换肤

石化机械

i问董秘
企业号

000852

主营介绍

  • 主营业务:

    油气开采高端装备研发制造及服务、油气集输、加氢制氢装备研发制造及服务、油气机械设备检测。

  • 产品类型:

    石油机械设备、钻头及钻具、油气钢管、氢能装备

  • 产品名称:

    石油机械设备 、 钻头及钻具 、 油气钢管 、 氢能装备

  • 经营范围:

    许可项目:检验检测服务;认证服务;燃气经营;特种设备设计;特种设备制造;特种设备安装改造修理;道路货物运(不含危险货物);住宿服务;餐饮服务。一般项目:石油钻采专用设备(压裂、固井、修井、钻井、特种作业)、深海石油钻探设备、海洋工程装备、炼油与化工生产专用设备、环境保护专用设备、通用设备(气体压缩机械,泵、阀门和旋塞,气体、液体分离及纯净设备,工业机器人,通用零部件)研制、销售;金属工具(钻头、螺杆钻具及提速工具、完井工具、工程工具)研制、销售;金属制品(钢管、弯管、套管、锻件及粉末冶金制品、金属压力容器)研制、销售;钢管防腐与涂敷;轨道交通专用设备、关键系统及部件研制、销售;金属材料制造;黑色金属冶炼和压延加工;常用有色金属冶炼;有色金属压延加工;站用加氢及储氢设施销售;氢气专用设备研制、销售;二氧化碳专用设备研制、销售;特种设备销售;工业控制计算机及系统制造;工业控制计算机及系统销售;智能车载设备制造;智能车载设备销售;软件开发;信息系统集成服务;物联网技术服务;信息系统运行维护服务;数据处理和存储支持服务;数字内容制作服务(不含出版发行);专用设备修理;通用设备修理;金属制品修理;机械设备租赁;仓储设备租赁服务;运输设备租赁服务;国内贸易代理;进出口代理;技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广;计量技术服务;标准化服务;电子、机械设备维护(不含特种设备);工程技术服务(规划管理、勘察、设计、监理除外);石油天然气技术服务;井下作业技术服务;非在产油气井的井口气、伴生气的回收及批发兼零售;石油天然气开采辅助活动;业务培训(不含教育培训、职业技能培训等需取得许可的培训);总质量4.5吨及以下普通货运车辆道路货物运输(除网络货运和危险货物);港口货物装卸搬运活动;装卸搬运;普通货物仓储服务(不含危险化学品等需许可审批的项目)。

运营业务数据

最新公告日期:2026-04-24 
业务名称 2025-12-31 2025-06-30 2024-12-31 2024-06-30 2023-12-31
产量:天然气(立方米) 3.39亿 - 5.10亿 - 3.26亿
产量:氢能装备(元) 6885.10万 - 6661.66万 - -
产量:油气钢管(吨) 21.22万 - 17.95万 - 29.24万
产量:石油机械设备(元) 33.84亿 - 33.49亿 - 33.63亿
产量:钻头及钻具(只(套)) 3.47万 - 3.92万 - 4.04万
销量:天然气(立方米) 3.39亿 - 5.10亿 - 3.26亿
销量:氢能装备(元) 7279.92万 - 5769.57万 - -
销量:油气钢管(吨) 21.53万 - 19.57万 - 31.58万
销量:石油机械设备(元) 34.89亿 - 35.68亿 - 32.01亿
销量:钻头及钻具(只(套)) 3.42万 - 3.43万 - 3.59万
石油机械设备营业收入同比增长率(%) -7.59 -14.36 11.62 - -
石油机械设备营业收入(元) 41.58亿 19.65亿 45.00亿 - -
钻头及钻具营业收入同比增长率(%) -6.04 -13.05 -15.21 - -
钻头及钻具营业收入(元) 7.50亿 3.48亿 7.98亿 - -
油气钢管营业收入同比增长率(%) -8.87 14.57 -41.66 - -
油气钢管营业收入(元) 12.41亿 5.98亿 13.61亿 - -
氢能装备营业收入同比增长率(%) 21.86 165.00 106.25 - -
氢能装备营业收入(元) 7000.00万 5000.00万 5800.00万 - -
订单金额:新增订单(元) - 49.40亿 - 57.58亿 -
订单金额:新增订单:LNG加气设备(元) - 2538.00万 - - -
订单金额:新增订单:中海油市场(元) - 6800.00万 - - -
订单金额:新增订单:境外(元) - 12.10亿 - 10.50亿 -
订单金额:新增订单:氢能装备(元) - 7516.00万 - - -

主营构成分析

报告期
报告期

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营业收入 X

单位(%) 单位(万元)
业务名称 营业收入(元) 收入比例 营业成本(元) 成本比例 主营利润(元) 利润比例 毛利率
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注:通常在中报、年报时披露 

