事件：2026年8月25日晚，中海油服发布2026半年度报告。2026上半年，公司实现营收237.87亿元，同比+2.0%；实现归母净利润20.09亿元，同比+2.3%；扣非后归母净利润18.33亿元，同比-5.5%。实现基本每股收益0.42元，同比+2.4%。
　　其中2026Q2单季度，公司实现营收124.91亿元，同比-0.2%，环比+10.6%；实现归母净利润11.53亿元，同比+7.1%，环比+34.7%；扣非后归母净利润9.97亿元，同比+1.8%，环比+19.2%。实现基本每股收益0.24元，同比+9.1%，环比+33.3%。
　　点评：
　　主业盈利提升对冲汇率扰动，业绩实现平稳增长。26年上半年公司收入与利润同比双增，且毛利率同比+1pct至18.54%，公司盈利改善主要得益于钻井与油田技术服务两板块：1）钻井业务受益于全球深水市场需求放量与日费抬升，海外高日费半潜式项目保持高负荷运营，毛利率同比+3.2pct至16.12%，其中海外毛利率（18.48%）已超国内水平（14.23%），同时子公司COSLNorwegianAS营业收入同比增加2.61亿元，净利润同比增1.86亿元；2）油田技术服务依托“璇玑”“璇玥”等自研技术商业化落地，收入与盈利稳健增长，H1收入同比+1.54%，毛利率同比+0.08pct至24.06%。但公司利润增幅也受到财务费用拖累，H1公司财务费用合计7.86亿元，增幅93.4%，主要是因汇率波动导致汇兑损失同比增加4.60亿元。此外，本期冲回以前年度税务准备金1.51亿元对利润形成一定支撑，最终公司利润实现平稳增长。
　　公司经营保持稳健。钻井：受作业计划及修理安排影响，上半年自升式钻井平台作业7369天，同比减少407天（减幅5.2%），可用天使用率为92.3%；半潜式钻井平台作业2372天，同比增加242天（增幅11.4%），可用天使用率为98.5%，半潜式平台项目保持高负荷运营。油田技术服务：板块保持创新及海外业务拓展，成功中标中东、东南亚等重点项目。船舶：上半年经营和管理超过260艘船累计作业43814天，同比增加2304天，各业务作业量有所上升，收入同比持平。物探：受市场布局和项目作业计划影响，物探板块工作量下降，但公司优化产能与业务结构，依托装备升级与海内外业务均衡布局，该板块收入保持同比增长。
　　盈利预测与投资评级：我们预测公司2026-2028年归母净利润分别为42.36、45.41和46.77亿元，同比增速分别为10.3%、7.2%、3.0%，EPS（摊薄）分别为0.89、0.95和0.98元/股，按照2026年8月25日收盘价对应的PE分别为14.00、13.06和12.68倍。我们认为，考虑到公司未来持续海外拓展和国内工作量托底，2026-2028年公司业绩有望持续增长，维持对公司的“买入”评级。
　　风险因素：宏观经济波动和油价下行风险；需求恢复不及预期风险；上游资本开支不及预期风险；地缘政治风险；汇率波动风险。

　　公司发布2026年半年度报告，26H1实现营业收入237.87亿元（YoY+2.00%），实现归母净利润20.09亿元（YoY+2.28%），实现扣非归母净利润18.33亿元（YoY-5.50%），业绩符合预期。其中26Q2单季度实现营业收入124.91亿元（YoY-0.25%，QoQ+10.58%），实现归母净利润11.53亿元（YoY+7.09%，QoQ+34.73%），实现扣非归母净利润9.97亿元（YoY+1.82%，QoQ+19.23%），业绩符合预期。扣非归母净利润同比下滑主要系汇兑损失同比增加，影响利润总额减少5.56亿元。26Q2单季度毛利率为18.64%（YoY+1.17pct，QoQ+0.22pct）
