Core Viewpoint - The company reported strong financial performance in the first half of 2025, with significant growth in net profit and operational efficiency across various segments [1][2][3]. Group 1: Financial Performance - In H1 2025, the company achieved revenue of 23.32 billion yuan, a year-on-year increase of 3.5%, and a net profit attributable to shareholders of 1.96 billion yuan, up 23.3% [1]. - For Q2 2025, revenue reached 12.52 billion yuan, reflecting a 1.1% year-on-year growth, with net profit of 1.08 billion yuan, increasing by 12.5% [1]. - The company's net profit forecast for 2025-2027 is 3.62 billion, 3.96 billion, and 4.26 billion yuan, respectively, indicating a compound annual growth rate of 11% [3]. Group 2: Business Segments - The drilling services segment generated revenue of 7.24 billion yuan in H1 2025, a 12.8% increase year-on-year, with a gross margin of 12.9%, up 1.9 percentage points [1]. - The oilfield technology services segment reported revenue of 12.38 billion yuan, a decrease of 3.5% year-on-year, while focusing on an integrated engineering service model [2]. - The ship service segment saw revenue of 2.61 billion yuan, a 19.8% increase year-on-year, with a total of 41,510 operating days, up 27.6% [2]. - The geophysical exploration segment maintained revenue at 1.1 billion yuan, with a gross margin improvement of 7.0 percentage points [2]. Group 3: Operational Efficiency - The company improved operational efficiency in its drilling business, with self-elevating and semi-submersible platform operating days increasing by 10.5% and 10.8%, respectively [1]. - The company successfully completed the world's first 100,000-ton floating platform installation and towing, setting a new benchmark in offshore engineering [2].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a revenue of 23.32 billion yuan for the first half of 2025, representing a year-on-year increase of 3.5%. The net profit attributable to shareholders was 1.964 billion yuan, up 23.4% year-on-year, with a basic earnings per share of 0.41 yuan, reflecting a 24.2% increase year-on-year [2][3] - The growth in revenue and profit is primarily driven by the drilling business, with significant contributions from high-day-rate projects in the North Sea region of Norway and increased operational workload [4] - The company is expected to maintain high utilization rates for its platforms and potentially increase day rates in the second half of the year due to the resumption of contracts in the Middle East and ongoing operations in South America [4] - Continuous investment in research and development, along with technological innovations, is enhancing the company's competitiveness, with high-tech products entering industrialization and brand development phases [4] - Profit forecasts for 2025-2027 indicate net profits of 4.015 billion, 4.384 billion, and 4.734 billion yuan, with corresponding growth rates of 28.0%, 9.2%, and 8.0% respectively [4] Financial Summary - For the first half of 2025, the company achieved a gross margin of 12.92% for drilling, 23.98% for oil services, -2.18% for geophysical services, and 8.12% for shipping, showing improvements across all segments [4] - The company’s revenue is projected to grow from 44.109 billion yuan in 2022 to 60.306 billion yuan by 2027, with a compound annual growth rate of approximately 5.3% [5] - The earnings per share (EPS) is expected to increase from 0.63 yuan in 2022 to 0.99 yuan by 2027, reflecting a positive trend in profitability [5][7]

Investment Rating - The investment rating for the company is "Buy" [9] Core Views - The company has demonstrated strong revenue growth with a projected revenue of 52.98 billion yuan for 2025, reflecting a growth rate of 9.67% compared to the previous year [9] - The net profit attributable to the parent company is expected to reach 4.23 billion yuan in 2025, indicating a significant increase of 34.76% [9] - The company is focusing on technological advancements to drive growth, with a notable increase in its oil technology services revenue [9] - The international market strategy is yielding results, with overseas revenue surpassing 10.88 billion yuan, marking a 14.9% increase [9] Summary by Sections Financial Performance - In 2024, the company reported total revenue of 