主要客户及供应商

您对此栏目的评价: 有用 没用 提建议
前5大客户:共销售了44.56亿元,占营业收入的61.85%
  • 客户一
  • 客户二
  • 客户三
  • 客户四
  • 客户五
  • 其他
客户名称 销售额(元) 占比
客户一
23.50亿 32.63%
客户二
10.24亿 14.21%
客户三
5.17亿 7.18%
客户四
3.71亿 5.15%
客户五
1.93亿 2.68%
前5大供应商:共采购了20.23亿元,占总采购额的29.13%
  • 供应商一
  • 供应商二
  • 供应商三
  • 供应商四
  • 供应商五
  • 其他
供应商名称 采购额(元) 占比
供应商一
9.53亿 13.73%
供应商二
4.50亿 6.48%
供应商三
2.99亿 4.31%
供应商四
1.69亿 2.44%
供应商五
1.51亿 2.17%
前5大客户:共销售了47.21亿元,占营业收入的58.74%
  • 客户一
  • 客户二
  • 客户三
  • 客户四
  • 客户五
  • 其他
客户名称 销售额(元) 占比
客户一
23.54亿 29.28%
客户二
9.30亿 11.57%
客户三
5.41亿 6.73%
客户四
5.12亿 6.37%
客户五
3.85亿 4.79%
前5大供应商:共采购了17.95亿元,占总采购额的25.35%
  • 供应商一
  • 供应商二
  • 供应商三
  • 供应商四
  • 供应商五
  • 其他
供应商名称 采购额(元) 占比
供应商一
12.29亿 17.36%
供应商二
1.81亿 2.56%
供应商三
1.50亿 2.12%
供应商四
1.25亿 1.76%
供应商五
1.10亿 1.55%
前5大客户:共销售了59.27亿元,占营业收入的70.57%
  • 客户一
  • 客户二
  • 客户三
  • 客户四
  • 客户五
  • 其他
客户名称 销售额(元) 占比
客户一
34.52亿 41.09%
客户二
11.37亿 13.54%
客户三
8.44亿 10.05%
客户四
3.32亿 3.95%
客户五
1.63亿 1.94%
前5大供应商:共采购了22.28亿元,占总采购额的30.91%
  • 供应商一
  • 供应商二
  • 供应商三
  • 供应商四
  • 供应商五
  • 其他
供应商名称 采购额(元) 占比
供应商一
11.58亿 16.08%
供应商二
3.66亿 5.08%
供应商三
3.14亿 4.36%
供应商四
2.19亿 3.03%
供应商五
1.70亿 2.36%
前5大客户:共销售了57.41亿元,占营业收入的74.06%
  • 客户一
  • 客户二
  • 客户三
  • 客户四
  • 客户五
  • 其他
客户名称 销售额(元) 占比
客户一
34.37亿 44.34%
客户二
10.38亿 13.39%
客户三
8.05亿 10.38%
客户四
3.07亿 3.96%
客户五
1.54亿 1.99%
前5大供应商:共采购了23.03亿元,占总采购额的35.79%
  • 供应商一
  • 供应商二
  • 供应商三
  • 供应商四
  • 供应商五
  • 其他
供应商名称 采购额(元) 占比
供应商一
14.41亿 22.39%
供应商二
3.39亿 5.27%
供应商三
1.92亿 2.98%
供应商四
1.80亿 2.79%
供应商五
1.52亿 2.36%
前5大客户:共销售了52.70亿元,占营业收入的75.82%
  • 客户一
  • 客户二
  • 客户三
  • 客户四
  • 客户五
  • 其他
客户名称 销售额(元) 占比
客户一
32.34亿 46.53%
客户二
10.40亿 14.96%
客户三
4.59亿 6.60%
客户四
3.81亿 5.49%
客户五
1.56亿 2.24%
前5大供应商:共采购了21.43亿元,占总采购额的36.97%
  • 供应商一
  • 供应商二
  • 供应商三
  • 供应商四
  • 供应商五
  • 其他
供应商名称 采购额(元) 占比
供应商一
14.73亿 25.42%
供应商二
2.42亿 4.18%
供应商三
1.67亿 2.88%
供应商四
1.42亿 2.46%
供应商五
1.18亿 2.03%

董事会经营评述

  一、报告期内公司从事的主要业务  公司是国内研发实力领先、产品门类齐全的综合能源装备研发、制造、专业技术服务企业,深耕行业多年构建起“四超”核心技术与以油气装备为核心主体、以新兴产业和服务业务为两个战略增长极的“一体两极”产业布局,核心业务覆盖油气开采高端装备研发制造及服务、油气集输、加氢制氢装备研发制造及服务、油气机械设备检测,产品与服务可满足陆地、海洋、沙漠、万米深地等全场景能源开发需求,是国家能源安全保障与能源装备绿色转型的硬核支撑。  (一)油气装备  形成钻采装备、钻完井工具、集输装备、物探装备等核心产品矩阵,175MPa压裂泵、90MPa压缩机、万米超深井修井装备等高端产品达到... 查看全部▼