　　钻井板块景气维持高位，半潜式平台量价齐升。2026年上半年公司钻井板块实现营业收入74.77亿元，同比+3.3%；钻井平台作业天数9,741天，同比-1.7%，其中自升式平台作业7,369天，同比-5.2%；半潜式平台作业2,372天，同比+11.4%。单季度来看，26Q2钻井平台作业天数4,975天，同比-0.8%，其中自升式平台作业3,728天，同比-5.5%；半潜式平台作业1,247天，同比+16.1%。使用率方面，26H1公司钻井平台可用天使用率达到93.7%，同比+0.3pct，其中自升式平台使用率为92.3%，同比-2.3pct；半潜式平台使用率达到98.5%，同比+9.3pct，接近满负荷运转。日费方面，26H1公司钻井平台平均日收入9.9万美元/日，同比+8.8%，其中自升式平台7.4万美元/日，同比+5.7%；半潜式平台17.6万美元/日，同比+2.9%。截至2026年6月30日，公司共运营、管理61座钻井平台（47座自升式、14座半潜式），其中47座在中国、14座在国际地区；挪威区域市场运营表现亮眼，高日费平台饱满运营，COSLNorwegianAS上半年实现净利润1.01亿元，同比增加1.86亿元。在海上钻井业务维持高景气下，公司钻井平台使用率和日费有望继续提升，钻井业务为重资产业务，业绩弹性较大。
　　油田技术服务收入稳健增长，核心技术持续突破。2026年上半年油田技术服务板块实现营业收入125.69亿元，同比+1.5%，主要业务线作业量和收入规模同比保持增长。公司着力打造以基础科研为驱动的关键核心技术体系，“璇玑”地质循轨旋转导向钻探系统获2025年度国家科学技术进步奖二等奖，并在东南亚某项目成功应用，刷新海外“璇玑”系统单趟钻进尺最长纪录；“海弘”完井系统完成全球首例热采裸眼分段防砂作业；公司成功中标中东、东南亚等重点项目，实现单一技术服务向“技术+材料”一体化模式升级。目前油田技术服务已经成为公司的核心业务，预期未来随着公司关键技术的不断转化，油田技术服务板块业绩提升将带动公司实现更加稳健发展。
　　船舶板块作业量持续增长，物探业务有所调整。公司持续巩固国内市场份额相对领先优势，截至2026年6月30日，公司经营和管理三用作业船、平台供应船、油田守护船等260余艘，26H1累计作业43,814天，同比+5.6%，其中平台供应船作业12,857天，同比+11.4%；船舶板块实现营业收入26.04亿元，同比基本持平。公司物探板块持续优化产能与业务结构，26H1二维采集作业量为3,327公里，同比-6.5%；三维采集作业量为8,102平方公里，同比-10.0%；海底地震作业量651平方公里，同比-32.5%；物探板块实现营业收入11.38亿元，同比+3.9%，并顺利完成国内首次“海经+海脉”联合地震采集作业。预期未来随着海上油服景气维持高位以及公司产能优化，公司船舶板块与物探板块业绩有望提升。
　　投资分析意见：我们维持2026-2028年盈利预测为44、49、53亿元，对应PE分别为13X、12X和11X，维持“买入”评级。
　　风险提示：油价大幅波动，上游资本支出不及预期，订单获取不及预期等。

　　业绩简评
　　2026年8月25日公司披露2026年半年报，2026上半年公司实现营收237.87亿元，同比增加2.0%；实现归母净利润20.09亿元，同比增加2.3%。
　　经营分析
　　海上钻井高景气与地缘冲突并存，公司钻井平台作业情况出现分化。26年上半年，受到美伊冲突带来的霍尔木兹海峡封锁等国际地缘政治剧烈动荡的影响，以及公司钻井平台作业计划及修理安排的影响，公司自升式平台作业7369天，同比减少407天，减幅5.2%；日历天使用率87.2%，同比减少6.2pcts。同时海上钻井行业景气度持续上行，公司半潜式平台作业2372天，同比增加11.4%；日历天使用率93.6%，同比增加9.6pcts。公司半潜式平台平均日收入达17.6万美元/日，同比增加0.5万美元/日；自升式平台平均日收入达7.4万美元/日，同比增加0.4万美元/日。后续随着地缘冲突趋于缓和，钻井平台作业天数及日费率有望得到改善与提升。
　　公司油田技术服务等业务稳步增长。面对国际油价剧烈震荡的复杂形式，公司持续强化深水及低碳技术能力，各业务板块协同发力，核心竞争力不断增强。26年上半年公司油田技术服务实现营收125.69亿元，同比增加1.5%；船舶服务作业共43814天，同比增加5.6%；物探采集和工程勘察服务实现营收11.38亿元，同比增加3.9%。
　　盈利预测、估值与评级
　　我们预计公司2026-2028年实现营收524.63/556.48/586.55亿元，归母净利润42.43/51.01/59.69亿元，EPS为0.89/1.07/1.25，当前股价对应PE估值为13.98/11.63/9.94倍，维持“买入”评级。
　　风险提示
　　油气能源价格及油公司资本开支下降风险，当前美伊冲突对公司在中东地区业务带来的地缘政治风险，自然灾害风险，海外业务发展不及预期风险，汇率波动风险。

