| 海洋石油工程股份有限公司 | | --- | | 会 | | 议 | | 资 | | 料 | | 股票简称：海油工程 | | 股票代码：600583 | | 天津 滨海新区 | | 二〇二五年九月四日 | | 海洋石油工程股份有限公司 2025 年第一次临时股东大会 | | 材 料 目 录 | | 一、2025 年第一次临时股东大会会议议程 | | 二、股东大会表决办法的说明 | | 三、本次股东大会审议事项 | | 会 议 议 案 | | 司章程的议案》； | | 2 11 第 页 共 页 | | 海洋石油工程股份有限公司 | | 现场会议时间：2025 年 9 月 4 日（星期四）下午 14:30 | | 网络投票时间：采用上海证券交易所网络投票系统，通过交易系 | | 统投 票平 台的投 票时 间为股 东大 会召开 当日 的交易 时间 段，即 | | 票时间为股东大会召开当日的 9:15-15:00。 | | 会议召开地点：天津港保税区海滨十五路 199 号海油工程 A 座办公 | | 楼会议室 | | ? 14:30-14:35 参会股东及股东代表、董事、监 | | 事及相关高级管理人员和见证律师 ...

Summary of Zhongtian Technology Conference Call Company Overview - **Company**: Zhongtian Technology - **Industry**: Telecommunications and Energy Key Financial Performance - **Revenue Growth**: In the first half of 2025, Zhongtian Technology achieved a revenue of 30.0236 billion yuan, a year-on-year increase of 10% [3] - **Net Profit**: The net profit attributable to shareholders was 1.568 billion yuan, up 7% year-on-year [3] - **Earnings Per Share**: Basic earnings per share increased by 7.44% to 0.462 yuan [3] Segment Performance - **Marine Segment**: Revenue reached nearly 3 billion yuan, growing 37% year-on-year, with submarine cable revenue around 2 billion yuan and marine engineering revenue about 900 million yuan [2][4] - **Power Grid Segment**: Revenue was close to 10 billion yuan, maintaining stable growth [2][4] - **New Energy Segment**: Revenue grew over 10%, benefiting from cost control and installation rush [2][4] - **Communication Segment**: Revenue was approximately 3.5-3.6 billion yuan, remaining stable [2][4] Order Backlog and Future Prospects - **Total Orders**: As of July 31, 2025, the total order backlog in the energy segment was 30.6 billion yuan, with marine orders at 13.3 billion yuan and power grid construction orders exceeding 15 billion yuan [6] - **New Orders**: New orders include 30 projects in Guangdong and the Sanshan Island project, totaling over 13 billion yuan [2][10] Technological Advancements - **AI Impact**: The development of AI technology has significantly boosted the demand for optical fibers and cables, with Zhongtian Technology positioned to benefit as an industry leader [7] - **Hollow Fiber Progress**: The company has made advancements in hollow fiber technology, achieving laboratory certification and mass supply capability [5][11] Profitability and Margin Improvements - **Marine Segment Margins**: The marine segment's gross margin improved significantly to 36%-37%, with marine engineering margins at 8%-9%, contributing about 40% to total profits [2][10] - **Power and Communication Segments**: The power segment contributed nearly 40% of profits, while the communication segment contributed about 20% [10] Market Opportunities - **Data Center Growth**: The demand for multi-mode and specialty fibers in the communication segment is expected to grow, currently accounting for about 10% of revenue [12] - **Future Market Trends**: The company anticipates significant growth in the data center and optical fiber sectors, driven by global demand and AI applications [28][29] Strategic Initiatives - **Project Execution**: The company is actively pursuing projects in Jiangsu and Guangdong, with a market share expectation of over 60% in key projects [19][30] - **Investment Recommendations**: Given its strong fundamentals and low valuation, Zhongtian Technology is recommended as a key investment opportunity [27][31] Conclusion - **Overall Outlook**: Zhongtian Technology is positioned for long-term growth, driven by advancements in technology and a robust order backlog, making it a compelling investment choice in the current market environment [31]