  一、报告期内公司从事的主要业务
  公司是国内研发实力领先、产品门类齐全的综合能源装备研发、制造、专业技术服务企业,深耕行业多年构建起“四超”核心技术与以油气装备为核心主体、以新兴产业和服务业务为两个战略增长极的“一体两极”产业布局,核心业务覆盖油气开采高端装备研发制造及服务、油气集输、加氢制氢装备研发制造及服务、油气机械设备检测,产品与服务可满足陆地、海洋、沙漠、万米深地等全场景能源开发需求,是国家能源安全保障与能源装备绿色转型的硬核支撑。
  (一)油气装备
  形成钻采装备、钻完井工具、集输装备、物探装备等核心产品矩阵,175MPa压裂泵、90MPa压缩机、万米超深井修井装备等高端产品达到国际先进水平,可提供油气勘探开发全流程核心装备解决方案,深度支撑深地工程、页岩油气、海洋油气等国家重点能源项目建设,其中压裂装备、天然气压缩机国内市场占有率均位居行业前列。
  1.钻采装备:构建以压裂泵、混砂装置、高压管汇为核心的成套压裂装备技术体系,配套快移快装、沙漠整移、低温特色钻井装备,海洋超低密度特色固井装备,万米超深井、油电双驱、网电储能特色修井装备,大容量连续油管作业装备及系列带压作业装备,全品类适配沙漠、海洋、深地等多元油气勘探开发场景。
  2.钻完井工具:打造全系列牙轮钻头、“锋”系列PDC钻头、“龙”系列混合钻头等钻井工具,扭力冲击器、水力振荡器等特色提速工具,桥塞、水泥承留器、滑套、封隔器等系列完井工具,可提供丰富优质的钻完井工具一体化解决方案,核心产品适配超深井、页岩气井等复杂工况。
  3.集输装备:研发标准化平台增压、快移快装气举排水、集输增压、储气库等系列天然气压缩机,直缝埋弧焊钢管、螺旋埋弧焊钢管、高频焊钢管、热煨弯钢管四种油气集输钢管,以及以井控设备、地面测试设备、采油气计量装置及井口装置为核心的地面集输装备,形成天然气集输增压全流程装备解决方案。
  4.物探装备:围绕可控震源全流程作业需求,构建行业领先的可控震源勘探技术体系,研制可控震源车、仪器车、5G节点仪和检波器等产品,覆盖激发、采集、处理全链条,拓展油气装备业务边界。
  (二)新兴产业
  布局氢能装备、LNG装备、炼化压缩机组、CCUS配套装备等战略性新兴产业,紧跟中国石化打造中国第一氢能公司等战略部署,加快关键装备系列化、规模化、市场化,打造支撑企业长远发展的“第二增长曲线”。
  1.氢能装备:全面布局氢制备、储运、加注全环节,打造系列氢气压缩机、加氢机、站控系统等加氢关键装备,大口径纯氢长输钢管,以及碱水制氢、PEM制氢关键装备体系,可提供加氢装备解决方案、方形电解槽碱水制氢装备解决方案、高效PEM电解槽装备解决方案,技术适配绿氢、工业氢等多元应用场景。
  2.LNG装备:以用户需求为导向,采用模块化设计策略,构建标准化橇装站、常规站用LNG加气设备系列化型谱,涵盖多种型号的箱式LNG橇装设备、LNG潜液泵橇,全方位满足LNG加气站多样化使用场景需求。
  3.炼化压缩机组:重点布局炼化领域压缩机、阀门产品,突破高压聚乙烯压缩机一次机、二次机关键部件国产化技术,实现炼化核心装备自主可控,填补国内相关领域空白。
  4.CCUS配套装备:聚焦CCUS全流程装备需求,构建完整的CO压缩机技术体系,覆盖回收、低压管输、中压管输、高压注气、烟气驱油等全环节增压装备;研发第二代油基钻屑热处理设备,实现油基钻屑无害化处理,满足海洋和陆地油气开发环保要求。
  (三)服务业务
  做优做强绿色再制造、装备检验检测、天然气增压技术、装备租赁、数字化增值服务等现代服务业务,推进从“卖产品”向“卖产品+卖服务+卖解决方案”转型,不断提升价值创造能力与客户黏性,构建制造与服务深度融合的现代化产业生态。
  1.绿色再制造服务:开展装备及工具、部件的检测、大修、升级业务和装备自动化、智能化改造服务,从传统维修向智能诊断、绿色修复、效能跃升的全周期服务转型,发展智能化和绿色化技术深度融合的再制造业务。
  2.装备检验检测服务:依托国家油气钻采设备质量检验检测中心(湖北)及5项国家级检测资质,提供精密测量、理化分析、无损检测和性能试验等全维度检测服务。
  3.天然气增压技术服务:提供基于压缩机技术的提高油气采收率技术服务,以及井口气回收、单井综合治理、气井开发等技术服务。
  4.装备租赁服务:通过直接或间接设备租赁的形式,向承租方出让设备资产使用权以实现经营收益,为客户提供轻量化装备使用方案。
  5.数字化增值服务:实施“人工智能+油气和新能源装备”行动,打造钻头钻具研选平台、压缩机远程运维平台、SOFElink数智管理平台,推动油田装备产品智能化升级,全力打造新的业务增长点。
  公司国内布局胜利、涪陵、成都、西北四大服务中心及68个服务站点,国际业务覆盖五大重点区域,产品出口43个国家和地区,形成高效的全球市场响应能力与客户粘性。
  二、报告期内公司所处行业情况
  (一)行业基本情况
  根据国家统计局国民经济行业分类,公司属于“C35专用设备制造业”大类下的“C3512石油钻采专用设备制造”类,行业发展与国家能源战略、油气勘探开发投资、能源转型进程深度绑定。
  2025年,全球能源转型持续推进,国际油气价格震荡下行,传统油气装备市场陷入同质化价格竞争,增长空间受限,但全球勘探开发投资保持基本稳定;我国石油市场呈现“外部承压、内部优化”特征,油气产量达4.2亿吨油当量创历史新高,在“向地球深部进军”国家战略指引下,万米深地科探井实现重大突破,带动高温高压钻井、超深储层改造等核心技术自主化进程加速。目前国内石油钻采装备国产化率已达90%以上,深地、深海装备及高端炼化装备实现重大突破,行业正加速向高端化、智能化、绿色化迈进,油气与新能源多能互补新模式逐步形成。
  政策层面,行业发展获得多重支撑:2025年1月《中华人民共和国能源法》正式实施,氢能被纳入国家能源管理体系;9月国家能源局等部门发布《关于推进能源装备高质量发展的指导意见》(国能发科技〔2025〕78号),明确推动能源存储装备规模化应用,加快电解水制氢装备、大口径抗氢脆钢管、高压大排量氢气压缩机等产品技术突破;全国22个省份将氢能写入政府工作报告,政策顶层设计从“规划引导”转入“落地实施”阶段。截至2025年末,国内累计建成加氢站超560座实现全国覆盖,新疆库车、宁夏宁东等规模化可再生能源制氢项目落地,贯通可再生氢制取、储运、应用全流程,氢能产业“制—储—输—用”各环节呈现积极发展态势,为能源装备企业转型发展开辟新赛道。
  (二)公司所处行业地位
  公司是国内油气装备行业多项高端产品的技术引领者与国产化替代核心主体,在深地钻头钻具、超高压压裂装备、天然气压缩机等领域市场占有率位居行业前列,是国内少数具备万米深地、深海油气开发全流程装备供应能力的企业;同时作为氢能装备、CCUS装备等新能源装备的先行者,依托传统核心技术协同拓展实现技术先发,是国内为数不多具备“油气装备+新能源装备”双赛道布局能力的综合能源装备企业。公司产品与服务深度支撑国家能源安全保障与绿色转型战略,是国家深地工程、非常规油气、海洋油气开发、氢能产业发展的核心装备供应商。
  
