换肤

通源石油

i问董秘
企业号

300164

主营介绍

  • 主营业务:

    为石油、天然气开发提供技术支持和技术服务,涵盖定向钻井、测井、射孔、压裂增产、天然气回收处理、CCUS(二氧化碳驱油、压裂、吞吐)等一体化业务。

  • 产品类型:

    射孔销售及服务项目、其他油田服务

  • 产品名称:

    射孔销售及服务项目 、 其他油田服务

  • 经营范围:

    一般项目:石油天然气技术服务;工程技术服务(规划管理、勘察、设计、监理除外);技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广;石油钻采专用设备制造;石油钻采专用设备销售;机械设备研发;机械设备销售;机械设备租赁;专用设备制造(不含许可类专业设备制造);地质勘探和地震专用仪器销售;环境保护监测;专用化学产品销售(不含危险化学品);石油制品销售(不含危险化学品);润滑油销售;化工产品销售(不含许可类化工产品);气体、液体分离及纯净设备制造;气体、液体分离及纯净设备销售;温室气体排放控制装备制造;温室气体排放控制装备销售;进出口代理;货物进出口;技术进出口;国际货物运输代理;计算机软硬件及辅助设备零售;非居住房地产租赁;以自有资金从事投资活动。(除依法须经批准的项目外,凭营业执照依法自主开展经营活动)许可项目:爆破作业;民用爆炸物品销售;危险化学品经营;II、III、Ⅳ、V类放射源销售;建设工程施工;道路危险货物运输;道路货物运输(不含危险货物);燃气经营;燃气汽车加气经营。(依法须经批准的项目,经相关部门批准后方可开展经营活动,具体经营项目以审批结果为准)

运营业务数据

最新公告日期:2026-04-11 
业务名称 2025-12-31 2025-06-30 2024-12-31 2024-06-30 2023-12-31
专利数量:授权专利(项) 20.00 11.00 13.00 - 7.00
专利数量:授权专利:发明专利(项) 5.00 - - - 2.00
专利数量:授权专利:实用新型专利(项) 15.00 - 13.00 - 5.00
一龙恒业海外业务营业收入(元) - 1.68亿 3.50亿 1.40亿 -
一龙恒业海外业务营业收入同比增长率(%) - 19.73 8.93 18.60 -
北美营业收入(元) - 4.30亿 8.70亿 - -
北美营业收入同比增长率(%) - 4.31 10.96 - -
国内营业收入(元) - 1.21亿 3.26亿 - -
国内营业收入同比增长率(%) - -12.67 33.02 - -
专利数量:授权专利:发明专利:境内(项) - 4.00 - - -
专利数量:授权专利:实用新型专利:境内(项) - 7.00 - - -
处理规模:凝析油(吨) - 100.00 - - -
处理规模:天然气(方) - 30.00万 - - -
一龙恒业海外业务净利润(元) - - 846.55万 197.23万 -
一龙恒业海外业务净利润同比增长率(%) - - 33.94 132.83 -
专利数量:授权专利:油服类实用新型专利:境内(项) - - - 11.00 -
北美业务营业收入(元) - - - 4.12亿 -
国内业务营业收入(元) - - - 1.39亿 -
国内业务营业收入同比增长率(%) - - - 25.82 -

