8月18日，中石化油服将披露2025财年中报。 本文源自：金融界 截至2025年一季报，中石化油服营业总收入178.5亿元、净利润2.18亿元。 作者：行情君 8月6日，中石化油服(01033)盘中上涨5.19%，截至15:50，报0.81元/股，成交3095.47万元。 中石化石油工程技术服务股份有限公司（SSC）是中国领先的一体化全产业链油服企业，提供从勘探、 钻井到油气生产的综合工程技术服务，并在页岩气、超深油气田等领域积累丰富经验。公司在上海和香 港两地上市（SH600871, HK1033），业务覆盖国内20多个省份及全球30多个国家，成为沙特、科威特 等国石油公司的重要合作伙伴。 ...

Investment Rating - The report maintains a "Buy" rating for the company [13]. Core Views - As a leading private oil service company in China, the company is expected to continue demonstrating its competitive advantages with the deepening of domestic exploration and development, as well as the upcoming replacement demand for equipment in North America. The company has established a comprehensive technology matrix covering all aspects of the natural gas industry, and with the rapid development of the natural gas industry chain in regions like the Middle East, it is anticipated that the company will open a second growth curve through international expansion. The projected EPS for 2025, 2026, and 2027 are 2.99 CNY, 3.52 CNY, and 4.09 CNY, respectively, corresponding to PE ratios of 13.48X, 11.42X, and 9.84X based on the closing price on August 5, 2025 [3][11]. Summary by Sections New Opportunities in Natural Gas - The Middle East is experiencing a strong supply and demand for natural gas, creating new opportunities for oil service companies to expand internationally. The region has significant potential for production increases, with a robust development trend in LNG projects driven by natural gas production policies. The energy investment in the Middle East is expected to continue rising, with a projected compound annual growth rate of 7.8% in the oil service market until 2029 [6][51][55]. Domestic Natural Gas Market Demand - Under the dual carbon goals and urbanization, domestic demand for natural gas is on the rise. The government is emphasizing the construction of gas storage facilities, which is accelerating. The company has successfully signed large orders for domestic natural gas compressors, deepening its application in the gas storage sector [7][59]. Full Industry Chain and Technological Advantages - The company has a comprehensive business support system that spans upstream, midstream, and downstream operations in the natural gas sector. It is the first oil service company in China to obtain API Spec Q2 certification, which enhances its ability to expand into the Middle East and other overseas markets. With the rapid development of the oil and gas market in the Middle East, the company is expected to achieve breakthroughs in multiple regions and full-cycle projects [8][11]. Domestic Industry Resilience - The increasing reliance on foreign oil and gas necessitates a comprehensive energy security guarantee system. Since 2017, major state-owned oil companies have significantly increased capital expenditures, particularly in exploration and development. The "increase reserves and production" policy is a top priority, ensuring robust domestic business growth for the company [9]. New Equipment and Market Opportunities in the U.S. - The U.S. market is facing a peak period for the replacement of existing fracturing equipment, with a significant portion currently being diesel-driven. The company has established a leading technological advantage in high-end fracturing equipment and is expected to gradually expand into the substantial replacement market in the U.S. through new products like electric-driven fracturing equipment [10][11].

Summary of Conference Call Notes Company/Industry Involved - The discussion primarily revolves around the **machinery industry**, with specific focus on **motorcycles**, **engineering machinery**, and **oil services**. Core Points and Arguments 1. **Market Strategy for Second Half**: The company has developed a strategy for the second half of the year, focusing on a theme called "Value Vito," which emphasizes strong thematic directions rather than pure growth [1] 2. **Performance of Motorcycle Industry**: The motorcycle sector, led by companies like Chunfeng and Longxin, has shown significant price increases, outperforming other sectors such as machine tools [2] 3. **Engineering Machinery Growth**: The median growth rate for engineering machinery in the first half of the year was 7%, indicating a solid performance, although it did not significantly exceed the index [3] 4. **Sources of Excess Returns**: The excess returns in the machinery sector are attributed to two main factors: rapid industry growth and significant thematic catalysts [4] 5. **Investment Recommendations**: Key sectors recommended for investment include motorcycles, oil services, and engineering machinery, with a note that achieving accelerated growth in the second half may be challenging [5][6] 6. **Domestic vs. Export Growth**: Domestic growth rates are expected to be between 5% to 10%, while export growth may exceed 10%, indicating a more favorable outlook for exports [6] 7. **Impact of Fiscal Policy**: The issuance of local government bonds and subsidies is highlighted as a critical factor influencing the market, with a total subsidy of 300 billion expected for the year [7] 8. **Motorcycle Export Outlook**: The motorcycle export market is anticipated to accelerate in the second half, particularly due to the recovery from last year's low base and the potential benefits from the US-Mexico-Canada Agreement [13][14] 9. **Market Share Potential**: The current market share of Chinese motorcycles in regions like Europe and Latin America is low, suggesting significant growth potential in exports [14] 10. **Oil Services Sector**: The oil services sector is expected to remain robust, driven by global economic conditions and capital expenditures related to oil prices above $60 per barrel [10][11] 11. **Engineering Machinery Valuation**: The valuation of engineering machinery companies is seen as attractive, with significant differences in market capitalization compared to their overseas counterparts [16] 12. **Profit Growth Projections**: Companies like SANY are projected to see substantial profit growth, with estimates indicating a tripling of profits this year [17] 13. **Technological Advancements in Robotics**: The discussion includes advancements in robotics, particularly in humanoid robots and their applications in various sectors [22][30] 14. **Future of Solid-State Batteries**: The solid-state battery market is highlighted as a growing area, with significant technological advancements expected [33][35] Other Important but Possibly Overlooked Content 1. **Challenges in Domestic Growth**: The domestic machinery sector is facing challenges in achieving noticeable growth in the second half compared to the first half [6][8] 2. **Potential for Thematic Catalysts**: The importance of thematic catalysts in driving excess returns is emphasized, suggesting that investors should focus on sectors with strong thematic support [4] 3. **Long-Term Growth Potential**: The long-term growth potential in the motorcycle export market and the engineering machinery sector is noted, with specific reference to the low current market share in international markets [14][15] 4. **Valuation Comparisons**: The valuation of companies in the engineering machinery sector is compared to their historical valuations, indicating potential for upward adjustments [17][20] This summary encapsulates the key insights and projections discussed during the conference call, providing a comprehensive overview of the current state and future outlook of the machinery industry.

