中国海油(00883.HK/600938.SH)去年净利超1300亿元，创历史第二高位。 智通财经记者 |田鹤琪 3月27日，中国海油公布2024年年度业绩称，其去年油气销售收入为3556亿元，同比增长8.4%；归母净 利润为1379亿元，同比增长11.4%；自由现金流为975亿元。 这一净利仅低于2022年，当年净利为1417亿元。 2024年，该公司股息1.4港元/股(含税)，同比上涨12%。 受经济增长预期、地缘政治、市场供需、货币政策等因素影响，国际油价总体呈先涨后跌走势。2024年 布伦特原油均价79.9美元/桶，同比下跌约2.9%。 去年，中国海油实现油价为每桶76.75美元/桶，同比下跌1.6%；实现气价7.72美元/千立方英尺，同比下 跌3.3%。同期，其桶油主要成本28.52美元，同比下降1.1%。 就中国而言，虽然国内天然气价格会受国际市场影响，但总体上随国内市场情况波动，变化幅度相较于 国际市场更为均衡。因此，中国海油去年的天然气价格基本保持稳定。 2024年，中国海油多个重点项目提前投产，资本支出为1325亿元。 国内方面，包括渤海的绥中36-1/旅大5-2油田二次调整开发项目和渤中1 ...

Core Viewpoint - China National Offshore Oil Corporation (CNOOC) reported a net profit increase of 11.4% for 2024, driven by significant growth in oil and gas production and ongoing cost control measures [1][3]. Financial Performance - Revenue for 2024 reached RMB 420.506 billion, a 0.9% increase year-on-year, influenced by rising oil and gas sales and declining international oil prices [3]. - The net profit attributable to shareholders was RMB 137.982 billion, reflecting an 11.4% year-on-year increase due to enhanced production and efficiency [2][3]. - Basic and diluted earnings per share were both RMB 2.90 [3]. Production and Reserves - CNOOC's oil and gas production reached 726.8 million barrels of oil equivalent, a 7.2% increase year-on-year [1][3]. - The company achieved a net proven reserve of 7.27 billion barrels of oil equivalent, with a reserve replacement ratio of 167%, ensuring a stable reserve life of 10 years [1][3]. Cost Management - The average cost per barrel of oil equivalent was USD 28.52, maintaining a competitive cost advantage [4]. - Operating costs per barrel were USD 7.61, showing minimal change from the previous year, indicating ongoing efforts in cost efficiency [4]. International Expansion and Green Transition - CNOOC successfully acquired 10 oil contracts in Mozambique, Brazil, and Iraq, enhancing its global asset portfolio [5]. - The company is advancing in deepwater oil and gas development technologies and has initiated the construction of smart oil fields [5]. - CNOOC is committed to green development, actively pursuing offshore wind power and carbon capture technologies [5]. - For 2025, the company targets a production goal of 760-780 million barrels of oil equivalent and plans capital expenditures of RMB 125-135 billion [5].

Core Viewpoint - China National Offshore Oil Corporation (CNOOC) reported a strong financial performance for the fiscal year 2024, with significant increases in revenue and net profit, driven by both domestic and international production growth [1][2] Financial Performance - In 2024, CNOOC achieved oil and gas sales revenue of 355.6 billion yuan and a net profit attributable to shareholders of 137.9 billion yuan, representing a year-on-year growth of 11.4% [1] - The average cost of crude oil equivalent for the year was $28.52 per barrel, a decrease of approximately 1.1% year-on-year, reinforcing the company's cost competitiveness [1] Production and Exploration - CNOOC's net production of oil and gas reached 726.8 million barrels of oil equivalent, marking a year-on-year increase of 7.2% [1] - Domestic production benefited from contributions from fields such as Bohai Zhong 19-6, with a 5.6% increase, while international production saw a significant rise of 10.8% due to the commissioning of the Payara project in Guyana [1] - The company made 11 new oil and gas discoveries in 2024, including significant projects like Longkou 7-1 and Qinhuangdao 29-6, and successfully evaluated 30 oil and gas structures [1] - As of the end of 2024, CNOOC's net proven reserves reached 7.27 billion barrels of oil equivalent, a year-on-year increase of 7.2%, with a stable reserve life of 10 years [1] Strategic Outlook - CNOOC's Chairman, Wang Dongjin, emphasized the company's commitment to driving reserve growth and production through technological innovation, maintaining cost advantages, and providing stable dividends to shareholders [2] - The company plans to continue its efforts in enhancing quality and efficiency, aiming for high-quality development in the future [2]

