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 [5][12]. Core Views - The company's Q3 2024 revenue reached 11.1 billion yuan, a year-on-year increase of 4.7%, while the net profit attributable to shareholders was 852 million yuan, a decrease of 8.8% year-on-year, primarily due to the impact of typhoons and the suspension of platforms in Saudi Arabia [1][3]. - The drilling segment experienced a significant decline in the utilization rate of semi-submersible platforms, with operating days down by 25% year-on-year, attributed to adverse weather conditions [2]. - The oilfield services segment is expected to maintain high growth, particularly with recent contracts signed by CNOOC in Brazil, which may open new market opportunities [3]. Financial Summary - Revenue projections for 2024-2026 have been adjusted to 31 billion, 45 billion, and 51 billion yuan respectively, with corresponding P/E ratios of 24, 16, and 14 times [3][4]. - The company's total revenue for 2023 is projected at 44.1 billion yuan, with a growth rate of 23.7% [4]. - The net profit attributable to shareholders is forecasted to be 3.1 billion yuan in 2024, reflecting a growth rate of 2.69% [4][8]. - The company maintains a healthy balance sheet with a debt-to-asset ratio of 48.64% and a current ratio of 1.30 [5][8].

Investment Rating - The investment rating for the company is "Buy" [1][2] Core Views - The company reported a revenue of 33.662 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 14.1%. The net profit attributable to the parent company was 2.445 billion yuan, up 7.5% year-on-year, while the net profit after deducting non-recurring items was 2.476 billion yuan, reflecting a 12.1% increase year-on-year [1][2] - In Q3 2024, the company achieved a revenue of 11.133 billion yuan, which is a 4.7% increase year-on-year but a 10.1% decrease quarter-on-quarter. The net profit attributable to the parent company was 0.852 billion yuan, down 8.8% year-on-year and 10.9% quarter-on-quarter [1][2] - The decrease in Q3 net profit was attributed to a decline in drilling workload and an increase in financial expenses, which rose to 0.359 billion yuan, up 1.77 billion yuan quarter-on-quarter and 1.15 billion yuan year-on-year, mainly due to exchange losses from the appreciation of the RMB against the USD [1][2] Summary by Sections Financial Performance - For the first three quarters of 2024, the company maintained growth in its oilfield technical services, with overall revenue increasing. The drilling service segment saw a decline in platform usage rates due to typhoon weather, with self-elevating and semi-submersible platforms at 81.51% and 50.22% respectively [1][2] - The company’s ship service business operated over 200 vessels, accumulating 53,162 operational days, a 29.4% increase year-on-year [1][2] - The company is actively expanding its overseas market share, with 2D and 3D survey work volumes increasing by 17.8% and 79.6% year-on-year, respectively [1][2] Profit Forecast and Investment Rating - The company’s projected net profits for 2024-2026 are 3.202 billion, 4.066 billion, and 4.895 billion yuan, with year-on-year growth rates of 6.3%, 27.0%, and 20.4% respectively. The diluted EPS for the same period is expected to be 0.67, 0.85, and 1.03 yuan per share [1][2] - The price-to-earnings (P/E) ratios based on the closing price on October 29, 2024, are projected to be 22.91, 18.04, and 14.98 for the years 2024, 2025, and 2026 respectively [1][2]

