Q&A 海油发展的主要业务和优势是什么？ 海油发展 20250616 摘要 海油发展凭借其在油气生产阶段的专业技术服务，展现出强大的综合竞 争力和抗风险能力，尤其是在轻资产运营模式下，固定资产周转率高， 盈利能力稳定，受周期性波动影响较小。 2025 年一季度，海油发展营收达 100.74 亿元，同比增长 9.42%；归 母净利润 5.94 亿元，同比增长 18.56%，创历史新高。净利率和毛利 率分别提升至 6.14%和 12.9%，盈利能力显著增强。 2024 年，海油发展营业成本上升 5%，低于营收增幅 6.5%，人均创收 25.56 万元，人均创利增长 12%，显示出公司成本控制和运营效率的提 升。 能源物流服务是海油发展的主要收入来源，占比 44.19%，而能源技术 服务产业增速最快，同比增长 31.27%，表明公司业务结构正在优化。 海油发展积极推进数字化转型，自主研发工业软件融合数据和 AI 技术， 在智能化井控、海上油气田高效运营等方面取得显著成果，自动化生产 力达到 74.4%。 在行业竞争中的地位如何？ 预计公司 2025 年至 2027 年的归母净利润分别为 41.35 亿元、46.99 ...

Core Viewpoint - The company reported a strong performance in Q1 2025, with total revenue of 10.1 billion yuan, a year-on-year increase of 9.42%, and a net profit attributable to shareholders of 594 million yuan, up 18.38% year-on-year [1][2]. Group 1: Financial Performance - In Q1 2025, the company achieved total revenue of 10.1 billion yuan, reflecting a year-on-year growth of 9.42% but a quarter-on-quarter decline of 46.53% [1]. - The net profit attributable to shareholders reached 594 million yuan, marking an 18.38% increase year-on-year and a 38.61% decrease quarter-on-quarter [1]. - The annualized ROE for Q1 2025 was 8.7%, an increase of 0.6 percentage points year-on-year, while the cost-to-profit ratio improved to 6.6%, up 0.4 percentage points year-on-year [2]. Group 2: Industry and Market Trends - The international oil price fluctuated at a high level, with the average Brent crude oil price in Q1 2025 at $74.98 per barrel, down 8.3% year-on-year but up 1.3% quarter-on-quarter [2]. - The domestic oilfield service market continues to grow steadily, driven by high oil prices and national energy security strategies [2]. - The global oil service market is expected to maintain growth, with a projected market size of $326.5 billion in 2025, reflecting a year-on-year increase of 3.3% [5]. Group 3: Operational Efficiency and Cost Management - The company has implemented cost control measures, resulting in a gross profit margin of 12.90%, an increase of 1.02 percentage points [4]. - The company is advancing its digital transformation, aiming to develop 10 digital products by 2024 and enhance operational efficiency through the application of artificial intelligence [4]. - The production capacity of the intelligent injection workshop is expected to increase from 300 sets per year to 2,000 sets per year, with a first-pass yield rate exceeding 99% [4]. Group 4: Future Outlook - The company is well-positioned to benefit from the ongoing "increase reserves and production" initiatives led by its parent company, China National Offshore Oil Corporation (CNOOC), with production growth targets of 5.9%, 2.6%, and 3.8% for 2025-2027 [5]. - The company is focused on providing comprehensive production and sales support in offshore oil production, which is expected to enhance revenue and profitability [5]. - Profit forecasts for the company indicate net profits of 4.262 billion yuan, 4.698 billion yuan, and 5.215 billion yuan for 2025, 2026, and 2027, respectively [6].