转自：新华财经 编辑：郭洲洋 新华财经北京3月27日电（安娜 郭洲洋）中国海洋石油有限公司（以下简称"中国海油"）27日公布2024 年年度业绩。 2024年，中国海油高质量发展不断取得新成效。面对复杂多变的宏观环境，中国海油始终坚持增储上 产，严控成本，价值创造能力不断攀升，科技创新与绿色发展成效显著。 中国海油坚持多措并举深挖上产潜力，产量连续多年刷新历史记录。2024年实现油气净产量726.8百万 桶油当量，同比增长7.2%。储量方面，中国海油坚持价值勘探，精准施策，资源基础不断扩大。全年 共获得11个油气新发现，成功评价30个含油气构造。截至2024年底，净证实储量达72.7亿桶油当量，同 比增长7.2%，储量寿命稳定在10年。 中国海油加快培育新质生产力，科技赋能生产经营成效显著，数智化发展坚实有力。工程建设标准化不 断扩大应用，有效促进产能建设提速，多个重点项目提前投产。2024年，公司资本支出完成人民币1325 亿元，有力支撑新项目建设和产量增长。此外，中国海油还坚持可持续发展理念，注重生产安全，积极 探索绿色转型路径。 同时，中国海油坚持精益化管理，盈利水平保持高位，以优秀的表现穿越油价周期。 ...

Core Viewpoint - China National Offshore Oil Corporation (CNOOC) reported a total revenue of RMB 420.506 billion for the year ending December 31, 2024, reflecting a year-on-year growth of 0.94% and a net profit attributable to shareholders of RMB 137.936 billion, which is an increase of 11.38% [1] Group 1: Financial Performance - Total revenue reached RMB 420.506 billion, with a year-on-year increase of 0.94% [1] - Net profit attributable to shareholders was RMB 137.936 billion, representing an 11.38% increase [1] - Earnings per share stood at RMB 2.9, with a proposed final dividend of HKD 0.66 per share [1] Group 2: Resource and Production Growth - The company achieved a record high in proven reserves with a replacement rate of 167%, ensuring a stable reserve life of 10 years [1] - Oil and gas production reached 726.8 million barrels of oil equivalent, marking a 7.2% year-on-year increase [1] - The company made 11 new oil and gas discoveries during the year and established a trillion-cubic-meter gas area in the South China Sea [1] Group 3: Technological Innovation and International Expansion - The company is enhancing its technological innovation capabilities, with significant discoveries guided by innovative exploration theories [2] - The "Deep Sea No. 1" ultra-deepwater gas field won the National Science and Technology Progress Award, showcasing the company's advancements in technology [2] - CNOOC successfully acquired 10 oil contracts in Mozambique, Brazil, and Iraq, further solidifying its position as a leading global industry player [1]

