Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% within the next six months [5]. Core Insights - The company achieved a revenue of 48.302 billion yuan in 2024, representing a year-on-year increase of 9.51%, and a net profit attributable to shareholders of 3.137 billion yuan, up 4.11% year-on-year [1][4]. - The drilling services segment saw revenue growth of 9.4% year-on-year, driven by the company's proactive expansion into high-value overseas projects [2]. - The oilfield technology services segment reported a revenue increase of 7.4% year-on-year, with significant technological breakthroughs and successful overseas contracts [3]. Financial Summary - Revenue for 2024 is reported at 48.302 billion yuan, with projections for 2025, 2026, and 2027 at 52.921 billion yuan, 57.603 billion yuan, and 62.256 billion yuan respectively, reflecting growth rates of 9.56%, 8.85%, and 8.08% [4][13]. - The net profit attributable to shareholders is expected to grow from 4.183 billion yuan in 2025 to 5.711 billion yuan in 2027, with corresponding growth rates of 33.35%, 21.15%, and 12.69% [3][4]. - The earnings per share (EPS) is projected to increase from 0.88 yuan in 2025 to 1.20 yuan in 2027 [4][13].

Investment Rating - The investment rating for the company is "Accumulate" [8] Core Views - The company reported a revenue of 48.302 billion RMB for 2024, representing a year-on-year growth of 9.51%, and a net profit attributable to shareholders of 3.137 billion RMB, up 4.11% year-on-year [1] - The company's performance in 2024 was below expectations primarily due to slower growth in drilling services and higher operating costs, yet it demonstrated resilience amid falling oil prices and production cuts in downstream sectors [1][5] - The company has a complete industrial chain advantage and has seen significant results from the large-scale application of its self-developed technology products, contributing to a revenue of 27.655 billion RMB from oilfield technology services, a year-on-year increase of 7.4% [3] - The international oil and gas exploration and development sector remains robust, with the company achieving overseas revenue of 10.885 billion RMB in 2024, a year-on-year increase of 14.9% [4] Summary by Sections Financial Performance - The company achieved a gross profit margin of 15.69% in 2024, a slight decrease of 0.19 percentage points year-on-year, mainly due to increased preparation costs for new operating platforms affecting overseas gross profit [2] - The total operating revenue is projected to grow from 44.109 billion RMB in 2023 to 62.933 billion RMB by 2027, with a compound annual growth rate (CAGR) of 8.26% [7] - The net profit attributable to shareholders is expected to rise from 3.013 billion RMB in 2023 to 5.601 billion RMB in 2027, reflecting a CAGR of 14.16% [7] Profitability and Valuation - The company’s estimated earnings per share (EPS) for 2025 is projected at 0.87 RMB, with a price-to-earnings (PE) ratio of 20x, leading to a target price of 17.40 RMB [5] - The target price for the Hong Kong stock is set at 9.46 HKD, based on a PE ratio of 10x [5][9] Market Outlook - The global offshore oil and gas project capital expenditure is expected to exceed 100 billion USD in 2025, with a year-on-year increase of over 20% [4] - The company is well-positioned to benefit from the ongoing industry upturn and the continuous realization of high-quality orders from overseas markets [4]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [4] Core Views - The company's revenue for 2024 reached 48.3 billion yuan, a year-on-year increase of 9.5%, while the net profit attributable to the parent company was 3.14 billion yuan, up 4.1% year-on-year. The growth rate has slowed mainly due to the suspension of platforms in Saudi Arabia and tax adjustments in Mexico, with these impacts expected to dissipate in 2025 [1][3] - The drilling services segment is expected to regain work volume in 2025 after the suspension of platforms in Saudi Arabia. The operating days in 2024 were 17,502 days, a decrease of 1% year-on-year, with self-elevating platforms increasing by 2% and semi-submersible platforms decreasing by 14% [2] - The gross margin for oilfield technical services remained high, slightly improving to 22.9% in 2024, with revenues of 27.66 billion yuan, a year-on-year increase of 7.4% [3] Financial Summary - The company's total revenue for 2023 was 44.11 billion yuan, with a projected increase to 48.3 billion yuan in 2024 and further growth to 54.01 billion yuan in 2025, reflecting a growth rate of 9.51% for 2024 and 11.81% for 2025 [9] - The net profit for 2023 was 3.01 billion yuan, expected to rise to 3.14 billion yuan in 2024 and 4.03 billion yuan in 2025, indicating a growth rate of 4.11% for 2024 and 28.39% for 2025 [9] - The company's earnings per share (EPS) is projected to be 0.66 yuan in 2024 and 0.84 yuan in 2025, with corresponding price-to-earnings (P/E) ratios of 22.66 and 17.65 [9] Market Position - The company operates in the oil and gas services sector, specifically focusing on drilling services and oilfield technical services, which are expected to see recovery and growth in the coming years [4][2]

