Guolian Minsheng Securities: it is recommended to pay attention to the direction of deep-sea oil and gas resource exploration and exploitation, as well as the direction of high-performance anti-corrosion and sealing new materials.

Guolian Minsheng securities released a research report stating that, against the backdrop of the national policy vigorously promoting the deep-sea economy and enhancing the capability of ocean resource development, coupled with continuous strengthening of financial investment and industry support, (1) attention is recommended to be paid to the exploration and development of deep-sea oil and gas resources by the leading state-owned enterprise CNOOC Limited and the direction of marine oil and gas services industry; (2) deep-sea equipment and engineering require long-term stable operation in extremely high pressure, low temperature, and strong corrosive seawater environments, with rigid and high requirements for high-performance, special chemicals and new materials, attention is recommended to be focused on the direction of high-performance anti-corrosion coatings and sealing materials. The main points of Guolian Minsheng Securities are as follows: Ocean resources highlight, CNOOC and affiliated companies lead deep-sea energy development China's South China Sea has abundant oil and gas resources, with many underdeveloped seabed mineral resources, and in recent years, deepwater and ultra-deepwater have become key areas for global oil and gas exploration. CNOOC is the largest offshore oil and gas producer and operator in China, with an industrial chain covering the entire process of oil and gas exploration, engineering construction, equipment operation and maintenance, and oilfield services. The report believes that with the deepening of the national "deep sea economy" strategy, the breakthrough in the three major barriers will continue to empower CNOOC and the related marine oil and gas service industry to release significant value. Barrier direction one: The rigid demand for high-performance, special chemical new materials in extreme deep-sea environments continues to expand Marine new materials refer to special functional materials developed and applied in extreme marine environments (high humidity, high salt, high pressure, etc.), and are the key material basis supporting the development of modern marine economy. With the deep implementation of the "marine power" strategy and the rapid development of the blue economy, the market demand for high-performance new materials in the fields of marine resource exploration and development, ocean shipping, port construction, and naval engineering continues to expand. Barrier direction two: Marine engineering faces severe corrosion challenges, various new solutions may be future development directions The construction cost of marine equipment increases exponentially with water depth and offshore distance, and its maintenance, depreciation, and operation costs are much higher than land facilities. The requirements for anti-corrosion technology are particularly stringent, as any downtime or shutdown caused by coating anti-corrosion performance will result in huge economic losses. The barrier for marine engineering anti-corrosion coating technology certification is relatively high, and new anti-corrosion coatings like graphene can meet performance requirements higher than the NORSOK M-501 certification standard, or may be future development directions. Barrier direction three: Ocean economy is expected to drive demand for sealing materials Seals play a key role in ensuring the stable and efficient operation of mechanical equipment, preventing the leakage of fluids or solid particles from adjacent mating surfaces, or preventing external impurities such as dust and moisture from entering the internal components of machinery and equipment. The marine environment poses multiple challenges to sealing performance, and high-pressure seals are crucial for various deep-sea exploration applications. The global marine seal materials market is expected to benefit from the growth in demand for ships driven by the development of the ocean economy and the increase in the proportion of seal material applications. In addition to the requirements for sealing performance, environmental friendliness also imposes higher demands on seal materials, which are expected to drive the development of new seal materials. Risk warning: Policy adjustment risk; oil and gas price fluctuation risk; uncertainty in the progress of capacity release; risk of stricter environmental regulation; risk of inadequate substitution of domestic deep-sea equipment; geopolitical risk; commercialization risk of high-performance materials.