2025 年 4 月 9 日 要点 事件：公司发布《关于实际控制人增持公司股份计划的公告》，公司实际控制人 中国海油集团拟自 2025 年 4 月 8 日起的 12 个月内增持公司 A 股及 H 股股 份，拟增持金额累计不少于人民币 20 亿元（含本数），不超过人民币 40 亿 元（含本数）。 公司研究 中国海油集团增持提振投资者信心，增量降本彰显业绩韧性 ——中国海油（600938.SH）公告点评 24 年公司业绩逆势上涨，增量降本彰显业绩韧性。2024 年布油均价同比-2.8%， 公司实现归母净利润 1379 亿元，同比+11.4%，体现了公司在油价下行期的经 营韧性。公司持续加快上产步伐，全年实现净产量 726.8 百万桶油当量，同比增 长 7.2%，创历史同期新高。公司进一步夯实成本竞争优势，24 年桶油主要成本 28.52 美元/桶油当量，同比-1.1%。公司 25-27 年产量指引目标中枢分别同比增 长 5.9%、2.6%、3.8%，远期产量增速趋于稳定。公司将专注高质量发展，追 求有效益的产量，保持生产规模稳步增长。 维持高分红政策，长期投资价值凸显。2024 年公司全年股息为 1.40 港元/ ...

2025 年 04 月 09 日 油气产量和储量双增，成本持续下降 —中国海油 （600938.SH）公司事件点评报告 买入(维持) 事件 | 分析师：张伟保 | S1050523110001 | | --- | --- | | zhangwb@cfsc.com.cn | | | 联系人：高铭谦 | S1050124080006 | | gaomq@cfsc.com.cn | | | 基本数据 | 2025-04-08 | | --- | --- | | 当前股价（元） | 24.34 | | 总市值（亿元） | 11569 | | 总股本（百万股） | 47530 | | 流通股本（百万股） | 2842 | | 52 周价格范围（元） | 23.23-35.14 | | 日均成交额（百万元） | 1336.88 | 市场表现 资料来源：Wind，华鑫证券研究 -20 -10 0 10 20 30 (%) 中国海油 沪深300 相关研究 1、《中国海油（600938）：Q3 油气 产量提升，优质多元资产支撑稳健 经营》2024-11-13 2、《中国海油（600938）：上半年 业绩创历史同期最好水平，现金 ...

Investment Rating - The report maintains a "Buy" investment rating for China National Offshore Oil Corporation (CNOOC) [1] Core Views - CNOOC achieved record high oil and gas production and reserves in 2024, with a total production of 727 million barrels of oil equivalent, representing a year-on-year increase of 7.2% [5] - The company has demonstrated strong cost control, with the average oil equivalent cost decreasing to $28.52 per barrel, maintaining a competitive edge in profitability [5] - CNOOC's capital expenditure for 2024 reached RMB 132.7 billion, aimed at sustaining production growth and infrastructure investment [6][7] - The company has shown resilience against external challenges, maintaining stable operations and proposing a dividend of HKD 0.66 per share for 2024 [8] - Profit forecasts for 2025-2027 indicate a steady growth in net profit, with estimates of RMB 150 billion, RMB 159.7 billion, and RMB 173.1 billion respectively [9] Summary by Sections Market Performance - CNOOC's stock price is currently at RMB 24.34, with a market capitalization of RMB 115.69 billion [1] Financial Highlights - In 2024, CNOOC reported total revenue of RMB 420.51 billion, a year-on-year increase of 0.94%, and a net profit of RMB 137.94 billion, up 11.38% from the previous year [4] Production and Cost Management - The company achieved a total oil and gas production of 727 million barrels of oil equivalent, with a sales volume of 563 million barrels, reflecting a 9.4% increase in demand [5] - The average realized oil price was $76.75 per barrel, a decrease of approximately 1.6% year-on-year, while the average realized natural gas price was $7.72 per thousand cubic feet, down 3.3% [5] Capital Expenditure and Future Outlook - CNOOC plans to maintain a capital expenditure level similar to 2024 to support production growth, with a target production of 760 to 780 million barrels of oil equivalent for 2025 [7] Profitability and Shareholder Returns - The company aims to maintain a dividend payout ratio of no less than 45% from 2025 to 2027, enhancing shareholder returns [8]

