Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 26.43, indicating a potential upside of 38.5% from the current price of HKD 19.08 [2]. Core Insights - The company achieved a record net profit of HKD 797 billion in the first half of the year, representing a 25% year-on-year increase. Revenue for the same period was HKD 2268 billion, up 18% year-on-year [1]. - The total oil and gas production reached 362.6 million barrels of oil equivalent, a 9.3% increase year-on-year, with oil prices averaging USD 80.32 per barrel, up 9.2% year-on-year [1]. - The company continues to focus on increasing reserves and production, aiming for a reserve replacement ratio of no less than 130% and a production target of 700-720 million barrels of oil equivalent for 2024 [1]. Financial Performance - The company reported a significant increase in revenue from oil liquid products, which reached HKD 1613 billion, a 24% increase year-on-year, while natural gas product revenue was HKD 239 billion, up 9.7% year-on-year [1]. - The average cost per barrel of oil equivalent decreased to USD 27.75, a 1.5% decline year-on-year, with operational costs down by 4.8% due to increased production and currency fluctuations [1]. - The interim dividend for 2024 was set at HKD 0.74 per share, a historical high for the same period, with a payout ratio of 40.3%, reflecting a 25.4% increase year-on-year [1]. Future Projections - Revenue projections for 2024, 2025, and 2026 are estimated at HKD 451.4 billion, HKD 471.0 billion, and HKD 481.7 billion respectively, with net profits expected to be HKD 145.2 billion, HKD 151.2 billion, and HKD 155.4 billion [2][4]. - The report anticipates an 8x PE valuation for 2024, supporting the target price of HKD 26.43 [2].

研究报告 Research Report 8 Sep 2024 中国海洋石油 China National Offshore Oil Corporation (883 HK) 上半年净利润同比增长 25% [Table_yemei 观点聚焦 1] Investment Focus | --- | --- | |----------------------------------------------------------------|---------------------------| | 1H24 net income up 25% y/y [Table_Info] 首次覆盖优于大市 | Initiate with OUTPERFORM | | 评级 | 优于大市 OUTPERFORM | | 现价 | HK$19.84 | | 目标价 | HK$24.19 | | HTI ESG | 5.0-5.0-5.0 | | E-S-G: 0-5, (Please refer to the Appendix for ESG comments) | | | 市值 | HK$966.93bn / US$124. ...

Financial Performance - Oil and gas net production reached 362.6 million barrels of oil equivalent, an increase of 9.3% year-on-year[2] - Oil and gas sales revenue amounted to RMB 185.11 billion, representing a 22.0% increase compared to the same period last year[2] - Net profit attributable to shareholders was RMB 79.73 billion, a growth of 25.0% year-on-year[2] - Basic and diluted earnings per share were both RMB 1.68, reflecting a 25.0% increase[2] - The company achieved a historical high in operating profit of RMB 105.54 billion, up from RMB 84.27 billion in the previous year[7] - For the six months ended June 30, 2024, the total comprehensive income amounted to RMB 81,213 million, an increase of 14.9% compared to RMB 71,146 million for the same period in 2023[8] - The basic and diluted earnings per share for the period were RMB 1.68, up from RMB 1.34, representing a growth of 25.4% year-over-year[8] - The company reported a profit of RMB 79,731 million for the six months ended June 30, 2024, compared to RMB 63,761 million in 2023, indicating an increase of 24.9%[19] - Total revenue for the six months ended June 30, 2024, was RMB 226,770 million, up from RMB 192,064 million in 2023, marking a growth of 18.0%[15] Dividends - The interim dividend declared was HKD 0.74 per share, an increase of 25.4% compared to the previous year[2] - The company declared an interim dividend of HKD 0.74 per share, an increase from HKD 0.59 per share in the previous year, totaling approximately RMB 32,139 million[20] - The company will distribute an interim dividend of HKD 0.74 per share (tax included) for the 2024 interim period[34] - A 10% corporate income tax will be withheld for non-resident corporate shareholders receiving the interim dividend[35] - The interim dividend will be paid on or around October 18, 2024, to shareholders registered on the company's register as of September 20, 2024[34] - Shareholders must submit relevant documentation by