Baker Hughes Co-A 4000 字深度研报

$Baker Hughes(BKR.US)$Halliburton(HAL.US) Recently studied Baker Hughes, the biggest contradiction is the deep intertwining of traditional energy volatility and low-carbon transition opportunities.

🎯 Core logic: Leader in the full industrial chain of oil & gas equipment services, covering upstream exploration to downstream production. While affected by oil price cycles (5-8 year fluctuations), it builds moats through technology integration. The business model centers on hardware+software bundling (oilfield equipment + industrial IoT closed-loop services with high customer switching costs) and low-carbon technology positioning (leading in LNG equipment and carbon capture), combined with long-term maintenance contracts with giants like ExxonMobil to smooth cyclical risks.

📈 Financial highlights: 2024 ROE reached 18.47% (surpassing the 15% excellence benchmark), with gross margin at 20.99% and net margin at 10.70% in healthy ranges; Net profit surged from ¥1.943B in 2023 to ¥2.979B (53.3% growth), operating cash flow was ¥3.332B (cash conversion ratio of 1.12, fully realizing profits as cash), and free cash flow grew positively for 5 consecutive years. Risks: Q1 2025 net margin dropped sharply to 6.25% (cost volatility needs monitoring), accounts receivable turnover days at 93 (above warning line), goodwill at ¥6.078B (16% of assets, impairment risks require attention).