2025 年上半年公司营收 233 亿，同比+3.5%，归母 19.6 亿，同比+23%；Q2 公司营业收入达 125 亿元，同比+1.2%；归母净利润为 10.77 亿元，同比 +12.5%。 公司报告 | 半年报点评 中海油服（601808） 证券研究报告 半潜式平台高日费合同兑现，业绩稳健增长 公司 2025Q2 归母净利润同比+12.5% 半潜式高日费合同开始作业，日费大幅增加 2025Q2 作业天数为 5017 天，同比+10%；其中半潜式钻井平台作业天数同 比+12%；自升式平台同比+9%。2025Q2 自升式、半潜式钻井平台可用天使 用率分别 97.4%、88.1%，较同期分别+10.1 pct、+7.1pct，环比分别为+5.5pct、 -2.3pct，我们认为同比提升主要是因为去年 Q2 自升式平台被中东暂停及 今年国内工作量饱满，以及海外北海半潜式平台新合同贡献。 2025 上半年自升式平台日费为 7 万美金/日，同比-5.4%；半潜式平台日费 为 17.1 万美金/日，同比+27.6%，主要是半潜式平台高日费合同兑现。 油田技术服务收入略有下滑 2025 年上半年油田技术服务营收 123 ...

600968.SH 买入 原评级：买入 市场价格:人民币 4.07 板块评级:强于大市 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 (4.7) (3.1) 4.6 7.1 相对上证综指 (23.7) (11.2) (11.4) (29.0) 发行股数 (百万) 10,165.10 流通股 (百万) 10,165.10 (7%) 2% 10% 19% 27% 36% Aug-24 Sep-24 Oct-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 海油发展 上证综指 | 总市值 (人民币 百万) | 41,371.97 | | --- | --- | | 3 个月日均交易额 (人民币 百万) | 194.14 | | 主要股东 | | | 中国海洋石油集团有限公司 | 81.65% | 石油石化 | 证券研究报告 — 调整盈利预测 2025 年 8 月 26 日 资料来源：公司公告， Wind ，中银证券 以 2025 年 8 月 25 日收市价为标准 相关研究报告 《海油发展》20250528 中银国 ...

截至2025年8月22日收盘，石化油服（600871）报收于2.07元，较上周的2.03元上涨1.97%。本周，石化 油服8月21日盘中最高价报2.09元。8月18日盘中最低价报2.02元。石化油服当前最新总市值392.41亿 元，在油服工程板块市值排名3/13，在两市A股市值排名430/5152。 本周关注点 股本股东变化 近日石化油服披露，截至2025年7月31日公司股东户数为11.94万户，较6月30日减少9954.0户，减幅为 7.7%。户均持股数量由上期的10.47万股增加至11.35万股，户均持股市值为22.69万元。 业绩披露要点 石化油服2025年中报显示，公司主营收入370.51亿元，同比上升0.62%；归母净利润4.92亿元，同比上 升8.95%；扣非净利润4.24亿元，同比上升68.76%；其中2025年第二季度，公司单季度主营收入192.0亿 元，同比上升4.99%；单季度归母净利润2.74亿元，同比下降0.16%；单季度扣非净利润2.05亿元，同比 上升77.53%；负债率88.1%，投资收益-2868.3万元，财务费用4.27亿元，毛利率8.44%。 公司公告汇总 石化油服2025 ...