　　公司发布2025年年报及2026年一季报：2025年全年公司实现营业收入502.82亿元，同比+4.1%；归母净利润38.42亿元，同比+22.5%；扣非归母净利润38.86亿元，同比+20.3%。其中25Q4实现营业收入154.29亿元，同比+5.4%，环比+33.8%；归母净利润6.32亿元，同比-8.7%，环比-49.2%；扣非归母净利润7.17亿元，同比-4.8%，环比-41.7%，业绩表现符合我们预期。25Q4行业景气度有所回落，公司毛利率水平达到15.55%，同比+3.42pct，环比-3.99pct。费用方面，全年公司期间费用率达到7.10%，同比+0.58pct；财务费用9.96亿元，同比+59.6%，其中汇兑净损失4.31亿元（上年同期为汇兑净收益0.43亿元）。
　　26Q1公司实现营业收入112.96亿元，同比+4.6%，环比-26.8%；归母净利润8.56亿元，同比-3.6%，环比+35.3%；扣非归母净利润8.36亿元，同比-12.9%，环比+16.7%，业绩表现符合我们预期。26Q1行业景气度边际改善，公司毛利率水平达到18.42%，同比+0.79pct，环比+2.88pct。
　　钻井板块景气维持高位，作业量显著提升。2025年全年公司钻井平台作业天数达到19360天，同比+10.6%，其中自升式平台作业天数达到15109天，同比+6.7%；半潜式平台作业天数达到4251天，同比+27.2%。2026Q1公司钻井平台作业天数达到4766天，同比-2.5%，其中自升式平台作业3641天，同比-5.0%；半潜式平台作业1125天，同比+6.5%。使用率方面，2025年全年公司钻井平台可用天使用率达到91.0%，同比+7.6pct，其中自升式平台使用率达到92.0%，同比+6.5pct；半潜式平台使用率达到87.6%，同比+12.0pct。2026年第一季度，公司钻井平台可用天使用率达到92.6%，同比+1.0pct，其中自升式平台使用率为91.3%，同比-0.6pct；半潜式平台使用率达到97.0%，同比+6.6pct。在海上钻井业务维持高景气下，公司钻井平台使用率和日费有望继续提升，钻井业务为重资产业务，业绩弹性较大。
　　油田技术服务作业量同比持续提升，带动业绩稳定增长。公司着力打造以基础科研为驱动的关键核心技术体系，2025年全年油田技术服务主要业务线作业量保持增长；2026年第一季度，油田技术服务主要业务线作业量和收入规模同比有所增长。目前油田技术服务已经成为公司的核心业务，预期未来随着公司关键技术的不断转化，油田技术服务板块业绩提升将带动公司实现更加稳健发展。
　　船舶板块景气显著提升，物探业务有所调整。公司持续巩固国内市场份额相对领先优势，截至2025年底，公司船舶服务业务经营和管理工作船共240余艘，全年累计作业83,581天，同比+13.0%。2026年第一季度，船舶服务作业21,521天，同比+4.4%。公司物探板块进行优化调整，2025年全年二维采集作业量为7,226公里，同比-63.8%；三维采集工作量为15,722平方公里，同比-42.1%；海底节点作业量1,769平方公里，同比+63.3%。2026年第一季度，二维采集作业量为2,050公里，同比+490.8%；三维采集工作量为2,011平方公里，同比-54.1%；海底地震作业量276平方公里，同比-6.1%。预期未来随着海上油服景气维持高位以及公司产能优化，公司船舶板块与物探板块业绩有望提升。
　　投资分析意见：考虑短期原油需求在高油价下受到一定抑制，但长期原油存在补库需求，有望带动海上油服景气维持高位，我们下调2026-2027年盈利预测至44、49亿（原为47、54亿）、新增2028年盈利预测为53亿，对应PE分别为15X、14X和13X，维持“买入”评级。
　　风险提示：油价大幅波动，上游资本支出不及预期，订单获取不及预期等。

　　事件：2026年4月22日晚，中海油服发布2026年第一季度报告。2026Q1，公司实现营收112.96亿元，同比+4.6%，环比-26.8%；实现归母净利润8.56亿元，同比-3.6%，环比+35.3%；扣非后归母净利润8.36亿元，同比-12.9%，环比+16.7%。实现基本每股收益0.18元，同比-5.3%，环比+28.6%。