Group 1 - The global oilfield services industry is undergoing a significant consolidation wave, highlighted by Baker Hughes' announcement to acquire Chart Industries for $13.6 billion in cash, marking a strategic shift towards emerging energy sectors [1][2] - The acquisition values Chart Industries at $210 per share, representing a 22% premium over its previous trading day closing price, and surpasses Chart's prior $19 billion all-stock merger agreement with a different company [2] - Post-acquisition, Baker Hughes will gain Chart's technological advantages in liquefied natural gas, hydrogen, biogas, and carbon capture, enhancing its competitive edge in industrial and energy technology markets [2] Group 2 - The oilfield services sector is experiencing a trend of mergers and acquisitions, with several major deals occurring in 2024, indicating a strategic intent among industry giants to optimize their business structures through external growth [3] - Notable transactions include Schlumberger's acquisition of 80% of Aker Carbon Capture for $382 million and a subsequent $7.8 billion all-stock acquisition of ChampionX, reinforcing its position in chemical solutions and equipment [3] - The global oilfield services market is on a steady growth trajectory, expanding from $203.8 billion in 2020 to $316.1 billion in 2024, with a compound annual growth rate of 11.6%, driven by shale gas development and increased oil recovery demands [3]

Core Viewpoint - The company, Tongyuan Petroleum, is expanding its overseas market presence by establishing a subsidiary in Libya to enhance its competitiveness and business scale [1] Group 1: Market Opportunity - Libya has significant oil and gas resources, with proven oil reserves exceeding 48 billion barrels, ranking first in Africa and tenth globally [2] - The country is strategically located for oil and gas exports to Europe, making it a key player in European energy security [2] - Libya's oil production and export have been gradually recovering since August 2024, with the National Oil Corporation planning to increase crude oil production from 1.4 million barrels per day to 2 million barrels per day by 2028 [2] Group 2: Company Strategy - Tongyuan Petroleum's subsidiary, Yilong Hengye, has secured multiple high-quality oil service projects in Libya, including the 70DB drilling rig project and other operations [3] - The company aims to leverage its differentiated competitive advantages, such as advanced perforation technology, to enhance its market position [4] - Establishing a subsidiary in Libya will allow the company to deepen its integration into the local market and improve its competitive edge [5] Group 3: Financial Context - As of July 29, Brent crude oil prices increased by 7.25% and WTI prices by 6.30%, indicating a favorable market environment for oil service companies [4] - The oil service industry is experiencing high demand due to increased capital expenditure in the upstream oil and gas sector [4] Group 4: Global Market Expansion - The company has a comprehensive domestic market presence across major unconventional oil and gas development areas in China [5] - Internationally, the company is expanding its footprint in North America and regions like Algeria, Kazakhstan, and Libya, enhancing its global market layout [5]

资料显示，中石化石油工程技术服务股份有限公司(简称SSC)是中国石化集团公司控股的中国大型的综 合油气工程与技术服务专业公司。拥有超过60年的经营业绩和丰富的项目执行经验,是中国一体化全产 业链油服领先者。2012年6月28日,中国石化集团公司实施石油工程专业化整合重组,将胜利油田、中原油 田、江汉油田、江苏油田、河南油田、华北石油局、西南石油局、华东石油局8家油田企业的石油工程 业务整体剥离,与集团公司总部石油工程管理部及国际石油工程公司、上海海洋石油局整合,成立中石化 石油工程技术服务有限公司。2014年,公司利用仪征化纤上市平台在上海、香港两地同步上市。股票代 码SH600871,HK1033,简称石化油服。 7月29日，上证指数涨0.33%，收报3609.71点，恒生指数跌0.15%，收报25524.45点。 石化油服AH溢价达172.79%，位居AH股溢价率第三位。当日收盘，石化油服A股报2.02元，平盘报收， H股报0.81港元，下跌1.22%。 *注：AH股是指同时在A股和港股上市的公司，溢价（A/H）越大，说明H股相比A股越便宜。 本文源自：金融界 作者：行情君 ...

