事件描述 公司发布2025 年半年报，2025 年上半年，公司实现营业收入225.97 亿元，同比增加4.46%，实现归母 净利润18.29 亿元，同比增加13.15%；2025 年单二季度，公司实现营业收入125.22亿元，同比增加 0.78%，实现归母净利润12.35 亿元，同比增加10.75%。 风险提示 1、国际油价大幅下跌； 2、国际市场运营带来的风险。 低碳环保与数字化产业各业务工作量均实现提升。2025 上半年该板块实现营业收入38.70 亿元，同比增 长11.17%，其中新能源技术业务工作量同比增长32.89%；安全应急服务工作量同比增长22.70%；数字 化业务工作量同比增长10.17%。 差异化经营应对油价波动，能源物流服务产业收入同比增长5.13%。能源物流服务产业实现营业收入 116.40 亿元，同比增长5.13%。公司全力推进大物流数智系统建设，码头装卸工作量同比增长6.23%， 装卸船次同比增长10.46%；精益把控销售节奏，商品销量同比增加15.61%；积极应对油价波动，灵活 运用"南油北调""混储共销"销售策略，实施"一终端一策略"差异化经营模式，有效缓解销售价格同比下 降的影 ...

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]

Investment Rating - The investment rating for the company is "Buy" with a target price indicating a potential return of over 20% within the next six months [6][17]. Core Insights - The company reported a revenue of 22.597 billion yuan for H1 2025, representing a year-on-year growth of 4.46%, and a net profit attributable to shareholders of 1.829 billion yuan, up 13.15% year-on-year [1]. - The energy technology service sector achieved a revenue of 7.993 billion yuan in H1 2025, growing by 2.79% year-on-year, with significant increases in various service areas [2]. - The low-carbon and digitalization sectors generated a revenue of 3.870 billion yuan, reflecting an 11.17% year-on-year growth, with notable advancements in offshore wind power operations and digital services [3]. - The company plans to optimize resource allocation by selling stakes in several subsidiaries and related assets for a total of 370 million yuan [4]. - Profit forecasts for the company are maintained at 4.126 billion yuan, 4.659 billion yuan, and 5.232 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding EPS of 0.41, 0.46, and 0.51 yuan [5]. Financial Data Summary - For 2025, the projected revenue is 55.047 billion yuan, with a growth rate of 4.82% [5]. - The net profit attributable to shareholders is forecasted to be 4.126 billion yuan for 2025, with a growth rate of 12.86% [5]. - The company’s earnings per share (EPS) is expected to be 0.41 yuan in 2025, with a price-to-earnings (P/E) ratio of 9.71 [5]. - The total assets are projected to reach 50.102 billion yuan by 2025, with a debt-to-equity ratio of 39.19% [12].