Company Overview - Huibo Technology is an international comprehensive solution service provider for oil and gas resource development and utilization, focusing on providing efficient and clean energy solutions to global clients [1] - The main business includes oil and gas engineering and operation services (EPCC), environmental engineering and services, and oil and gas resource development and utilization [1] Business Segments Oil and Gas Engineering and Services - The company provides EPCC contracting services centered on oil and gas field surface engineering, including technology research and development, system design, equipment provision, and engineering technical services [2] - The company has established a complete technology and product system in this field, focusing on energy-efficient and environmentally friendly oil, gas, and water treatment equipment [2] Environmental Engineering and Services - The environmental business covers technology research and development, equipment production, engineering design and contracting, and project financing and operation [4] - The company has expanded into municipal environmental services, focusing on wastewater treatment and air pollution control, which has accelerated its strategic transformation [4] Oil and Gas Resource Development and Utilization - The wholly-owned subsidiary, Beijing Huayou Kesi Energy Management Co., specializes in urban gas and LNG business, managing multiple subsidiaries across various regions [5] Financial Performance - In the reporting period, the company achieved operating revenue of 2.608 billion yuan, a decrease of 26.05% year-on-year, and a net profit attributable to shareholders of -190.98 million yuan, a decline of 281.40% [6] - The oil and gas engineering and services segment accounted for 76.40% of total revenue, generating 1.993 billion yuan, down 31.62% year-on-year due to reduced new orders and project delays [7] - The environmental engineering and services segment saw revenue of 91.30 million yuan, up 22.49% year-on-year, primarily due to stable operations in overseas oilfield environmental projects [8] - The oil and gas resource development and utilization segment generated 524.16 million yuan, a slight decrease of 2.62% year-on-year, mainly due to reduced gas sales from industrial clients [9] Future Outlook - The company anticipates challenges in the international market due to geopolitical conflicts and increased competition, which may impact its operational performance in 2024 [6] - The company plans to focus on carbon capture, utilization, and storage (CCUS) and new energy businesses to align with national carbon reduction goals [2]

Core Viewpoint - The company reported a strong performance in Q1 2025, with total revenue of 10.1 billion yuan, a year-on-year increase of 9.42%, and a net profit attributable to shareholders of 594 million yuan, up 18.38% year-on-year [1][2]. Group 1: Financial Performance - In Q1 2025, the company achieved total revenue of 10.1 billion yuan, reflecting a year-on-year growth of 9.42% but a quarter-on-quarter decline of 46.53% [1]. - The net profit attributable to shareholders reached 594 million yuan, marking an 18.38% increase year-on-year and a 38.61% decrease quarter-on-quarter [1]. - The annualized ROE for Q1 2025 was 8.7%, an increase of 0.6 percentage points year-on-year, while the cost-to-profit ratio improved to 6.6%, up 0.4 percentage points year-on-year [2]. Group 2: Industry and Market Trends - The international oil price fluctuated at a high level, with the average Brent crude oil price in Q1 2025 at $74.98 per barrel, down 8.3% year-on-year but up 1.3% quarter-on-quarter [2]. - The domestic oilfield service market continues to grow steadily, driven by high oil prices and national energy security strategies [2]. - The global oil service market is expected to maintain growth, with a projected market size of $326.5 billion in 2025, reflecting a year-on-year increase of 3.3% [5]. Group 3: Operational Efficiency and Cost Management - The company has implemented cost control measures, resulting in a gross profit margin of 12.90%, an increase of 1.02 percentage points [4]. - The company is advancing its digital transformation, aiming to develop 10 digital products by 2024 and enhance operational efficiency through the application of artificial intelligence [4]. - The production capacity of the intelligent injection workshop is expected to increase from 300 sets per year to 2,000 sets per year, with a first-pass yield rate exceeding 99% [4]. Group 4: Future Outlook - The company is well-positioned to benefit from the ongoing "increase reserves and production" initiatives led by its parent company, China National Offshore Oil Corporation (CNOOC), with production growth targets of 5.9%, 2.6%, and 3.8% for 2025-2027 [5]. - The company is focused on providing comprehensive production and sales support in offshore oil production, which is expected to enhance revenue and profitability [5]. - Profit forecasts for the company indicate net profits of 4.262 billion yuan, 4.698 billion yuan, and 5.215 billion yuan for 2025, 2026, and 2027, respectively [6].