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

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前5大客户:共销售了3.81亿元,占营业收入的33.24%
  • Chevron North Americ
  • Occidental Petroleum
  • SM Energy
  • 中国石油天然气股份有限公司长庆油田分公司
  • Middle Fork Energy
  • 其他
客户名称 销售额(元) 占比
Chevron North Americ
1.09亿 9.54%
Occidental Petroleum
8762.80万 7.64%
SM Energy
8674.05万 7.57%
中国石油天然气股份有限公司长庆油田分公司
4872.80万 4.25%
Middle Fork Energy
4864.07万 4.24%
前5大供应商:共采购了2.25亿元,占总采购额的44.36%
  • XConnect LLC
  • Wellmatics,LLC
  • RMS Cranes,LLC
  • Texas Wireline Manuf
  • DynaEnergetics US In
  • 其他
供应商名称 采购额(元) 占比
XConnect LLC
1.63亿 32.06%
Wellmatics,LLC
2365.63万 4.67%
RMS Cranes,LLC
1320.87万 2.61%
Texas Wireline Manuf
1297.71万 2.56%
DynaEnergetics US In
1245.85万 2.46%
前5大客户:共销售了5.13亿元,占营业收入的42.90%
  • Occidental Petroleum
  • XCL Resources
  • Chevron North Americ
  • 中国石油天然气股份有限公司长庆油田分公司
  • Middle Fork Energy
  • 其他
客户名称 销售额(元) 占比
Occidental Petroleum
1.70亿 14.23%
XCL Resources
1.37亿 11.45%
Chevron North Americ
1.11亿 9.31%
中国石油天然气股份有限公司长庆油田分公司
5640.59万 4.72%
Middle Fork Energy
3816.51万 3.19%
前5大供应商:共采购了2.10亿元,占总采购额的39.66%
  • XConnect LLC
  • Forum Canada ULC
  • SWM International LL
  • 宝鸡通源石油钻采工具有限公司
  • Canatex Completions
  • 其他
供应商名称 采购额(元) 占比
XConnect LLC
1.49亿 28.17%
Forum Canada ULC
1735.94万 3.28%
SWM International LL
1549.54万 2.93%
宝鸡通源石油钻采工具有限公司
1412.92万 2.67%
Canatex Completions
1380.04万 2.61%
前5大客户:共销售了4.47亿元,占营业收入的43.41%
  • XCL Resources
  • Occidental Petroleum
  • PDC Energy,Inc.
  • Middle Fork Energy
  • 中国石油天然气股份有限公司长庆油田分公司
  • 其他
客户名称 销售额(元) 占比
XCL Resources
1.71亿 16.65%
Occidental Petroleum
1.30亿 12.58%
PDC Energy,Inc.
5923.35万 5.75%
Middle Fork Energy
5394.40万 5.24%
中国石油天然气股份有限公司长庆油田分公司
3283.92万 3.19%
前5大供应商:共采购了1.47亿元,占总采购额的42.60%
  • XConnect LLC
  • HUNTING TITAN INC.
  • DynaEnergetics US In
  • Forum Canada ULC
  • 宝鸡通源石油钻采工具有限公司
  • 其他
供应商名称 采购额(元) 占比
XConnect LLC
6496.61万 18.79%
HUNTING TITAN INC.
3274.18万 9.47%
DynaEnergetics US In
2227.27万 6.44%
Forum Canada ULC
1438.60万 4.16%
宝鸡通源石油钻采工具有限公司
1294.00万 3.74%
前5大客户:共销售了2.37亿元,占营业收入的30.88%
  • 第一名
  • 第二名
  • 第三名
  • 第四名
  • 第五名
  • 其他
客户名称 销售额(元) 占比
第一名
6766.16万 8.80%
第二名
5728.48万 7.45%
第三名
3998.76万 5.20%
第四名
3784.27万 4.92%
第五名
3469.89万 4.51%
前5大供应商:共采购了1.03亿元,占总采购额的33.92%
  • 第一名
  • 第二名
  • 第三名
  • 第四名
  • 第五名
  • 其他
供应商名称 采购额(元) 占比
第一名
2832.33万 9.37%
第二名
2744.24万 9.08%
第三名
1996.05万 6.60%
第四名
1649.93万 5.46%
第五名
1031.96万 3.41%
前5大客户:共销售了1.96亿元,占营业收入的26.28%
  • 第一名
  • 第二名
  • 第三名
  • 第四名
  • 第五名
  • 其他
客户名称 销售额(元) 占比
第一名
6621.06万 8.86%
第二名
3658.96万 4.90%
第三名
3404.03万 4.55%
第四名
3178.85万 4.25%
第五名
2782.05万 3.72%
前5大供应商:共采购了9185.42万元,占总采购额的31.59%
  • 第一名
  • 第二名
  • 第三名
  • 第四名
  • 第五名
  • 其他
供应商名称 采购额(元) 占比
第一名
3141.36万 10.80%
第二名
2397.66万 8.25%
第三名
1309.93万 4.50%
第四名
1202.20万 4.13%
第五名
1134.27万 3.90%