Financial Performance - In 2024, CNOOC Limited achieved a total oil and gas production of 726.8 million barrels of oil equivalent, representing a year-on-year increase of 7.2%[4] - The company reported a total revenue of RMB 420.5 billion for the year, with oil and gas sales revenue contributing RMB 355.6 billion, up from RMB 327.9 billion in 2023[8] - Net profit attributable to shareholders reached RMB 138 billion, compared to RMB 124.1 billion in the previous year, marking a significant increase[8] - Total revenue for the year 2024 reached RMB 362,711 million, an increase of 8.5% from RMB 334,050 million in 2023[17] - Oil and gas sales revenue amounted to RMB 355,615 million, up from RMB 327,867 million in the previous year, reflecting a growth of 8.5%[17] - The net profit attributable to shareholders for 2024 was RMB 142,322 million, compared to RMB 126,878 million in 2023, representing an increase of 12.1%[9] - Basic and diluted earnings per share for 2024 were both RMB 2.90, an increase from RMB 2.60 in 2023, marking a growth of 11.5%[9] - The company reported a total comprehensive income of RMB 142,368 million for 2024, compared to RMB 127,125 million in 2023, an increase of 12.0%[9] - The company’s pre-tax profit for 2024 was RMB 51.994 billion, compared to RMB 48.884 billion in 2023, reflecting an increase of 4.5%[26] - The company’s total operating revenue for the company was RMB 420,506 million, a 0.9% increase from RMB 416,609 million in the previous year, driven by higher oil and gas sales[39] Assets and Liabilities - Non-current assets totaled RMB 791,672 million in 2024, up from RMB 755,323 million in 2023, indicating a growth of 4.8%[10] - Current assets increased to RMB 264,609 million in 2024 from RMB 250,275 million in 2023, reflecting a rise of 5.7%[10] - Total assets less current liabilities reached RMB 937,406 million, compared to RMB 881,659 million in 2023, showing an increase of 6.3%[11] - The company's net assets rose to RMB 749,436 million in 2024, up from RMB 667,876 million in 2023, representing a growth of 12.2%[11] - The company’s total assets increased to RMB 1,056.281 billion in 2024 from RMB 1,005.598 billion in 2023, an increase of 5%[19] - The company’s total liabilities decreased to RMB 306.845 billion in 2024 from RMB 337.722 billion in 2023, a reduction of 9.1%[19] - As of December 31, 2024, the company had interest-bearing liabilities of RMB 91,887 million, down from RMB 120,177 million in 2023, resulting in a significant decrease in the debt-to-equity ratio from 15.2% to 10.9%[55] Dividends and Shareholder Returns - The company plans to maintain a dividend payout ratio of no less than 45% from 2025 to 2027, subject to shareholder approval[6] - The company declared an interim dividend of HKD 0.74 per share for 2024, an increase from HKD 0.59 per share in 2023, representing a growth of 25.42%[28] - The board has proposed a final dividend of HKD 0.66 per share (tax included) for the fiscal year 2024[37] - For the fiscal year 2024, the net profit attributable to shareholders was RMB 137,936 million, with a proposed final dividend of HKD 0.66 per share, totaling HKD 31,370 million[62] - The total dividend for the fiscal year 2024, including the mid-term dividend, amounts to HKD 1.40 per share, representing 44.7% of the net profit attributable to shareholders[62] Production and Reserves - The proven reserves replacement rate reached 167%, with a stable reserve life of 10 years, ensuring a solid resource foundation for future development[3] - The net confirmed reserves as of the end of 2024 stand at 727 million barrels of oil equivalent, with a reserve replacement ratio of 167%[35] - The company aims for a production target of 760 to 780 million barrels of oil equivalent in 2025, with a reserve replacement ratio target of no less than 130%[61] - The average cost per barrel of oil equivalent was USD 28.52, reinforcing the company's cost competitiveness[6] Strategic Initiatives and Developments - CNOOC Limited successfully acquired 10 oil contracts in Mozambique, Brazil, and Iraq, enhancing its international business presence[4] - The company has made significant technological advancements, including the establishment of intelligent oil and gas fields, accelerating its digital transformation[5] - The company is committed to green transformation and has initiated offshore wind power projects while advancing CCS/CCUS industrialization[5] - The company aims to expand its natural gas business and enhance offshore natural gas exploration and development efforts[34] Financial Management and Policies - The company has a prudent financial policy, focusing on cost control as a key performance indicator[34] - Research and development expenses were RMB 3.436 billion in 2024, down from RMB 4.136 billion in 2023, a reduction of 17%[24] - The company reported a decrease in other taxes (excluding income tax) to RMB 20,276 million, down 16.7% from RMB 24,331 million, due to historical mining rights revenue recognition in the previous year[41] - Interest income for the company was RMB 4,582 million, a decrease of 4.6% from RMB 4,805 million, attributed to changes in average bank deposit size and interest rates[46] - The company experienced a net foreign exchange loss of RMB 1,318 million, compared to RMB 297 million in the previous year, due to fluctuations in currency exchange rates[47] Governance and Compliance - The company has complied with all provisions of the Corporate Governance Code during the fiscal year ending December 31, 2024[67] - The company has not purchased, sold, or redeemed any listed securities during the fiscal year ending December 31, 2024[66] - The board of directors confirmed compliance with the company's ethical standards regarding securities trading for the fiscal year ending December 31, 2024[68] Future Outlook - The company’s future outlook includes uncertainties related to oil and gas price fluctuations, macroeconomic factors, and regulatory changes[70]

