钻井业务量价齐升，国际市场持续开拓

钻井业务量价齐升，国际市场持续开拓 Drilling business volume and price rise&To expandInternational market 最新动态 ➢2025H1归母净利润同比增长23.3%。2025H1，公司实现营业收入233.20亿元，同比增加3.5%；实现归母净利润19.64亿元，同比增加23.3%；实现扣非净利润19.39亿元，同比增加20.9%。 ➢钻井业务量价齐升。公司持续提升钻井业务运营质效，狠抓作业效率提升，促进深水深层作业能力不断突破。25H1，公司共运营、管理60座钻井平台（包括46座自升式钻井平台、14座半潜式钻井平台），其中45座在中国，15座在国际地区。25H1，公司钻井平台作业日数为9906天，同比增加945天，增幅10.5%，其中自升式钻井平台作业7776天，同比增加738天；半潜式钻井平台作业2130天，同比增加207天。平台日历天使用率同比增加10.4个百分点至91.2%，其中自升式平台使用率同比增加11.0个百分点至93.4%，半潜式平台使用率同比增加8.5个百分点至84.0%。2025H1，公司钻井平台的平均日收入为9.1万美元/日，同比增长5.8%；其中，自升式钻井平台平均日收入为7.0万美元，同比下降5.4%；半潜式钻井平台平均日收入为17.1万美元，同比增长27.6%。 ➢船舶服务主要业务作业量同比提升。25H1，公司经营和管理三用作业船、平台供应船、油田守护船等200余艘，累计作业41510天，同比增加8979天，主要业务作业量有所上升。其中，油田守护船作业8049天，同比增长38.6%；三用工作船作业20448天，同比增长41.9%；平台供应船作业11537天，同比增长12.3%；多用船作业1015天，同比下降32.5%；修井支持船作业461天，同比下降14.9%。 动向解读 ➢国际市场开拓取得成效。1）公司持续强化国际化客户管理能力，25H1北海半潜式平台高日费项目有序运营作业，为提升海外业务盈利水平提供有力保障；“COSLConfidence”平台成功刷新中东区域海上进尺纪录，多次获得客户肯定；“COSLSeeker”平台挺进东南亚区域市场，以“装备+服务”双轮驱动，进一步强化公司在全球能源勘探开发领域的综合服务能力与品牌影响力。2）公司持续开拓海外高端客户，提升国际化运营能力。推动发展方式绿色转型，LNG动力守护船队高效运转，累计减排二氧化碳约5万吨。 策略建议 ➢盈利预测。我们预测公司2025-2027年归母净利润分别为39.29亿元、42.81亿元、46.68亿元。结合可比公司估值，给予公司2026年10倍PE，按照港币兑人民币汇率为0.91计算，对应目标价为9.89港元，首次覆盖给予“买入”评级。 风险提示 市场竞争风险、健康安全环保风险、境内外业务拓展及经营风险、汇率风险、资产减值风险。 资料来源：OpendIP研究所 资料来源：OpendIP研究所 资料来源：OpendIP研究所 资料来源：OpendIP研究所 What’s New ➢The net profit in 2025H1 increased by 23.3% YoY.In2025H1,the company achieved revenue of 23.32 billionyuan(YoY +3.5%);The company realizednet profit of 1.964 billion yuan(YoY +23.3%); Achievedrecurringnet profitof 1.939 billion yuan(YoY +20.9%). ➢The volume and price of drilling business have both increased.The company continues to improve the qualityand efficiency of drilling operations, focusing on improving operational efficiency and promoting continuousbreakthroughs in deepwater and deep-water operation capabilities.In 2025H1，the company operates andmanages a total of 60 drilling platforms (including 46self-elevatingdrilling platforms and 14semi-submersibledrilling platforms), of which 45 are in China and 15 are in international regions.In2025H1，theoperating days ofthe company's drilling platform were 9906 days(YoY +945 days), with a growth rate of 10.5%. Among them, theoperating days of theself-elevatingdrilling platform were 7776 days(YoY +738 days); Thesemi-submersibledrillingplatform operated for 2130 days(YoY +207 days). The platform's calendar day usage rate increased by 10.4percentage points YoY to 91.2%, with theself-elevatingplatform usage rate increasing by 11.0 percentage pointsYoY to 93.4%, and thesemi-submersibleplatform usage rate increasing by 8.5 percentage points YoY to 84.0%.In2025H1, the average daily revenue of the company's drillingplatformwasUSD91000 (YoY +5.8%); Among them,the average daily revenue ofself-elevatingdrilling platforms wasUSD70000(YoY-5.4%); The average dailyrevenue ofsemi-submersibledrilling platforms wasUSD171000 (YoY +27.6%). ➢The main business volume of ship services has increased YoY.In2025H1,the company operates and managesmore than 200 vessels, including multi-purpose operation ships, platform supply ships, and oilfield protection ships,with a total of 41510 days ofoperation(YoY +8979 days), and an increase in the volume of main business operations.Among them, the oilfield protection ship operated for 8049 days (YoY +38.6%); Three use workboats operated for20448 days (YoY +41.9%); The platform provided 11537 days of ship operations (YoY +12.3%);multi-useshipoperation for 1015 days(YoY-32.5%); Workover support ship operations lasted 461 days, a YoY decrease of 14.9%. What’s Different ➢Internationalmarket development has achieved results.1)The company continues to strengthen itsinternational customer management capabilities, and in the first half of the year, the high daily fee project of theNorth Sea semi-submersible platform was operated in an orderly manner, providing strong supportfor improvingthe profitability of overseas business; The "COSLConfidence" platform has successfully broken the record formaritime footage in the Middle East region and has received recognition from customers multiple times; The"COSLSeeker"platform has entered the Southeast Asian regional market,driven by the dual wheels of"equipment+service", further strengthening the company's comprehensive service capabilities and brand influencein the global energy exploration and development field. 2) The company continues to expand its overseas high-endcustomers and enhance its international operational capabilities. Promote the green transformation of developmentmode, ensure the efficient operation of LNG powered fleet, and reduce carbon dioxide emissions byabout 50000tons in total. Action ➢Profit forecast.We predict that the company's netprofitfrom 2025 to 2027 will be 3.929 billion yuan, 4.281 billionyuan, and 4.668 billion yuan, respectively. Based on the valuation of comparable companies, the company will begiven10xPE forFY26, corresponding toTPofHKD9.89.We initiate with“BUY" rating. Risks Market c