Guangfa Securities: Deepening of cooperation between Sinopec Oil Service and international energy giants, maintain "hold" rating on A-shares.

Guangda Securities Research Report pointed out that the wholly-owned subsidiary of Sinopec Oilfield Services signed a $3.59 billion EPSCC contract with Total, deepening cooperation with the international energy giant. The winning amount accounts for 3.15% of the company's revenue in 24 years, further deepening cooperation with the international energy giant. The award of this project highlights the company's professional technical level and construction management capabilities in the field of petroleum engineering construction, which will help deepen the cooperation between the company and the international energy giant and is a significant breakthrough for the company's expansion in overseas markets. The new contract amount is steadily increasing, continuously expanding overseas markets. The company vigorously enhances its engineering technology service capabilities, fully tapping into high-quality overseas markets. The new contract amount in the overseas market in the first half of 2025 was 19.6 billion yuan, a year-on-year increase of 71.8%. The domestic and foreign oilfield service industry remains strong, and the company is expected to continue to benefit. The prosperity of the oilfield service industry remains at a high level, and the company actively explores high-quality customers in domestic and international markets, with the potential to achieve high-quality development. Maintain a "buy" rating on the company's A shares and H shares.