Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights the robust development of deep-sea technology and the company's stable performance, indicating a promising future [8] - The company is expected to benefit from high capital expenditures by CNOOC, which plans to allocate between 125 billion to 135 billion RMB for capital expenditures in 2025 [8] - The oil service industry is projected to maintain high prosperity, supported by the growth of deep-sea technology [8] Financial Forecasts - Total revenue for 2023 is projected at 44,109 million RMB, with a year-on-year growth of 23.70% [1] - The net profit attributable to shareholders for 2023 is estimated at 3,013 million RMB, reflecting a year-on-year increase of 27.75% [1] - Earnings per share (EPS) for 2023 is forecasted to be 0.63 RMB, with a price-to-earnings (P/E) ratio of 22.23 [1] - For 2024, total revenue is expected to reach 48,302 million RMB, with a year-on-year growth of 9.51% [1] - The net profit attributable to shareholders for 2024 is projected at 3,137 million RMB, a year-on-year increase of 4.11% [1] - EPS for 2024 is estimated at 0.66 RMB, with a P/E ratio of 21.36 [1] - The company anticipates a significant increase in net profit to 4,267 million RMB in 2025, representing a year-on-year growth of 36.01% [1] - The P/E ratio for 2025 is projected to be 15.70 [1] Business Performance - The company operates 48 self-elevating drilling platforms and 14 semi-submersible drilling platforms, with a total operational day count of 17,502 days in 2024 [8] - The daily rates for self-elevating and semi-submersible drilling platforms have increased to 75,000 and 143,000 USD, respectively [8] - The company has successfully expanded its international business, particularly in Southeast Asia and Africa, enhancing its market penetration [8] - The company has launched high-end oil and gas technology equipment under the "Xuan Yue" brand, improving its service capabilities [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights the robust development of deep-sea technology and the company's stable performance, indicating a promising future [1] - The company is expected to benefit from high capital expenditures by CNOOC, which plans to allocate between 125 billion to 135 billion RMB for capital expenditures in 2025 [8] - The report anticipates a significant increase in net profit for 2025, projecting it to reach 4.267 billion RMB, a 36.01% year-on-year growth [1][8] Financial Forecasts - Total revenue is projected to grow from 44.109 billion RMB in 2023 to 49.307 billion RMB in 2025, reflecting a year-on-year increase of 2.08% [1] - The net profit attributable to shareholders is expected to rise from 3.013 billion RMB in 2023 to 4.267 billion RMB in 2025, with a notable growth rate of 36.01% [1] - The earnings per share (EPS) is forecasted to increase from 0.63 RMB in 2023 to 0.89 RMB in 2025 [1] Business Performance - The company operates 48 self-elevating drilling platforms and 14 semi-submersible drilling platforms, with a slight decrease in operational days due to weather impacts [8] - The company has successfully launched high-end oil and gas technology equipment and expanded its service capabilities in various sectors, including drilling, oilfield technology, and marine services [8] - The report notes that the company has achieved record overseas contract amounts and revenues in its geophysical services segment [8]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [4] Core Views - The company's revenue for 2024 reached 48.3 billion yuan, a year-on-year increase of 9.5%, while the net profit attributable to the parent company was 3.14 billion yuan, up 4.1% year-on-year. The growth rate has slowed mainly due to the suspension of platforms in Saudi Arabia and tax adjustments in Mexico, with these impacts expected to dissipate in 2025 [1][3] - The drilling services segment is expected to regain work volume in 2025 after the suspension of platforms in Saudi Arabia. The operating days in 2024 were 17,502 days, a decrease of 1% year-on-year, with self-elevating platforms increasing by 2% and semi-submersible platforms decreasing by 14% [2] - The gross margin for oilfield technical services remained high, slightly improving to 22.9% in 2024, with revenues of 27.66 billion yuan, a year-on-year increase of 7.4% [3] Financial Summary - The company's total revenue for 2023 was 44.11 billion yuan, with a projected increase to 48.3 billion yuan in 2024 and further growth to 54.01 billion yuan in 2025, reflecting a growth rate of 9.51% for 2024 and 11.81% for 2025 [9] - The net profit for 2023 was 3.01 billion yuan, expected to rise to 3.14 billion yuan in 2024 and 4.03 billion yuan in 2025, indicating a growth rate of 4.11% for 2024 and 28.39% for 2025 [9] - The company's earnings per share (EPS) is projected to be 0.66 yuan in 2024 and 0.84 yuan in 2025, with corresponding price-to-earnings (P/E) ratios of 22.66 and 17.65 [9] Market Position - The company operates in the oil and gas services sector, specifically focusing on drilling services and oilfield technical services, which are expected to see recovery and growth in the coming years [4][2]

Core Viewpoint - The marine economy sector is experiencing a significant surge, becoming a new focal point in the A-share market, with various related stocks showing strong performance [2][4][12]. Market Performance - The stock indices in the two markets showed a volatile adjustment, with the Shanghai Composite Index dropping 0.94% to below 3400 points, while the Shenzhen Component Index fell 1.42%, and the ChiNext Index decreased by 1.70% [2]. - The marine economy sector continued its strong performance, with stocks such as Shaoyang Hydraulic hitting a 20% limit up, and others like Annuoqi, Haimer Technology, and Hailanxin rising over 10% [2][11]. Sector Highlights - Key sectors showing strong performance include deep-sea technology, marine engineering equipment, fisheries, and oil service engineering, all of which saw significant gains [4][12]. - The marine economy's total production value is projected to exceed 10 trillion yuan, contributing 11.5% to GDP, marking it as a new engine for economic growth [12]. Government Initiatives - The government has emphasized "deep-sea technology" in its work report, indicating a strategic focus on the marine economy and the development of new technologies and products [12]. - The "Marine Power" strategy is expected to drive innovative financial tools like blue bonds to support high-quality development in the marine economy, particularly in green industries such as offshore wind power and seawater desalination [12]. Deep-Sea Technology - Deep-sea technology integrates multiple disciplines, including oceanography, materials science, and engineering technology, and is considered a core support for the national marine power strategy [13]. - This technology encompasses various fields such as detection and development equipment manufacturing, resource utilization, and ecological protection, aiming to overcome technical bottlenecks in extreme deep-sea environments [13].

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