安東油田服務(03337.HK)2020年中期業績點評：海外業務施工受疫情影響，費用高企拖累短期業績，維持“買入”評級
機構：光大證券
評級：維持買入
◆疫情衝擊導致海外項目進展不順，中期業績出現虧損
由於新冠疫情影響，海外部分項目停工後復工遲緩，安東油田服務2020年上半年出現虧損。營業收入為14.5億人民幣，同比下降11.9%，符合預期；歸母淨利潤虧損0.9億人民幣，低於預期；毛利率為28.7%，同比下降5.2個百分點；每股收益-0.03元人民幣。
◆海外業務短期受影響嚴重，繼續堅定發揮油田管理業務優勢
分業務板塊來看，由於油價下跌影響，公司鑽井技術/完井技術/採油服務板塊收入分別同比下滑19.8%/12.3%/0.7%。上半年公司在海外市場實現收入7.4億，同比減少24%，其中作為經營重點的伊拉克市場營收5.5億，同比減少26.4%。海外疫情未得到控制，人員調動受到阻礙，公司無法按時啟動伊拉克已經中標的訂單，因此主動調減伊拉克在手訂單12億元。在逆境之下，公司堅定發揮油田管理業務上的優勢，保持了伊拉克、乍得管理項目的平穩運行，抵消了部分業務下滑。伊拉克市場公司成功續訂馬基努油田管理項目的合同，為期一年。海外業務一直是公司的經營重點，2020年上半年海外新增訂單量並無明顯下滑。我們預計在疫情恢復後，隨着推遲訂單的逐步執行，公司的海外業務營收將會有明顯好轉。
◆費用高企拖累短期業績，年度將有美元債到期
公司嚴抓現金管控，經營活動現金流淨流入0.95億元。公司在手現金及銀行存款約18.3億元，未償還短期借款為5.3億，在低油價的行業週期保持了充足的流動性，為疫情後的行業復甦做好充足的準備。公司財務費用偏高；年底將有約2億美元債券到期，利率9.75%，預計償還後新的借款利率將有所下降，有助於降低未來的財務費用。
◆後續項目執行有望逐漸恢復，維持“買入”評級
我們下調公司20-22年盈利預測，以反映海外工程延誤影響下的成本端等變化；預計20-22年EPS分別為-0.03/0.04/0.08元人民幣。公司業務競爭優勢明顯，待海外疫情得到控制，項目執行有望逐漸恢復正常，維持“買入”評級。
◆風險提示：油價波動風險、訂單調降風險、地緣局勢風險、匯率風險
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