MACD金叉信号形成，这些股涨势不错！ 光大证券研报指出，石化油服全资子公司签署道达尔3.59亿美元EPSCC合同，与国际能源巨头合作深 化。中标金额占公司24 年营收的3.15%，与国际能源巨头合作进一步深化。本次项目中标彰显公司在石 油工程建设领域的专业技术水平和施工管理能力，有助于深化公司和国际能源巨头的合作，是公司在海 外市场开拓的重大突破。新签合同额稳步增长，持续拓展海外市场。公司大力提升工程技术服务能力， 全力开拓海外优质市场，25H1 海外市场新签合同额为196 亿元，同比增长71.8%。国内外油服行业景气 维持高位，公司有望持续受益。服行业景气度持续高企，公司在海内外市场积极开拓优质客户，有望实 现高质量发展。维持对公司A股和H股的"增持"评级。 ...

查看完整报告 点击注册小程序 公司大力提升工程技术服务能力，全力开拓海外优质市场，25H1海外市场新签合同额为196亿元，同比增 长71.8%。公司海外业务继续保持良好发展态势，高端化多元化市场加速开拓。在沙特市场，积极组织参 与竞标沙特阿美公司非常规压裂增产服务项目；在科威特市场，签约科威特国家石油公司（KOC）南部钻 井大包项目、钻修井人力资源招聘项目，顺利通过KOC测井、射孔、海洋钻机服务资审，成为科威特市场 唯一拥有钻井一体化服务能力的承包商。 报告摘要 事件： 公司发布《关于子公司签订项目合同的公告》，全资子公司中国石化集团国际石油工程有限公司与道达尔 能源拉塔维项目公司就伊拉克拉塔维油区二期井场及井间管线项目（NWP项目）正式签署设计、采购、供 应、施工、试运交钥匙（EPSCC）固定总价合同，合同金额3.59亿美元，约合人民币25.53亿元。 点评： 中标金额占公司24年营收的3.15%，与国际能源巨头合作进一步深化 公司本次签约的NWP项目为EPSCC合同，工期41个月，涉及5座新生产及回注井场、11座老井场改造升 级、44条集输管线约140公里。中标金额为3.59亿美元，约占公司中国会计准则下 ...

Core Insights - The company reported a revenue of 37.05 billion RMB for the first half of 2025, a year-on-year increase of 0.6% [1] - The net profit attributable to shareholders, excluding non-recurring gains and losses, reached 424 million RMB, marking a significant year-on-year growth of 68.8% [1] - The net cash flow from operating activities was 2.15 billion RMB, a substantial improvement from a negative 190 million RMB in the same period last year [1] Financial Performance - The company achieved a record high in new contracts signed, totaling 63.67 billion RMB, which is a 3.2% increase year-on-year [2] - The cash flow from operating activities reached 2.151 billion RMB, the highest level in a decade [2] - The gross margin improved from 8.03% to 8.44%, with all five major segments showing slight increases in gross margin [2] Project and Contract Updates - The company’s engineering construction segment saw the most significant revenue growth, with a year-on-year increase of 19.3% [2] - The company won a major pipeline project worth 3.6 billion RMB in July [2] - The company announced plans to use 1.82 billion RMB from surplus reserves to offset losses, bringing retained earnings to zero, which will enhance investor returns and support future dividends [1][2] Future Outlook - The company has shown consistent net profit growth for three consecutive years, with new contract values and cash flow reaching multi-year highs [3] - The projected earnings per share (EPS) for 2025-2027 are estimated at 0.05, 0.05, and 0.06 RMB respectively, indicating a positive outlook for the company [3]

Core Viewpoint - The company, PetroChina Oilfield Services (600871.SH), has recently won a significant contract for the construction of a natural gas pipeline, highlighting its expertise in the oil engineering construction sector [1] Group 1: Contract Details - The company’s wholly-owned subsidiary, Sinopec Petroleum Engineering Construction Co., Ltd., has been awarded the construction contract for the Changchun-Shijiazhuang natural gas pipeline project [1] - The total contract value is approximately RMB 3.597 billion, which represents about 4.44% of the company's projected revenue for 2024 under Chinese accounting standards [1] - The pipeline construction will cover a length of approximately 659 kilometers and includes various construction works such as multiple stations, valve rooms, directional drilling, and crossings [1] Group 2: Project Timeline and Significance - The estimated construction period for the project is around 487 days [1] - This contract win demonstrates the company's professional technical capabilities and construction management skills in the oil engineering construction field [1]