Revenue and Profit Performance - Revenue for the third quarter was RMB 11,133.0 million, an increase of 4.7% year-over-year[2] - Net profit attributable to shareholders of the company for the third quarter was RMB 852.3 million, a decrease of 8.8% year-over-year[2] - Revenue for the first three quarters of 2024 reached RMB 33,661.5 million, a year-on-year increase of 14.1%[12] - Net profit for the first three quarters of 2024 was RMB 2,636.5 million, a year-on-year increase of 7.2%[12] - Total revenue for the first three quarters of 2024 reached RMB 33.66 billion, a YoY increase from RMB 29.51 billion in the same period of 2023[20] - Operating profit for the first three quarters of 2024 was RMB 3.76 billion, up from RMB 3.18 billion in the same period of 2023[20] - Net profit attributable to the parent company for the first three quarters of 2024 was RMB 2.64 billion, up from RMB 2.46 billion in the same period of 2023[20] - Net profit attributable to parent company shareholders increased to 2,444,741,857 RMB, up 7.5% year-over-year[21] - Comprehensive income totaled 2,681,373,998 RMB, a 10.6% increase compared to the same period last year[21] - Basic earnings per share increased to 0.51 RMB, up 6.3% year-over-year[21] Asset and Liability Status - Total assets as of the end of the reporting period were RMB 82,738.2 million, a decrease of 0.6% compared to the end of the previous year[4] - Equity attributable to shareholders of the company as of the end of the reporting period was RMB 43,200.5 million, an increase of 3.7% compared to the end of the previous year[4] - Total assets as of September 30, 2024, were RMB 82.74 billion, slightly down from RMB 83.25 billion at the end of 2023[18] - Total liabilities decreased to RMB 38.74 billion as of September 30, 2024, from RMB 40.99 billion at the end of 2023[18] - The company's monetary funds increased to RMB 8.88 billion as of September 30, 2024, from RMB 6.54 billion at the end of 2023[17] - Accounts receivable increased to RMB 17.51 billion as of September 30, 2024, from RMB 14.13 billion at the end of 2023[17] - Inventory increased to RMB 2.70 billion as of September 30, 2024, from RMB 2.37 billion at the end of 2023[18] Cash Flow and Financial Activities - Operating cash flow for the first nine months of the year was RMB 5,118.0 million, an increase of 20.1% year-over-year[2] - Operating cash flow reached 5,117,967,485 RMB, a 20.1% year-over-year growth[22] - Cash received from sales of goods and services amounted to 31,833,586,885 RMB, up 12.3% year-over-year[22] - Investment cash inflow totaled 8,831,280,196 RMB, a 73.4% increase compared to the previous year[23] - Cash outflow for investment activities was 7,116,956,106 RMB, a 133.4% year-over-year increase[23] - Cash and cash equivalents at the end of the period stood at 8,306,717,541 RMB, a 2.6% increase from the previous year[23] - Cash received from government subsidies and grants decreased to 9,959,088 RMB, down 24.4% year-over-year[22] - Cash paid for employee compensation and benefits rose to 5,263,801,079 RMB, a 6.2% year-over-year increase[22] Operational Performance - 2D seismic acquisition increased by 17.8% to 15,306 kilometers in 2024 compared to 12,989 kilometers in 2023[11] - 3D seismic acquisition increased by 79.6% to 21,426 square kilometers in 2024 compared to 11,932 square kilometers in 2023[15] - Total drilling service operating days were 13,166 in 2024, a slight decrease of 0.5% compared to 13,234 in 2023[13] - Jack-up rig operating days increased by 2.0% to 10,595 in 2024 compared to 10,386 in 2023[13] - Semi-submersible rig operating days decreased by 9.7% to 2,571 in 2024 compared to 2,848 in 2023[13] - Vessel service operating days increased by 29.4% to 53,162 in 2024 compared to 41,092 in 2023[14] - Platform supply vessel operating days increased by 29.6% to 17,658 in 2024 compared to 13,630 in 2023[14] - Subsea cable acquisition decreased by 62.7% to 390 square kilometers in 2024 compared to 1,045 square kilometers in 2023[15] - The company's vessel service business managed over 200 vessels by the end of Q3 2024, with a cumulative operation of 53,162 days, a 29.4% YoY increase, including 3,196 days for 12 LNG-powered support vessels, reducing carbon emissions by 12,000 tons annually[16] - 2D seismic acquisition reached 15,306 kilometers, a 17.8% YoY increase, while 3D seismic acquisition reached 21,426 square kilometers, a 79.6% YoY increase, though seabed operations decreased by 43.6% to 899 square kilometers due to weather factors[16] Shareholder and Ownership Information - The company's largest shareholder, China National Offshore Oil Corporation, holds 50.53% of the shares[7] - The company's total number of ordinary shareholders at the end of the reporting period was 49,696[6] Earnings and Return Metrics - Basic earnings per share for the third quarter were RMB 0.18, a decrease of 10.0% year-over-year[2] - Weighted average return on equity for the third quarter was 2.0%, a decrease of 0.3 percentage points year-over-year[2] Government Subsidies - The company received government subsidies of RMB 1,461,195 during the third quarter[5]

证券代码：601808 证券简称：中海油服 公告编号：临 2024-031 中海油田服务股份有限公司 监事会 2024 年第四次会议决议公告 特别提示 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、监事会会议召开情况 中海油田服务股份有限公司（以下简称"公司"）监事会 2024 年第四次会议于 2024 年 10 月 29 日在北京以现场会议方式召开。会议通知于 2024 年 10 月 14 日以电子邮件方 式送达监事。会议应到监事 3 人，实到监事 3 人。会议由公司监事会主席赵锋先生主持。 会议的召开符合《中华人民共和国公司法》等相关法律、行政法规、部门规章和《中海 油田服务股份有限公司章程》（以下简称"《公司章程》"）的规定。 二、监事会会议审议情况 经参会监事审议表决，以 3 票同意，0 票反对，0 票弃权通过了以下决议： 本议案尚须提交公司股东大会审议。 特此公告。 中海油田服务股份有限公司 监 事 会 （一）审议通过公司 2024 年第三季度报告并出具审核意见。 经审查，监事会未发现公司 2024 年第三季度 ...

