10月22日，披露2025年三季度业绩报告。2025年1-9月，面对国际油价震荡回落的压力，作为我国油服 行业龙头的展现出较强的风险抵御能力，依托"能源技术服务、低碳环保与数字化、能源物流服务"一体 化优势，稳步推进增储上产任务，三大产业保持高质量发展态势，经营业绩表现稳健。 2025年前三季度，的研发费用为7.07亿元，同比增长9.08%，持续聚焦重大专项、海洋能源新质生产 力、战新产业等重点方向加大研发投入。 加速推进LNG项目建设，强化其在LNG加注与LNG运输领域的行业领先地位，拓展业绩增长的空间。 今年上半年，我国最大规模LNG（液化天然气）运输船建造项目——中国海油中长期FOB（船上交货） 资源配套项目二期六号船正式开工建造，实现"十船同造"新阶段，公司在能源运输领域踏出坚实有力的 新步伐。 具体来看，持续强化产品创新，开展全面提升产品质量行动，核心产品研发迭代保持高速发展态势。海 洋石油钻完井一体化施工设计平台投入使用，数据分析效率提升64倍；"海龙"永磁电泵上半年累计入井 超230井次，平均节电率24.6%；集输化学药剂配方自主化率提升至89%；浅水采油树工程化产品完成加 工制造，顺利开展集成 ...

Core Viewpoint - Company is actively positioning itself in deep-sea technology and has achieved stable growth in its three main business areas, leading to a "buy" rating for the stock [1] Financial Performance - In the first half of 2025, the company reported total revenue of 22.597 billion yuan, a year-on-year increase of 4.46%, and a net profit attributable to shareholders of 1.829 billion yuan, up 13.15% year-on-year [2] - For Q2 2025, the company achieved revenue of 12.522 billion yuan, a year-on-year increase of 0.78% and a quarter-on-quarter increase of 24.30%, with a net profit of 1.235 billion yuan, up 10.75% year-on-year and 107.97% quarter-on-quarter [2] Business Segments - The company focuses on three main industries: 1. Energy Technology Services: Revenue of 7.993 billion yuan, up 2.79% year-on-year, with significant increases in downhole tools (16.11%) and artificial lift services (3.24%) [3] 2. Low Carbon Environmental and Digitalization: Revenue of 3.870 billion yuan, up 11.17% year-on-year, with notable growth in new energy technology (32.89%) and safety emergency services (22.70%) [3] 3. Energy Logistics Services: Revenue of 11.640 billion yuan, up 5.13% year-on-year, with increases in terminal loading and unloading (6.23%) and product sales (15.61%) [3] Cost and Expenses - The financial expense ratio increased primarily due to a decrease in bank deposit interest income, while sales and management expenses showed slight changes [4] Strategic Initiatives - The company is accelerating the high-end, intelligent, and green transformation of traditional industries, launching ten digital management modules and establishing three smart factories [5] - It is also advancing new strategic industries and future industries, optimizing its product and service offerings across six major areas [5] Profit Forecast - The profit forecast for the company has been slightly adjusted upwards, with expected net profits of 4.150 billion yuan, 4.749 billion yuan, and 5.326 billion yuan for 2025, 2026, and 2027 respectively, corresponding to PE ratios of 9.9, 8.6, and 7.7 times [6]