Core Viewpoint - CNOOC Services (中海油服) has achieved continuous growth in revenue and net profit for three consecutive years, with a focus on advancing "smart oil services" and increasing R&D investment [2][3][4]. Financial Performance - In 2024, CNOOC Services reported a revenue of 48.302 billion yuan, representing a year-on-year increase of 9.51%, and a net profit of 3.137 billion yuan, up 4.11% from the previous year [2][4]. - From 2022 to 2024, the company's revenue increased by approximately 65%, while net profit surged nearly ninefold [5]. R&D Investment - CNOOC Services has consistently increased its R&D expenditure, totaling over 3.6 billion yuan from 2022 to 2024 [3][12]. - The R&D personnel accounted for 11.3% of the total workforce, with 55.5% of R&D staff holding a master's degree or higher [12]. Business Segments - The drilling services segment generated a revenue of 13.207 billion yuan in 2024, reflecting a growth of 9.4% [6]. - The oilfield technical services segment achieved a revenue of 27.655 billion yuan, up 7.4% year-on-year [8]. - The marine services segment reported a revenue of 4.769 billion yuan, marking a significant increase of 20.9% [9]. - The geophysical exploration and engineering survey services generated a revenue of 2.67 billion yuan, with a growth of 14.1% [9]. Market Position and Strategy - CNOOC Services is recognized as China's largest offshore drilling contractor and a major player in the international drilling market, operating 62 drilling platforms as of the end of 2024 [5]. - The company aims to enhance its international operations, with revenue from international markets reaching 10.885 billion yuan, a 14.9% increase, accounting for 22.5% of total revenue [10]. Capital Expenditure - In 2024, CNOOC Services completed capital expenditures of 7.32 billion yuan, achieving 98.4% of its annual budget [14]. - The company anticipates capital expenditures of around 7.2 billion yuan for 2025, focusing on equipment investment, technology upgrades, and R&D [14].

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]

机构风向标 | 中海油服(601808)2024年四季度已披露 前十大机构累计持仓占比56.18% 2025年3月26日，中海油服(601808.SH)发布2024年年度报告。截至2025年3月25日，共有22个机构 投资者披露持有中海油服A股股份，合计持股量达26.87亿股，占中海油服总股本的56.31%。其中，前 十大机构投资者包括中国海洋石油集团有限公司、中国证券金融股份有限公司、香港中央结算有限公 司、中国工商银行股份有限公司-华泰柏瑞沪深300交易型开放式指数证券投资基金、中国银行股份有限 公司-招商瑞文混合型证券投资基金、中信银行股份有限公司-招商优质成长混合型证券投资基金 (LOF)、中国建设银行股份有限公司-易方达沪深300交易型开放式指数发起式证券投资基金、鹏华基金- 中国人寿保险股份有限公司-传统险-鹏华基金国寿股份成长股票传统可供出售单一资产管理计划、招商 品质发现混合A、鹏华精选成长混合A，前十大机构投资者合计持股比例达56.18%。相较于上一季度， 前十大机构持股比例合计下跌了0.71个百分点。 公募基金方面，本期较上一期持股增加的公募基金共计7个，主要包括招商优质成长混合(LOF) ...