董事会经营评述

  一、报告期内公司从事的主要业务  1、主要业务  公司主要业务是为石油、天然气开发提供技术支持和技术服务,涵盖定向钻井、测井、射孔、压裂增产、天然气回收处理、CCUS(二氧化碳驱油、压裂、吞吐)等一体化业务,其中射孔为公司的核心业务。  (1)射孔业务  公司以射孔作为核心竞争力,具备定向钻井、测井、射孔、压裂增产等一体技术服务能力。报告期内,公司主营业务为射孔业务,为客户提供泵送射孔桥射联作、常规射孔、复合射孔等技术服务和器材销售,以高效、精准的完井技术建立油气层与井筒之间的通道,提高油气田开发效率。  (2)天然气回收处理业务  公司天然气回收处理业务可为客户提供集油气处理、脱烃、回收... 查看全部▼

  一、报告期内公司从事的主要业务
  1、主要业务
  公司主要业务是为石油、天然气开发提供技术支持和技术服务,涵盖定向钻井、测井、射孔、压裂增产、天然气回收处理、CCUS(二氧化碳驱油、压裂、吞吐)等一体化业务,其中射孔为公司的核心业务。
  (1)射孔业务
  公司以射孔作为核心竞争力,具备定向钻井、测井、射孔、压裂增产等一体技术服务能力。报告期内,公司主营业务为射孔业务,为客户提供泵送射孔桥射联作、常规射孔、复合射孔等技术服务和器材销售,以高效、精准的完井技术建立油气层与井筒之间的通道,提高油气田开发效率。
  (2)天然气回收处理业务
  公司天然气回收处理业务可为客户提供集油气处理、脱烃、回收于一体的全流程技术服务,业务涵盖成套的油气处理、压缩设备采购供应,提供天然气压缩装置的一体化设计方案、可研报告、工程设计以及EPC总承包服务,建设标准化井场,实现天然气及凝析油高效回收处理。
  (3)CCUS业务
  公司CCUS业务围绕二氧化碳在油田中的应用展开,包含二氧化碳驱油、压裂和吞吐等技术服务。二氧化碳捕集驱油埋存(CCUS-EOR)技术是全球二氧化碳应用领域中最广泛的技术,通过将二氧化碳注入油藏,利用二氧化碳混相驱油特性,降低原油粘度,提升原油流动性,规模增加原油产量,换油比最高可达 1:1,同时实现埋存与利用兼顾、减排与增效双丰收。
  2、经营模式
  公司经营模式主要为技术服务模式,通过购置射孔、测井、定向钻井、压裂增产、天然气回收处理、二氧化碳油田应用等技术服务所需的器材、设备、车辆等装备,并配备技术服务队伍,在油田现场开展技术服务。同时,公司还存在向客户销售射孔器材等产品的商业模式。
  3、主要业绩驱动因素
  (1)射孔技术研发驱动
  公司持续推进射孔产品与技术更新,增强射孔技术核心竞争力。北美方面,为契合客户需求持续提升射孔技术服务水平,改进使用井口转换装置 Riglock,进一步提高井口安全保障,提升射孔作业效率。国内方面,连续油管桥射联作技术成功落地应用,作业高效精准、安全可靠,可有效缩短作业周期、提升作业效率、降低综合运营成本。
  (2)战略业务增长驱动
  报告期内,公司天然气回收处理业务新增11口井,累计投产14口井,业务体量有序扩张,其中高质量、高水平建设的平台井井场已成为客户标杆示范井,市场口碑良好;CCUS业务二氧化碳注入量同比增长168%,业务规模稳步提升。
  (3)降本控费驱动
  公司将降本控费作为增强抗风险能力的重要途径,立足行业发展形势与自身经营实际,全方位、多维度推进各项降本控费工作。坚持统筹兼顾成本管控与业务高质量发展,通过健全管控机制、优化管理流程、强化执行监督等多种方式,推动降本控费工作落地见效。
  二、报告期内公司所处行业情况