  三、核心竞争力分析
  (一)技术研发与创新优势
  公司构建“一公司六中心”多级多专业协同科研体系,拥有电动成套压裂装备、混合钻头、往复式天然气压缩机三大中石化集团级创新研发团队;聚焦关键核心技术攻关,形成超高压结构、超高硬材料、超高能控制、超高精制造“4超”核心技术系列,175MPa压裂泵、90MPa压缩机、耐215℃动力橡胶、SOFElink等核心技术达到国际先进水平,多项高端装备打破国外垄断、实现关键领域国产化替代。
  依托国家企业技术中心、院士工作站、博士后工作站等高端创新平台,持续推进技术迭代与成果转化,累计授权专利充足,主导或参与多项国家及行业标准制定,拥有3项国家级制造业单项冠军;可提供深地工程、页岩油气、天然气大发展、老油区提产增效等场景的装备与工具一体化解决方案,自主创新能力位居行业前列。
  (二)全产业链与综合服务优势
  公司业务全面覆盖钻采装备、钻完井工具、油气集输全领域,产品适配陆地、深海、页岩油气、深地等多元开发场景,打造“核心技术+关键制造+一体化解决方案”全周期服务体系,形成钻井工程装备、压裂工程装备、井下作业装备、集输工程装备、勘探工程装备、设备健康管理、氢能供应装备七大油气与新能源装备工具解决方案。
  公司线下服务网络布局完善,国内市场响应时效优于行业平均水平,具备高效的全场景服务能力;国际业务覆盖五大重点区域,产品出口43个国家和地区,完善的服务网络与高效的市场响应能力,形成显著的差异化竞争优势。
  (三)高端制造与质量管控优势
  公司建成覆盖产品全生命周期的完备质量保障体系,持有API、ISO9001、TSG等50余项国内外权威体系及产品认证;下属专业检测公司取得CNAS、CMA、API Q2等多项国家级权威资质,建成亚洲最大柱塞泵试验中心、国内最大静水压实验室、国内最大固井压裂设备联调联试基地等国内首台套试验装置,检测与试验能力行业领先。
  公司推进生产制造数智化升级,搭建基于PLM/MES/ERP大集中的生产运营信息化平台,建成17条数智化生产线;拥有1个国家级专精特新“小巨人”企业,高端制造、系统集成能力保障高端装备产品的精度与稳定性,为公司参与高端市场竞争提供坚实基础。
  (四)市场资源与品牌价值优势
  公司依托央企平台与品牌影响力,与国内主要油气企业、国家管网集团等核心客户建立长期稳定战略合作关系,深耕能源装备市场多年,积累了稳固且可持续的核心市场根基。
  公司凭借成熟的业务合作体系、规模化制造能力与全域服务保障,产品与服务获得国内外市场高度认可,在深地装备、压裂装备等高端领域形成较强的品牌影响力;成熟的合作体系、过硬的综合实力与良好的市场口碑,助力公司在国内外能源装备市场确立稳固的领先地位,为核心业务深耕与新兴业务落地筑牢市场基础。
  (五)新能源转型与战略布局优势
  公司紧跟国家能源转型战略,在做强油气装备主业的基础上,前瞻布局氢能装备、CCUS、智能装备等新兴业务板块,依托传统压缩机核心技术实现高效协同拓展,在制氢、储氢、加氢装备领域形成技术先发优势。
  公司加快构建“油气装备主业+新能源装备”双轮驱动发展格局,持续壮大氢能装备、LNG装备、炼化压缩机、服务型制造等新业务,显著提升企业战略韧性与未来成长空间,业务布局与行业高端化、绿色化发展趋势高度契合,为公司长期可持续发展注入新动能。
  (六)人才队伍与管理机制保障优势
  公司核心管理团队深耕油气和新能源装备行业多年,具备出色的经营决策、风险防控与战略执行能力,为公司战略落地与经营目标达成提供坚实管理保障。
  公司坚持人才强企战略,构建结构合理、专业齐全、梯队完善的人才队伍,研发人员占比保持较高水平,高层次技术专家、行业带头人与高技能工匠储备充足;建立管理、技术、技能多序列并行的职业发展通道,健全人才引进、培养、激励与约束机制,人才凝聚力与持续创新能力不断增强,为核心竞争力提升提供根本保障。
  