Core Insights - China's first offshore CCUS well has commenced drilling, with an expected injection of over 1 million tons of carbon dioxide over the next decade [1][2] - The project aims to enhance oil recovery while promoting green and low-carbon development [1] Group 1: Project Details - The CCUS project is located at the Enping 15-1 platform in the Pearl River Mouth Basin, which is currently the largest offshore oil production platform in Asia [1] - The Enping 15-1 oil field is characterized as a high carbon dioxide content oil field, where conventional extraction methods would lead to increased CO2 emissions [1] - The project was initiated at the end of 2023, targeting four "golden layers" for CO2 reinjection located 2.4 kilometers from the platform at depths of 1200 to 1600 meters [1] Group 2: Industry Context - In March 2023, Denmark launched a project for CO2 storage on the seabed, becoming the first country to implement "shore carbon to sea" [2] - Other countries such as Norway, the USA, Brazil, and Japan are also developing various scales of "shore carbon to sea" demonstration projects [2] - China's geological conditions for CO2 storage are favorable, with a potential storage capacity estimated at 25.8 trillion tons [2] Group 3: Current Developments - As of November 2024, China has over 120 operational and planned CCUS demonstration projects, with a CO2 capture capacity of 6 million tons per year [2] - New generation carbon capture technologies are rapidly advancing from pilot testing to industrial demonstration [2]

Capital Movement - Southbound funds net bought Hong Kong stocks worth 8.362 billion HKD on March 26, with notable purchases in China Merchants Bank (1.58 billion HKD), Meituan (377 million HKD), and Zijin Mining (351 million HKD) [1] - Continuous net selling observed in Xiaomi Group (443 million HKD), Alibaba (349 million HKD), and XPeng Motors (167 million HKD) [1] Company Performance China Merchants Bank - For 2024, China Merchants Bank reported operating income of 337.488 billion CNY, a decrease of 0.48% year-on-year, and a net profit attributable to shareholders of 148.391 billion CNY, an increase of 1.22% [3] Meituan - CEO Wang Xing reduced his stake in Ideal Auto, cashing out nearly 700 million HKD, lowering his ownership from 21.3% to 20.94% [4] Zijin Mining - JPMorgan highlights gold as a key profit driver for Zijin Mining, contributing 32% to gross profit in FY2024, up from 26% in FY2023, due to a 28% increase in average selling price [5] - Expected gold production for 2025 is 85 tons, a 17% year-on-year increase, with copper production projected at 1.15 million tons, an 8% increase [5] Pop Mart - Pop Mart's revenue for 2024 is projected at 13.04 billion CNY, a year-on-year increase of 106.9%, with net profit attributable to shareholders at 3.125 billion CNY, up 188.8% [5] - The CEO anticipates over 50% revenue growth in 2025 compared to 2024, with overseas and Hong Kong/Macau business expected to grow over 100% [5] Kuaishou - UBS reports that Kuaishou's Q4 performance met expectations, raising the target price from 76.4 HKD to 83.4 HKD with a "Buy" rating [5] - E-commerce growth rates are expected to be 13% and 15% for the full year and Q1, respectively, potentially outpacing overall online retail growth [5] Tencent Holdings - Tencent launched two new models of its Yuanbao, enhancing rapid response capabilities and deep thinking features [6] Alibaba - BMW Group announced a deepened strategic cooperation with Alibaba to jointly develop an AI engine based on Alibaba's Tongyi AI model for the Chinese market [6] XPeng Motors - XPeng's chairman stated that the cumulative delivery of XPeng MONA will exceed 100,000 units next week [6]

