深度报告-20240925-浙商证券-油服行业_景气持续_迈向全球_64页_2mb

Oil Services Industry: Robust Growth, Global Expansion

Market Overview

• Global Oil Services Market: Rebounded in 2020, growing at a CAGR of 17% (2020-2023) to reach $306.3 billion in 2023, with a 7% year-over-year increase in 2024.
• China Market: Recorded CAGR of 10% (2020-2023), reaching 188.5 billion CNY in 2023, with an expected CAGR of 2% by 2030.
• Key Drivers: Rising oil prices and energy security policies have fueled increased capital expenditure (CAPEX) in the global and Chinese oil sectors.

Key Growth Areas

• Unconventional Oil: China aims to increase very oil production to 50 million tons by 2035 (21.8% of total production).
• Offshore Oil: SOHCO’s production costs decreased from $45/barrel (2013) to $29/barrel (2023), enhancing profitability.

Competitive Landscape

• Global: Dominated by Big Three (Schlumberger, Halliburton, Baker Hughes), with North America accounting for 48% of the market.
• China: State-owned enterprises (85% market share) lead, supported by private players (e.g., Jierui Shares) and foreign firms (e.g., Schlumberger).

Key Recommendations

• Promising Companies:
  1. SOHCO Offshore Services: Benefits from strong domestic and overseas CAPEX growth.
  2. Jierui Shares: Driven by high-tech barriers and rapid overseas expansion.
  3. CNOOC Engineering: Positioned to capitalize on CNOOC’s rising CAPEX.

Risks

• Oil Price Volatility: Lower-than-expected prices could reduce downstream CAPEX.
• Energy Transition: Accelerated adoption of renewables may impact traditional oil demand.

Disclaimer

This report is for informational purposes only. Investors should conduct their own analysis before making decisions.