline of 2.08% and a year-to-date increase of 31.47%, indicating volatility in its market performance [1]. Financial Performance - For the period from January to September 2025, Huibo Po reported a revenue of 1.608 billion yuan, a slight decrease of 0.17% year-on-year, while the net profit attributable to shareholders was 10.527 million yuan, showing a significant increase of 113.73% [2]. - Cumulative cash dividends since the company's A-share listing amount to 311 million yuan, with 26.8879 million yuan distributed over the past three years [3]. Shareholder Information - As of September 30, the number of Huibo Po's shareholders was 44,500, a decrease of 16.98% from the previous period, while the average circulating shares per person increased by 20.46% to 29,938 shares [2]. Market Activity - The stock has seen significant trading activity, with a recent turnover of 25.4006 million yuan and a turnover rate of 0.57%. The stock has appeared on the "龙虎榜" three times this year, with the latest occurrence on October 22 [1].

Market Overview - The oil service engineering sector experienced a decline of 0.82% on October 28, with Keli Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 3988.22, down 0.22%, while the Shenzhen Component Index closed at 13430.1, down 0.44% [1] Stock Performance - Notable stock performances included: - Renji Co., Ltd. (002629) rose by 10.01% to a closing price of 9.56, with a trading volume of 355,000 shares and a transaction value of 329 million [1] - Beiken Energy (002828) increased by 1.78% to 11.43, with a trading volume of 421,700 shares and a transaction value of 484 million [1] - Other stocks such as Huibo Yin (002554) and CNOOC Development (600968) saw declines of 0.30% and 0.76%, respectively [1] Capital Flow - The oil service engineering sector saw a net outflow of 33.92 million from institutional investors, while retail investors contributed a net inflow of 20.92 million [2][3] - The capital flow for individual stocks showed mixed results, with Renji Co., Ltd. experiencing a significant net outflow of 46.05 million from institutional investors [3] Individual Stock Analysis - Keli Co., Ltd. (920088) closed at 33.85, down 2.67%, with a trading volume of 31,000 shares and a transaction value of 106 million [2] - Zhongman Petroleum (603619) and Huo Ding Tian Station (600583) also faced declines of 2.08% and 1.61%, respectively [2] - The net inflow from retail investors for stocks like Renji Co., Ltd. was negative, indicating a potential shift in investor sentiment [3]

Core Viewpoint - The oil service engineering sector experienced a decline of 0.46% on October 27, with Renji Co. leading the drop, while the overall stock market indices showed positive performance with the Shanghai Composite Index rising by 1.18% and the Shenzhen Component Index increasing by 1.51% [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3996.94, up 1.18% [1] - The Shenzhen Component Index closed at 13489.4, up 1.51% [1] - The oil service engineering sector's performance was mixed, with individual stocks showing varied results [1] Group 2: Individual Stock Performance - Renji Co. (002629) saw a significant decline of 5.44%, closing at 69.8 with a trading volume of 358,000 shares and a turnover of 312 million yuan [2] - PetroChina Oilfield Services (600871) fell by 4.53%, closing at 2.32 with a trading volume of 4,968,600 shares and a turnover of 1.154 billion yuan [2] - Other notable declines included Huibo Yin (002554) down 2.87% and Beiken Energy (002828) down 1.23% [2] Group 3: Capital Flow Analysis - The oil service engineering sector experienced a net outflow of 124 million yuan from institutional investors, while retail investors saw a net inflow of 147 million yuan [2][3] - The main stocks with significant capital flow included China Oil Engineering (600339) with a net inflow of 27.15 million yuan from institutional investors [3] - Conversely, PetroChina Oilfield Services (600871) had a net outflow of 14.63 million yuan from institutional investors [3]