　　点评：
　　受财务费用显著增加影响，公司Q1利润同比下滑。26Q1公司归母净利润同比下降3.6%至8.56亿元，扣非净利润降幅达12.9%，主因财务费用同比大幅上涨148%至4.27亿元（去年同期1.72亿元）。Q1公司投资活动现金流出同比增加165%，主要源于“取得其他投资所支付的现金”达20亿元，显示公司正加大资本性投入。筹资活动净流入21.9亿元，源于发行债券49.93亿元，用于优化债务结构，偿还债务同比显著上升，利息支出同比下降，反映债务置换节奏加快。
　　公司经营业务稳健。钻井：受作业计划及修理安排影响，Q1公司钻井平台日历天使用率87.8%，同比减幅1.7pct。其中，自升式钻井平台使用率87.3%，同比减幅3.9pct；半潜式钻井平台使用率89.3%，同比增幅5.5pct。高价值半潜式平台项目有序运营贡献利润。油田技术服务：板块主要业务线作业量和收入规模同比有所增长。船舶：公司船舶服务作业天数同比增幅4.4%。物探：受市场布局和项目作业计划影响，二维采集作业量显著抬升，三维作业量显著下降，海底地震作业量稳定。
　　盈利预测与投资评级：我们预测公司2026-2028年归母净利润分别为42.77、45.86和46.45亿元，同比增速分别为11.3%、7.2%、1.3%，EPS（摊薄）分别为0.90、0.96和0.97元/股，按照2026年4月22日收盘价对应的PE分别为16.66、15.53和15.34倍。我们认为，考虑到公司未来持续海外拓展和国内工作量托底，2026-2028年公司业绩有望持续增长，维持对公司的“买入”评级。
　　风险因素：宏观经济波动和油价下行风险；需求恢复不及预期风险；上游资本开支不及预期风险；地缘政治风险；汇率波动风险。

COSL has reported 1Q26 revenue/attributable net profit(NP)of RMB11,296/856mn(+4.62/-3.55%YoY,-26.78/+35.32%QoQ).We believe YoY revenue growth was driven by steady increases in domestic and overseas drilling segment revenue.Considering offshore oil&gas development is likely to enter ahigh-cycle period over the next two years,we expect the company's drilling platforms,as core equipment,to fully benefit and continue contributing incremental earnings.Maintain OVERWEIGHT on both A-/H-shares.
Gross margin improved;FX losses lift financial expense ratio
For 1Q26,gross margin was 18.42%,up by 0.79/2.88pp YoY/QoQ,which we attribute mainly to the continued operation of high day-rate drilling projects and improved profitability in oilfield technical services.The overall expense ratio was 8.51%(+1.86/+0.13pp YoY/QoQ).Specifically,the sales/administrative/R&D/financial expense ratios was 0.01/2.49/2.23/3.78%(flat/-0.10/-0.22/+2.18pp YoY,flat/+0.07/-1.57/+1.64pp QoQ).We believe the YoY increase in the expense ratio was mainly due to FX losses,which drove up the financial expense ratio.