  四、主营业务分析
  1、概述
  2025年,面对国际油价震荡下行引发的上游油气勘探投资缩减、国内装备市场“量价齐跌”的严峻挑战,公司经营业绩同比出现较大幅度下滑。全年实现订货100.04亿元,与2024年基本持平;营业收入72.04亿元,同比减少10.37%;利润总额4124.61万元,同比减少67.66%;归属于上市公司股东的净利润1085.82万元,同比减少88.79%。尽管短期业绩承压,但公司坚守技术创新与战略转型主线,在低谷时期完成关键布局:“深地”核心技术打破国外垄断,万米深井钻头国内市场占有率超80%;海外订货增长23%,高端产品成功切入国际头部能源企业供应链;氢能装备业务营收同比增长21.86%,LNG、石油地震勘探新业务实现零的突破。这些成绩的取得为公司发展筑牢了坚实根基。
  2025年公司营收利润双降,核心症结在于关键装备量价齐跌及“价格下行”与“成本刚性”的剪刀差扩大,叠加行业投资结构调整等因素综合影响。
  (一)业绩下滑原因分析
  1.收入端:受国际油价震荡下行影响,上游油气勘探投资有所缩减,国内长输管线建设放缓,石油机械设备、钻头及钻具、油气钢管等主要产品营业收入均出现不同程度的下滑。
  2.价格端:受上游油气勘探投资缩减和客户经营与降本压力持续传导影响,国内装备市场陷入“内卷式”价格竞争,公司核心产品钻修装备、压裂装备、油气钢管、钻头钻具平均售价同比出现不同程度下降,直接侵蚀毛利空间。
  3.成本端:碳化钨、特种钢材等核心原材料及部分刚需进口部件价格上涨,导致主要产品单位成本不降反升,公司虽通过全流程挖潜增效实现成本优化,但优化幅度未能完全抵消价格下降的影响。
  面对严峻市场环境,公司未陷入低价竞争的泥潭,而是坚持“以技术守份额、以布局谋未来”,通过聚焦高端市场、开拓海外赛道、培育新兴业务,在守住基本盘的同时完成战略优化调整,经营呈现“核心主业整体稳定、海外业务持续增长、新兴业务加速突破”的特征。
  (二)经营情况分析
  1.收入结构:核心主业持续夯实,区域布局优化升级
  2025年公司营业收入72.04亿元,产品结构与区域结构均呈现优化态势:
  产品结构:石油机械设备、钻头及钻具、油气钢管三大核心主业收入占比分别升至57.72%、10.41%、17.22%,合计占比达85.35%。
  区域结构:境内收入占比82.57%(同比微降0.49个百分点),境外收入占比升至17.43%。
  2.核心业务:在竞争中坚守高端阵地,各板块亮点凸显
  石油机械设备:实现营业收入41.58亿元,同比下降7.59%。虽受行业投资缩减影响收入有所回落,但核心竞争力保持稳定,高端产品规模化应用取得重大突破:深度服务中石化四大提质增效示范区建设,175MPa压裂装备、CCUS封隔器等新产品实现规模化应用;网电修井机批量进入青海、新疆等油田市场,箱叠式快移快装钻机成为中浅井钻机市场标杆产品;高效完成西北工区27台套钻机改造任务,自动化升级取得批量应用;电动固井、大功率固井设备成功开辟新市场;压裂、固井装备配套我国首艘大型压裂船、首艘大洋钻探船;压缩机产品成功应用于涠洲5-3项目并创造生产保供新纪录,突破单一设备维修保养模式形成组合式技术服务模式;压缩机业务成功开辟炼化领域螺杆机新市场。
  钻头及钻具:实现营业收入7.50亿元,同比下降6.04%。面对市场竞争加剧环境,公司深化精益生产与供应链管理,推进核心零部件国产化替代,有效控制成本波动;立足油气增储上产与深地工程建设需求,持续巩固牙轮钻头、PDC钻头、螺杆钻具等核心产品优势,重点推广耐高温、长寿命、高效率的深地专用钻头钻具,多项产品在超深井、页岩气井应用中创造施工纪录,高端产品占比稳步提升。“深地油气开发用耐245℃高温钻头钻具”入选《中央企业科技创新成果推荐目录》,并助力我国首口万米科探井高效完钻。市场拓展成效显著,在稳固中石化市场的基础上,体系外客户订单稳步增长,海外市场实现较快突破,产品进入多家国际油公司供应链;同时推进“钻头+钻具+技术服务”一体化运营模式,强化全生命周期服务与现场技术支撑,产品盈利能力保持稳定。
  油气钢管:实现营业收入12.41亿元,同比下降8.87%。受国内管网工程节奏放缓、行业价格竞争加剧等因素影响收入有所下滑,但公司持续推进产品结构与客户结构优化。成功开发输氢钢管、CCUS二氧化碳输送管、高钢级耐低温管材等低碳特种产品,完成首批出口CO输送焊管交付,培育差异化竞争优势;中标国家管网集团2025-2026年度线路钢管集约化采购项目;抢抓“一带一路”建设机遇,中标沙特、中亚等重点管线项目,海外订单同比大幅增长。