Group 1 - The public offering of index-enhanced funds is experiencing explosive growth, with new issuances this year reaching nearly seven times that of the same period last year, despite recent stagnation in fund size growth [1] - The stagnation is attributed to high investor cognitive barriers and the instability of excess returns, prompting fund companies to optimize strategies and innovate services to explore new opportunities in index investment [1] Group 2 - Alibaba has open-sourced its new Qwen3 model, which has one-third the parameters of DeepSeek-R1, significantly reducing costs while outperforming leading models [1] - The Qwen3 model integrates "fast thinking" and "slow thinking" within a single framework, utilizing a mixture of experts architecture, with a total parameter count of 235 billion and activation requiring only 22 billion [1] Group 3 - OpenAI is entering the e-commerce space by allowing users to purchase products through ChatGPT, redirecting them to merchant websites for checkout [2] - The product recommendations are based on user preferences and reviews from across the web, with OpenAI not charging affiliate marketing fees for purchases made through ChatGPT [2] Group 4 - The oil service industry is facing challenges due to falling international oil prices, but companies like CNOOC Services and Jereh are reporting stable performance in their Q1 2025 results [3] - Oil service companies are diversifying their operations to enhance competitiveness in response to potential risks from oil price fluctuations [3] Group 5 - Several A-share companies are changing their stock names to reflect strategic transformations and enhance brand image, with over 20 companies reported to have announced name changes this year [8] - The name changes are seen as a way to attract investor attention and signal new directions for the companies [8] Group 6 - Foton Motor announced plans to subscribe for up to 2.5 billion yuan worth of shares in Beiqi Blue Valley, which is raising up to 6 billion yuan in total [9] - This transaction is classified as a related party transaction and does not constitute a major asset restructuring [9] Group 7 - Greenland Holdings reported a net loss of 247 million yuan in Q1 2025, with revenues declining by 30.97% year-on-year [10] - Gree Real Estate also reported a loss of 90.96 million yuan in Q1 2025, with revenues down 58.54% compared to the previous year [11]

Group 1 - The National Market Regulation Administration has approved the release of two revised national standards for tourism services, which will enhance the tourism service standard system and stimulate the tourism consumption market [1] - Over 20 A-share companies have announced changes to their stock names, reflecting strategic transformations and aiming to attract investor attention [1] Group 2 - Multiple fund companies have received notifications about a 20% reduction in index usage fees from the China Securities Index Company, effective from April 1 [2] - The quarterly minimum fee for index products has been lowered to 20,000 yuan, with no minimum for certain non-stock index products [2] Group 3 - The scale of ETF funds has surpassed 4 trillion yuan, intensifying competition in the pure index sector, while the growth of index-enhanced funds has recently stagnated [3] - Industry insiders attribute the stagnation to high investor cognitive barriers and the instability of excess returns [3] - Oil service companies in A-shares report stable performance despite recent declines in international oil prices, with companies like CNOOC and Jereh showing solid results [3] Group 4 - The pace of new IPO approvals in A-shares has accelerated, indicating a gradual recovery in the IPO market, with expectations for slight growth in 2025 [4] - Deloitte China predicts that the new stock issuance in 2025 will focus on quality and support for technological innovation [4] Group 5 - The securities industry is expected to see a reversal of difficulties in 2024, with revenue and net profit growth, although investment banking services are still struggling [5] - Only 6 out of 38 listed brokerages reported positive growth in investment banking fees, with an average decline of 27% for the others [5] Group 6 - The "Guzi Economy" concept stock, Pop Mart, has seen significant stock price increases, becoming the first tenfold stock in this sector [6] - The transparency of algorithms used by major platforms is increasing, with implications for digital governance and business models [6] Group 7 - The National Development and Reform Commission has outlined measures to stabilize employment and promote high-quality economic development, focusing on effective investment and consumer support [7] - 15 out of 17 listed banks reported positive year-on-year growth in investment income for Q1 2025, with some banks showing over 100% growth [7] Group 8 - Beijing SKP is among the first stores to implement the "buy and return immediately" tax refund service, which is being expanded nationwide to enhance the consumer experience for international travelers [8]