  公司主要业务是为石油、天然气勘探与开发提供技术支持和技术服务。根据国家统计局《国民经济行业分类》(GB/T 4754—2017),公司所经营的业务属于“B11 开采专业及辅助性活动-〉112-1120 石油和天然气开采专业及辅助性活动”。根据中国证监会《上市公司行业统计分类与代码》(证监会公告[2024]16号),公司处采矿业(B)之开采专业及辅助性活动(B11)行业。根据国家发展和改革委员会《产业结构调整指导目录(2024年本)》,公司从事石油天然气勘探开发技术与应用相关经营活动,符合国家发展战略,属于鼓励类行业。
  公司是油气田开发解决方案和技术服务提供商,具备钻完井一体化全产业链服务能力,所处的油服行业与石油天然气行业的发展联系紧密。从长期来看,随着全球经济和人口的不断增长,油气消费量将稳定上升并达到平稳,油服行业将长期处于稳定上升态势。但从短期来看,受国际经济水平影响,油气行业将呈现较强的周期性。在经济繁荣阶段,石油天然气需求增加,供需趋紧致使油气价格上升,油气勘探开发投资加速,油服行业迅速发展,但油服行业发展相对油价上涨具有一定滞后性;在经济衰退阶段,石油天然气需求减少,供过于求导致油气价格下跌,石油勘探开发投资减缓,油服行业发展减速。同时,油气行业发展还受地缘政治、各大经济体宏观政策等因素综合影响。
  报告期内,油气行业周期性特征凸显,在全球经济增速普遍放缓的宏观背景下,原油市场呈现供过于求态势,原油价格持续走低,油公司纷纷放缓钻探活动,油服行业市场竞争亦随之进一步加剧,行业发展迎来多重挑战。具体行业现状如下:
  1、国际原油价格下跌,行业景气度回落
  2025年,受全球关税摩擦、世界经济复苏放缓、欧佩克+增产等因素共同影响,根据EIA最新《短期能源展望》中预计,2025年全球石油和其他液体产量为 1.0631亿桶/日,消费量为 1.0394亿桶/日,全球原油市场供过于求。受此影响,布伦特原油价格从 1月的79美元/桶高位下跌至12月的63美元/桶,是自2021年初以来的最低月平均价格,行业景气度回落。
  2、钻探活动放缓,市场竞争加剧
  报告期内,原油价格下滑明显,油公司放缓钻探活动,美国油气产业经历收缩周期。2025年底,美国活跃钻机数量为545台,较上年同期减少44台;压裂车组数量为154部,较上年同期减少 47部。公司主营射孔业务与压裂活动密切相关,压裂活动放缓,导致射孔业务市场竞争加剧。
  3、阿尔及利亚持续推进能源领域建设,油气产业市场前景广阔
  阿尔及利亚位于非洲西北部,是我国“一带一路”战略沿线国家,政治环境稳定、商业环境良好。该国油气资源禀赋突出,石油探明储量约17亿吨,居世界第15位;天然气探明可采储量4.6万亿立方米,居世界第10位;可采收页岩气资源达20万亿立方米,居世界第3位。2024年,阿尔及利亚油气总产量达1.937亿吨油当量,其中天然气产量950亿立方米,原油产量90.5万桶/日,是非洲第一大天然气生产国和重要产油国。
  阿尔及利亚北临地中海,是连接非洲与欧洲的重要能源枢纽,油气长期出口欧洲。2025年,其液化天然气(LNG)出口量为954万吨,96%流向欧洲,土耳其、法国、意大利、西班牙和英国为主要客户。阿尔及利亚以“管道稳定性+LNG灵活性”保障天然气出口,凭借其稳定的供应能力、成熟的输气基础设施以及区位优势,在欧洲能源市场占据重要位置,油气产业市场前景广阔。2025年,阿尔及利亚重点推进油气勘探、产能提升及出口能力建设,公司借此在报告期内新中标阿尔及利亚天然气项目,项目与当地能源开发规划及需求高度契合,为北非业务拓展奠定基础。
  
