[Headline announcement Nuggets]
Times Electric (03898): Net profit to mother of about 899 million yuan in the third quarter increased 29.96% year over year
The company issued an announcement that from 2023 to 2025, the company's wholly-owned subsidiary SMD in the UK will sell ROV systems to the other party to the contract, with a contract amount of 1.80945 million yuan (equivalent to RMB 160 million). The company's revenue for the third quarter of 2023 was about 5,525 billion yuan, up 27.05% year on year; net profit attributable to shareholders of listed companies was about 899 million yuan, up 29.96% year on year. In January-September, revenue was about 14.095 billion yuan, up 29.6% year on year; net profit attributable to shareholders of listed companies was about 2,053 billion yuan, up 31.39% year on year. CRRC Changchun Rail Bus Co., Ltd., a subsidiary of CRRC, and the Serbian Ministry of Construction, Transport and Infrastructure have formally signed a commercial contract for the procurement of Serbian high-speed EMU vehicles. According to reports, Times Electric is a subsidiary of CRRC in China.
Comment: The signing of this contract provides a strong guarantee for the sale of the company's ROV system. If the contract is successfully executed, it will have a positive impact on the company's business performance. The significance is the expansion of overseas market space.
The company's revenue and profit for the first three quarters was quite good. In terms of rail transit business, the overall development trend was steady, but there was a slowdown in the third quarter after a high increase in the second quarter. This is also the main reason for recent stock price adjustments. The medium pressure main drive system for the rolling mill independently developed by the company was officially put into operation at Lianyuan Steel's 1580mm hot rolling project. This is the first fully localized wide strip production line in China. Follow-up expectations have brought good expectations. The highlight of the company is that the company's emerging equipment business continued to grow, with revenue of 3.75 billion yuan, an increase of 105.1% over the previous year. Of these, power semiconductors achieved revenue of 1.38 billion yuan, an increase of 78.8% over the previous year. In terms of production capacity, the transformation and upgrading of Yixing Phase III and SiC production lines is expected to advance steadily; at the order level, it is expected that the high-power IGBT hydrogen generation power supply for the Three Gorges Group 400,000 kilowatt photovoltaic hydrogen production project, the holding subsidiary Zhuzhou CRRC Times Semiconductor Co., Ltd. has passed a series of reviews by Valeo Group, met its fixed requirements and obtained a fixed target for a certain project, and will be the official supplier of IGBT modules for a Valeo Group electric drive system project. The electric drive system project will first be installed on a Renault model. Mass production of the project will begin in 2023, and the total delivery volume is expected to exceed 2.5 million units.
[Key Announcements Nuggets]
Profit attributable to shareholders of CNOOC Oilfield Services (02883) was 2,273 billion yuan in the first three quarters, up 9.9% year on year, and global drilling rig utilization continued to rise in September
According to the Zhitong Finance App, CNOOC Oilfield Services released results for the first three quarters. The group achieved revenue of 29.507 billion yuan during the period, an increase of 21.7% over the previous year; profit attributable to shareholders was 2,273 billion yuan, an increase of 9.9% over the previous year.
Comment: The performance was in line with expectations. The increase in performance in the first three quarters was mainly driven by an increase in global upstream exploration investment, which led to a continued recovery in the oilfield service industry. The company actively and effectively develops high-end customers and continues to obtain high-value long-term contracts in Beihai, Southeast Asia, the Gulf of Mexico, the Middle East and other places in 2023. Recently, the company has made an important breakthrough in overseas markets. The company's subsidiary signed a 900 million yuan service contract with Petromexico. The signing of this contract is a full recognition of the company's integrated technical service capabilities by the International Petroleum Company. According to data, the total number of offshore oil drilling platforms rose slightly in September, while the utilization rate of drilling rigs continued to rise month by month. The utilization rate of jack-up drilling reached a new high of 76.9% in September, up 1.5% month-on-month and 5.3% year-on-year. Semi-submersible rigs were 63.2%, a decrease of 2.8% month-on-month and an increase of 5.8% year-on-year. Drilling vessels, on the other hand, were 72.2%, down 0.5% month-on-month and 4.7% year-on-year. Overall, global rig utilization increased 0.6% from the previous month. Although the oil capital expenditure cycle continues, the company will drive medium term growth by increasing market share. In addition to the current increasing daily output of the drilling business and more overseas contracts, the company's technical oil well service business is expected to become another major growth driver in the next few years after making breakthroughs in various fields in the past few years.
[List of important Hong Kong stock announcements]