Core Viewpoint - Morgan Stanley reports that certain stocks in China's oil service and oil engineering sector have outperformed the industry average and Brent crude oil price increases over the past six months, driven by record new order volumes, stable backlog, strong delivery capabilities, and positive outlooks for capital expenditures from Chinese oil companies and new orders in overseas markets [1] Group 1: Company Recommendations - Sinopec Engineering (02386) is identified as the top pick in the industry, expected to achieve steady revenue and profit growth due to strong order growth momentum, with a projected dividend yield of 6% to 7%. The target price is raised from HKD 7.1 to HKD 8.4, maintaining an "Overweight" rating [1] - CNOOC Services (02883) is expected to see a 20% year-on-year profit growth in FY2025 due to improved capacity utilization and order terms, with the H-share target price adjusted down from HKD 11 to HKD 10.4, also rated "Overweight" [1] - Sinopec Oilfield Services (600871) (01033) and Offshore Oil Engineering (600583) (600583.SH) maintain "Overweight" ratings, with Sinopec Oilfield Services noted for effective cost control and improved shareholder returns. The target price for Sinopec Oilfield Services H-shares is raised from HKD 0.92 to HKD 1, while Offshore Oil Engineering's target price is increased from RMB 6.4 to RMB 7.1 [1]

报告将中石化炼化工程列为行业首选，预计其收入和盈利将稳健增长，股息回报率可达6%—7%，并将 目标价上调至8.4港元，维持"增持"评级。 摩根大通研究报告指出，中国油服及油气工程板块的股票表现优于行业平均水平和布兰特油价，这得益 于新签订单量创新高、在手订单稳健、交付能力强以及中国油企资本开支稳定和海外市场新订单前景向 好。 ...

该行维持中石化油服及海油工程"增持"评级，认为中石化油服成本控制得宜，股东回报改善，而海油工 程近期则取得卡塔尔能源公司新合同，将中石化油服H股目标价由0.92港元上调至1港元，海油工程目标 价亦由6.4元上调至7.1元。 格隆汇9月19日｜摩根大通发表研究报告指，中国油服及油气工程板块部分个股在过去六个月表现跑赢 行业平均水平及布兰特油价升幅，主要受惠于创新高的新签订单量、稳健在手订单、交付能力良好，以 及中国油企资本开支稳定及海外市场新订单前景向好。 摩通列中石化炼化工程为行业首选，预期凭借其强劲的订单增长势头，可实现稳健的收入及盈利增长， 股息回报率料达到6%至7%，目标价从7.1港元上调至8.4港元，评级"增持"。该行又指，中海油服产能 利用率及订单条款改善，预计2025财年盈利可按年增长20%，予其H股目标价由11港元下调至10.4港 元，评级"增持"。 ...