2025 年 3 月 26 日 当前价：6.72 港元 作者 公司研究 24 年归母净利润同比+4.11%，技术板块竞争力凸显 ——中海油服（601808.SH/2883.HK）2024 年报点评 A 股：买入（维持） 当前价：15.17 元 H 股：增持（维持） 分析师：赵乃迪 执业证书编号：S0930517050005 010-57378026 zhaond@ebscn.com 分析师：蔡嘉豪 执业证书编号：S0930523070003 021-52523800 caijiahao@ebscn.com 分析师：王礼沫 执业证书编号：S0930524040002 010-56513142 wanglimo@ebscn.com 市场数据 | 总股本(亿股) | 47.72 | | --- | --- | | 总市值(亿元)： | 723.85 | | 一年最低/最高(元)： | 13.07/19.77 | | 近 3 月换手率： | 14.67% | 股价相对走势 -17% -7% 3% 13% 24% 03/24 06/24 09/24 12/24 03/25 中海油服 沪深300 | 收益表现 | | | ...

执业编号：S1500518070001 联系电话：010-83326712 证券研究报告 公司研究 [公司点评报告 Table_ReportType] [Table_StockAndRank] 中海油服(601808.SH) 投资评级 买入 上次评级 买入 [Table_Author] 左前明 能源行业首席分析师 邮箱：zuoqianming@cindasc.com 胡晓艺 石化行业分析师 执业编号：S1500524070003 邮箱：huxiaoyi@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅 大厦B座 邮编：100031 [无惧特殊事件扰动，公司 Table_Title] 24 年业绩稳健增长 [Table_ReportDate] 2025 年 3 月 26 日 [Table_S 事件： ummary] 2025 年 3 月 25 日晚，中海油服发布 2024 年度报告。2024 年，公 司实现营收 483.02 亿元，同比+9.5%；实现归母净利润 31.37 亿元，同比 +4.1%；扣非后归母净利润 32.29 ...

证券研究报告 公司研究 [公司点评报告 Table_ReportType] [Table_StockAndRank] 中海油服(601808.SH) 投资评级 买入 上次评级 买入 [Table_Author] 左前明 能源行业首席分析师 执业编号：S1500518070001 联系电话：010-83326712 邮箱：zuoqianming@cindasc.com 胡晓艺 石化行业分析师 执业编号：S1500524070003 邮箱：huxiaoyi@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅 大厦B座 邮编：100031 [无惧特殊事件扰动，公司 Table_Title] 24 年业绩稳健增长 [Table_ReportDate] 2025 年 3 月 26 日 [Table_S 事件： ummary] 2025 年 3 月 25 日晚，中海油服发布 2024 年度报告。2024 年，公 司实现营收 483.02 亿元，同比+9.5%；实现归母净利润 31.37 亿元，同比 +4.1%；扣非后归母净利润 32.29 ...

中海油田服务股份有限公司 关于中海石油财务有限责任公司的风险持续评估报告 根据《上海证券交易所上市公司自律监管指引第 5 号——交易与 关联交易》的要求，中海油田服务股份有限公司（以下简称"公司"） 通过查验中海石油财务有限责任公司（以下简称"海油财务"）《金 融许可证》、《营业执照》等资料，查阅海油财务 2024 年年度财务 报告，对海油财务的经营资质、业务和风险状况进行了评估，现将风 险评估情况报告如下： 一、海油财务基本情况 海油财务于 2002 年 5 月 13 日由中国人民银行批准开业，2002 年 6 月 14 日完成工商登记。法定中文名称为"中海石油财务有限责 任公司"，注册资本为 40 亿元。2016 年 10 月，经原北京市工商行政 管理局审批，并向原北京银监局备案，股权结构变更为： | 股东名称 | 投资金额（元） | 持股比例(%) | | --- | --- | --- | | 中国海洋石油集团有限公司 | 2,515,901,060.00 | 62.90 | | 中海石油（中国）有限公司 | 1,272,084,806.00 | 31.80 | | 中海石油炼化有限责任公司 | 14 ...