公司报告 | 半年报点评 中油工程（600339） 证券研究报告 国际市场与新兴领域订单增长较好 公司发布 2025H1 业绩 公司上半年营业收入 362.87 亿元，同比增长 12.18%；归母净利润 4.7 亿元， 同比减少 10.87%。第二季度营业收入 191.58 亿元，同比增长 8.76%；归属 于母公司所有者的净利润 2.76 亿元，同比减少 3.27%。经营活动现金流净 额-15.33 亿元，同比增加 55.20 亿元；销售商品、提供劳务收到的现金 384.56 亿元，同比增加 57.52 亿元，营业现金比率明显改善 新签订单小幅下降，在手订单充沛 公司抓抢油气工程市场景气周期和新旧能源转换机遇，业务结构持续优化， 签约项目最大单体规模超百亿元，累计实现新签合同额 734.01 亿元、同 比减少 3.10%；截至 2025H1，在手合同额约 1700 亿元，为公司持续稳健 发展提供了有力的项目资源保障。 国际市场与新兴领域保持良好势头 2025H1 国际市场实现新签合同额 231.82 亿元，占公司整体新签合同额的 31.58%，同比增长 9.86%，保持了良好增长态势。2025H1，公司进一 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][15][19] Core Views - The company reported a 20.3% year-on-year growth in non-recurring net profit for the first half of 2025, with a historical high gross margin of 17.3% [1][9] - The company's revenue for the first half of 2025 was 22.6 billion yuan, an increase of 4.5% year-on-year, and the net profit attributable to shareholders was 1.83 billion yuan, up 13.2% year-on-year [1][9] - The company expects stable growth in its energy technology services, logistics, and low-carbon environmental sectors, with significant increases in work volume and revenue [2][3][12] Financial Performance Summary - For the first half of 2025, the energy technology services segment generated revenue of 7.99 billion yuan, with a gross margin of 21.5% and a total profit of 1.21 billion yuan [2][12] - The low-carbon and digitalization segment achieved revenue of 3.87 billion yuan, with a gross margin of 19.4% and a total profit of 280 million yuan, reflecting a 42.7% increase [2][12] - The energy logistics services segment reported revenue of 11.64 billion yuan, with a gross margin of 8.6% and a total profit of 740 million yuan [2][12] Future Outlook - The company is expected to benefit from the continuous increase in offshore oil and gas reserves and production in China, with a projected domestic production growth of 7.1% and 5.3% for 2025 and 2026, respectively [3][13] - The forecasted net profit for the company from 2025 to 2027 is 4.21 billion yuan, 4.98 billion yuan, and 5.54 billion yuan, respectively, with corresponding diluted EPS of 0.41, 0.49, and 0.54 yuan [3][15]

Investment Rating - The investment rating for the company is "Buy" with a target price indicating a potential return of over 20% within the next six months [6][17]. Core Insights - The company reported a revenue of 22.597 billion yuan for H1 2025, representing a year-on-year growth of 4.46%, and a net profit attributable to shareholders of 1.829 billion yuan, up 13.15% year-on-year [1]. - The energy technology service sector achieved a revenue of 7.993 billion yuan in H1 2025, growing by 2.79% year-on-year, with significant increases in various service areas [2]. - The low-carbon and digitalization sectors generated a revenue of 3.870 billion yuan, reflecting an 11.17% year-on-year growth, with notable advancements in offshore wind power operations and digital services [3]. - The company plans to optimize resource allocation by selling stakes in several subsidiaries and related assets for a total of 370 million yuan [4]. - Profit forecasts for the company are maintained at 4.126 billion yuan, 4.659 billion yuan, and 5.232 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding EPS of 0.41, 0.46, and 0.51 yuan [5]. Financial Data Summary - For 2025, the projected revenue is 55.047 billion yuan, with a growth rate of 4.82% [5]. - The net profit attributable to shareholders is forecasted to be 4.126 billion yuan for 2025, with a growth rate of 12.86% [5]. - The company’s earnings per share (EPS) is expected to be 0.41 yuan in 2025, with a price-to-earnings (P/E) ratio of 9.71 [5]. - The total assets are projected to reach 50.102 billion yuan by 2025, with a debt-to-equity ratio of 39.19% [12].