中国海油坚持绿色发展，积极培育新质生产力。在勘探方面坚持油气并举、向气倾斜，提前建成南海万 亿大气区。公司国内天然气总产量占比不断提升，产品供应结构持续优化。绿色低碳生产成效显著，我 国海上首个全方位绿色设计的乌石23—5油田群建成投产，渤海岸电三期工程全面投用。全年实施18项 节能改造项目，累计实现全年二氧化碳减排量达58.95万吨。新能源和负碳业务有序推进，"海油观澜 号"融合发展示范工程平稳运行，渤海和海南两个海上CCUS基地建设稳步开展。数智化发展坚实有 力，"深海一号"等一批智能油气田相继建成，海上平台无人化率稳步提升，并入选中国工业数据治 理"领跑者"企业名单。 中国海油坚持生态保护，坚决守护绿水青山。中国海油严格遵守中国及其他业务所在国法律法规，秉 持"在保护中开发，在开发中保护"的理念，不断提升环境治理能力，优化能源资源管理，始终将环境保 护贯穿于勘探开发生产全过程。坚持"生态优先，保护优先"方针，定期举办环保公益活动，提高社会公 众环保意识，切实有效保护生物多样性，实现生产运营与自然环境的和谐发展。2024年，公司开展30余 个生态补偿修复类项目。 中国海油坚持回馈社会，切实履行社会责任。追 ...

证券代码：600938 证券简称：中国海油 公告编号：2025-011 中国海洋石油有限公司 关于实际控制人增持公司股份计划的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 中国海油集团拟自本公告日起12个月内通过上海证券交易所交易系统及香 港联合交易所有限公司系统增持公司A股及港股股份（含港股通），拟增持金额 累计不少于人民币20亿元（含本数），不超过人民币40亿元（含本数）。 中国海洋石油有限公司（简称"中国海油"或"公司"）于2025年4月8日接 到公司实际控制人中国海洋石油集团有限公司（简称"中国海油集团"）的通知， 基于对公司未来发展前景的信心和对资本市场长期投资价值的认可，中国海油集 团计划于本公告日起的12个月内增持公司A股和港股股份（简称"本次增持计 划"），现将有关情况公告如下： （含港股通）。 （三）增持金额：拟用于增持A股和港股股份的金额累计不少于人民币20亿 元（含本数），不超过人民币40亿元（含本数）。 （四）实施期限：综合考虑市场波动、资金安排、境内外监管要求等因素并 为保障本 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock price will outperform the benchmark index by over 20% in the next 6-12 months [2][6]. Core Views - The company achieved a revenue of RMB 420.51 billion in 2024, a year-on-year increase of 0.94%, and a net profit attributable to the parent company of RMB 137.94 billion, up 11.38% year-on-year. Despite a decline in oil prices, the company managed to grow its net profit and enhance its oil and gas resource reserves, showcasing its sustainable development capabilities [4][9]. - The report highlights the company's steady growth in oil and gas production and reserves, with a target production of 760-780 million barrels of oil equivalent for 2025. The company has also made significant discoveries both domestically and internationally, reinforcing its low-cost advantage and profitability [9][10]. Financial Summary - The company's financial performance shows a robust operating cash flow of RMB 220.89 billion in 2024, a 5.3% increase year-on-year, and a debt-to-asset ratio of 29.05%, down 4.53% year-on-year. The gross profit margin and net profit margin improved to 53.63% and 32.81%, respectively [9][10]. - The report projects the company's net profit for 2025-2027 to be RMB 138.15 billion, RMB 138.75 billion, and RMB 142.25 billion, respectively, with corresponding EPS of RMB 2.91, RMB 2.92, and RMB 2.99 [6][12]. Valuation Metrics - The current price-to-book ratio (PB) is projected to be 1.5x for 2025, 1.4x for 2026, and 1.2x for 2027, indicating a favorable valuation relative to its earnings growth [6][12]. - The report also notes a dividend payout ratio of 44.7% for 2024, with a commitment to maintain a payout ratio of no less than 45% from 2025 to 2027, reflecting a strong return to shareholders [9][10].

中信证券股份有限公司 关于中国海洋石油有限公司 2024 年度持续督导工作现场检查报告 根据《上海证券交易所上市公司自律监管指引第 11 号——持续督导》等有 关法律、法规的规定，中信证券股份有限公司（以下简称"中信证券"或"保荐 人"）作为正在对中国海洋石油有限公司（以下简称"中国海油""公司""上市 公司"）进行持续督导工作的保荐人，对 2024 年度（以下简称"本持续督导期间"） 的规范运作情况进行了现场检查，现就现场检查的有关情况报告如下： 一、本次现场检查的基本情况 （一）保荐人 中信证券股份有限公司 （三）现场检查人员 杨巍巍、王天阳 （四）现场检查时间 2025 年 3 月 21 日、3 月 31 日 （五）现场检查内容 现场检查人员对本持续督导期内发行人公司治理和内部控制情况、信息披露 情况、公司的独立性以及与控股股东、实际控制人及其他关联方资金往来情况、 募集资金使用情况、关联交易、对外担保、重大对外投资情况、经营状况等方面 进行了现场检查，具体检查内容详见本报告"二、本次现场检查主要事项及意见"。 （二）保荐代表人 黄艺彬、杨巍巍 （六）现场检查手段 1 本次现场检查的手段主要包括资料查阅 ...

