智通财经APP讯，滨海投资(02886)发布公告，公司全资附属公司泰达清洁能源于2025年11月28日与泰达 建安(泰达之间接非全资附属公司)订立磁梯度检测服务协议，据此泰达建安应为泰达清洁能源提供工程 勘察服务，检测于淮河东道项目区域内的天然气管道之位置及埋深，以确保淮河东道项目后续建设顺利 完工。根据磁梯度检测服务协议，泰达清洁能源应向泰达建安支付人民币7.5万元，作为工程勘察服务 的代价。 ...

格隆汇11月28日丨滨海投资(02886.HK)公告，公司全资附属公司泰达清洁能源于2025年11月28日与泰达 建安(泰达之间接非全资附属公司)订立磁梯度检测服务协议，据此泰达建安应为泰达清洁能源提供工程 勘察服务，检测于淮河东道项目区域内的天然气管道之位置及埋深，以确保淮河东道项目後续建设顺利 完工。根据磁梯度检测服务协议，泰达清洁能源应向泰达建安支付人民币7.5万元，作为工程勘察服务 的代价。 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][22][26] Core Views - The company has significantly increased its net profit in Q3 2025, with a year-on-year growth of 46.24% and a quarter-on-quarter growth of 15.69%. The revenue for Q3 2025 was 11.533 billion yuan, while the net profit reached 1.246 billion yuan [1][8] - The increase in revenue and gross profit is primarily attributed to the higher utilization rates of large equipment and the orderly operation of high-day-rate projects for overseas semi-submersible drilling platforms [1][8] - The company is focusing on optimizing its business structure, with expectations for gradual improvements in gross margins. The profit forecasts for 2025-2027 have been raised to 4.098 billion, 4.274 billion, and 4.560 billion yuan respectively [3][22] Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported a revenue of 34.854 billion yuan, a year-on-year increase of 3.54%, and a net profit of 3.209 billion yuan, a year-on-year increase of 32.09% [1][8] - The gross margin for Q3 2025 was 19.53%, up by 1.46 percentage points year-on-year, and the net margin was 10.80%, up by 3.15 percentage points year-on-year [1][8] Drilling Platform Utilization - The utilization rate of drilling platforms remains high, with a total of 14,784 operational days in the first three quarters, representing a year-on-year increase of 12.3%. The self-elevating drilling platforms operated for 11,624 days, up by 9.7% year-on-year, while semi-submersible platforms operated for 3,160 days, up by 22.9% year-on-year [11][17] - The calendar day utilization rate for drilling platforms was 90.3%, an increase of 11.6 percentage points year-on-year [11] Oilfield Technology Services - The oilfield technology services segment has maintained growth in workload, with significant increases in ship service operations, totaling 62,589 operational days, a year-on-year increase of 17.7% [2][17] - The engineering survey segment is focusing on high-return businesses, with a notable increase in underwater operations, which saw a year-on-year growth of 131.3% [18]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][22]. Core Views - The company has significantly increased its net profit in Q3 2025, with a year-on-year growth of 46.24% and a quarter-on-quarter growth of 15.69%. The revenue for Q3 2025 was 11.53 billion yuan, with a gross margin of 19.53% [1][8]. - The drilling platform utilization rate remains high, contributing to revenue and profit growth, particularly from high-day-rate projects in the North Sea [1][11]. - The oilfield technology service segment has seen a steady increase in workload, with a notable 17.7% increase in ship service operations [2][17]. - The company is focusing on high-return businesses in the engineering survey segment, optimizing capacity allocation [2][18]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported a revenue of 34.854 billion yuan, a year-on-year increase of 3.54%, and a net profit of 3.209 billion yuan, also up by 32.09% [1][8]. - The revenue for Q3 2025 was 11.533 billion yuan, with a gross margin of 19.53% and a net margin of 10.80% [1][8]. Drilling Operations - The total operating days for drilling platforms in the first three quarters reached 14,784 days, a year-on-year increase of 12.3%. The utilization rate for self-elevating platforms was 92.6% [11][1]. - The North Sea semi-submersible drilling platform projects have effectively boosted revenue and profit [1][11]. Oilfield Technology Services - The oilfield technology service segment has maintained growth in workload, with significant increases in ship service operations, totaling 62,589 days, up 17.7% year-on-year [2][17]. - The company is enhancing its service offerings to meet diverse customer needs [2][17]. Engineering Survey - The company is focusing on high-return projects, with a significant increase in underwater operations, which grew by 131.3% year-on-year, while 2D and 3D survey operations saw declines [2][18]. Profit Forecast - The profit forecast for 2025-2027 has been adjusted upwards, with expected net profits of 4.098 billion yuan, 4.274 billion yuan, and 4.560 billion yuan respectively [3][22]. - The earnings per share are projected to be 0.86 yuan, 0.90 yuan, and 0.96 yuan for the same period [3][22].