EB Securities maintains a "buy" rating on ANTON OILFIELD (03337), with potential for new growth space to be opened up by its new business model.

EB SECURITIES released a research report stating that they are maintaining a "buy" rating for ANTON OILFIELD (03337), with performance meeting expectations. They are maintaining the company's net profit forecast for the years 2025 to 2027 at 370 million, 460 million, and 560 million RMB respectively, with corresponding EPS of 0.12, 0.16, and 0.19 RMB. The demand in the oilfield services market continues to recover, and the company's new business model is expected to open up new growth opportunities. In 2025 H1, the company's revenue was 2.63 billion RMB, a year-on-year increase of 20.9%, and net profit attributable to shareholders was 170 million RMB, a year-on-year increase of 55.9%. The comprehensive gross profit margin was 28.7%, a decrease of 1.5 percentage points year-on-year, while the comprehensive net profit margin was 6.3%, an increase of 1.2 percentage points year-on-year. The report mentioned that all business segments of the company are growing steadily, and the new business model is opening up growth opportunities. In 2025 H1, the company's revenue from oilfield technical services, oilfield management services, testing services, and drilling services were 1.21 billion, 1 billion, 200 million, and 220 million RMB respectively, with year-on-year growth rates of 22.9%, 11.2%, 21.7%, and 74.2%. The company continues to develop new business models, having recently won the development rights for the Dhufriyah oil field in Iraq for twenty-five years. This project marks the company's entry into a new era of oil and gas field development as an independent operator. The project has already successfully held two joint management committee meetings and reached important consensus on project progress. Additionally, the company is actively developing natural gas utilization business, with the successful initiation of the construction and operation project of an oil and gas processing facility in Sarawak, Malaysia, marking the company's first onshore commercial natural gas project in the Sarawak market, serving as a cornerstone for the company's deepening of the Malaysian market. In 2025 H1, the company's revenue from the Chinese market, Iraq market, and other overseas markets were 950 million, 1.45 billion, and 230 million RMB respectively, with year-on-year growth rates of +43.0%, +16.6%, and -13.9%. In the Chinese market, the company assisted clients in the Tarim oil field in completing the first well with a depth of ten thousand meters for fracturing dynamic visualization monitoring. It also made breakthrough progress in the development of deep shale gas and tight gas. In the Iraq market, the company's core business has steadily advanced, with the completion of the renewal of a large-scale integrated oilfield management project and continued success in securing high-quality orders in the fields of oilfield management, digital technology, drilling, production increase, and completion technology services. In 2025 H1, new orders in the Chinese market were 1.63 billion RMB, largely in line with the previous year; new orders in Iraq were 2.51 billion RMB, a decrease of 11.4% year-on-year; new orders in other overseas markets were 610 million RMB, an increase of 54.5% year-on-year, indicating strong support for the company's overall order book.