CNOOC Limited (601808) quarterly report comments: 19Q3 performance slightly exceeded expectations drilling platform utilization continued to increase

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CNOOC Limited (601808) quarterly report comments: 19Q3 performance slightly exceeded expectations drilling platform utilization continued to increase

The performance of 19Q3 slightly exceeded expectations, and the gross profit margin continued to increase.

350,000 yuan, + 56% for the whole year; net profit attributable to mother 21.

$ 1.9 billion, turning losses into profits in a year.

In the third quarter, a single quarter realized operating income of 77.

7.2 billion, a slight increase from the previous month; net profit attributable to mother 11.

4.6 billion, + 22% MoM.

In terms of gross profit margin, the company’s gross profit margin reached 19% in the first three quarters of 19, and continued to maintain the momentum of growth. In Q3, the gross profit margin of the single quarter reached 24%, which was + 4pct.

In 19Q3, the utilization rate of the overall drilling platform reached 81%, of which the utilization rate of jack-up platforms reached 84%, and the utilization rate of semi-submersible platforms reached 74%, which was slightly higher than the semi-annual report levels of 5 pct and 3 pct respectively.

Operating days + 33%, the increase is greater than the increase in utilization rate, reflecting the increase in the number of companies renting platforms.

The international drilling platform market has also improved, and the utilization rate of jack-up and semi-submersible platforms has picked up, but the daily fee is still at the bottom. It is expected that the daily fee will begin to increase in 2020.

The business volume of other sectors also increased. The utilization rate of the ship service sector reached 98.

1%, ten years +5.

2pct.

For the geophysical exploration plate, the two-position acquisition and three-dimensional acquisition workload are at least -4.

4%, +25.

4%.

The operation volume of the main business lines of the technical service segment increased overall, and overall revenue increased accordingly.

CNOOC’s capital expenditures are expected to continue to increase in Q1 2019, with CNOOC’s capital expenditures of 53.2 billion, +46 over the same period.

8%; Q3 single-quarter capital expenditures were 19.5 billion, a year-on-year increase of +27.

9%.

Although the growth rate has improved and dropped due to the base number, it still maintains high growth.

CNOOC put forward that “the goal of 上海夜网论坛 production will be completed by the year 2000 in the southern part of the western South China Sea in 2000 and the southern part of the eastern South China Sea in 2000”, which is equivalent to a nearly doubled output growth in 2018.

Maintain 19/21 net profit 25/38/47 trillion, EPS is 0.

52/0.

79/0.

99 yuan / share, corresponding to PE is 27/18/14 times, maintain “Buy” rating.

Risk reminder: the risk of falling oil prices, reducing the risk of lowering the daily price of the platform, and the expansion of offshore capital