J.P. 摩根-中国石油服务行业：增持中海油，对中国压裂和陆上钻井股票持中立态度-2021.7.13-30页

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J.P. 摩根-中国石油服务行业：增持中海油，对中国压裂和陆上钻井股票持中立态度-2021.7.13-30页

# 投行报告 # 石油 # 中海油大小：2.66M | 页数：30 | 上架时间：2021-07-19 | 语言：英文

J.P. 摩根-中国石油服务行业：增持中海油，对中国压裂和陆上钻井股票持中立态度-2021.7.13-30页.pdf

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J.P. 摩根-中国石油服务行业：增持中海油，对中国压裂和陆上钻井股票持中立态度-2021.7.13-30页.pdf

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类型: 行研

上传者: ZY reset

撰写机构: J.P. 摩根

出版日期: 2021-07-12

摘要：

We initiate coverage of the China oilfield services (OFS) sector with a preference order of OW ratings on COSL-H/A and COOEC and Neutral ratings on Jereh and SSC-H/A. Our ratings are driven by our top-down views of: (1) stronger-than-expected CNOOC capex (+20% y/y in FY21E, with FY22E/23E capex c9%/13% above consensus); (2) China additional new shale wells drilling activities possibly peaking in FY21 and seeing a decreased CAGR of c25% in 2021E-23E; and (3) both China onshore E&P spending and total drilling activities possibly growing at a CAGR of only 3% toward 2023

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