EB Securities: The oil field development model is expected to open up growth space, maintaining a "buy" rating for ANTON OILFIELD (03337).

EB SECURITIES has released a research report stating that changes in the Middle East situation may have a certain impact on the business development of ANTON OILFIELD (03337). Based on prudent principles, the company has respectively lowered its net profit forecast for the years 2026-2027 by 17.0%/14.4% to 380 million/480 million yuan, and introduced a net profit forecast of 590 million yuan for the year 2028, corresponding to EPS of 0.13/0.16/0.20 yuan. The company's light asset business is steadily developing, and the oilfield development business model is expected to open up new growth space. The "buy" rating is maintained. The main points of EB SECURITIES are as follows: Significant growth in performance, continuous improvement in net profit margin By 2025, ANTON OILFIELD achieved operating income of 5.57 billion yuan, a year-on-year increase of 17.2%; net profit attributable to the parent company was 370 million yuan, a year-on-year increase of 53.8%. The comprehensive gross profit margin was 28.6%, a year-on-year decrease of 0.9 percentage points; the comprehensive net profit margin was 6.9%, a year-on-year increase of 1.5 percentage points. Light asset business supports revenue growth, oilfield development model opens up growth space By 2025, the company's integrated oilfield technology services, intelligent management services, and energy asset management businesses achieved operating income of 2.48 billion/2.82 billion/270 million yuan, respectively, representing year-on-year growth of 14.6%/20.6%/8.2%. The company's relatively light asset intelligent management service business revenue grew significantly, serving as the main driver of the company's performance growth. The company actively explores new business models in energy asset management, with the Dafurui oilfield development project in Iraq being the first oilfield block project led by the company as an operator. The project officially started drilling the first well on February 22, 2026, and has also started the repair and testing of an existing well in sync, progressing smoothly according to plan; the company's natural gas and energy infrastructure business has made breakthroughs in the Sarawak market in Malaysia, with wide business opportunities in the global market. Stable growth in the domestic market, multiple breakthroughs in overseas markets By 2025, the company achieved operating income of 1.87 billion/3.15 billion/550 million yuan in the Chinese market, Iraqi market, and other overseas markets respectively, representing year-on-year growth of 12.7%/21.0%/12.2%. In the Chinese market, the company has set records in deep exploration, offshore diving, and onshore production enhancement, and has achieved continuous landing of multiple groundbreaking projects. In the Iraqi market, the Dafurui oilfield development project has officially entered the substantive operational phase; the Makinu oilfield management project continues to operate safely and steadily; successful bids for multiple intelligent operation projects demonstrate the company's core competitiveness in the oil and gas industry's digital solutions. In other overseas markets, the company has made significant progress in emerging markets such as the Middle East, Africa, and Southeast Asia, officially entering the Kuwait market in 2025 and obtaining substantial access, while also making progress in Saudi Arabia, Algeria, Malaysia, and Oman, with the potential to continue expanding its footprint in emerging markets. Risk warning: Fluctuation in oil prices, changes in industry policies, risks related to overseas geopolitical situations, and exchange rate fluctuations.