Core Insights - The article highlights that the number of natural gas drilling rigs in the United States has reached its highest level since August 2023, indicating a potential increase in natural gas production and exploration activities in the industry [1] Industry Summary - The increase in drilling activity suggests a positive trend for the natural gas sector, which may lead to higher supply levels and potentially impact pricing dynamics in the market [1] - This uptick in drilling rig counts could be a response to rising demand for natural gas, driven by various factors including energy transition efforts and economic recovery [1]

贝克休斯油服：加拿大钻井平台数量较上周增加10口，达到182口。 ...

Financial Data and Key Metrics Changes - Revenues increased by 26% to $421 million, but excluding Pintail revenues, revenues were down 3% [15] - Adjusted diluted EPS was $0.08, with adjustments of $0.03 related to acquisition costs [20] - Adjusted EBITDA rose to $65.6 million from $48.9 million, with a margin increase of 90 basis points to 15.6% [20] - Operating cash flow was $92.9 million, with free cash flow at $17.6 million after capital expenditures of $75.3 million [20] Business Line Data and Key Metrics Changes - Pressure pumping accounted for 25.9% of total revenues, while wireline represented 24.7% [16] - Downhole tools revenues increased by 6% sequentially, with notable strength in the Northeast and Rocky Mountain regions [8] - Coiled tubing revenues were up 12% sequentially, with the delivery of the largest coiled tubing unit in the U.S. [10] - Rental tools revenues increased by 17% compared to the previous quarter [11] Market Data and Key Metrics Changes - Non-pressure pumping service lines represented 74% of total revenues during the second quarter [7] - The wireline market remains challenging with intensified pricing pressure [12] - The overall market is competitive, with a cautious outlook for the second half of the year due to reduced rig activity [7] Company Strategy and Development Direction - The company plans to test 100% natural gas pressure pumping units as part of its strategy to evaluate alternative technologies [7] - The focus is on organic investments and selective acquisitions to drive growth and improve customer mix [13] - The company aims to manage costs and utilize its balance sheet to take advantage of opportunities as they arise [24] Management's Comments on Operating Environment and Future Outlook - Management noted increasing macro and geopolitical uncertainties impacting operations [5] - The current oil prices are unlikely to stimulate significant activity increases in the near term [24] - There is cautious optimism regarding the customer lineup for pressure pumping, which may minimize seasonal slowdowns [42] Other Important Information - The acquisition of Pintail contributed approximately $99 million in revenues, accounting for 23% of total revenues [12] - The effective tax rate for the quarter was 41.3%, significantly higher than the previous quarter due to acquisition-related costs [18] Q&A Session Summary Question: Acquisition strategy and preference for consolidation or expansion - Management indicated a focus on scale in existing service lines while remaining opportunistic in evaluating new opportunities [27][29] Question: Outlook for the frac market and potential slowdown - Management acknowledged historical challenges in the frac market during the third quarter but expressed hope for improved activity with dedicated customers [41][42] Question: Free cash flow outlook for the second half of the year - Management expects better free cash flow in the second half, not counting on another prepayment like the one received in the previous year [45][47] Question: Impact of pricing pressures in wireline on future results - Management confirmed that pricing pressures are tied to Pintail and acknowledged the challenges faced in the Permian Basin [48][50]

Core Viewpoint - Despite recent fluctuations in international oil prices, the overall trend remains at a medium to high level, encouraging continued investment from oil extraction companies [1] Group 1: Oil and Gas Industry Investment - The oil service industry is benefiting from the sustained investment enthusiasm in upstream oil and gas due to strong crude oil prices [1] - Major oil-producing countries are increasing resource development efforts, with OPEC and non-OPEC countries planning to raise production by 548,000 barrels per day starting August [2] - Global upstream capital expenditure is expected to recover and exceed $582.4 billion by 2025, reflecting a 5% year-on-year growth [2] Group 2: Oil Service Companies' Opportunities - Oil service companies are experiencing increased demand for equipment and services, particularly in overseas markets, driven by positive investment expectations in upstream oil and gas [3] - Jerry Engineering received a contract worth approximately $8.5 billion from Algeria's national oil company for a gas booster station project [3] - China National Petroleum Engineering signed a contract worth $1.6 billion with TotalEnergies for a gas processing plant project in Iraq [3] Group 3: New Contracts and Market Expansion - Bomaike successfully entered the Suriname market with a contract valued between 750 million to 1 billion yuan for the construction of an FPSO upper module [4]