  三、核心竞争力分析
  1、持续升级的射孔技术
  公司自成立伊始,致力于射孔技术研究,参与制定了我国复合射孔行业标准。进入北美地区后,公司消化吸收页岩油开发核心技术水平井泵送射孔分段技术,并将泵送射孔分段技术成功实现本土化,射孔技术核心竞争力进一步提升。
  公司持续推进射孔等技术的研发升级。报告期内,公司共持有专利 151项,其中国际发明专利9项,国内发明专利53项,国内实用新型专利89项。2025年,公司共授权专利20项,其中国内发明专利5项,国内实用新型专利15项。报告期内公司持有软件著作权44项。众多创新成果,有力地推动了企业的持续增长,带动了行业的技术进步。
  2、一体化的技术服务能力
  公司已构建起定向钻井、射孔、压裂、增产等较为完整的钻完井一体化技术服务能力,可为客户提供一站式解决方案。一体化服务能力可加深公司与客户合作的深度与广度,依托与客户的良好合作关系进一步拓展至客户产业链的其他领域;同时,各业务之间通过发挥协同效应,可在保证作业连续性的同时,进一步优化生产流程,从而为客户降低生产成本、提高作业效率,增强公司市场竞争力。
  3、卓越的管理团队
  公司深耕油服行业 30年,管理团队在运营管理、技术研发、市场开拓、安全生产等关键领域具备丰富经验,结构均衡、运行高效的管理团队为公司发展战略方针制定和执行提供了坚实支撑。同时,公司储备积累了大批专业基础扎实、技术能力出众的技术型人才,涵盖油气藏研究、技术方案设计、现场作业组织施工等各个专业领域,为公司的可持续发展和技术创新提供了强大的人才保障。
  4、全球化的市场布局
  公司实行全球化业务布局。在北美地区借助美国子公司布局 Permian盆地、落基山脉等页岩油气开发的黄金区域,凭借其射孔技术核心竞争力与雪佛龙、西方石油等全球能源巨头建立了稳固的合作关系。国内市场围绕我国油气勘探开发重点区域布局,包括鄂尔多斯盆地、塔里木盆地、准噶尔盆地、四川盆地、山西等区域内的各大油气田,基本实现国内主要非常规油气开发地区业务全覆盖。同时,公司报告期内新中标阿尔及利亚天然气项目,海外市场版图进一步拓展完善。另外,公司重要参股子公司一龙恒业布局阿尔及利亚、利比亚等海外地区,公司国际化市场布局愈发完善,市场竞争力进一步增强。
  