48.30 billion yuan, a year-on-year increase of 9.5%, and a net profit of 3.14 billion yuan, up 4.1% [9] - The earnings per share (EPS) for 2024 is 0.66 yuan, with projections of 0.89 yuan for 2025 and 1.00 yuan for 2027 [10] Business Segments - Drilling services generated revenue of 13.21 billion yuan in 2024, with a growth of 9.4%, while ship services saw a 20.9% increase to 4.77 billion yuan [9] - The company has successfully expanded its oil technology services, achieving a revenue of 27.66 billion yuan, up 7.4% [9] Market Strategy - The company is implementing an international strategy, with a focus on expanding its overseas contracts, which currently amount to approximately 36.06 billion USD [9] - The company has made significant technological advancements, enhancing its competitive edge in the international market [9]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company's performance in 2024 showed a revenue of 48.302 billion yuan, a year-on-year increase of 9.5%, and a net profit of 3.137 billion yuan, up 4.1% year-on-year. The fourth quarter results met expectations despite a decline in net profit [9] - The drilling platform utilization rate decreased due to weather impacts, but daily rates increased, indicating potential for future growth in drilling operations [9] - The oilfield technology services segment remains a stable revenue source, contributing 84% of total gross profit, with successful marketization of self-developed technologies [9] - The shipbuilding segment saw significant growth, with operating days increasing by 33.8% year-on-year, while the geophysical segment also experienced a rise in project volume [9] - Global offshore oil and gas capital expenditure growth is slowing, but the company’s core client, CNOOC, is expected to maintain high capital expenditure levels, providing strong support for the company's performance [9] - The earnings forecast for 2025-2026 has been adjusted downwards due to the slowing growth in global offshore oil and gas capital expenditure, with new profit estimates of 3.7 billion and 4.5 billion yuan respectively [9] Financial Data and Profit Forecast - Total revenue is projected to grow from 44.109 billion yuan in 2023 to 63.140 billion yuan by 2027, with a compound annual growth rate of approximately 9.5% [8] - Net profit is expected to increase from 3.013 billion yuan in 2023 to 5.394 billion yuan in 2027, reflecting a compound annual growth rate of about 20.9% [8] - The company’s gross margin is projected to improve from 15.9% in 2023 to 17.6% in 2027, indicating enhanced operational efficiency [8]

Investment Rating - The investment rating for the company is "Buy" [2] Core Views - The company achieved a revenue of 48.302 billion yuan in 2024, representing a year-on-year increase of 9.5%. The net profit attributable to shareholders was 3.137 billion yuan, up 4.1% year-on-year, with a basic earnings per share of 0.66 yuan, an increase of 4.8% year-on-year [3][4] - The company is accelerating its overseas business expansion, with revenue growth in drilling, oil technology, shipping, and geophysical exploration segments at 9.4%, 7.4%, 20.9%, and 14.2% respectively. The shipping segment showed significant growth due to resource integration and increased operational volume [5] - The company maintains a high level of capital expenditure, which supports stable growth in oil service orders. In 2025, the company plans to spend 125 to 135 billion yuan on capital expenditures [8] Financial Summary - In 2024, the company reported total revenue of 48.302 billion yuan, with a year-on-year growth rate of 9.5%. The net profit attributable to shareholders was 3.137 billion yuan, with a growth rate of 4.1% [7] - The company's gross margin for 2024 was 15.7%, with a projected increase to 16.5% in 2025 [7] - The company plans to distribute a cash dividend of 0.23 yuan per share in 2024, with a payout ratio of 35.08%, an increase of 1.83 percentage points from the previous year [8] Earnings Forecast - The forecast for net profit attributable to shareholders for 2025-2027 is 4.005 billion yuan, 4.322 billion yuan, and 4.652 billion yuan, with year-on-year growth rates of 27.7%, 7.9%, and 7.6% respectively. The diluted EPS for the same period is projected to be 0.84 yuan, 0.91 yuan, and 0.97 yuan [8]