September 13, 2024, to avoid the 10% withholding tax if eligible[35] - The company will not withhold individual income tax for natural person shareholders as of September 20, 2024[35] Assets and Liabilities - The company's non-current assets totaled RMB 778,234 million as of June 30, 2024, compared to RMB 755,323 million at the end of 2023, reflecting an increase of 3.0%[9] - Current assets increased to RMB 297,170 million from RMB 250,275 million, marking a growth of 18.7%[9] - Cash and cash equivalents rose to RMB 142,960 million, up from RMB 133,439 million, indicating an increase of 7.4%[9] - The company's net assets reached RMB 720,903 million, a rise of 7.9% from RMB 667,876 million at the end of 2023[9] - The total liabilities decreased from RMB 213,783 million to RMB 188,376 million, a reduction of 11.9%[9] - The company’s total assets as of June 30, 2024, were RMB 1,075,404 million, an increase from RMB 1,005,598 million at the end of 2023[15] - The company’s total liabilities as of June 30, 2024, were RMB (354,501) million, compared to RMB (337,722) million at the end of 2023[15] Operational Highlights - Significant discoveries included the Bluefin oil field in Guyana and the Lingshui 36-1 gas field in the South China Sea[3] - The average cost per barrel of oil equivalent was maintained at USD 27.75, ensuring a competitive cost advantage[4] - The company is focused on enhancing production efficiency and reducing costs while advancing its transition to renewable energy[5] - The company plans to continue its strategic initiatives to achieve new milestones in production and operational efficiency in the second half of the year[5] - 62% of the company's sales revenue for the six months ended June 30, 2024, came from customers in China, with no other individual region contributing more than 10%[16] Governance and Compliance - The company’s board has confirmed compliance with the corporate governance code during the six months ending June 30, 2024[30] - The board consists of executive, non-executive, and independent non-executive directors, ensuring diverse governance[36] - The company emphasizes that actual results may differ from forward-looking statements due to various uncertainties, including macroeconomic factors and industry competition[37] Shareholder Actions - The company repurchased a total of 16,366,000 shares listed on the Hong Kong Stock Exchange in July 2024, at a total cost of HKD 331 million, equivalent to approximately RMB 302 million[24] - There were no repurchases, sales, or redemptions of listed securities by the company during the six months ending June 30, 2024[29] - The company will close its Hong Kong share register from September 16 to September 20, 2024, for dividend eligibility[34] Provisions and Receivables - The company recognized a provision for abandonment discounting of approximately RMB 1,614 million for the six months ended June 30, 2024, compared to RMB 1,428 million in 2023[17] - Accounts receivable as of June 30, 2024, totaled RMB 42,742 million, with a provision for bad debts of RMB 96 million, representing a provision ratio of 0.22%[21] - The company’s accounts receivable aging analysis shows that 100% of receivables over three years are fully provided for bad debts[21] - Accounts payable to suppliers and partners as of June 30, 2024, amounted to RMB 66,905 million, an increase from RMB 59,017 million as of December 31, 2023[22] - The company’s total accounts payable and accruals as of June 30, 2024, were RMB 69,198 million, compared to RMB 61,382 million as of December 31, 2023[22]

Financial Performance - The company's operating revenue for Q1 2024 was RMB 111,468 million, representing a 14.1% increase compared to the same period last year[2]. - Net profit attributable to shareholders of the parent company reached RMB 39,719 million, up 23.7% year-on-year[2]. - Total revenue for Q1 2024 reached RMB 111,468 million, a 14% increase from RMB 97,711 million in Q1 2023[15]. - Net profit for Q1 2024 was RMB 39,726 million, up 24% from RMB 32,109 million in Q1 2023[16]. - Operating profit for Q1 2024 was RMB 52,597 million, representing a 21% increase compared to RMB 43,347 million in Q1 2023[15]. - The company reported