证券代码：601808 证券简称：中海油服 公告编号：临2024-030 中海油田服务股份有限公司 董事会 2024 年第四次会议决议公告 特别提示 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 中海油田服务股份有限公司（以下简称"公司"或"中海油服"）董事会 2024 年第四次会议于 2024 年 10 月 29 日在北京市以现场表决方式召开。会议通知于 2024 年 10 月 14 日以电子邮件方式送达董事。会议应出席董事 8 人，实际出席董事 8 人， （执行董事熊敏先生因其他公务原因未能亲自出席，并书面委托董事长赵顺强先生代 为行使表决权）。会议由董事长赵顺强先生主持。公司监事赵锋先生、程新生先生、 王林根先生列席会议。公司董事会秘书孙维洲先生、首席财务官郄佶先生列席会议。 会议的召开符合《中华人民共和国公司法》等相关法律、行政法规、部门规章和《中 海油田服务股份有限公司章程》的规定。 二、董事会会议审议情况 中海油田服务股份有限公司 (一) 审议通过关于公司 2024 年第三季度财务报告的议 ...

证券代码：601808 证券简称：中海油服 公告编号：临2024-033 中海油田服务股份有限公司 关于监事变更的公告 特别提示 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 中海油田服务股份有限公司（以下简称"公司"或"本公司"）监事程新生先生即将任 期届满。2024 年 10 月 29 日，公司监事会 2024 年第四次会议审议通过了《关于提名公司独 立监事候选人的议案》，监事会提名胡昭玲女士为公司独立监事候选人。在股东大会选举通 过之前，由程新生先生继续履行监事职责。 程新生先生及本公司监事会确认双方并无任何意见分歧，亦无任何与离任有关的事项需 要提请公司股东及债权人注意。程新生先生在任职期间，凭借丰富的专业知识和客观的立场， 以认真严谨的工作态度对公司合规运营、风险防范做出了积极的努力，维护了本公司和本公 司股东、债权人的合法权益。本公司谨此对程新生先生在担任监事期间对本公司所做的贡献 表示衷心的感谢。 2024 年 10 月 30 日 特此公告。 1 中海油田服务股份有限公司 监 事 会 ...

证券简称：中海油服 证券代码：601808 公告编号：临2024-032 中海油田服务股份有限公司 关于董事辞任的公告 特别提示 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 中海油田服务股份有限公司（以下简称"本公司"）董事会于 2024 年 10 月 29 日收到本 公司执行董事熊敏先生的书面辞呈，熊敏先生因工作变动原因辞去本公司执行董事的职务， 该辞任自本公司股东大会选举出新任董事后生效。 2024 年 10 月 30 日 熊敏先生同董事会确认，双方并无任何意见分歧，亦无任何与辞任有关的事项需要提请 本公司股东及债权人注意。熊敏先生在担任本公司执行董事期间，凭借丰富的专业知识和管 理经验，以忠实勤勉和实事求是的工作态度，认真履行了工作职责，积极维护了本公司、本 公司股东及债权人的合法权益，为本公司的发展做出了重要贡献，得到了董事会、管理层的 高度认可。本公司谨此对熊敏先生在担任执行董事期间对本公司所做的贡献表示衷心的感谢。 特此公告。 中海油田服务股份有限公司 董 事 会 ...