Deepwater drilling upcycle to unlock potential
In 1Q26,semi-submersible drilling rigs delivered strong operational performance.The decline in total operating days was chiefly due to scheduling and maintenance arrangements for certain platforms.Total operating days for drilling rigs were 4,766 days(-2.5%YoY),including 3,641 days for jack-up rigs(-5.0%YoY)and 1,125 days for semi-submersible rigs(-6.5%YoY).Calendar-day utilization reached 87.8%(-1.7pp YoY),including 87.3%for jack-up rigs(-3.9pp YoY)and 89.3%for semi-submersible rigs(+5.5pp YoY).We believe strengthening global energy security demand and the development of deepwater unconventional oil&gas fields(e.g.,in Brazil)could support recovery in offshore E&P capex.The deepwater drilling market is entering an upcycle,and the company's semi-submersible rigs,with strong competitiveness,are poised to continue benefiting,in our view.
Green vessels empower offshore energy development
In 1Q26,the vessel services segment remained relatively stable.Total operating days reached 21,521 days(+4.4%YoY),including 10,329/6,182/722/252/4,036 days for anchor handling tug supply vessels/platform supply vessels/multi-purpose vessels/well intervention support vessels/standby vessels(+2.5/+6.3/+55.3/+25.4/-0.7%YoY).The company continues injecting clean energy into offshore development."Offshore Oil 545"and"Offshore Oil 551"were among the first in China to adopt an"LNG+energy storage battery"power system,achieving coordinated improvements in energy efficiency,emissions reduction,and operational quality.
Earnings forecasts and valuation
We largely maintain our 2026/2027/2028 attributable NP forecast at RMB4,901/5,615/5,956mn,implying EPS of RMB1.03/1.18/1.25.We believe that as aleading offshore oil&gas equipment provider likely to benefit from adrilling market recovery,the company deserves avaluation premium.We thus value the A-shares at 17x 2026E PE,above the peers'average of 13x on iFind consensus,for our target price of RMB17.51(previous:RMB18.54 on 18x 2026E PE).Based on the average H-/A-share valuation ratio of c51%over the past month,we maintain 9x 2026E PE for H-shares,with HKD/RMB at 0.88,for our target price of HKD10.53.
Risks:FX volatility,trade policy uncertainty,oil price volatility.

The company’s net profit slipped 4% YoY to RMB856m in 1Q26, mainly on mark-to-market FX loss arising from intra-group FX exposure. Its operating profit actually grew about 20% YoY excluding FX loss. We expect much higher earnings in subsequent quarters as 1Q is usually a low season for the company. We trim our 2026-28 earnings forecast by 3-6% after post-results adjustments. We reiterate our BUY calls with target price of its H shares lifted slightly to HK$10.75.
Key Factors for Rating
In 1Q26, the company’s turnover grew 5% YoY. Its gross profit grew 8% YoY as gross margin improved from 17.6% in 1Q25 to 18.2% in 1Q26. However, net finance expense jumped 1.5x YoY to RMB427m as the company recorded an RMB303m mark-to-market FX loss on intra-group FX exposure. RMB appreciated 1.4% against US$ and 3% against EUR throughout 1Q26.
Excluding the FX loss, the company’s operating profit actually grew about 20% YoY. The growth mainly came from the drilling and well services segments.
Partly owing to maintenance, the total operating days of its drilling rigs dropped 2.5% YoY in 1Q26. In which, the operating days of jack-ups dropped 5% YoY. That of its semi-subs increased 6.5% YoY mainly on the contribution from NH8 which started operations in Brazil in mid-2025.
We expect the company to see stronger earnings in subsequent quarters as 1Q is usually a low season in a year. 2Q and 3Q are normally the peak seasons.
We trim our 2026-28 earnings forecasts after slightly lowering our assumptions on the operating days of its drilling rigs and factor in higher depreciation charge. We also assume an FX loss of RMB123m for 2026. Despite the cuts, we still expect 16% YoY EPS growth in 2026.
Key Risks for Rating
Significant negative impact from the war in the Middle East.
Lack of progress in developing overseas market.
Valuation
We raise our target price for its H shares slight from HK$10.70 to HK$10.75. While we trim our earnings forecast and maintain our target valuation at 0.9x 2026E P/B, the recent appreciation of RMB against HK$ lift the target price in HK$ terms.
We lower our target price for its A shares from RMB19.41 to RMB18.64. We still base our target price on the company’s 3-month average A-H premium which has narrowed from 106% to 99% since late March.