Group 1: Company Research - Longbai Group (002601.SZ) reported steady growth in titanium dioxide production and sales in H1 2025, with improved profitability in iron-based products and new energy materials. The forecast for net profit attributable to shareholders for 2025-2027 is 2.957 billion, 3.367 billion, and 3.753 billion yuan respectively, maintaining a "buy" rating [2] - Sinopec Oilfield Service (600871.SH/1033.HK) achieved total operating revenue of 37.05 billion yuan in H1 2025, a year-on-year increase of 0.6%, and a net profit of 490 million yuan, up 9.0%. The projected net profit for 2025-2027 is 909 million, 1.099 billion, and 1.315 billion yuan, maintaining an "increase" rating for both A and H shares [3] - Hualing Steel (000932.SZ) reported a net profit attributable to shareholders of 4.012 billion yuan for 2025, marking a significant recovery in the steel industry. The profit forecasts for 2025-2027 have been raised to 4.012 billion, 4.373 billion, and 4.760 billion yuan, maintaining an "increase" rating [4] - Shenghong Co., Ltd. (300693.SZ) reported a revenue of 1.362 billion yuan in H1 2025, a decrease of 4.79%, with a net profit of 158 million yuan, down 12.91%. The forecast for net profit for 2025-2027 is 490 million, 613 million, and 745 million yuan, maintaining a "buy" rating [5] - Huada Technology (002185.SZ) achieved revenue of 7.780 billion yuan in H1 2025, a year-on-year increase of 15.81%, with a net profit of 226 million yuan, up 1.68%. The projected net profit for 2025-2027 is 994 million, 1.380 billion, and 1.601 billion yuan, maintaining an "increase" rating [6] - Xtep International (1368.HK) reported a revenue increase of 7.1% and a net profit increase of 21.5% in H1 2025. The forecast for net profit for 2025-2027 is 0.49, 0.55, and 0.60 yuan per share, maintaining a "buy" rating [7] - Gilead Sciences-B (1672.HK) reported a revenue of 0.01 billion yuan in H1 2025, with a net loss of 88 million yuan. The forecast for net profit for 2025-2027 is -421 million, -414 million, and -344 million yuan, maintaining a "buy" rating [9] - Aimeike (300896.SZ) faced pressure in H1 2025 due to intensified competition in the medical beauty industry, with a revised net profit forecast of 1.624 billion, 1.818 billion, and 2.026 billion yuan for 2025-2027, maintaining a "buy" rating [10] Group 2: Industry Insights - The titanium dioxide supply is currently relaxed, leading to intensified price competition in the industry [2] - The oil and gas sector is experiencing fluctuations in prices, impacting the overall performance of companies like Sinopec Oilfield Service [3] - The steel industry is witnessing a profit recovery, attributed to the reduction of internal competition [4] - The energy storage business is under short-term pressure, while the AIDC business shows significant growth potential [5] - The semiconductor industry is expected to benefit from a recovery in demand, positively impacting companies like Huada Technology [6] - The sportswear market is seeing growth driven by the main brand and collaboration with other brands like Saucony [7] - The pharmaceutical industry is focusing on differentiated product pipelines, particularly in metabolic disease treatments [9] - The medical beauty industry is facing challenges due to increased competition and a sluggish consumer environment [10]

Core Viewpoint - The company has shown significant improvement in operational performance despite challenges in the oil service industry, with a focus on expanding its market presence and enhancing profitability through strategic initiatives [4][6][10]. Financial Performance - In H1 2025, the company achieved total revenue of 37.05 billion yuan, a year-on-year increase of 0.6%, and a net profit attributable to shareholders of 490 million yuan, up 9.0% year-on-year [4]. - In Q2 2025, the company reported a total revenue of 19.2 billion yuan, reflecting a year-on-year increase of 4.99% and a quarter-on-quarter increase of 7.56%, while the net profit was 274 million yuan, showing a slight decline of 0.16% year-on-year but a significant increase of 25.44% quarter-on-quarter [4]. Loss Compensation Announcement - The company plans to use 2 billion yuan from surplus reserves and 1.6 billion yuan from capital reserves to offset accumulated losses, resulting in a cumulative undistributed profit of 0 yuan on the parent company’s financial statements after the implementation of this plan [5][9]. Industry Development - The oil service industry is experiencing steady growth, with the company benefiting from policies aimed at increasing reserves and production. The average Brent crude oil price in H1 2025 was $70.81 per barrel, down 15.1% year-on-year, while Q2 saw a price of $66.71 per barrel, down 21.5% year-on-year [6][10]. - The company has improved its operational efficiency and market positioning, leading to a significant increase in net profit and a gross margin of 8.44%, up 0.41 percentage points year-on-year [6]. Contract Acquisition - The company signed new contracts worth 63.7 billion yuan in H1 2025, a year-on-year increase of 3.2%, marking the highest level since the 13th Five-Year Plan. Notably, overseas contracts increased by 71.8% year-on-year to 19.6 billion yuan [7][8]. - The company has set a target of over 95 billion yuan in new contracts for 2025, with specific goals for different markets, indicating a strong pipeline for future revenue [8]. Strategic Focus - The company is committed to enhancing its engineering service capabilities and expanding into high-end and diversified markets, particularly in international regions such as Saudi Arabia, Kuwait, and Ecuador [7][8]. - The ongoing development of new energy and carbon capture utilization and storage (CCUS) initiatives presents significant opportunities for growth in the oil and gas sector [10].