a total comprehensive income of RMB 39,877 million for Q1 2024, compared to RMB 28,549 million in Q1 2023[17]. Cash Flow - The net cash flow from operating activities was RMB 59,978 million, reflecting a 15.4% increase from the previous year[2]. - In Q1 2024, the cash inflow from operating activities was RMB 113,816 million, an increase of 9.1% compared to RMB 103,925 million in Q1 2023[18]. - The net cash flow from operating activities reached RMB 59,978 million, up 15.5% from RMB 51,968 million in the same period last year[18]. - Cash inflow from investment activities totaled RMB 15,283 million, down 38.1% from RMB 24,687 million in Q1 2023[18]. - The net cash flow from investment activities was negative at RMB -33,884 million, an improvement from RMB -42,935 million in Q1 2023[18]. - Cash inflow from financing activities was RMB 1,352 million, significantly higher than RMB 75 million in Q1 2023[19]. - The net cash flow from financing activities was negative at RMB -1,156 million, slightly improved from RMB -1,735 million in the previous year[19]. - The total cash and cash equivalents at the end of Q1 2024 amounted to RMB 158,407 million, compared to RMB 92,600 million at the end of Q1 2023, reflecting a 70.9% increase[19]. - The company received RMB 1,331 million from borrowings in Q1 2024, a substantial increase from RMB 75 million in Q1 2023[19]. Production and Sales - Oil and gas sales revenue was RMB 89,977 million, marking a 21.3% increase from RMB 74,196 million in the same quarter last year[5]. - In Q1 2024, the company achieved a total net production of 180.1 million barrels of oil equivalent, a year-on-year increase of 9.9%[10]. - The company's domestic net production was 123.2 million barrels of oil equivalent, up 6.9% year-on-year, primarily due to new project contributions[10]. - The overseas net production reached 56.9 million barrels of oil equivalent, a year-on-year increase of 16.9% driven by production increases in Guyana and Canada[10]. - The average realized price for oil liquids was USD 78.75 per barrel, a 6.2% increase from USD 74.17 per barrel in Q1 2023[5]. - The average realized oil price in Q1 2024 was $78.75 per barrel, an increase of 6.2% compared to the previous year[10]. - The average realized gas price in Q1 2024 was $7.69 per thousand cubic feet, a decrease of 7.7% year-on-year[10]. - The company’s main cost per barrel of oil was $27.59, a decrease of 2.2% year-on-year[10]. Capital Expenditures and Assets - Capital expenditures totaled RMB 29,014 million, which is a 17.3% increase compared to RMB 24,736 million in Q1 2023[5]. - Capital expenditures for Q1 2024 amounted to approximately RMB 29.01 billion, a year-on-year increase of 17.3%[10]. - The total assets at the end of the reporting period were RMB 1,005,598 million, showing a 4.9% increase from the end of the previous year[2]. - Total assets as of March 31, 2024, amounted to RMB 1,055,179 million, an increase from RMB 1,005,598 million as of December 31, 2023[14]. - Current assets increased to RMB 288,758 million as of March 31, 2024, compared to RMB 250,275 million at the end of 2023, reflecting a growth of 15%[14]. - Total liabilities rose to RMB 347,100 million as of March 31, 2024, compared to RMB 337,722 million at the end of 2023[14]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 151,765[6]. - Earnings per share for Q1 2024 was RMB 0.84, an increase from RMB 0.68 in Q1 2023[17]. Other Financial Metrics - Non-recurring gains and losses totaled RMB 244 million for the quarter[3]. - The weighted average return on equity was 5.79%, an increase of 0.54 percentage points compared to the previous year[2]. - The company made 2 new discoveries and successfully evaluated 4 oil and gas structures in Q1 2024[10]. - The company’s inventory decreased slightly to RMB 6,267 million as of March 31, 2024, from RMB 6,451 million at the end of 2023[14]. - The cash outflow for purchasing fixed assets and other long-term assets was RMB -28,520 million, compared to RMB -24,095 million in the same quarter last year[18]. - The impact of exchange rate changes on cash and cash equivalents was RMB 30 million, a recovery from a negative impact of RMB -331 million in Q1 2023[19].

