全球陆地钻机龙头，海洋板块和压裂业务发力

全球陆地钻机龙头，海洋板块和压裂业务发力 Global leader in land drilling rigs& Focusing on the ocean sector and fracturing business 最新动态 ➢海洋板块订单大幅提升。集团海洋板块主要包括海上风电、海洋油气装备及海洋工程装备等业务。海工装备生产基地位于江苏省启东市海工船舶工业园内，已建成一期舾装码头633米，拥有11万平方米的钢结构组块厂房，具备海洋油气装备和海工模块、大型海上风电桩基结构件等生产制造能力。2025H1，集团海洋板块实现收入6.17亿万元，同比增长35.0%，占总收入23.7%，该业务板块新生效订单同比大幅提升63%。得益于公司对于海工装备产业的投入和重视，2025H1海洋油气及海工装备制造业务收入2.63亿元，同比大幅提升1171.4%。 ➢压裂业务毛利显著增加。25H1，压裂业务板块毛利润同比提升96.2%。2025H1，集团实现压裂业务收入4.33亿元，同比提升41.1%，该业务收入全部来自于国内市场。受益于非常规油气资源开发的快速发展给集团压裂业务带来发展机遇，压裂设备销售和压裂服务业务录得收入3.28亿元，同比显著提升64.7%。25H1，集团共有16支泵注队伍，完成压裂作业约1800段。实现新疆塔河电驱压裂首次应用，新一代电动压裂系统已完成数个平台的工业性试验。进一步开拓新客户8家，与国内某公司签订煤层气压裂服务框架合同，进一步巩固集团在山西煤层气区块压裂业务的市场地位。 动向解读 ➢提质增效取得积极成效。25H1，整体收入下降的主要原因为公司主动调整业务结构，收缩低毛利业务板块，将零部件及其他业务中的钢结构等低毛利业务进行主动精简，进一步聚焦核心业务板块，以提升公司整体盈利能力。集团进一步降低融资成本0.89个百分点至2.5%，利息支出同比下降27.5%，财务费用率下降0.90个百分点至1.6%，销售费用同比下降6.8%，采购成本压降约79.00百万元。 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1.25亿元、2.67亿元、3.93亿元。结合可比公司估值，给予公司2026年9倍PE，按照港元兑人民币0.91汇率计算，对应目标价为0.29港币，首次覆盖给予“买入”评级。 风险提示 地缘政治风险、关税风险、油气资本开支不及预期。 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 ocean sector has seen a significant increase in orders.The group's marine sector mainlyincludes businesses such as offshore wind power, marine oil and gas equipment, and marine engineeringequipment. The production base of marine engineering equipment is located in the marine engineeringship industrial parkof Qidong City, Jiangsu Province. The Phase I outfitting dock has been completedwith 633meters andhas 110000 square meters of steel structure module plant. It has the production andmanufacturing capacity of marine oil and gas equipment, marine engineering modules, large offshorewind power pile foundation structures, etc.In2025H1,the marine sector of the group achieved a revenueof 617 million yuan(YoY+35.0%), accountingfor 23.7% of the total revenue. Theneweffective orders inthis business sector increased significantly by 63%YoY. Thanks to the company's investment andemphasis on the offshore equipment industry, the revenue from offshore oil and gas and offshoreequipment manufacturing business in 2025H1 was 263 million yuan, a significant increase of 1171.4%YoY. ➢The gross profit of hydraulic fracturing business has significantly increasedYoY.In2025H1, thegross profit of the hydraulic fracturing business segment increased by 96.2%YoY.In2025H1，groupachieved revenue of 433 million yuan from hydraulic fracturing business(YoY+41.1%). All ofthisbusinessrevenue comes from the domestic market.Benefiting from the rapid development ofunconventionaloil and gas resources,the group's fracturing business has brought developmentopportunities. The sales of fracturing equipment and fracturing services recorded a revenue of 328 millionyuan, a significant increase of 64.7%YoY.In2025H1，the group has a total of 16 pumping teams thathave completed approximately 1800 hydraulic fracturing operations. The first application of electricfracturing inTahe,Xinjiang,has been achieved, and the new generation electric fracturing system hascompleted industrial trials on several platforms. Further develop 8 new customers and sign a frameworkcontract for coalbed methane fracturing services with a domestic company, further consolidating thegroup's market position in the Shanxi coalbed methane fracturing business. What’s Different ➢Positive results have been achieved in improving quality and efficiency.In2025H1, themain reasonfor the overall decline in revenue is the company's proactive adjustment of business structure, shrinkinglow gross profit business segments, actively streamlining low gross profit businesses such as steelstructures in parts and other businesses, and further focusing on core business segments to enhancethe company's overall profitability. The group further reduced financing costs by 0.89 percentage pointsto 2.5%, interest expenses by 27.5%YoY, financial expense ratio by 0.90 percentage points to 1.6%,sales expenses by 6.8%YoY, and procurement costs by approximately 79.00 million yuan. Action ➢Profit forecast.We predict that the company's net profit from 2025 to 2027 will be 125 million yuan, 267million yuan, and 393million yuan, respectively. Based on the valuation of comparable companies, thecompany will be given PE rating of9xforFY26, calculated at the exchange rate of HKD/RMB 0.91,corresponding toTPof HKD 0.29. Forinitialcoverage,we give the company"buy" rating. Risks Geopolitical risks, tariff risks, and lower than expected oil and gas capital expenditures. 分析师介绍 分析师庄怀超，本科毕业于北京航空航天大学，硕士毕业于香港大学金融学专业，主要覆盖化工和新材料行业。 该分析师2022-2024年曾任职于海通国际研究部，团队2022年获得过亚洲货币第一名，该分析师2025年加入环球富盛理财有限公司，继续覆盖化工和新材料行业。环球富盛理财有限公司是一家香港的持牌券商机构，成立于2014年。 该分析师曾在wind发布报告超过500篇，主要覆盖行业包括化肥、农药、气体、炸药、氟化工、分子筛、电解液和合成生物学等行业。覆盖的公司包括：东岳集团、环球新材国际、中国心连心化肥、中化化肥、阜丰集团、中国三江化工、中国联塑、浦林成山、米高集团、中国石油化学、中国旭阳集团、彩客新能源、天德化工、理文化工等。 微信：zhuangcharles邮箱：charles.zhuang@gpf.com.hk电话：(852)97487114; (86) 188 01353 3537 The Benchmark: Hong Kong Hang Seng IndexTime Horizon: 6 to 18 months SECTOR R