  氢能装备:实现营业收入0.7亿元,同比增长21.86%。公司抢抓氢能产业发展机遇,持续推进市场拓展与标杆项目建设:为西部陆海新通道“氢走廊”一期工程提供加氢成套装备,大排量隔膜式压缩机服务亚洲首个深地盐穴大规模储氢项目,2000标方碱水制氢成套设备成功应用于国家能源局重点氢能试点项目;凭借“产品+技术+本地化服务解决方案”,获得广东多项氢能轨道交通加氢站订单,打造区域市场标杆,掌握了氢能装备核心领域技术。目前氢能装备业务仍处于培育成长期,对公司整体营收贡献相对有限,但增长潜力显著,未来将成为公司第二增长曲线的核心支撑。
  3.新业务布局:LNG、物探装备实现零的突破,业务边界持续拓展
  2025年公司抢抓市场机遇,新增LNG装备、石油地震勘探装备两大业务布局,实现业务边界持续拓展:
  LNG装备领域:构建标准化橇装站、常规站用LNG加气设备系列化型谱,涵盖多种型号的箱式LNG橇装设备、LNG潜液泵橇,全方位满足LNG加气站多样化使用场景需求;石油地震勘探装备领域:构建行业领先的可控震源勘探技术体系,研制可控震源车、仪器车、5G节点仪和检波器等产品,建成国内首个ISO9级无尘5G智能节点仪组装产线并投入批量生产,可控震源车完成工业测试,致力于成为公司新增重要业务增长点。
  (三)科技创新:聚焦核心领域攻关,高端技术成果持续落地
  报告期内,公司结合经营效益情况合理调配研发资源,聚焦深地、深海、新能源三大核心领域关键技术攻关,全年研发投入2.77亿元,科技创新成果丰硕。
  1.油气主业技术突破:推出万米钻井、万米修井、百万方压缩机等一批“万”字级高端装备;为“深地工程”研制系列提速工具,累计参与200余口超深井作业,在塔科1井超万米科探井施工中表现突出;全自动成套压裂装备与工具在页岩油气重点区块规模化应用并刷新多项应用纪录;完成高抗硫压缩机组系列化开发助力天然气保供,建成压缩机远程运维智能诊断中心;迭代研制系列新能源修井机支撑老区稳产,世界首套万米车载修井机成功研制。
  2.新能源技术创新:系列氢能装备核心产品创新落地,5万标方岩洞氢储能系统入选国家能源局首台(套)重大技术装备;CCUS、化工装备、环保装备完成关键产品研发与工业应用;SOFELink 3.0入选工信部工业互联网平台创新领航项目案例,数字化技术赋能能力持续增强。
  3.新业务技术储备:突破石油地震勘探装备核心技术,完成可控震源车工业测试与5G节点仪批量生产,实现技术储备与产业化布局同步推进,为新业务放量奠定坚实技术基础。
  (四)管理提升:提质增效成效显著,现金流与风控能力双提升
  公司全年紧扣“降本减费、提质增效”工作主线,以现金流管理为核心,推动管理升级,提升企业经营韧性。
  1.降本增效成果突出:通过业务外包转自干、自主集约化招标采购、核心零部件国产化替代、工艺优化、盘活用工等多项举措,实现全流程降本;统筹资金收支与周转效率,全年实现经营现金流5.9亿元,同比改善9.8亿元。
  2.ESG管理体系健全:积极响应国务院国资委对ESG工作的指引,贴近客户对公司在环境和社会责任方面的要求,率先建立ESG管理体系和指标体系,将ESG理念融入生产经营全流程;报告期内获万得ESG评级AA级位列行业第一方阵,ESG影响力逐步提高,可持续发展能力进一步增强。
  3.风控体系持续完善:推进风险管理、内部控制、法律合规“三位一体”体系建设,构建纵向贯穿各层级、横向联动各部门的风险管理组织网络,将风控要求融入业务全流程,形成权责清晰、协同联动的“三道防线”;健全风险管控机制,强化重点领域风险防控,合规经营基础持续夯实。
  (五)海外市场:全力攻坚国际市场,海外订货实现增长
  2025年,公司持续践行“专业化、高端化、国际化”发展思路,国际市场拓展取得高端市场突破、订单规模增长、国际品牌提升三重成果。全年实现新增海外订货20.9亿元,同比增长23%:
  1.高端市场实现突破:9000米深井钻机首次进入科威特高端市场并投运,气举压缩机首次出口阿联酋,特种设备首次进入乌兹别克斯坦市场,高端产品国际认可度持续提升;
  2.订单布局多点开花:钢管中标沙特、科威特管道项目,成套钻机、连续油管装备获得刚果布、阿尔及利亚重大订单,液氮泵设备批量出口阿尔及利亚;
  3.国际合作深化:与沙特阿美、ADNOC、道达尔等国际能源巨头建立合作关系,压缩机产品成功进入道达尔供应链,多产品获得国际合格供应商资质,海外业务稳定性与持续性持续增强。
  