Financial Performance - CNOOC Limited reported a net confirmed reserve of approximately 6.78 billion barrels of oil equivalent as of December 31, 2023[5]. - Total revenue for the year 2023 was $416.609 million, a slight decrease from $422.230 million in 2022, representing a decline of approximately 1.4%[9]. - Total expenses increased to $248.840 million in 2023 from $228.905 million in 2022, marking an increase of about 8.7%[9]. - Net profit for 2023 was $124.090 million, down from $141.677 million in 2022, reflecting a decrease of approximately 12.5%[9]. - The company's total assets reached $1,005.598 million in 2023, an increase from $929.031 million in 2022, representing a growth of about 8.2%[10]. - Current assets amounted to $250.275 million in 2023, compared to $264.679 million in 2022, indicating a decrease of approximately 5.4%[10]. - Shareholders' equity increased to $667.876 million in 2023 from $598.383 million in 2022, showing a growth of about 11.6%[10]. - The company reported a pre-tax profit of $172.974 million for 2023, down from $194.770 million in 2022, a decrease of approximately 11.1%[9]. - Investment income for 2023 was $3.084 million, compared to $2.058 million in 2022, reflecting an increase of approximately 50%[9]. - The company achieved a revenue of RMB 416.6 billion and a net profit attributable to shareholders of RMB 123.8 billion, maintaining strong profitability despite falling oil prices[15]. Production and Reserves - The average daily net production for the year reached 1,857,619 barrels of oil equivalent[5]. - The total net production of oil equivalent reached 1,857,619 barrels per day in 2023, an increase from 1,709,175 barrels per day in 2022, reflecting a growth of about 8.7%[11]. - The company achieved a net production of 678 million barrels of oil equivalent in 2023, marking a historical high for five consecutive years[14]. - The net proven oil reserves reached 2,667.3 million barrels in 2023, an increase from 2,280.4 million barrels in 2022, representing a growth of approximately 17%[12]. - The net proven natural gas reserves increased to 8,180.2 billion cubic feet in 2023, up from 7,786.2 billion cubic feet in 2022, marking a growth of about 5%[12]. - The total net proven reserves (in million barrels of oil equivalent) reached 6,784.2 million barrels in 2023, compared to 6,238.6 million barrels in 2022, reflecting an increase of approximately 9%[12]. - The reserve replacement ratio was reported at 182% in 2023, indicating strong performance in replenishing reserves[13]. Dividends and Shareholder Returns - The board proposed a final dividend of HKD 0.66 per share, in addition to an interim dividend of HKD 0.59 per share, totaling HKD 1.25 per share for 2023[2]. - The company maintains a dividend payout policy with a minimum payout ratio of 40% from 2022 to 2024, with an absolute dividend value not less than HKD 0.70 per share (tax included) regardless of operational performance[172]. - The dividend distribution policy was approved at a special shareholders' meeting on October 26, 2021, ensuring shareholder returns based on future earnings, capital requirements, and financial conditions[172]. Operational Focus and Strategy - CNOOC Limited is the largest offshore oil and gas producer in China and one of the largest independent oil and gas exploration and production companies globally[5]. - The company emphasizes the importance of macroeconomic factors and oil price volatility in its future performance outlook[3]. - The company is committed to low-carbon development and technological advancements in its operations[4]. - The company plans to accelerate the construction of a world-class energy company and aims for steady growth in reserves and production in 2024[15]. - The company has made significant progress in integrating exploration and development, with rapid production from new discoveries such as Xijiang 24-2[25]. Environmental