  四、主营业务分析
  1、概述
  2025年,在全球经济下行压力加大并叠加关税政策冲击等因素影响,国际原油价格持续走低,油服行业景气度回落,市场竞争持续加剧。在此背景下,公司一方面不断提升主营射孔业务核心竞争力,稳定射孔业务基本盘,另一方面持续推进两个募投项目即国内天然气回收处理和二氧化碳驱油项目顺利实现结项;同时,面对国内复杂的经营环境,公司调整发展战略,积极拓展海外市场,成功中标阿尔及利亚天然气项目,实现市场突围,为公司未来业绩增长奠定坚实基础。
  (1)天然气业务国内市场稳步增长,并成功进军海外市场
  报告期内,公司持续加强天然气回收处理项目能力建设,积累了丰富的场站地面建设经验,工程服务技术能力稳步提升。2025年国内陆续投产 11口井,累计已投产天然气井数达14口,天然气项目规模持续扩容,业务体量稳步增长。
  依托公司在天然气回收处理领域的技术、设备与服务能力以及参股公司一龙恒业的海外业务优势,公司报告期内成功中标阿尔及利亚 EPF 和天然气压缩机项目,合同金额1.26亿美元,合同周期 4年。本次项目的服务范围包括油气场站建设涉及的土木工程,油气回收处理和增压设备机组的安装和调试以及运维等,项目服务内容与公司在国内开展的天然气回收处理业务一致。本次项目的中标,标志着公司天然气业务成功进军海外市场,体现了客户对公司天然气业务技术与实力的认可,为后续获取更多订单奠定坚实基础。
  (2)主营业务竞争加剧,盈利承压但业务规模保持稳定
  报告期内,受油价下跌、行业竞争加剧影响,公司实现营业收入 11.46亿元,比上年小幅下降4.16%;归母净利润3,661.95万元,同比下降34.19%。但公司通过加强回款、去库存等方式持续强化现金流管理,实现经营活动产生的现金流量净额1.38亿元,同比增长11.63%,是归母净利润的3.76倍,现金流韧性持续增强。
  北美业务方面,2025年实现营业收入 8.72亿元,与上年基本持平。受油价下跌影响,油服市场竞争激烈,美国子公司调整合作策略,积极优化产能配置,将产能向具备雄厚实力、深厚合作基础的大客户倾斜,雪佛龙成为美国子公司 2025年第一大客户;同时,美国子公司与压裂公司深化合作,整合双方资源、发挥各自优势,联合开拓客户、共享市场机遇,确保2025年公司北美业务收入保持稳定。
  国内业务方面,2025年实现营业收入2.74亿元,同比下降15.87%。报告期内,面对国内复杂的经营环境,坚持围绕鄂尔多斯、四川、塔里木、准噶尔等核心市场布局,并将资源向优质客户倾斜,稳定国内射孔业务基本盘。CCUS业务方面,除继续巩固新疆地区二氧化碳驱油、压裂及吞吐等业务外,积极开拓辽河油田市场。2025年二氧化碳注入量达31.8万吨,同比增长168%,相当于植树造林53万亩,业务规模稳步提升。
  海外业务方面,参股公司一龙恒业2025年实现营业收入3.54亿元,与上年基本持平;实现净利润914.85万元,同比稳步增长。一龙恒业持续深耕阿尔及利亚及利比亚两大核心海外市场,稳步推进钻井、修井、连续油管等现有项目的落地实施,保障业务平稳运行。同时,报告期内新签订阿尔及利亚为期 4年的带压作业和连续油管项目,进一步拓展了海外业务版图,各项业务发展势头良好。
  (3)降本控费工作持续推进,增强内生抗风险能力
  报告期内,公司持续将降本控费作为提升经营质效、增强抗风险能力的核心举措,多渠道、全方位推进各项降本控费工作。费用管控方面,坚持精细化管理理念,将费用管控要求全面贯穿于经营全流程,对各项经营费用进行全面梳理,严控非必要支出,提升费用使用针对性和投入产出比。采购降本方面,进一步完善供应商名录,优化供应商准入、考核与动态管理机制,筛选优质高效的供应商资源,有效降低采购成本。库存管理方面,建立常态化库存盘点与动态管控机制,积极推进器材利用及跨部门调拨,推进闲置、低效库存的处置与复用,减少资源闲置浪费;严格按照经营实际需求进行器材申请精准匹配,同时强化申请审核配套管理,从源头避免器材长期闲置形成库存积压。
  (4)内部审计监督职能持续强化,筑牢合规风控防线
  内部审计作为公司治理的重要组成部分,公司内审工作坚持以“筑牢合规底线、防范经营风险、提升管理效能”为核心目标:聚焦公司运营关键领域开展合规风险排查,确保各项业务依法合规、有章可循、有据可依;围绕经营管理重点环节实施监督检查,堵塞管理漏洞,防范资产流失;通过梳理业务流程、分析运营数据,精准识别流程堵点、效率短板与潜在运营风险,提出改进建议,持续优化管理、降低运营成本。报告期内,内审部门综合运用资料核查、流程穿行与抽样测试、访谈与现场核查、数据分析等审计程序,完成多项经营情况审计及项目部二轮审计,同时对公司重点业务环节和事项进行日常监督检查,切实履行审计监督职能,助力公司稳健发展。
  