　　中海油服发布一季报，2026年一季度实现营收112.96亿元，同比/环比+4.62%/-26.78%，归母净利8.56亿元，同比/环比-3.55%/+35.32%。公司一季度营收同比增长主要系钻井板块国内外收入稳步向上。考虑到未来两年海上油气开发有望迈入高景气周期，公司的钻井平台作为核心钻采设备或将充分受益，持续贡献业绩增量，A/H股维持“增持”评级。
　　26Q1毛利率同环比均提升，汇兑损失抬升财务费用率
　　26Q1公司毛利率18.42%，同比+0.79pp、环比+2.88pp，同环比均改善，我们认为或主要受益于公司钻井平台高日费项目的持续运营以及油田技术服务板块盈利能力的提升。2026年一季度公司期间费用率8.51%，同比+1.86pp、环比+0.13pp。其中销售费用率0.01%，同环比持平；管理费用率2.49%，同比-0.10pp、环比+0.07pp；研发费用率2.23%，同比-0.22pp、环比-1.57pp；财务费用率3.78%，同比+2.18pp、环比+1.64pp。公司期间费率同比上升，主要系汇兑损失影响，财务费用率增加。
　　半潜平台运营亮眼，深海钻井景气上行助力潜能释放
　　26Q1公司半潜钻井平台运营表现较为亮眼，整体平台作业天数下降主要系部分平台作业计划及修理安排影响。26Q1公司钻井平台累计作业4766天，同比-2.5%。其中，自升式钻井平台作业3641天，同比-5.0%；半潜式钻井平台作业1125天，同比-6.5%。使用率方面，钻井平台日历天使用率达到87.8%，同比-1.7pp，其中自升式钻井平台日历天使用率为87.3%，同比-3.9pp，半潜式钻井平台日历天使用率为89.3%，同比+5.5pp。我们认为，全球能源安全诉求不断强化，以巴西为代表的深水非常规油气区块开发活跃，有望带动海洋油气资本开支持续回暖，深海钻井市场景气上行，公司半潜钻井平台竞争力突出，有望持续受益。
　　船舶服务稳健运营，绿色船舶赋能海洋能源开发
　　26Q1公司船舶服务板块业务保持相对稳定。26Q1公司船舶服务业务累计作业21521天，同比增加4.4%。其中三用工作船作业10329天，同比增加2.5%；平台供应船作业6182天，同比增加6.3%；多用船作业722天，同比大幅增加55.3%；修井支持船作业252天，同比增加25.4%；油田守护船作业4036天，同比减少0.7%。公司持续为海洋能源开发注入清洁动力，“海洋石油545”和“海洋石油551”船于国内率先采用“LNG+储能电池”动力模式，实现节能、减排与运营质量的协同提升。
　　盈利预测与估值
　　我们基本维持公司26-28年归母净利润预测为49.01亿元、56.15亿元、59.56亿元，对应EPS分别为1.03/1.18/1.25元。可比公司2026年iFind一致预期PE为13倍，考虑到公司作为海上油气装备行业龙头，有望充分受益于钻井平台市场需求的修复，应享有一定估值溢价，给予公司26年A股17倍PE，对应A股目标价为17.51元（前值18.54元，对应26年PE18倍）。参考过去1个月公司H/A股估值折价率均值约51%，维持给予公司26年H股9倍PE，港元汇率取0.88，维持H股目标价10.53港元。
　　风险提示：汇率波动风险，贸易政策波动风险，油价波动风险。

COSL has recorded 2025 revenue of RMB50.3bn,up by 4.10%YoY,and an attributable NP of RMB3.8bn,up by 22.47%YoY.In 4Q25,the company posted revenue of RMB15.4bn,up by 5.39%YoY and 33.77%QoQ.The attributable NP was RMB632mn,down by 8.65%YoY and 49.23%QoQ.For 2025,the attributable NP was below our previous estimate of RMB4.2bn,mainly because the global drilling market showed structural divergence in 2025,and the overall recovery was weaker and slower than expected.Looking to 2026,we think that offshore oil and gas development demand may improve at the margin,which should lift the drilling rig market.COSL should benefit fully.Maintain OVERWEIGHT on COSL-A and COSL-H.