and Social Responsibility - The company is committed to sustainable development by reducing the environmental impact of oil and gas exploration and development activities and promoting the development of new energy and green technologies[110]. - The company has implemented a comprehensive environmental management system focusing on pollution control and ecological protection during oil and gas extraction[199]. - The company is actively promoting energy conservation and carbon reduction initiatives in line with national "carbon peak and carbon neutrality" goals[199]. - The company has developed a "14th Five-Year" energy-saving and carbon reduction action plan to enhance efficiency and reduce emissions[199]. - The company aims to achieve "increased production without increased pollution" through targeted environmental protection measures[199]. Governance and Risk Management - The company has established a comprehensive risk management and internal control system, ensuring effective compliance and risk mitigation strategies[82]. - The board of directors receives biannual reports on risk management and internal control, ensuring all significant risks are monitored and addressed[84]. - The company integrates Environmental, Social, and Governance (ESG) risk management into its regular operations, assessing at least six categories of ESG risks, including climate change and data privacy[107]. - The company has received multiple awards for its high standards of corporate governance, including the "Best Listed Company" award and the "Gold Award" for ESG[108]. - The company emphasizes the importance of ethical conduct and compliance policies in its governance framework[150]. Market Expansion and Future Outlook - The company is actively pursuing mergers and acquisitions to strengthen its market position and expand its service offerings[181]. - Future outlook includes a commitment to sustainable development and innovation in energy solutions[180]. - The company is considering strategic acquisitions to enhance its market position, with a budget of $1 billion for potential deals[184]. - The company plans to launch multiple key new projects in China and overseas in the next three years to support further production growth[29].

中国海洋石油（883） 更新报告 买入 2024年3月28 日 桶油成本优势明显，资本支出预算上调 许尚青  业绩符合预期：公司 2023 年全年实现营业收入人民币 4166.09 亿 +852-25321539 元，同比下降 1.33%；实现归母净利润 1238.43 亿元，同比下降 tim.xu@firstshanghai.com.hk 12.60%。扣非净利润 1251.88 亿元，同比下降 10.74%。Q4 单季度 实现营业收入 1097.92 亿元，同比下降 1.16%，环比下降 4.32%。 陈晓霞 实现归母净利润 261.98 亿元，同比下降 20.45%，环比下降 + 852-25321956 22.68%。实现扣非净利润294.83亿元，同比下降10.57%，环比下 降 11.68%。业绩同比下降主要由于国际油价下降，价差缩窄影响 xx.chen@firstshanghai.com.hk 营收。派发 2023 年末期股息 0.66 港元/股（含税），全年股息 1.25港元/股（含税），股息支付率达43.6%。 主要数据  增储上产成绩明显：公司 2023 年油气净产量为 678 百万桶 ...

Financial Performance - CNOOC Limited achieved a total revenue of RMB 416.609 billion in 2023, a slight decrease from RMB 422.230 billion in 2022[3]. - The net profit attributable to shareholders for 2023 was RMB 124.090 billion, down from RMB 141.677 billion in 2022, reflecting a decrease of approximately 12.5%[3]. - The company’s operating profit for 2023 was RMB 167.769 billion, down from RMB 193.325 billion in 2022[3]. - CNOOC Limited's total comprehensive income for 2023 was RMB 127.125 billion, compared to RMB 161.106 billion in 2022[4]. - Total revenue for 2023 was RMB 334,050 million, a decrease from RMB 364,574 million in 2022, reflecting a decline of approximately 8.3%[10]. - Oil and gas sales revenue for 2023 was RMB 327,867 million, down from RMB 352,956 million in 2022, representing a decrease of about 7.1%[10]. - The exploration and production segment reported a profit of RMB 124,090 million in 2023, down from RMB 141,677 million in 2022, reflecting a decline of 12.5%[12]. - The company's operating revenue for 2023 was RMB 416.609 billion, down 1.3% from RMB 422.230 billion in 2022, primarily due to the impact of declining international