  五、公司未来发展的展望
  (一)行业格局和趋势
  当前世界百年变局加速演进,全球能源供需格局深度调整,我国坚守能源安全底线,统筹化石能源兜底保障与新能源绿色转型,国家层面持续强化能源资源安全保障、关键装备自主可控、绿色低碳转型、数智化升级四大战略部署,行业竞争格局加速向技术领先、具备全服务能力、国际化布局的企业集中。
  1.油气装备领域
  2026年国内油气勘探开发投资将保持高位运行,重点投向深海、深地及非常规油气资源开发,深层万米钻探、深海油气开发、页岩油气高效开采将直接带动钻井装备、固井压裂装备、钻头钻具、油气钢管等核心产品需求结构性增长;全球油服市场预计保持温和增长,亚太地区成为天然气消费增长主力。传统低端装备市场同质化竞争加剧,新进入者持续渗透,具备核心技术与国产化替代能力的企业将占据主导地位。
  2.新能源装备领域
  氢能被列为“十五五”未来产业重要方向,纳入《能源法》立法框架,政策顶层设计从规划引导转入落地实施阶段,绿氢用能占比提升、CCUS全产业链落地,将催生氢气压缩机、制氢装备、输氢钢管、二氧化碳压缩机等装备爆发式需求;LNG产业快速发展,加气设备、储运装备市场需求持续增长。但氢能产业目前市场需求增量不足、低价竞争加剧,产业链关键技术仍待突破,行业将进入“技术迭代+规模化落地”的关键培育期。
  整体来看,公司“油气装备主业+新能源装备”双轮驱动格局与行业发展趋势高度契合,在深地、深海、氢能、CCUS等核心领域的技术储备与市场布局,将让公司充分受益于行业升级红利,发展机遇大于挑战。
  (二)公司发展战略
  公司着眼能源强国建设与新型能源体系构建,全面融入对接中石化集团“一基两翼三链四新”产业新格局,以高端化、智能化、绿色化、服务化为发展方向,坚守“智造大国重器,服务能源安全”职责使命,构建以油气装备为核心主体、以新兴产业和服务业务为两个战略增长极的“一体两极”产业布局,实施创新驱动、市场开拓、精益创效、治理提升、改革赋能、风险防控六大工程,加快建设科产融创型、质量效益型、治理现代型的三型一流综合能源装备公司,为保障国家能源安全和产业链自主可控提供坚强装备保障。
  (三)2026年经营计划
  2026年是“十五五”开局之年,也是公司提质增效、业绩企稳回升的关键一年,公司围绕“一体两极三型”发展战略,以“稳主业、拓新业、提效益、防风险”为核心,重点推进六大攻坚战,力争实现营业收入和净利润企稳回升的核心经营目标。
  1.油气基本盘攻坚战:向“深”要空间,不拼价格拼技术
  聚焦深地、深海、高温高压、非常规油气开发场景,坚决退出低端低效价格战,集中资源深耕“人无我有”的高端装备市场,巩固万米深地、海洋油气装备等领域的行业领先地位,确保高端装备国内市场较高份额,在低增速市场中获取高份额利润;深化“产品+服务”一体化合作模式,提升核心客户粘性,守住油气装备经营基本盘。
  2.新能源增长极攻坚战:向“氢”要增量,从技术布局到产业化落地
  加快氢能装备集成制造与测试项目建设,完成PEM电解槽研制和“碱槽+PEM+柔性制氢系统”动态适配方案开发,打造制氢装备差异化竞争力;围绕氢能“制、储、输、加”全链条布局,依托中石化绿氢与加氢站项目规模化落地,打造氢能装备“样板间”,力争氢能装备业务高速增长;同步拓展船用LNG加注、石油地震勘探装备等新场景,推动新业务从“培育”向“放量”转变。
  3.国际化破局攻坚战:向“海外”要利润,打造增长新引擎
  分区域实施差异化拓展策略:自主开拓中东、北美高端市场,依托代理资源拓展中亚、东南亚、非洲、南美市场,重点推进高端钻机、压缩机、油气钢管等产品出口;深化与沙特阿美、ADNOC、道达尔等国际巨头的合作,提升海外订单规模与质量,实现海外业务突破性增长。
  4.科技创新攻坚战:向“技术”要未来,筑牢技术护城河
  坚持科技创新引领,突破高端装备工具技术壁垒,迭代升级“4超”核心技术,提升智能绿色技术水平;围绕新产品开发实施科研攻关梯次工程,打通“科研-产业-市场”价值链;产品研发聚焦钻采装备智能绿色升级、钻完井工具万米井特高温高压产品研发、集输装备与CCUS装备迭代、物探装备产业化、新能源装备规模化推广五大方向,实现技术与市场深度融合。
  5.提质增效攻坚战:向“管理”要效益,坚持现金流为王
  筛选重点业务推行合同项目化经营,建立“投标算盈、中标干盈、对标保盈”全流程成本管控机制;严格成本管控,从设计源头、招标采购、生产工艺多维度发力,提升产品毛利率;加大“两金”压降力度,强化新增存货防控,落实逾期款项清收责任,推进疑难债权清收,对新增订单实行严格的信用评级“一票否决制”,坚决退出低效、无效的劣质市场,确保公司经营性现金流为正。