Investment Rating - The report maintains a "Buy" rating for the phosphate chemical sector, indicating a positive outlook for investment opportunities in this industry [6]. Core Insights - The export window for phosphate fertilizers is expected to open after the spring farming season, with new regulations set to enhance the quality and quantity of fertilizer exports. This is anticipated to support the profitability of phosphate fertilizer companies [2]. - Domestic prices for phosphate fertilizers are under downward pressure due to reduced agricultural demand, but the opening of export channels may help stabilize prices and maintain profitability [2]. - The average gross profit margin for the industrial-grade monoammonium phosphate sector remains above 400 CNY/ton, while the agricultural-grade monoammonium phosphate sector is nearing a loss [3]. - Phosphate rock prices remain high, with domestic prices reported at 1020 CNY/ton. Companies with high-grade phosphate rock resources are better positioned to produce high-quality phosphate products and benefit from integrated cost advantages [4]. Summary by Sections Phosphate Fertilizer Market - The export volume of monoammonium phosphate and diammonium phosphate in 2024 is projected at 2.0047 million tons and 4.5632 million tons, respectively, showing year-on-year declines of 1.6% and 9.4% [2]. - The average price of industrial-grade monoammonium phosphate has increased by 10.8% since the beginning of the year, reaching 6393 CNY/ton, while agricultural-grade monoammonium phosphate has risen by 9.3% to 3316 CNY/ton [3]. Phosphate Rock Resources - The average grade of phosphate rock in China is around 17%, with only 20% of reserves classified as medium to high-grade (25% P2O5 and above). Companies with access to high-grade resources are more competitive [4]. Investment Recommendations - The report suggests focusing on leading companies in the phosphate chemical sector, including Ba Tian Co., Chuanheng Co., Yuntu Holdings, Yuntianhua, Xingfa Group, Xinyangfeng, Chuanfa Longmang, Chuanjinnuo, and Hubei Yihua, due to their strong resource positions and integrated production capabilities [4].

Summary of Conference Call on Deep Sea Technology and Related Companies Industry Overview - The deep sea technology sector is highlighted in the 2025 government work report, indicating strong national commitment to its development [2][2] - Deep sea technology is recognized as a crucial component of new productivity, expected to enhance the performance of related companies, particularly in materials, equipment, and engineering services [2][2] Key Companies and Their Prospects 1. **Macco Xincai** - Leading domestic industrial coatings company, benefiting from rising container shipping prices, with container coatings revenue expected to grow over 200% year-on-year [2][4] - Holds over 40% market share in wind turbine blade coatings and is expanding into marine coatings, indicating potential for significant performance breakthroughs [2][4] 2. **Dalian Heavy Industry** - A major machinery manufacturing enterprise with steady revenue and profit growth, expected to see a 40% year-on-year profit increase in 2025 [2][5] - New high-end wind power casting capacity supports future growth, with a strong order backlog from 2021 to 2024 [2][5][16] 3. **CNOOC (China National Offshore Oil Corporation)** - A leader in China's offshore and deep-sea sectors, with significant technological capabilities and a strong production record [2][8] - "Deep Sea No. 1" project has produced over 110 billion cubic meters of natural gas, with further production expected from rich reserves in the South China Sea [2][9] 4. **CNOOC Engineering** - Benefiting from high capital expenditure from CNOOC, with expected performance growth of 10%-20% in 2025 [2][10] - Plans to establish a base in the Middle East to enhance operational efficiency and reduce costs [2][15] 5. **CNOOC Services** - Engaged in high-precision technical services, filling gaps in China's 3D seismic exploration data [2][12] - Expected to maintain rapid growth over the next 1-2 years, with a low valuation of around 8 times PE, indicating investment potential [2][12] Financial Insights - CNOOC's capital expenditure is projected to remain high, between 100 billion to 130 billion, with production growth rates of 3%-5% anticipated [2][13] - CNOOC's A-share price is approximately 30% higher than its Hong Kong counterpart, with potential for this discount to narrow as liquidity improves [2][14] Market Trends and Recommendations - The deep sea economy is expected to drive growth in oil and gas engineering and services sectors [2][7] - Recommended companies to watch include Macco Xincai, Dalian Heavy Industry, CNOOC Engineering, and CNOOC Services, all of which are positioned to benefit from advancements in energy and deep sea technology [2][19] Conclusion - The deep sea technology sector is poised for significant growth, supported by government policy and increasing demand, with several key companies likely to benefit from this trend.