oil prices[38]. - The basic and diluted earnings per share for 2023 are RMB 2.60, down from RMB 3.03 in 2022, representing a decline of approximately 14.2%[19]. Production and Exploration - The company reported an oil and gas production of 678 million barrels of oil equivalent, marking a historical high for five consecutive years[2]. - The company made nine new discoveries in oil and gas exploration during the year, achieving the best net proven reserves in history[2]. - The company maintained a net proven reserve of approximately 6.78 billion barrels of oil equivalent, with a reserve replacement ratio of 180% in 2023[30]. - The net production for 2023 reached 67.8 million barrels of oil equivalent, representing an 8.7% year-on-year increase[30]. - The company plans to increase the proportion of natural gas in its total production by 2025, supported by major gas fields in the South China Sea and Bohai Sea[28]. Costs and Expenses - The average cost per barrel of oil was USD 28.83, reinforcing the company's cost competitiveness[2]. - Operating expenses increased to RMB (34,802) million in 2023 from RMB (31,566) million in 2022, representing an increase of 7.8%[12]. - The company's exploration expenses in 2023 were RMB 13,716 million, a decrease of 2.4% from RMB 14,058 million in 2022, reflecting a focus on maintaining exploration efforts[42]. - Depreciation, depletion, and amortization expenses increased to RMB 68,947 million in 2023 from RMB 62,852 million in 2022, a rise of 9.0%[16]. Dividends and Shareholder Returns - CNOOC Limited proposed a final dividend of HKD 0.66 per share for the year 2023[2]. - The interim dividend per share for 2023 is HKD 0.59, a decrease from HKD 0.70 in 2022, which is a reduction of about 15.7%[20]. - The board proposed a final dividend of HKD 0.66 per share for the fiscal year 2023, totaling HKD 31,394 million, which represents 44% of the net profit attributable to shareholders[61]. Assets and Liabilities - Non-current assets totaled RMB 755,323 million in 2023, compared to RMB 664,352 million in 2022, indicating a growth of about 13.7%[5]. - Current assets decreased to RMB 250,275 million in 2023 from RMB 264,679 million in 2022, a decline of approximately 5.4%[5]. - Total liabilities decreased from RMB 330,648 million in 2022 to RMB 337,722 million in 2023, reflecting a reduction of about 2.1%[6]. - Net assets increased to RMB 667,876 million in 2023, up from RMB 598,383 million in 2022, representing an increase of approximately 11.6%[6]. - The company's total liabilities as of December 31, 2023, were RMB 337,722 million, a 2.1% increase from RMB 330,648 million in 2022, indicating stable leverage[50]. Future Plans and Strategic Focus - CNOOC Limited plans to focus on increasing reserves and production while enhancing its digital transformation and green energy initiatives in 2024[2]. - The company aims for a production target of 700-720 million barrels of oil equivalent in 2024, with a reserve replacement ratio target of no less than 130%[59]. - The company plans to maintain capital expenditures between RMB 125 billion and RMB 135 billion for 2024[59]. Workforce and Governance - As of December 31, 2023, the company employed 19,511 staff in China and 2,275 overseas, indicating a diversified workforce[57]. - The company has established a market-oriented employment structure and a reasonable compensation framework[57]. - The company has complied with all provisions of the Corporate Governance Code during the fiscal year ending December 31, 2023[66]. Risks and Uncertainties - The company acknowledges that actual results may differ significantly from current expectations due to uncertainties such as oil and gas price fluctuations and macroeconomic factors[69]. - The company cannot guarantee that expected performance or developments will be achieved, nor can it assure that they will have the anticipated effects on the business[69].