Higher day rates and utilization drove revenue growth
By segment,the company’s steady revenue growth in 2025 mainly came from higher drilling revenue.1)Drilling services revenue reached RMB14.9bn,up by 12.8%YoY.2)Well services revenue was RMB27.5bn,down by 0.6%YoY.3)Marine support services revenue was RMB5.2bn,up by 9.0%YoY.This was mainly driven by the continued expansion of the vessel fleet and anotable increase in operating days for oilfield standby vessels and platform supply vessels.4)Geophysical acquisition and surveying services revenue was RMB2.7bn,up by 0.9%YoY.
GPM rose notably in 2025,FX losses lifted financial expense
In 2025,the company’s gross margin(GPM)rose to 17.39%,up by 1.69 pp YoY.By region,the GPM in the domestic market increased by 1.0 pp YoY,while the overseas GPM increased by 4.1 pp YoY,supported by high-day-rate projects in the North Sea.The operating expense ratio was 7.10%,up by 0.59 pp YoY.Specifically,the selling expense ratio was 0.01%,flat YoY.The administrative expense ratio was 2.12%,down by 0.22 pp YoY;the R&D expense ratio was 2.99%,up by 0.12 pp YoY;and the financial expense ratio was 1.98%,up by 0.69 pp YoY,mainly due to FX losses.
Earnings estimates and valuation
We broadly maintain our forecasts for attributable NP at RMB4.9bn for 2026 and RMB5.6bn for 2027,and we forecast RMB6.0bn for 2028,with EPS of RMB1.03,RMB1.18,and RMB1.25.Comparable companies trade at 16x 2026E PE on iFind consensus.Given the company’s leading position in offshore oil and gas equipment and its strong leverage to arecovery in drilling rig demand,we think that it deserves avaluation premium.We apply 18x 2026E PE to the A-share,for our target price of RMB18.54(previously RMB16.05,on 15x 2026E PE).Based on the average H/A valuation discount of about 49%over the past month,we apply a9x 2026E PE to COSL-H,for our target price of HKD10.53(previously HKD8.16,on 7x 2026E PE).
Risks:exchange rate volatility,trade policy volatility,and oil price volatility.

While the company’s net profit of RMB3,842m (up 22% YoY) appeared to miss our forecast, its core earnings were actually in line after removing impairments and FX loss (total RMB623m). We expect its earnings to grow 23% YoY in 2026 with drilling and well services segments to be the key growth drivers. While we trim our 2026-27 earnings forecasts by 5-6%, we reiterate our BUY call on its H shares with target price lifted to HK$10.70.
Key Factors for Rating
Its drilling segment was the key growth driver in 2025, with segmental operating profit jumped almost 3x YoY to RMB1.5bn, mainly on the improved performance of its semi-subs. The number of operating days of its semi-subs surged 27% YoY as operations in offshore China normalised after being hard hit by typhoons in 2024. The utilisation of a few high-end rigs in overseas market also improved. In addition, the average day rate of its semi-subs surged 22% YoY as the four rigs earnings high rates in Norway saw full-period contribution. Another one also started operations in Brazil with high day rate in 2H25.
It was partly negated by the 6% YoY decline in operating profit of the well services segment (to RMB4.2bn), its largest profit contributor. The segmental revenue slipped 1% YoY and segmental operating margin decreased 0.8ppt YoY.
We expect its earnings to grow 23% YoY in 2026 on improved performance from both drilling and well services segments. We assume the operating profit of the drilling segment to grow 6% YoY on further improvement in operating days and average day rate of its semi-subs. We also expect the operating profit of its well services to grow 6% YoY on slightly higher turnover. Besides, we assume no more impairments and FX loss and its interest expense to drop 42% YoY.
The company now has three jack-ups operating in Saudi Arabia and two in Kuwait and they are so far not affected by the war. Besides, the company provides integrated services in Iraq with 23 sets of equipment with three workover equipment suspended. So far, the impact of the war in the Middle East is limited.
Key Risks for Rating
Significant negative impact from the war in the Middle East.
Lack of progress in developing overseas markets.
Valuation
We raise our target price for its H shares from HK$9.70 to HK$10.70 as we roll over target valuation from 0.9x 2025E P/B to 0.9x 2026E P/B.
We increase our target price for its A shares from RMB19.21 to RMB19.41. We still based it on its average 3-month A-H premium, which has narrowed from 117% to 106% since late October 2025.