中信证券股份有限公司关于 中国海洋石油有限公司持续督导 保荐总结报告书 保荐人编号：Z20374000 申报时间：2025 年 4 月 | 公司名称 | 中国海洋石油有限公司 | | | | | --- | --- | --- | --- | --- | | 英文名称 | CNOOC LIMITED | | | | | 成立日期 | 1999 年 8 日 | 月 | 20 | | | 注册地址 | 香港花园道 1 号中银大厦 | | | 65 层 | | 股票代码 | 600938.SH | | | | | 股票简称 | 中国海油 | | | | | 股票上市地点 | 上海证券交易所 | | | | 一、发行人基本情况 二、本次发行情况概述 经中国证券监督管理委员会《关于核准中国海洋石油有限公司首次公开发行 股票的批复》（证监许可〔2022〕632 号）的核准，中国海油首次公开发行人民 币普通股（A 股）股票 299,000 万股（含行使超额配售选择权所发新股），发行 价格人民币 10.80 元/股，本次发行最终募集资金总额为人民币 3,229,200.00 万元， 扣除发行费用后的募集资金净额为人民币 3, ...

中信证券股份有限公司 关于中国海洋石油有限公司 2024年度持续督导报告书 | 上市公司：中国海洋石油有限公司（以下简称"中国海油"、"公司"） | | | --- | --- | | 保荐人名称：中信证券股份有限公司（以下简称"中信证券"或"保荐人"） | | | 保荐代表人姓名：黄艺彬 | 联系电话：010-60838129 | | 保荐代表人姓名：杨巍巍 | 联系电话：021-20262361 | 经中国证券监督管理委员会《关于核准中国海洋石油有限公司首次公开发行 股票的批复》（证监许可〔2022〕632 号）的核准，中国海油首次公开发行人民 币普通股（A 股）股票 299,000 万股（含行使超额配售选择权所发新股），发行 价格人民币 10.80 元/股，本次发行最终募集资金总额为人民币 3,229,200.00 万元， 扣除发行费用后的募集资金净额为人民币 3,209,908.67 万元。上述款项已分别于 2022 年 4 月 18 日及 2022 年 5 月 23 日全部到位。安永华明会计师事务所（特殊 普通合伙）对公司本次公开发行新股的募集资金到位情况进行了审验，并于 2022 年4月18日及2 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company reported a revenue of 420.51 billion yuan for 2024, a year-on-year increase of 0.94%. The net profit attributable to shareholders reached 137.94 billion yuan, up 11.38% year-on-year. However, in the fourth quarter alone, revenue decreased by 13.94% year-on-year to 94.48 billion yuan, and net profit fell by 18.78% to 21.28 billion yuan [2][6]. - The company's oil and gas net production significantly increased, achieving better performance than market oil price fluctuations, with a total net production of 726.8 million barrels of oil equivalent, a 7.2% increase year-on-year, marking a historical high [12]. - The average Brent crude oil price for 2024 was $79.86 per barrel, down 2.81% year-on-year, while the company achieved an average oil price of $76.75 per barrel, a decline of 1.6%, which was less than the Brent price drop [12]. - The company continues to focus on cost reduction and efficiency improvement, with a major cost advantage in barrel oil production, where the main cost was $28.52 per barrel, a decrease of 1.1% year-on-year [12]. - Future outlook suggests that oil prices are expected to stabilize at a mid-to-high level, with net production targets set for 2025-2027 ranging from 760 to 830 million barrels of oil equivalent, indicating steady growth [12]. - The company emphasizes shareholder returns, maintaining a dividend payout ratio of approximately 44.7% for 2024, with total dividends amounting to about 66.54 billion Hong Kong dollars [12]. Summary by Sections Financial Performance - For 2024, the company achieved total revenue of 420.51 billion yuan and net profit of 137.94 billion yuan, reflecting a year-on-year growth of 0.94% and 11.38% respectively [2][6]. - The fourth quarter saw a revenue drop of 13.94% year-on-year and a net profit decrease of 18.78% [2][6]. Production and Cost Management - The total net production reached 726.8 million barrels of oil equivalent, a 7.2% increase year-on-year, with significant contributions from both domestic and overseas projects [12]. - The company maintained a competitive cost structure, with a barrel oil cost of $28.52, down 1.1% from the previous year [12]. Future Outlook - The company anticipates oil prices to remain above $70 per barrel, with production targets set for gradual increases over the next few years [12]. - The focus on shareholder returns is expected to continue, with a commitment to maintaining a dividend payout ratio of no less than 45% in the coming years [12].