Investment Rating - The report maintains a "Buy" rating for China National Offshore Oil Corporation (CNOOC) [1][3] Core Views - CNOOC successfully discovered the Qinhuangdao 27-3 oil field with an estimated geological oil reserve of 104 million tons, and initial tests show a daily production of approximately 742 barrels per well [2] - The company has raised its production targets for 2024-2025, with a net production target of 700-720 million barrels of oil equivalent for 2024, reflecting a year-on-year increase of 3.7% to 6.7% [2] - CNOOC plans to increase capital expenditures, with a total budget of RMB 125-135 billion for 2024, and has adjusted its 2023 capital expenditure to approximately RMB 128 billion [2] - The company is focused on shareholder returns, maintaining a dividend payout ratio of no less than 40% from 2022 to 2024, with an absolute dividend value of no less than HKD 0.70 per share [3] - The report adjusts the net profit forecasts for 2023-2025 to RMB 127.8 billion, RMB 139.7 billion, and RMB 148.6 billion respectively, with year-on-year growth rates of -10%, 9%, and 6% [3] Financial Summary - Total revenue for 2023 is projected at RMB 412.36 billion, with a year-on-year growth of 3.47% [1][6] - The net profit for 2023 is expected to be RMB 127.81 billion, reflecting a decrease of 9.80% compared to the previous year [1][6] - The earnings per share (EPS) for 2023 is estimated at RMB 2.69, with a price-to-earnings (P/E) ratio of 5.90 [1][6] - The company’s total assets are projected to reach RMB 1,195.52 billion by 2024, with a debt-to-asset ratio of 36.80% [4][6]

Investment Rating - The report maintains a "Buy" rating for the company [2][4] Core Views - The company discovered a significant oil field in the South China Sea, with an average oil production of approximately 7,680 barrels per day and gas production of about 0.52 million cubic feet [3] - The company has raised its production targets for 2024-2025 and disclosed its 2026 production goals, with a net production target of 700-720 million barrels of oil equivalent for 2024, representing a year-on-year increase of 3.7% to 6.7% [3] - Capital expenditures are set to increase, with a total budget of RMB 125-135 billion for 2024, and the company has adjusted its 2023 capital expenditure to approximately RMB 128 billion, aligning with its goals [3] - The company is progressing with several new projects, including significant developments in both domestic and international locations [3][4] Summary by Sections Revenue and Profit Forecast - Total revenue is projected to grow from RMB 406.23 billion in 2023 to RMB 445.79 billion in 2025, with a compound annual growth rate (CAGR) of approximately 5.03% [2] - The net profit attributable to the parent company is expected to decrease to RMB 127.81 billion in 2023, followed by increases to RMB 139.74 billion in 2024 and RMB 149.75 billion in 2025, reflecting a year-on-year growth of 9% and 7.17% respectively [2][4] Earnings Per Share (EPS) and Valuation - The latest diluted EPS is forecasted to be RMB 2.69 in 2023, RMB 2.94 in 2024, and RMB 3.15 in 2025, with corresponding P/E ratios of 6.07, 5.55, and 5.18 [2][4] Shareholder Returns - The company aims to maintain a dividend payout ratio of no less than 40% from 2022 to 2024, with an absolute dividend value of no less than HKD 0.70 per share [4]

证券研究报告·海外公司点评·石油及天然气(HS) 中国海洋石油（00883.HK） 亿吨级渤中26-6油田成为全球最大的变质岩 2024 年 02月 26日 油田 证券分析师 陈淑娴 买入（首次） 执业证书：S0600523020004 chensx@dwzq.com.cn [ 盈Ta 利bl 预e_ 测EP 与S] 估 值 2021A 2022A 2023E 2024E 2025E 研究助理 何亦桢 执业证书：S0600123050015 营业总收入（百万元） 237,598 389,175 406,228 424,430 445,794 heyzh@dwzq.com.cn 同比 56.67% 63.80% 4.38% 4.48% 5.03% 归母净利润（百万元） 70,320 141,700 127,808 139,736 149,750 股价走势 同比 181.78% 101.51% -9.80% 9.33% 7.17% 中国海洋石油 恒生指数 EPS-最新摊薄（元/股） 1.48 2.98 2.69 2.94 3.15 56% P/E（现价&最新摊薄） 9.71 4.82 5.34 4.89 4.56 ...