Summary of CNOOC Services Conference Call Company Overview - CNOOC Services reported Q1 revenue of 10.8 billion RMB, a year-on-year increase of 6.4%, and a net profit attributable to shareholders of 0.89 billion RMB, a significant year-on-year increase of nearly 40%, primarily benefiting from resource optimization and full industry chain integration [2][3][4]. Key Points Financial Performance - Q1 revenue reached 10.8 billion RMB, up 6.4% year-on-year [2][3]. - Net profit attributable to shareholders was 0.89 billion RMB, reflecting a nearly 40% increase year-on-year [2][3]. - Financial expenses decreased significantly, contributing positively to performance growth, with expectations for stable annual financial expenses [4][14]. Operational Highlights - Drilling platform operating days increased significantly, totaling 48,089 days in Q1, a year-on-year increase of 11.4% [2][3]. - High utilization rates for overseas drilling platforms, with four out of five semi-submersible drilling platforms currently operational [2][6]. - Domestic platforms maintained stable workload and utilization rates, with new platforms showing full scheduling [6][7]. Pricing and Contracts - Day rates for four vessels in Norway are approximately 300,000 USD [9]. - Day rates for overseas platforms are expected to remain stable during contract periods, unaffected by industry fluctuations [10]. - Domestic platform pricing has remained stable, with slight increases for new platforms [11][12]. Sector Insights - The overall gross margin for the oil service sector is expected to improve in 2024, although overseas profit margins remain lower than domestic due to initial technical layout and new market development impacts [13]. - The company is actively expanding deepwater business, participating in Brazilian deepwater projects and obtaining entry qualifications through an eight-country oil alliance [4][20]. Technology and R&D - The company has made significant investments in oil and gas exploration technology, particularly in ultra-deepwater high-temperature and high-pressure working fluids and directional equipment [21]. - Continuous focus on deepwater technology development, including successful operations of self-developed equipment and participation in deepwater projects [20]. Market Outlook - The company is closely monitoring market dynamics and will seek suitable contract opportunities in various regions, including North Sea and Brazil [17][18]. - New signing platform average rates are expected to rise, despite some regional fluctuations [23]. Additional Important Insights - The company has not seen any significant changes in operational platforms and does not currently plan to recognize impairment losses, although external market fluctuations could prompt adjustments [16]. - The company maintains a cooperative relationship with newly established operational companies under CNOOC, focusing on resource pooling and potential future collaborations [18].

Investment Rating - The report maintains an "Overweight" rating for the oil service sector [6] Core Viewpoints - The global upstream capital expenditure is expected to rebound in 2025, with a projected increase of over $582.4 billion, representing a 5% year-on-year growth, which lays a solid foundation for the oil service sector's prosperity [1][10] - The average day rate for global self-elevating platforms reached $103,600 per day in March 2025, a 6.7% increase year-on-year, while semi-submersible platforms averaged $248,400 per day, up 2.7% year-on-year, indicating sustained market demand [1][15] - The "Big Three" oil companies in China are increasing capital expenditures and oil and gas production, which is expected to benefit their affiliated oil service companies significantly [2][18] - The performance of oil service companies continues to improve, with notable profit growth reported for subsidiaries of China National Offshore Oil Corporation (CNOOC) in Q1 2025 [3][30] - The operational quality of oil service companies is improving, enhancing their competitiveness in the international market [4][37] Summary by Sections 1. Industry Prosperity and Performance - Global upstream capital expenditure is projected to recover, with 2024 offshore exploration and development investment expected to grow by 8.6% year-on-year, while onshore investment is anticipated to decline by 7.9% due to stagnation in North America [1][10] - The oil service market is expected to reach $316.1 billion in 2024, growing by 3%, and $326.5 billion in 2025, with a 3.3% increase [10] - The "Big Three" oil companies in China plan to maintain high capital expenditures in 2025, with respective budgets of CNY 210 billion, CNY 76.7 billion, and CNY 130 billion, supporting production growth [2][18] 2. Performance of Oil Service Companies - CNOOC's subsidiaries have shown significant profit growth, with net profits for CNOOC Services, CNOOC Engineering, and CNOOC Development growing at CAGRs of 15%, 22%, and 23% from 2022 to 2024 [3][30] - In Q1 2025, CNOOC Services, CNOOC Engineering, and CNOOC Development reported net profits of CNY 88.7 million, CNY 54.1 million, and CNY 59.4 million, reflecting year-on-year growth of 40%, 14%, and 18% respectively [3][30] 3. Improvement in Operational Quality - The gross margin of CNOOC's subsidiaries improved in Q1 2025, with increases of 1.9 percentage points for CNOOC Services and 3.9 percentage points for CNOOC Engineering compared to the previous year [4][37] - The annualized ROE for CNOOC Services and CNOOC Engineering increased by 0.7 percentage points and decreased by 0.3 percentage points respectively, indicating a trend of improving operational quality [4][37] 4. Investment Recommendations - The report suggests focusing on the "Big Three" oil companies and their affiliated oil service firms, as well as leading companies in the refining and chemical sectors [5]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5] Core Views - The company has shown a continuous improvement in profit margins, with a gross margin of 16.15% and a net margin of 10.76% in Q1 2025, reflecting a year-on-year increase of 6.24 percentage points and 2.26 percentage points respectively [1] - The company has a robust order backlog of 38.4 billion, indicating a solid foundation for future growth despite a 45% year-on-year decline in new contracts signed in Q1 2025 [3] Financial Performance - In Q1 2025, the company reported a revenue of 5.1 billion, a decrease of 10.15% year-on-year, while the net profit attributable to the parent company was 540 million, an increase of 13.85% year-on-year [1] - The company’s EBITDA for 2025 is projected to be 4.52 billion, with a net profit forecast of 2.51 billion, reflecting a growth rate of 16.10% [4] Operational Metrics - The company completed the construction of 10 land-based jackets and 11 offshore jackets in Q1 2025, with a notable increase in offshore installation work [2] - The company laid 79.8 kilometers of subsea pipelines, an increase of 10.9 kilometers year-on-year, indicating enhanced operational capacity [2] Order Book and Projects - The company’s major domestic projects include the development of the Penglai 19-3 oilfield and the Dongfang 13-3 gas field, while international projects include the Total ALK subsea pipeline replacement [3] - The company’s order book remains strong, with a total of 384 billion in hand orders, providing a solid basis for future revenue [3]

