2025 年 9 月 28 日 公司研究 降本增效与深化转型并进，全产业链油服龙头未来可期 ——石化油服（600871.SH/1033.HK）动态跟踪报告 要点 公司是国内一体化全产业链油服领先企业。公司拥有丰富的项目执行和经营经 验。公司主营地球物理、钻井工程、测录井、井下特种作业和工程建设五大业务 板块，涵盖了从勘探、钻井、完井、油气生产、油气集输到弃井的全产业链过程。 公司致力成为世界级的综合型国际石油工程技术服务提供商，先后在中国 20 多 个省开展了油气工程作业，海外 30 多个国家执行油田技术服务项目，已成为沙 特、科威特和厄瓜多尔国家石油公司市场重要的石油工程技术服务承包商。 借助集团资源，公司积极开拓海外市场业务。中国石化集团与"一带一路"沿线 国家在油气资源投资、炼化仓储投资、石油工程技术服务、炼化工程技术服务、 油气化工品及设备材料贸易等领域开展合作，形成了利长远、惠民众、可持续的 合作模式。2025 年 H1，公司海外营业收入 92.8 亿元，同比+4%；公司海外新 签合同 196.2 亿元，同比+72%。近两年，随着"一带一路"倡议持续推进，叠 加海外油服市场景气回暖，公司借助中国石化 ...

Core Insights - The company reported a consolidated revenue of RMB 37.05 billion for the first half of 2025, representing a year-on-year increase of 0.6% [1] - The net profit attributable to shareholders was RMB 492 million, up 9.0% from the previous year [1] - The net profit excluding non-recurring gains and losses was RMB 424 million, showing a significant year-on-year growth of 68.8% [1] - Basic earnings per share were RMB 0.026 [1] Contractual Performance - The company achieved its best contract signing performance for the first half of the "13th Five-Year Plan," with a total new contract amount of RMB 63.67 billion, an increase of 3.2% year-on-year [1] - New contracts signed with China Petroleum & Chemical Corporation amounted to RMB 34.37 billion, a growth of 3.0% [1] - New contracts in the domestic external market totaled RMB 9.68 billion, a decline of 42.7% [1] - New contracts in the overseas market reached RMB 19.62 billion, marking a substantial increase of 71.8% [1] Business Segment Performance - The geophysical services segment generated revenue of RMB 1.81 billion, down 15.6% from RMB 2.15 billion in the same period last year [2] - The drilling services segment reported revenue of RMB 18.19 billion, a decrease of 3.6% from RMB 18.88 billion [2] - The logging services segment achieved revenue of RMB 1.73 billion, an increase of 8.1% compared to RMB 1.60 billion [2] - The special operations segment generated RMB 5.14 billion, down 7.7% from RMB 5.57 billion [2] - The engineering construction services segment saw revenue of RMB 8.66 billion, up 19.3% from RMB 7.26 billion [2]

Core Viewpoint - The company, Sinopec Oilfield Service Corporation, has secured a significant contract worth 3.597 billion yuan for a natural gas pipeline construction project, which represents approximately 4.44% of its projected revenue for 2024 [1][2]. Group 1: Financial Performance - In the first quarter of 2025, the company reported a net profit of 218 million yuan, reflecting a year-on-year increase of 23.0% [2][5]. - The total contract liabilities reached 6.881 billion yuan by the end of the first quarter of 2025, marking a substantial year-on-year growth of 79.06% [3]. - For the year 2024, the company achieved a consolidated revenue of 81.1 billion yuan, a 1.4% increase compared to the previous year, and a net profit of 630 million yuan, up 7.2% [5]. Group 2: Market Position and Strategy - Sinopec Oilfield Service Corporation is recognized as a leading integrated oilfield service provider in China, with over 60 years of operational experience and a strong competitive edge [6][7]. - The company has been focusing on enhancing its core business and expanding its market presence, resulting in a record high of new contracts signed, totaling 34.82 billion yuan in the first quarter of 2025, which is a 2.2% increase year-on-year [2][4]. - The overseas market has shown remarkable growth, with new contracts amounting to 8.92 billion yuan, representing a year-on-year increase of 65.8% [2]. Group 3: Research and Development - The company has consistently increased its R&D investment, with expenditures exceeding 2 billion yuan in both 2023 and 2024, specifically 2.084 billion yuan and 2.247 billion yuan respectively [6][8]. - The R&D expense ratio for 2023 and 2024 was 2.61% and 2.77%, indicating a commitment to innovation and technology development [6][8]. - In 2024, the company received 15 provincial and ministerial-level scientific and technological awards and filed 1,034 patent applications, leading the China Petroleum Group in patent applications [8].