Investment Rating - The report assigns an "Outperform" rating to the company for the first time [5]. Core Views - The company is a leading integrated oilfield service provider globally, with services spanning the entire offshore oil and gas exploration, development, and production process [14]. - The company is expected to benefit from the rising demand for offshore oil and gas development in China, supported by the capital expenditure plans of China National Offshore Oil Corporation (CNOOC) [2][43]. - The drilling service segment is experiencing an upward cycle, with high platform utilization rates and potential for daily rates to increase [2][21]. - The oilfield technology service segment is characterized by lower cyclicality and is expected to see steady revenue growth due to technological advancements [3][27]. Summary by Sections Company Overview - The company operates in four main business segments: drilling services, oilfield technical services, marine services, and geophysical exploration services [14]. - It holds a dominant position in the nearshore drilling market in China and has extensive experience in offshore oilfield services [14][21]. Market Outlook - Oil prices are expected to stabilize in the range of $60-65 per barrel, with OPEC+ maintaining a strong interest in supporting oil prices [2][43]. - The transition from land to offshore oil and gas exploration is driven by limited land resources and rising extraction costs [2]. Financial Projections - Revenue is projected to grow from 44,109 million yuan in 2023 to 62,957 million yuan in 2027, reflecting a compound annual growth rate (CAGR) of approximately 10.5% [4]. - Net profit is expected to increase from 3,013 million yuan in 2023 to 4,556 million yuan in 2027, with a CAGR of about 14.7% [4]. - The estimated price-to-earnings (PE) ratio for 2025 is projected to be between 18.6 and 20.0 times [3][4]. Valuation - The reasonable valuation range for the company's stock is estimated to be between 13.62 and 14.60 yuan, indicating a potential upside of 0% to 4.06% compared to the current stock price of 14.03 yuan [5][3]. - The company is expected to maintain a healthy return on equity (ROE) of around 7.6% in 2025, increasing to 8.9% by 2027 [4].

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6]. Core Views - The company experienced a slight decline in profit margins in Q3 2025, with revenue reaching 6.3 billion yuan, a year-on-year decrease of 9.3% and a quarter-on-quarter increase of 2% [1]. - The net profit attributable to the parent company for Q3 2025 was 507 million yuan, down 7.6% year-on-year and down 9.1% quarter-on-quarter [1]. - The gross margin for Q3 2025 was 11%, down 2.56 percentage points year-on-year and down 5.3 percentage points quarter-on-quarter, while the net margin was 8.28%, up 0.6 percentage points year-on-year but down 1 percentage point quarter-on-quarter [1]. - The decline in profit margins is believed to be related to the impact of typhoons on offshore operations [1]. Summary by Sections Financial Performance - In Q3 2025, the company constructed 6 land-based jacket structures (up by 1) and 6 modules (unchanged), while offshore installations saw a significant drop with only 4 jackets installed (down by 4) and 6 modules (down by 1) [2]. - The company laid 76 kilometers of subsea pipelines (down by 41 kilometers) and 38 kilometers of subsea cables (down by 84 kilometers) [2]. - The total steel processing volume for construction was 67,900 metric tons, a decrease of 15% quarter-on-quarter [2]. Order and Market Performance - The company achieved a cumulative market contract value of 37.24 billion yuan in the first three quarters, a year-on-year increase of 124.85%, with overseas business reaching 29.336 billion yuan, a historical high [3]. - The company successfully won two segments of the Qatar Bul Hanine EPIC project, with an order value of approximately 4 billion USD [3]. - The current backlog of orders stands at 59.5 billion yuan [3]. Profit Forecast - The profit forecast for the company is maintained at 2.5 billion yuan for 2025, 2.9 billion yuan for 2026, and 3.1 billion yuan for 2027, with corresponding price-to-earnings ratios of 9.7, 8.5, and 7.7 times respectively [3].

Market Overview - The oil service engineering sector experienced a decline of 1.83% on October 24, with Junyou Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 3950.31, up 0.71%, while the Shenzhen Component Index closed at 13289.18, up 2.02% [1] Stock Performance - Notable stock movements included: - Renji Co., Ltd. (002629) rose by 3.03% to a closing price of 61.6, with a trading volume of 293,600 shares and a turnover of 269 million yuan [1] - Junyou Co., Ltd. (002207) fell by 7.51% to a closing price of 8.38, with a trading volume of 607,500 shares and a turnover of 522 million yuan [2] - Other significant declines included Beiken Energy (002828) down 5.88% and Tongxin Petroleum (300164) down 4.72% [2] Capital Flow - The oil service engineering sector saw a net outflow of 185 million yuan from institutional investors, while retail investors contributed a net inflow of 209 million yuan [2][3] - Specific stock capital flows included: - Haiyou Development (600968) had a net inflow of 17.91 million yuan from institutional investors, but a net outflow of 15.76 million yuan from retail investors [3] - Zhongyou Engineering (600339) experienced a net inflow of 14.47 million yuan from institutional investors, with a net outflow of 3.09 million yuan from retail investors [3]