Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company's performance in the first three quarters of 2025 met expectations, with total revenue of 34.854 billion yuan, a year-on-year increase of 3.5%, and a net profit attributable to shareholders of 3.209 billion yuan, a year-on-year increase of 31.3% [6] - The offshore oil service industry remains at a high level of prosperity, with the company's drilling platform operating days reaching 14,784 days, a year-on-year increase of 12.3% [6] - The company is focusing on enhancing its core technology system driven by fundamental research, which is expected to lead to stable growth in its oilfield technical services segment [6] - The company's capital expenditure remains high, with China National Offshore Oil Corporation (CNOOC) planning capital expenditures of 125 to 135 billion yuan for 2025, providing a solid order guarantee for the company [6] - The profit forecasts for 2025 and 2026 have been raised to 3.98 billion yuan and 4.7 billion yuan respectively, maintaining the 2027 profit forecast at 5.36 billion yuan, corresponding to price-to-earnings ratios of 17X, 15X, and 13X [6] Financial Data and Profit Forecast - Total revenue for 2025 is estimated at 51.233 billion yuan, with a year-on-year growth rate of 6.1% [5] - The net profit attributable to shareholders for 2025 is projected to be 3.98 billion yuan, reflecting a year-on-year growth rate of 26.9% [5] - The earnings per share for 2025 is expected to be 0.83 yuan [5] - The gross profit margin for 2025 is estimated at 17.2% [5] - The return on equity (ROE) for 2025 is projected to be 8.5% [5]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][22]. Core Views - The company has significantly increased its net profit in Q3 2025, with a year-on-year growth of 46.24% and a quarter-on-quarter growth of 15.69%. The revenue for Q3 2025 was 11.53 billion yuan, with a gross margin of 19.53% [1][8]. - The drilling platform utilization rate remains high, contributing to revenue and profit growth, particularly from high-day-rate projects in the North Sea [1][11]. - The oilfield technology service segment has seen a steady increase in workload, with a notable 17.7% increase in ship service operations [2][17]. - The company is focusing on high-return businesses in the engineering survey segment, optimizing capacity allocation [2][18]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported a revenue of 34.854 billion yuan, a year-on-year increase of 3.54%, and a net profit of 3.209 billion yuan, also up by 32.09% [1][8]. - The revenue for Q3 2025 was 11.533 billion yuan, with a gross margin of 19.53% and a net margin of 10.80% [1][8]. Drilling Operations - The total operating days for drilling platforms in the first three quarters reached 14,784 days, a year-on-year increase of 12.3%. The utilization rate for self-elevating platforms was 92.6% [11][1]. - The North Sea semi-submersible drilling platform projects have effectively boosted revenue and profit [1][11]. Oilfield Technology Services - The oilfield technology service segment has maintained growth in workload, with significant increases in ship service operations, totaling 62,589 days, up 17.7% year-on-year [2][17]. - The company is enhancing its service offerings to meet diverse customer needs [2][17]. Engineering Survey - The company is focusing on high-return projects, with a significant increase in underwater operations, which grew by 131.3% year-on-year, while 2D and 3D survey operations saw declines [2][18]. Profit Forecast - The profit forecast for 2025-2027 has been adjusted upwards, with expected net profits of 4.098 billion yuan, 4.274 billion yuan, and 4.560 billion yuan respectively [3][22]. - The earnings per share are projected to be 0.86 yuan, 0.90 yuan, and 0.96 yuan for the same period [3][22].

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [4] Core Views - The company's Q3 net profit attributable to shareholders reached 1.25 billion yuan, a year-on-year increase of 46%, exceeding market expectations due to high utilization rates of drilling platforms and reduced financial interest expenses [1][3] - The drilling platform segment saw a significant increase in operating days, totaling 4,878 days in Q3, up 16% year-on-year, with semi-submersible drilling platforms showing a 59% increase [2] - The company maintains a positive outlook for its oilfield technology services, with operating volumes in the first three quarters of 2025 showing year-on-year growth [3] Financial Performance - For Q3 2025, the company's revenue was 11.5 billion yuan, reflecting a 3.6% year-on-year growth [1] - The projected net profits for 2025-2027 are 4.03 billion, 4.24 billion, and 4.43 billion yuan respectively, with corresponding P/E ratios of 17, 16, and 15 [3][8] - The company reported a total market capitalization of 41.39 billion yuan with a total share capital of approximately 2,960.47 million shares [5] Operational Metrics - The utilization rates for self-elevating and semi-submersible drilling platforms were 92.8% and 87.4% respectively, showing significant year-on-year increases [2] - The company is focused on enhancing its technological capabilities and integrating its innovation chain with the industry chain to drive growth [3]

Core Viewpoint - CNOOC Oilfield Services (02883) is experiencing a stock price increase of over 4%, attributed to expectations of improved net profits driven by high utilization rates of its drilling platforms [1] Group 1: Company Performance - CNOOC Oilfield Services plans to hold a board meeting on August 27 to consider and approve its interim results [1] - Citigroup has initiated a 90-day upward catalyst observation for the company, anticipating improved net profits in the second and third quarters due to high utilization of drilling platforms [1] Group 2: Operational Expansion - The company currently operates four drilling platforms in the North Sea and Europe, with an additional platform starting operations in Brazil in collaboration with Petrobras [1] - Increased overseas expansion is expected to lead to higher day rates and better profit margins compared to the domestic market [1] Group 3: Revenue Expectations - With rising regional day rates, Citigroup forecasts an improvement in the company's average daily revenue, which should drive higher profit growth [1]