  五、公司未来发展的展望
  1、行业格局和趋势
  中东地区地缘政治紧张对全球原油市场造成剧烈冲击,国际原油价格呈高位宽幅震荡走势。中东局势导致部分中东产油国生产短期暂停、原油运输受阻,对原油供应端造成较大冲击,IEA已将2026年全球原油供应增长预期由此前的240万桶/日大幅下调至110万桶/日,全球原油市场的不确定性明显增强。同时,油价上涨与全球经济前景恶化抑制原油需求,IEA同步将2026年全球原油需求增长预测下调 21万桶/日至 64万桶/日。但从中长期来看,全球原油需求仍将保持持续增长态势。北美地区方面,EIA预计油价上涨将推动美国原油产量增加, 2026年美国原油产量将达1,360万桶/日,并将2027年产量上调50万桶/日至1,380万桶/日。油价长期高位运行有利于油公司加大资本开支,助力油服工作量提升。国内层面,“十五五”规划纲要首次将建设能源强国写入五年规划,明确坚持油气核心需求自主保障,实施中长期油气增储上产战略行动,确保原油年产量稳定在 2亿吨左右、天然气产量稳步增长。阿尔及利亚计划2025年-2029年投资600亿美元用于能源开发,重点推动石油、天然气及氢能项目,其中约80%的资金将用于上游油气勘探生产;同时阿尔及利亚国家石油公司计划2030年前将天然气放空燃烧率降至1%以下,油气开发及天然气回收处理产业发展前景广阔。
  2、公司发展战略
  公司坚持全球化发展战略,在巩固稳定北美和国内市场的同时,加快推进阿尔及利亚天然气项目落地,并在阿尔及利亚寻找更多的市场机会,助力公司实现高质量发展。
  3、经营计划
  (1)持续推动战略业务发展,加快推进海外项目落地
  截至目前,阿尔及利亚 EPF 和天然气压缩机项目已中标但还未正式签署合同,公司将与客户积极沟通,全力加快合同签署进程。待合同正式签署后,公司将加速推进设备采购工作,高效推动项目落地实施。同时,加强与阿尔及利亚国家石油公司等重点客户的技术交流,推动公司更多的产品线进入海外市场。
  国内方面继续推进已中标场站建站投产,并积极参与新项目招投标,扩大天然气回收处理业务规模。CCUS方面,持续加强二氧化碳技术服务能力建设,建立CO2驱机理研究、油藏工程参数设计、注采调控的全流程油藏工程设计模式,为客户提供碳封存综合解决方案,以优质服务获取更多业务订单。
  (2)夯实射孔主业根基,深挖北美国内市场潜力
  坚持稳定射孔主业的发展思路,将射孔业务作为公司经营发展的压舱石,持续筑牢射孔业务根基,保障射孔业务稳健运营,为公司提供稳定的现金流入。北美方面,重点深化与核心客户的长期合作,持续优化服务响应效率与技术解决方案,在稳固存量合作的基础上,不断强化技术壁垒与服务竞争力,积极争取更多业务增量,拓宽北美业务发展空间。国内方面,密切追踪招投标动态,充分利用射孔业务协同优势,持续拓展压裂一体化、煤层气、煤炭灾害治理等相关业务,整合内部资源、优化业务布局,通过多渠道、多板块协同发力,持续挖掘国内市场潜力。
  (3)深入落实降本控费工作,不断提升经营质量
  深化采购竞价谈判机制,持续优化采供全流程管理,通过规范流程、增加合规供应商准入、强化议价能力,有效降低采购成本;结合各业务板块实际需求,科学合理安排采购计划,优先推行内部调拨复用模式,减少新增采购支出,进一步压缩采购成本。定期开展全面库存清查工作,掌握各类器材、设备的库存数量、使用状态及周转情况,减少重复储备和物资闲置,提升库存周转效率,降低库存资金占用。同时,严格落实公司费用管理制度,全方位、多层次严控各类经营费用开支,切实提升费用使用效益,推动降本控费工作走深走实。
  (4)强化内审监督效能,推动公司高质量发展
  除开展项目部常规经营情况审计及重点项目部二轮审计外,紧密围绕 2026年公司经营战略重心,针对性开展专项审计工作,切实防范经营风险。费用监督方面,重点关注费用支出的合规性、合理性与效益性,杜绝违规开支、无效支出。内控执行方面,核查公司授权审批、岗位制衡、档案管理等内控管理制度的实际落实情况,检验内控体系执行的有效性,推动内控体系不断完善。采购管理方面,对采购管理实施全程监督,重点核查采购环节的合规性、采购物资的性价比,以及采购流程的闭环管理情况,确保采购工作规范、高效、节约,降低采购风险。财务管控方面,核查费用预算控制、报销审批流程、资金支付规范性及税务合规性等关键环节,强化财务监督,保障公司资金安全、财务核算规范。