Core Insights - Analysts project Schlumberger (SLB) will report quarterly earnings of $0.74 per share, a decline of 1.3% year over year, with revenues expected to reach $8.6 billion, down 1.2% from the same quarter last year [1] Earnings Estimates - The consensus EPS estimate has been revised downward by 0.9% over the past 30 days, indicating a collective reassessment by analysts [2] - Changes in earnings estimates are crucial for predicting investor reactions, as empirical research shows a strong correlation between earnings estimate revisions and short-term stock performance [3] Revenue Projections - Revenue from Digital & Integration is estimated at $988.06 million, reflecting a year-over-year increase of 3.7% [5] - Revenue from Reservoir Performance is projected at $1.73 billion, indicating a slight increase of 0.2% from the prior year [5] - Revenue from Production Systems is expected to reach $2.97 billion, showing a year-over-year growth of 5.2% [5] - Revenue from Well Construction is forecasted at $3.03 billion, representing a significant decline of 10% year over year [6] - North America revenue is estimated at $1.60 billion, a 0.4% increase from the previous year [6] - Latin America revenue is projected at $1.50 billion, reflecting a decline of 9.2% year over year [6] - Revenue from Europe & Africa is expected to be $2.28 billion, down 1.9% year over year [7] - Revenue from the Middle East & Asia is projected at $3.13 billion, indicating a year-over-year increase of 1.5% [7] Income Before Taxes Estimates - Income Before Taxes from Digital & Integration is estimated at $292.93 million, up from $254 million in the same quarter last year [8] - Income Before Taxes from Reservoir Performance is projected at $334.53 million, slightly down from $339 million year over year [8] - Income Before Taxes from Production Systems is expected to be $438.85 million, an increase from $400 million in the previous year [9] - Income Before Taxes from Well Construction is estimated at $586.44 million, down from $690 million year over year [9] Stock Performance - Schlumberger shares have decreased by 17% in the past month, compared to an 8.9% decline in the Zacks S&P 500 composite [9]

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 今 日 聚 焦 【石油化工】石化24年报总结：不确定环境下的确定性，"三桶油"及油服再创佳绩—— 石油化工行业周 报第 399 期（ 20250414 — 20250420 ） 根据 S&P Global 统计， 2024 年全球海上勘探开发投资同比增长 8.6% ，陆上勘探开发投资同比下降 7.9% ，预计 25 年全球上游资本开支恢复增长，有望达到 5824 亿美元以上，同比增长 5% ，上游资本开支的持 续扩增为油服景气奠定基础 。国内"三桶油"坚持增储上产，资本开支和产量持续增长，旗下油服企业有望 持续受益，我们持续看好油服企业工作量的增长和盈利能力的改善。 （赵乃迪/蔡嘉豪/王礼沫） 2025-04-20 您可点击今日推送内容 ...

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 今 日 聚 焦 【石油化工】石化24年报总结：不确定环境下的确定性，"三桶油"及油服再创佳绩—— 石油化工行业周 报第 399 期（ 20250414 — 20250420 ） 根据 S&P Global 统计， 2024 年全球海上勘探开发投资同比增长 8.6% ，陆上勘探开发投资同比下降 7.9% ，预计 25 年全球上游资本开支恢复增长，有望达到 5824 亿美元以上，同比增长 5% ，上游资本开支的持 续扩增为油服景气奠定基础 。国内"三桶油"坚持增储上产，资本开支和产量持续增长，旗下油服企业有望 持续受益，我们持续看好油服企业工作量的增长和盈利能力的改善。 （赵乃迪/蔡嘉豪/王礼沫） 2025-04-20 您可点击今日推送内容 ...