安东油田服务(03337.HK)2020年中期业绩点评：海外业务施工受疫情影响，费用高企拖累短期业绩，维持“买入”评级
机构：光大证券
评级：维持买入
◆疫情冲击导致海外项目进展不顺，中期业绩出现亏损
由于新冠疫情影响，海外部分项目停工后复工迟缓，安东油田服务2020年上半年出现亏损。营业收入为14.5亿人民币，同比下降11.9%，符合预期；归母净利润亏损0.9亿人民币，低于预期；毛利率为28.7%，同比下降5.2个百分点；每股收益-0.03元人民币。
◆海外业务短期受影响严重，继续坚定发挥油田管理业务优势
分业务板块来看，由于油价下跌影响，公司钻井技术/完井技术/采油服务板块收入分别同比下滑19.8%/12.3%/0.7%。上半年公司在海外市场实现收入7.4亿，同比减少24%，其中作为经营重点的伊拉克市场营收5.5亿，同比减少26.4%。海外疫情未得到控制，人员调动受到阻碍，公司无法按时启动伊拉克已经中标的订单，因此主动调减伊拉克在手订单12亿元。在逆境之下，公司坚定发挥油田管理业务上的优势，保持了伊拉克、乍得管理项目的平稳运行，抵消了部分业务下滑。伊拉克市场公司成功续订马基努油田管理项目的合同，为期一年。海外业务一直是公司的经营重点，2020年上半年海外新增订单量并无明显下滑。我们预计在疫情恢复后，随着推迟订单的逐步执行，公司的海外业务营收将会有明显好转。
◆费用高企拖累短期业绩，年度将有美元债到期
公司严抓现金管控，经营活动现金流净流入0.95亿元。公司在手现金及银行存款约18.3亿元，未偿还短期借款为5.3亿，在低油价的行业周期保持了充足的流动性，为疫情后的行业复苏做好充足的准备。公司财务费用偏高；年底将有约2亿美元债券到期，利率9.75%，预计偿还后新的借款利率将有所下降，有助于降低未来的财务费用。
◆后续项目执行有望逐渐恢复，维持“买入”评级
我们下调公司20-22年盈利预测，以反映海外工程延误影响下的成本端等变化；预计20-22年EPS分别为-0.03/0.04/0.08元人民币。公司业务竞争优势明显，待海外疫情得到控制，项目执行有望逐渐恢复正常，维持“买入”评级。
◆风险提示：油价波动风险、订单调降风险、地缘局势风险、汇率风险
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