事件描述 公司发布2025 年半年报，主营收入113.18 亿元，同比下降15.72%；归母净利润10.98 亿元，同比下降 8.21%；扣非净利润9.6 亿元，同比上升14.41%。其中单二季度主营收入62.22 亿元，同比下降19.8%； 归母净利润5.57 亿元，同比下降22.74%；单季度扣非净利润4.83 亿元，同比上升9.99%。 事件评论 油价下滑叠加交付节奏等问题，上半年工作量承压。公司推进国内外油气工程建设，2025年上半年完成 了 15 座导管架和8 座组块的陆地建造，同比减少57.14%和27.27%；完成19 座导管架和10 座组块的海上 安装，同比减少13.64%和增加11.11%；完成197 公里海底管线铺设，同比增加17.26%；建造业务完成钢 材加工量18.95 万吨，同比减少30.15%；安装等海上作业投入1.14 万船天，同比持平。总体而言，整体 工作量承压。 盈利能力持续改善，2025Q2 单季度毛利率是2020 年以来最高水平。2025 上半年，公司销售毛利率达到 16.25%，同比提升5.43pct，是2017 年以来同期最高水平；销售净利率达到9.93%，同比提升0 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company reported a 2025 semi-annual revenue of 11.318 billion yuan, a year-on-year decrease of 15.72%, while the net profit attributable to shareholders was 1.098 billion yuan, down 8.21%. However, the net profit excluding non-recurring items increased by 14.41% to 960 million yuan [2][6] - In Q2 2025, the company's revenue was 6.222 billion yuan, a decline of 19.8% year-on-year, with a net profit of 557 million yuan, down 22.74%. The quarterly net profit excluding non-recurring items rose by 9.99% to 483 million yuan [2][6] - The company's gross profit margin for Q2 2025 reached its highest level since 2020, with a sales gross margin of 16.33% and a net profit margin of 9.93%, indicating improved profitability [12] Summary by Sections Financial Performance - The company experienced a decline in overall workload due to falling oil prices and delivery schedules, completing fewer land constructions and installations compared to the previous year [12] - The company achieved a market contract amount of 12.068 billion yuan in the first half of 2025, a decrease of 3.59% year-on-year, but the order backlog remains robust at approximately 40.7 billion yuan, up 4.90% year-on-year [12] Market Outlook - The potential of marine oil and gas resources is significant, with the company expected to benefit from CNOOC's capital expenditure plans, which are projected to remain stable at 125-135 billion yuan for 2025 [12] - The government’s focus on "deep-sea technology" is anticipated to create new development opportunities for the company, particularly in deep-sea resource development and equipment manufacturing [12] Earnings Forecast - The expected EPS for 2025-2027 is projected to be 0.54 yuan, 0.60 yuan, and 0.65 yuan respectively, with corresponding PE ratios of 10.62X, 9.65X, and 8.86X based on the closing price on August 15, 2025 [12]

惠州25-8项目DPPB平台上部组块的建造过程中，海油工程项目团队进行甲板片分片，将整个组块分成9 个大片进行组装，将结构专业高空总装工作量降低了三分之一，历时78天完成9个甲板片的总装工作。 其中，吨位最大的甲板片实际吊装重量达810吨，创造该公司青岛场地甲板片吊装单次最重纪录。 此外，海油工程项目团队优化施工步骤及建造方案，通过采用双层片预制总装工艺等举措有效提高甲板 片预制和总装效率，80天内实现惠州25-8项目DPPB平台上部组块主结构封顶，9.5个月完成6000余根管 线的安装、28万米电缆铺设及52个子系统的调试任务。 惠州25-8项目DPPB平台上部组块将于今年8月底运输至珠江口盆地海域实施浮托安装。惠州25-8项目 DPPB平台投产后，将进一步提高惠州25-8油田的采收率，延长油田寿命，构建形成惠西油田群区域物 流及电网传输中心，串联周边已开发油田形成产业集群，推动海上能源产业链协同发展。 中新网青岛8月15日电(张孝鹏)中国海油旗下海洋石油工程股份有限公司(简称"海油工程")承建的惠州 25-8项目DPPB平台上部组块14日在山东省青岛西海岸新区离港。惠州25-8项目DPPB平台建成后将成为 ...

Group 1 - The successful installation of the Huizhou 25-8DPPB platform's jacket marks a significant advancement in China's deepwater jacket installation technology, enhancing the country's offshore oil and gas equipment manufacturing capabilities and ensuring energy security [1][2] - The Huizhou 25-8 oil field is located approximately 120 kilometers southeast of Shenzhen, with a water depth of about 102 meters. The new platform integrates oil, gas, water treatment, and power generation functions, optimizing resource utilization [1] - The jacket structure consists of 8 legs and 12 skirt piles, standing at a total height of 116 meters, equivalent to a 40-story building, with a base area of 4,800 square meters, comparable to 12 standard basketball courts, and weighing around 12,000 tons, equivalent to 10,000 family cars [1] Group 2 - The jacket platform is the most widely used offshore natural gas production facility globally, consisting of a lower jacket and upper production facilities, serving as the foundation for supporting the massive structure of offshore oil and gas platforms [2] - The installation process faced challenges due to frequent typhoons and strong waves in the sea area, increasing the complexity and risk of the operation [2] - The installation utilized sliding launch technology, leveraging the jacket's own weight and hydraulic jacks to smoothly slide the jacket from the "Ocean Oil 229" vessel into the sea, with real-time adjustments made for precise positioning [2] Group 3 - In recent years, China's large jacket installation capabilities have significantly improved, forming a comprehensive technical system covering design calculations, simulation, transportation, sliding launch, and precise positioning, ranking among the top globally in terms of construction scale, individual weight, and total tonnage [3] - Successful implementations of large jacket installations, such as Liwan 3-1 and the "Haiji" series, have provided solid support for the development of China's deepwater oil and gas resources [3]

近日，生态环境部宣传教育中心发起的2025年企业ESG案例征集活动结果正式公布，海油工程 （600583）(600583.SH)凭借"以绿铸强：绿色制造体系打造气候韧性新样板"案例，成功入选优秀案 例。这一荣誉不仅是对海油工程在环境、社会和公司治理(ESG)领域突出表现的高度认可，更彰显了其 在推动海洋油气装备制造行业绿色转型、塑造气候韧性发展新模式方面的引领地位。 在全球气候变化与"双碳"政策的双重驱动下，作为中国海洋油气工程领域的龙头企业，同时也是亚太地 区综合实力强劲的海洋油气工程总承包商之一，海油工程面临着诸多挑战。一方面，海洋工程作业长期 遭受风暴潮、极端海况等气候物理风险的威胁，例如陆丰项目所处的136米水深海域，需要具备抵御17 级台风的能力；另一方面，绿色贸易壁垒的不断升级以及国际供应链标准的日益严格，也迫使产业发展 模式必须进行革新。 针对传统制造模式中存在的"高能耗、高排放、低协同"等痛点，海油工程摒弃了"补丁式降碳"的传统思 路，转而从全生命周期的视角出发，构建绿色制造体系。该体系以技术创新与规则重塑作为两大核心驱 动力，通过陆丰TLP浮式风电平台等一系列项目的实施，显著提升了从"设计— ...