Core Viewpoint - Oceaneering International reported strong Q2 earnings, surpassing estimates, but shares have underperformed the S&P 500 in the past month, raising questions about future performance leading up to the next earnings release [1][2]. Financial Performance - Adjusted profit for Q2 2025 was 49 cents per share, exceeding the Zacks Consensus Estimate of 42 cents and up from 28 cents in the same quarter last year [2]. - Total revenues reached $698.2 million, aligning with estimates and reflecting a 4.4% increase from $668.8 million in the previous year [2]. Segment Performance - **Subsea Robotics**: Revenues were $218.8 million, slightly up from $215 million year-over-year, but missed the estimate of $242.8 million. Operating income rose to $64.5 million from $61.8 million, beating the estimate of $63.1 million, with an EBITDA margin of 35% [4]. - **Manufactured Products**: Revenues increased to $145.1 million from $139.3 million, surpassing the estimate of $139.4 million. Operating profit grew to $18.8 million from $14.4 million, exceeding the estimate of $15.3 million [5]. - **Offshore Projects Group**: Revenues rose 3.6% to $149.3 million from $144.1 million, but fell short of the estimate of $144.6 million. Operating income improved to $21.7 million from $13.2 million, beating the estimate of $21.4 million [6][7]. - **Integrity Management & Digital Solutions**: Revenues increased to $75.4 million from $73.5 million, exceeding the estimate of $73.8 million. Operating income rose to $4.6 million from $3.5 million, beating the projection of $4.4 million [8]. - **Aerospace and Defense Technologies**: Revenues grew to $109.6 million from $97 million, surpassing the estimate of $98 million. Operating income increased to $16.3 million from $7.2 million, beating the estimate of $10 million [9][10]. Capital Expenditure & Balance Sheet - Capital expenditure for Q2 totaled $32.8 million. As of June 30, 2025, cash and cash equivalents were $434 million, with long-term debt at approximately $484.6 million, resulting in a debt-to-total capital ratio of 36.4% [11]. Analyst Sentiment - No earnings estimate revisions were made by analysts in the last two months, indicating a period of stability in expectations [12]. Investment Scores - Oceaneering International holds a Growth Score of A and a Value Score of A, placing it in the top 20% for the value investment strategy, while it lags in Momentum Score with a D. The aggregate VGM Score is A [13]. Outlook - The company has a Zacks Rank of 3 (Hold), suggesting an expectation of an in-line return from the stock in the upcoming months [14].

Core Viewpoint - China National Offshore Oil Corporation (CNOOC) has successfully integrated its Tianjin Intelligent Manufacturing Base into the Tianjin Lingang Comprehensive Bonded Zone, enhancing its international competitiveness in marine equipment [1] Group 1 - The Tianjin Lingang Comprehensive Bonded Zone officially passed inspection on August 21 [1] - CNOOC Engineering's Tianjin Intelligent Manufacturing Base is the first construction site of CNOOC to be included in the comprehensive bonded zone [1] - This development provides strong support for CNOOC to improve its international competitiveness in marine equipment [1]

Core Viewpoint - The report from Xinda Securities indicates that CNOOC Engineering's net profit attributable to shareholders for the first half of the year was 1.098 billion yuan, a year-on-year decrease of 8.21% [1]. Financial Performance - In Q2, the net profit attributable to shareholders was 557 million yuan, reflecting a year-on-year decline of 22.74% but a quarter-on-quarter increase of 3% [1]. - The gross profit margin for Q2 was 16.33%, showing a quarter-on-quarter increase of 0.18 percentage points and a year-on-year increase of 4.84 percentage points, marking a new high since the current oil price cycle began in 2020 [1]. Contract and Order Status - In Q2, the company secured new contracts worth 8.505 billion yuan, representing a year-on-year increase of 42%, with significant overseas contracts including the upgrade of the ESD system at the Missan oil field in Iraq [1]. - As of the end of Q2, the total order backlog was approximately 40.7 billion yuan, indicating a robust order status [1]. Future Outlook - The company is expected to benefit from high capital expenditures by CNOOC and favorable industry conditions, with anticipated performance growth from 2025 to 2027 [1]. - The report maintains a "buy" rating for the company's stock [1].