Group 1 - Huayou Cobalt achieved a revenue of 37.197 billion yuan in the first half of 2025, a year-on-year increase of 23.8%, with a net profit attributable to shareholders of 2.71 billion yuan, up 62.3% [5] - In Q2 2025, Huayou Cobalt's revenue reached 19.35 billion yuan, a year-on-year increase of 28.3% and a quarter-on-quarter increase of 8.5% [5] - The company reported a net profit of 1.46 billion yuan in Q2 2025, reflecting a year-on-year growth of 27% and a quarter-on-quarter growth of 16.5% [5] Group 2 - Sinopec Oilfield Service Company reported a total revenue of 37.05 billion yuan in H1 2025, a slight increase of 0.6% year-on-year, with a net profit of 490 million yuan, up 9.0% [6] - In Q2 2025, the company achieved a revenue of 19.2 billion yuan, a year-on-year increase of 4.99% and a quarter-on-quarter increase of 7.56% [6] - The net profit for Q2 2025 was 274 million yuan, showing a year-on-year decrease of 0.16% but a quarter-on-quarter increase of 25.44% [6] Group 3 - Keda Li reported steady growth in its main business, with a focus on becoming a platform company for robot components, particularly in precision processing and large-scale manufacturing [6] - The company is concentrating on its humanoid robot subsidiary, Kemon, which focuses on reducers and joint modules [6] Group 4 - Huatian Technology achieved a revenue of 7.78 billion yuan in H1 2025, a year-on-year increase of 15.81%, with a net profit of 226 million yuan, up 1.68% [7] - The semiconductor industry's recovery is expected to drive demand for the company's products, with anticipated accelerated performance in H2 2025 as capacity is gradually released [7] Group 5 - Xtep International reported a revenue increase of 7.1% and a net profit increase of 21.5% in H1 2025 [8] - The main brand and Saucony showed collaborative growth, with the main brand's revenue up 4.5% and professional sports revenue up 32.5% [8] - The company maintains its full-year guidance, expecting steady growth in the main brand's revenue and a 30-40% increase in Saucony's revenue [8] Group 6 - Aimeike reported a revenue of 1.3 billion yuan in H1 2025, a year-on-year decrease of 21.6%, with a net profit of 790 million yuan, down 29.6% [8] - The company experienced a decline in revenue and net profit in both Q1 and Q2 2025, with significant year-on-year decreases [8] Group 7 - Gilead Sciences-B reported a revenue of 0.01 billion yuan in H1 2025, with a net profit of -88 million yuan [8] - The company is fully transitioning to innovative drug research and development, with key clinical progress expected for its core metabolic disease treatment products by the end of this year to early next year [8]

Investment Rating - The report maintains an "Accumulate" rating for both A-shares and H-shares of the company, with current prices at 2.03 CNY and 0.81 HKD respectively [1]. Core Views - The company has shown significant improvement in performance for the first half of 2025, with total revenue reaching 37.05 billion CNY, a year-on-year increase of 0.6%, and a net profit attributable to shareholders of 490 million CNY, up 9.0% year-on-year [5][7]. - The company has set a new record for new contract signings, totaling 63.7 billion CNY in the first half of 2025, representing a 3.2% increase year-on-year, marking the highest level since the 13th Five-Year Plan [8][9]. - The company is actively expanding its high-end and diversified overseas markets, with overseas contract signings increasing by 71.8% year-on-year [8]. Summary by Sections Financial Performance - In 2025H1, the company achieved a gross profit margin of 8.44%, an increase of 0.41 percentage points year-on-year, and an annualized ROE of 10.97%, up 0.18 percentage points year-on-year [7]. - The company reported a net profit of 2.74 billion CNY in Q2 2025, with a year-on-year decrease of 0.16% but a quarter-on-quarter increase of 25.44% [5]. Contract Signings and Market Expansion - The company has set a target of over 95 billion CNY for new contract signings in 2025, with specific targets of 50 billion CNY from China Petroleum Group, 18 billion CNY from domestic external markets, and 27 billion CNY from overseas markets [9]. - The company is focusing on enhancing its engineering service capabilities and expanding into high-quality domestic and international markets [8]. Industry Outlook - The oil service industry is expected to benefit from stable development and increased upstream capital expenditure, with global upstream capital spending projected to recover and exceed 582.4 billion USD in 2025, a year-on-year increase of 5% [12]. - The implementation of new energy laws and plans in China is anticipated to drive high-quality exploration and development in the oil and gas sector, presenting significant opportunities for the company [12]. Profit Forecast and Valuation - The report has adjusted profit forecasts for 2025-2027, expecting net profits of 909 million CNY, 1.099 billion CNY, and 1.315 billion CNY respectively, with corresponding EPS of 0.05, 0.06, and 0.07 CNY per share [13].