  6.治理能力提升攻坚战:向“改革”要效能,提升价值创造水平
  深化科改示范,支持氢能机械公司参照实施,强化市场化激励约束,推广项目收益分享机制。压减管理层级,推广钢管分公司改革模式,试行直管班组,优化盘活用工。落实上市公司长效管理机制,推进氢能机械公司增资扩股项目开展。坚持专业化发展,强化精益管理,聚焦降本增效与价值创造。拥抱数智革命,运用人工智能驱动流程创新,提升管理效率。
  (四)可能面对的风险
  公司清醒认识到,2026年经营发展仍面临诸多不确定性,我们坚持“风险预防、主动应对、量化管控”,针对核心风险制定具体量化应对措施,确保公司稳健经营。
  1.市场波动风险
  风险描述:全球经济复苏动能不足,不确定性因素增多,叠加中东地缘冲突等外部冲击,国际油价或维持宽幅震荡态势,若油价下行导致油公司缩减勘探开发投入,将引发油气装备及服务市场需求收缩,加剧市场竞争,对公司主营业务盈利空间及“两金”风险管控形成压力。
  应对措施:深耕深地、深海等结构性需求市场,聚焦高端装备提升产品附加值;加快氢能装备、CCUS等新兴业务产业化进程,培育新的利润增长点;强化“产品+服务”一体化模式,提升客户粘性与抗风险能力。
  2.国际化经营风险
  风险描述:公司境外业务覆盖40多个国家和地区,受全球贸易格局调整、地缘政治冲突等因素影响,经营所在国可能出现关税政策变动、进出口管制升级、制裁法规加码等情况,同时不同国家环保标准、劳动规范、财税制度存在显著差异,可能引发合规风险、贸易壁垒、法律纠纷等问题,加大境外业务拓展难度与经营不确定性。
  公司国际业务部分采用外币结算,人民币对美元、欧元等货币的汇率波动,可能影响公司产品价格竞争力及外币结算收益,给经营业绩带来不确定性。
  应对措施:建立境外业务动态风险监测体系,密切跟踪项目所在国法律法规、关税政策、合规要求等变化,提前开展全面合规调查与风险评估;加强境外合同全流程审查,组织专业团队开展合法合规论证,强化全员境外合规风险意识;健全风险预警与应急处置机制,及时响应政策变动与突发情况,优化境外业务区域布局与合作模式,持续强化境外业务全链条风险防控。
  在海外业务中优先采用美元、欧元等较强信用货币结算,避免使用流通性差、汇率安全性低的小币种;通过匹配外币收支、调整业务区域布局等自然对冲方式平衡汇率风险敞口;建立汇率动态监控体系,实时跟踪汇率走势,及时调整结算策略,规避高风险区域汇率波动风险。
  3.两金占用与现金流风险
  风险描述:公司面临应收账款与存货双高的流动性风险,若管控不力将影响公司资金周转效率,甚至对生产经营连续性造成冲击。
  应对措施:实施“现金流为王”的考核导向,严控“两金”占用;对新增订单实行信用评级“一票否决制”,坚决退出低效、无效的劣质市场;建立存货动态监控体系,加快滞销存货处置,强化逾期款项清收,确保公司经营性现金流为正。
  4.氢能装备业务不确定性风险
  风险描述:公司氢能装备业务仍处于产业化培育阶段,整体规模较小,尚未形成稳定盈利;氢能行业技术路线尚未完全定型,核心零部件与关键材料国产化程度不高,存在研发投入较大、成果转化不及预期等风险;同时氢能装备项目投资规模较大、投资回收期较长,若市场化订单不足,将影响业务拓展进度。
  应对措施:聚焦氢能装备核心技术攻关,加快制氢、加氢、氢储运等关键装备迭代升级,推进核心零部件与关键材料国产化替代,提升产品性能与规模化应用水平;紧抓国家氢能产业政策落地机遇,深度融入中石化集团战略部署,加快市场化订单获取与标杆项目落地;加快氢能装备集成制造与测试项目建设,完善产业布局,推动氢能业务快速规模化发展,降低业务培育期不确定性风险。
  2025年,我们在上游油气勘探投资缩减、国内装备市场“量价齐跌”的严峻挑战下守住了技术底线、市场底线、现金流底线,完成了战略优化;2026年,公司将以央企的责任与担当,紧扣国家能源战略,以“技术红利”对冲“行业内卷”,以“双轮驱动”开启发展新篇,全力以赴开展提质增效攻坚战,实现业绩企稳回升。公司将始终兼顾股东回报与企业长远发展,持续优化经营质量与现金流管理,完善利润分配机制,以实实在在的经营业绩回报全体投资者的信任与支持,向建设世界一流综合能源装备企业的目标坚定前行! 收起▲

产品价格

数据截至(20260527)
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20260527,5.90,2.89,-3.11986863711,0,20260527
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