事件：2025年8月15日，海油工程发布2025半年度报告，2025上半年，公司实现营业收入113.18亿元，同 比下降15.72%；归母净利润为10.98亿元，同比下降8.21%；扣非后归母净利润为9.60亿元，同比上涨 14.41%；基本每股收益0.25元，同比下降7.41%。 2025年第二季度，公司单季度营业收入62.22亿元，同比下降19.80%，环比上涨22%；单季度归母净利润 5.57亿元，同比下降22.74%，环比上涨3%；单季度扣非后归母净利润4.83亿元，同比上涨10%，环比上涨 1%。 点评： 信达证券（601059）股份有限公司胡晓艺,刘红光近期对海油工程（600583）进行研究并发布了研究报告 《Q2毛利率创新高，在手订单充足》，给予海油工程买入评级。 海油工程 盈利预测与投资评级：我们预测公司2025-2027年归母净利润分别为23.85、25.25和26.01亿元，同比增速 分别为10.3%、5.9%、3.0%，EPS(摊薄)分别为0.54、0.57和0.59元/股，按照2025年8月15日收盘价对应的 PE分别为10.68、10.08和9.79倍。我们认为，公司未来有望受益于中 ...

（文章来源：每日经济新闻） 信达证券8月18日发布研报称，给予海油工程（600583.SH）买入评级。评级理由主要包括：1）第二季 度公司毛利率创新高；2）公司陆上工作量明显下降，在手订单充足。风险提示：宏观经济波动和油价 下行风险；需求恢复不及预期风险；上游资本开支不及预期风险；地缘政治风险；汇率波动风险。 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating expected performance above the benchmark by more than 15% [5]. Core Insights - The company reported a significant increase in gross margin, reaching 16.33% in Q2 2025, marking a year-on-year increase of 4.84 percentage points, attributed to cost reduction and the execution of high-quality overseas contracts [5]. - Despite a decline in revenue and net profit for the first half of 2025, the company has a robust order backlog of approximately 40.7 billion yuan, ensuring future revenue streams [5]. - The forecast for net profit from 2025 to 2027 shows expected growth rates of 10.3%, 5.9%, and 3.0%, respectively, with diluted EPS projected at 0.54, 0.57, and 0.59 yuan per share [5]. Financial Performance Summary - For the first half of 2025, the company achieved a total revenue of 11.318 billion yuan, a year-on-year decrease of 15.72%, while the net profit attributable to shareholders was 1.098 billion yuan, down 8.21% year-on-year [1]. - In Q2 2025, the company reported a revenue of 6.222 billion yuan, a decrease of 19.80% year-on-year but an increase of 22% quarter-on-quarter [2]. - The company’s gross margin for Q2 2025 was 16.33%, reflecting a quarter-on-quarter increase of 0.18 percentage points [5]. Future Projections - The company is projected to achieve total revenues of 31.411 billion yuan in 2025, with a growth rate of 4.9% year-on-year, followed by 32.395 billion yuan in 2026 and 32.581 billion yuan in 2027 [4]. - The net profit attributable to shareholders is expected to grow from 2.385 billion yuan in 2025 to 2.601 billion yuan in 2027, with corresponding growth rates of 10.3%, 5.9%, and 3.0% [4].

格隆汇8月18日｜天风证券研报指出 ，海油工程Q2新签订单同比+42%，上半年毛利率创近5年新高，维 持"买入"评级。2025Q2营业收入62亿元，同比-19.8%，主要是因为陆地加工量及新能源业务工作量同 比下滑；归母净利润为5.57亿元，同比-22.7%，主要是因为上年同期有一次性的消费税退税影响2.33 亿，而本年消费税退税预计在Q3实现，若剔除这部分因素的影响，归母净利润同比+18%。公司2025年 上半年新签合同约121亿，同比-3.6%，其中Q2新签订单85亿（同比+42%）。在手订单总额约为407亿 元，为公司业务持续发展提供有力支撑。 ...

Group 1 - The core viewpoint of the report is that Tianfeng Securities has given a "buy" rating for CNOOC Engineering (600583.SH) based on its strong financial performance and growth prospects [1] - CNOOC Engineering's Q2 net profit attributable to shareholders increased by 18% year-on-year after excluding one-time impacts from the previous year [1] - The company's workload is significantly shifting towards high-margin businesses such as offshore installation and pipeline laying [1] - In Q2, new signed orders increased by 42% year-on-year, indicating strong demand and growth potential [1] Group 2 - Risks highlighted include the possibility of CNOOC's capital expenditures falling short of expectations [1] - There is a risk that a significant drop in international oil prices could affect oil companies' willingness to invest in capital expenditures [1] - The expansion of overseas orders or progress in operations may not meet expectations, posing additional risks [1]