  4、公司面临的风险和应对措施:
  (1)油气价格波动的风险
  原油作为大宗商品,其价格受到宏观经济、供需、地缘政治、金融等诸多因素影响,表现出较强的周期性和波动性。尤其是 2026年中东局势造成油价剧烈波动,全球原油市场的不确定性明显增强。若油价长期高位运行,有利于油公司加大资本开支,助力油服工作量提升;若油价低于油公司勘探开发成本,将会抑制或延迟油公司的勘探开发资本支出,从而可能减少或延缓对公司所提供油服业务的需求。
  对此,公司将采用灵活的市场策略、销售策略,通过加强研发力度、提升服务和产品质量、积极拓展技术服务领域等手段充分拓宽市场渠道、巩固和提升核心竞争力,并持续优化管理,降本增效,积极应对油气价格波动造成的风险。
  (2)市场竞争加剧风险
  公司主要竞争对手为国际油服公司及三桶油下属的油服公司。如果国际原油价格下跌并低位运行,油公司将减少资本开支,油服公司工作量下滑,油服市场竞争加剧。尤其是若国内三桶油出现亏损,为维护自身利益三桶油存在将更多油服工作量优先给予其下属油服公司的可能。若此,将导致行业竞争的加剧。如果公司不能保持技术和服务的创新,不能持续提高产品和服务的技术水平和品质,不能充分适应行业竞争环境,则会面临客户资源流失、市场份额下降的风险。
  对此,公司将在既定战略指导下,加强业务布局的推进力度,科学规划业务构成。公司也将继续强化以页岩油气为主的非常规油气开发的射孔核心技术竞争力,继续加大核心产品线的研发力度,突出核心竞争优势,同时,进一步加强市场网络建设,以进一步巩固射孔技术核心竞争力,弱化竞争风险。
  (3)境外经营风险
  公司北美业务经营所在地在美国,还新中标了阿尔及利亚的天然气业务,其境外经营受地缘政治、所在国政策及国际化人才培养、管理能力等因素影响较大,存在一定风险。
  对此,公司持续加强总结境外业务拓展经验、教训,在公司制度、规范层面加强对境外业务管控和财务管控,并严格执行。同时,美国子公司的核心管理层也是其股东,使管理层与公司利益保持高度一致,并对管理层实施竞业限制。公司在境外业务拓展和境外具体运营过程中,严格遵守所在地区政策、法规及相关习惯,以弱化境外经营风险。
  (4)业务季节性引起的上下半年经营业绩不均衡的风险
  公司业务属于油田勘探开发技术服务领域,受油田生产计划性影响较大。上半年公司国内业务实现的营业收入占国内业务全年营业收入的比重较低,国内业务收入和利润主要在下半年实现。而公司美国业务往往第四季度实现的收入和利润与其他季度相比要偏低。公司经营成果在上下半年之间存在不均衡情况,对公司经营计划的合理安排构成一定不利影响。
  对此,公司将进一步加强管理水平,合理安排经营计划,弱化因季节性因素对公司带来的不利影响。
  (5)商誉减值风险
  由于公司的对外投资并购,在合并资产负债表中形成一定金额的商誉,如果被公司并购的企业经营状况将来出现不利变化,则存在商誉减值风险,对公司当期损益造成不利影响。
  对此,公司在业务方面整体筹划,和被并购的公司协同发展;加强被并购企业管理,增进与被并购企业之间的人员交流、学习;财务方面,协助被并购企业搭建符合上市公司标准的财务管理体系;并在技术、业务、客户等方面进行资源整合,提高被并购公司的盈利水平。
  (6)新项目开展风险
  阿尔及利亚 EPF 和天然气压缩机项目尚未签署正式合同,合同签署存在一定不确定性。在合同签署和执行过程中,可能会因政策因素、市场因素、业主方筹资以及其他不可抗力等因素影响合同的签署和执行,实施进度及效果均存在不确定性。新项目建成后,还存在不达预期或者投资失败的风险。
  对此,公司将在项目实施前期,充分调研,谨慎决策,科学布局,积极引进和培养各类人才,加大学习培训力度,防范和化解相应风险。 收起▲

产品价格

数据截至(20260508)
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20260508,13.23,2.77,3.359375,0,20260508
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