证券代码：601808 证券简称：中海油服 公告编号：临2024-029 本次业绩说明会通过电话会议方式召开，本公司将针对 2024 年第三季度业绩和 经营情况与投资者进行交流，并对投资者普遍关注的问题进行回答。 1 会议召开时间：2024年10月29日（星期二）18:00-19:00 会议召开方式：电话会议 电话会议拨入号码： 中国大陆：400 810 8228（中文）或 400 810 8128 （英文） 中国香港：（852）3005 1355（中文）或（852）3005 1313（英文） 如投资者参加会议，请联系cosl@wsfg.hk或致电（86）15625736003、 （852）4634 5951获取电话会议拨入密码。 投资者可于2024年10月24日（星期四）23:59前将相关问题通过电子邮件的形式 发送至中海油田服务股份有限公司（下称"本公司"或"公司"）投资者关系邮 箱：cosl@cosl.com.cn。本公司将于2024年第三季度业绩说明会（以下简称"本 次业绩说明会"）上对投资者普遍关注的问题进行回答。 二、业绩说明会召开的时间、地点 （一）会议召开时间：2024 年 10 月 29 日 ...

(股份代號：2883) 董事會會議公告 中海油田服務股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈,本公司將於二 零二四年十月二十九日（星期二）舉行董事會會議,藉以審議並（如認為適當）批准包括本 公司截至二零二四年九月三十日止第三季度業績。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責,對 其準確性或完整性亦不發表任何聲明,並明確表示,概不對因本公告全部或任何部分 內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 海油田服务股份有限公司 China Oilfield Services Limited (於中華人民共和國註冊成立的股份有限公司) 承董事會命 中海油田服務股份有限公司 孫維洲 聯席公司秘書 二零二四年十月十四日 於本公告日期:本公司執行董事為趙順強先生（董事長）、盧濤先生及熊敏先生;本公司非執 行董事為范白濤先生及劉秋東先生；本公司獨立非執行董事為趙麗娟女士、郭琳廣先生及姚昕 先生。 l ...

Investment Rating - Strong Buy: The report maintains a "Strong Buy" rating for COSL (China Oilfield Services Limited), citing its position as a global integrated offshore oil service leader with significant growth potential in the current cycle [1][6] Core Views - COSL's growth space has been unlocked in the current cycle, driven by its comprehensive industry chain advantages and strong performance in both domestic and international markets [1][2] - The company's dual growth engines, oilfield technical services and drilling services, are expected to drive future growth, supported by technological breakthroughs and domestic energy supply policies [6] - COSL benefits from the high industry prosperity, with global oilfield service market size predicted to grow by 7.1% in 2024 [3] Financial Performance - In H1 2024, COSL achieved revenue of RMB 22.529 billion, a YoY increase of 19.4%, with net profit attributable to shareholders of RMB 1.592 billion, up 18.9% YoY [1] - Q2 2024 revenue reached RMB 12.381 billion, a YoY increase of 18.85%, with net profit attributable to shareholders of RMB 957 million, up 2.34% YoY [1] - Gross margin improved to 16.4% in H1 2024, up 1.6 percentage points YoY, while net margin slightly decreased to 7.6%, down 0.1 percentage points YoY [3] Business Segments - Oilfield Technical Services: Revenue reached RMB 12.83 billion in H1 2024, up 20.8% YoY, accounting for 56.95% of total revenue [2] - Drilling Services: Revenue increased by 18.2% YoY to RMB 6.42 billion in H1 2024, with day rates rising 4.9% YoY to USD 86,000/day [2] - Vessel Services: Revenue grew by 14.2% YoY to RMB 2.18 billion in H1 2024, with operating days increasing by 19.6% YoY [2] - Geophysical Services: Revenue surged by 20.4% YoY to RMB 1.1 billion in H1 2024, with 3D acquisition workload increasing by 189.5% YoY [2] Market Expansion - COSL successfully entered the Brazilian market, signing a drilling and workover service contract with a Brazilian client, expected to commence operations in 2025 [2] - Two previously suspended platforms in Saudi Arabia have secured new contracts, with one platform expected to start operations in late August/early September 2024 and another securing a 3-year contract in Southeast Asia [3][6] Financial Projections - The report forecasts COSL's net profit attributable to shareholders to reach RMB 3.425 billion, RMB 4.375 billion, and RMB 5.559 billion in 2024, 2025, and 2026, respectively [6] - EPS is projected to be RMB 0.72, RMB 0.92, and RMB 1.16 for 2024, 2025, and 2026, respectively [6] - ROE is expected to improve from 8.0% in 2024 to 11.9% in 2026, reflecting the company's strong profitability and growth potential [7] Industry Outlook - The global oilfield service market is expected to grow by 7.1% in 2024, driven by increased upstream capital expenditures due to medium-to-high oil prices [3] - COSL, as a global leader in offshore oil services, is well-positioned to benefit from the industry's upward trend, leveraging its full industry chain advantages and overseas market expansion [3][6]