20260902-盈立证券-海隆控股-01623.HK-1H26_Results_Review_Margin-led_Earnings_Turnaround_and_Ample_Order_Backlog_Provide_Growth_Visibility_5页_240kb
报告摘要
Hilong Holding (1623.HK) 1H26 Results Summary
Core Content Overview
Hilong Holding (1623.HK) reported its first-half of 2026 (1H26) results, marking a significant turnaround in profitability and demonstrating strong growth potential. The company's financial performance, business model refinement, and strategic initiatives have positioned it for sustained growth, supported by a robust order backlog and improved financial flexibility.
Main Financial Highlights
- Revenue: RMB2.4bn in 1H26, up 1.4% year-over-year (yoy).
- Gross Profit: RMB642.7mn, up 60.1% yoy.
- Gross Margin: Expanded to 27.3% from 17.3% in 1H25.
- Net Profit Attributable to Shareholders: Turned positive at RMB59.9mn, versus a loss of RMB324.2mn in 1H25.
- Operating Profit: RMB146.7mn, up from a loss of RMB182.4mn in 1H25.
- Profit Before Tax: RMB93.0mn, up from a loss of RMB283.4mn in 1H25.
- Interim Dividend: HKD0.003 per share.
Key Business Segments
1. Oilfield Services
- Revenue: RMB1.3bn, up 55.1% yoy.
- Contribution to Total Revenue: 55.6%.
- Gross Margin: Improved to 27.6% from 21.7% in 1H25.
- Order Backlog: Over RMB3.0bn.
- Rig Utilization: 76% in 1H26, with an ideal target of ~80%.
- Market Expansion: Strong presence in Brazil and several African markets.
- Growth Drivers: Increased revenue from OCTG trading and integrated drilling-and-completion services, along with higher-tech offerings such as MPD, RSS, and nanofluid production-enhancement technology.
2. Oilfield Equipment Manufacturing and Services
- Revenue: RMB694.6mn, down 3.1% yoy.
- Gross Margin: Improved to 31.5% from 24.8% in 1H25.
- Key Products: HLNST premium connections, HL130S/HL135MS sour-service drill pipes, and HLU165 ultra-high-strength drill pipes.
- International Customers: Core suppliers to Precision Drilling, SAVANA, and Ensign.
- Market Trends: Robust demand in North America, with production reallocated to mitigate Middle East disruptions.
- Forecast: Delivery momentum is expected to recover in 2H26, with improved profitability from high-end products.
3. Offshore Engineering Services
- Revenue: RMB352.5mn, down 53.8% yoy, due to project execution timing and strategic project scaling.
- Gross Margin: Improved to 17.7% from 5.3% in 1H25.
- Order Backlog: Exceeded RMB2.0bn.
- Strategic Shift: Transitioning to an asset-light EPCIC contracting model by chartering third-party vessels and enhancing design and project management capabilities.
- Projects: Completed the Congo EPC and transportation/installation projects, signed the ASK Development EPC03 Project with PTT Exploration and Production.
Financial Improvements
- Debt Restructuring: Successfully completed in February 2026, extending note maturity to February 2030.
- Total Borrowings: Declined to RMB2.1bn from RMB2.3bn in 1H25.
- Net Borrowings: Decreased to RMB1.4bn from RMB1.5bn.
- Gearing Ratio: Reduced to 32.7% from 33.4%.
- Current Ratio: Increased to 269.0% from 131.1%, indicating stronger liquidity.
- Trade Receivables: Declined to RMB2.1bn from RMB2.4bn, with 74.4% aged within 90 days.
- Receivables Collection: 100% of receivables outside China outstanding at end of 2025 were settled by end of July 2026.
Earnings Forecast
| Year | Total Revenue (RMB BN) | YoY Growth (%) | Attributable NP (RMB BN) | YoY Growth (%) | LPS/EPS (RMB) |
|---|---|---|---|---|---|
| 2026E | 5.14 | 5.5 | 0.15 | Turnaround | 0.09 |
| 2027E | 5.66 | 10.0 | 0.23 | 53.3 | 0.14 |
| 2028E | 6.28 | 11.0 | 0.31 | 34.8 | 0.19 |
Investment Rating
- Rating: Buy
- Rationale: The company's profitability has turned around, order backlog is strong, and the oilfield services segment is driving growth. The business structure is optimizing, and the company is strengthening its integrated service capabilities and international presence.
Risks
- International Oil Price Volatility
- Slower-than-Expected Overseas Market Expansion
- Intensified Market Competition
- Geopolitical and Operational Risks in Overseas Markets
Conclusion
Hilong Holding has demonstrated a clear recovery in profitability and is well-positioned for growth through its focus on oilfield services, expansion into high-end markets, and improved financial flexibility. The company's strategic shifts, including the adoption of the "one core, two wings" model and asset-light EPCIC contracting, are expected to support long-term performance. With a strong order backlog and favorable market conditions, the company is likely to maintain its upward trajectory in the coming years.
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