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 ...

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 ...

金融界4月3日消息，上证指数低开高走，中证沪港深500上游指数 (沪港深500上游，H30561)报2238.79 点。 数据统计显示，中证沪港深500上游指数近一个月上涨6.72%，近三个月上涨2.31%，年至今上涨 0.96%。 从指数持仓来看，中证沪港深500上游指数十大权重分别为：中国海洋石油（13.46%）、紫金矿业 （12.36%）、中国神华（5.47%）、中国石油股份（5.39%）、中国神华（4.36%）、紫金矿业 （4.16%）、中国石油化工股份（4.04%）、中国石油（3.97%）、中国石化（3.6%）、陕西煤业 （3.36%）。 从中证沪港深500上游指数持仓的市场板块来看，上海证券交易所占比54.67%、香港证券交易所占比 34.71%、深圳证券交易所占比10.62%。 从中证沪港深500上游指数持仓样本的行业来看，石油与天然气占比33.99%、贵金属占比21.55%、煤炭 占比18.74%、工业金属占比14.43%、稀有金属占比8.32%、其他非金属材料占比1.32%、其他有色金属 及合金占比0.95%、油气开采与油田服务占比0.70%。 资料显示，该指数系列样本每半年调整一次，样本调 ...

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].

Core Viewpoint - China National Offshore Oil Corporation (CNOOC) has successfully developed a groundbreaking deep-sea seismic data imaging processing technology, enhancing the understanding of underwater geological structures at depths of 3000 meters, thereby supporting deep-sea exploration and development efforts in China [1][10]. Group 1: Technology Development - The research team led by Liu Jinpeng completed the processing of 2600 square kilometers of three-dimensional seismic data in the Pearl River Mouth Basin, marking a significant advancement in domestic deep-sea exploration technology [1][10]. - The team faced challenges in noise reduction from complex diffraction multiple waves, which were initially not effectively addressed by traditional methods [2][3]. - By integrating artificial intelligence with traditional techniques, the team developed a novel technology for attenuating residual diffraction multiple waves, improving the clarity of effective signals by 30% [3][6]. Group 2: Data Precision Enhancement - The team encountered difficulties in enhancing data precision due to the limited penetration of seismic waves, which often resulted in the loss of critical geological details [5][6]. - They innovated a multi-dimensional reconstruction theory and an intelligent frequency band fusion algorithm, which improved the seismic wave identification capability from 50 meters to 25 meters, increasing data resolution by 60% [6][7]. Group 3: Modeling and Interpretation - The lack of drilling data posed a significant challenge for building accurate geological models, leading the team to explore extensive literature and consult industry experts [8][9]. - Through deep data analysis, the team successfully constructed a high-precision velocity model, which allowed for better identification of geological structures and potential oil and gas reservoirs [9][10]. - This integrated modeling and processing solution has opened new avenues for deep-sea oil and gas exploration in China, potentially revealing previously inaccessible resources [9][10].

Investment Rating - The report maintains a "Buy" rating for the ion exchange resin industry, indicating a strong potential for investment returns exceeding 15% over the next 6-12 months [5]. Core Insights - The demand for ion exchange resins is rapidly growing, particularly in emerging fields such as nuclear industry, biomedicine, and electronic applications, which presents significant development opportunities for the industry [3]. - The high-end market for ion exchange resins is dominated by international leaders, while domestic companies are making strides in localizing production and enhancing competitiveness [2]. - The report emphasizes the importance of new separation and purification processes in various industries, highlighting the critical role of ion exchange resins in ensuring operational efficiency and product quality [3]. Summary by Sections Industry Overview - Ion exchange resins are versatile organic polymers used for separation and purification processes across various sectors, including pharmaceuticals, food processing, and environmental protection [1]. - The industry is witnessing increased R&D investments and market expansion, leading to the development of specialized resins with unique functionalities [1]. Market Competition - The ion exchange resin market is structured into three tiers: leading multinational corporations (e.g., Dow Chemical, Lanxess) dominate the high-end market, while domestic players (e.g., Bluestar Technology, ZG Co.) are advancing in local market share and international brand recognition [2]. - Smaller enterprises in the industry face challenges due to limited resources and technology, primarily serving as suppliers or niche players [2]. Future Prospects - The report forecasts robust growth in the ion exchange resin market driven by increasing demand in nuclear power, metallurgy, and other high-tech industries, with significant potential for domestic companies to replace imports [3]. - Key companies to watch include Bluestar Technology and ZG Co., which are positioned to benefit from the ongoing trend of domestic substitution and product upgrades [3].

Group 1 - The company achieved a revenue of 30.9 billion yuan in 2024, a year-on-year decrease of 21.9%, but net profit increased by 622% to 0.7 billion yuan, driven by revenue structure optimization and cost reductions from AI-enabled efficiency improvements [4][5] - The payment business showed marginal improvement with a revenue decline of 22.9% to 26.9 billion yuan, attributed to a 19% drop in total GPV and a slight decrease in payment rates [5][6] - The company’s overseas payment business expanded significantly, with transaction volume exceeding 1.1 billion yuan, a nearly fivefold increase year-on-year [5] Group 2 - The company reported a revenue of 31.48 billion yuan in 2024, a decrease of 17.2%, with a net profit of 2.34 billion yuan, down 68.98% [11][12] - The domestic acquiring business processed a total of 1.47 trillion yuan, maintaining stable monthly transaction volumes, while overseas market revenue reached 9.01 billion yuan, with a 63.61% increase in high-end market revenue [13][14] - The company’s AI digital employee product has been commercialized, with applications in digital marketing and e-commerce [15] Group 3 - China Aluminum reported a revenue of 237.07 billion yuan in 2024, an increase of 5.2%, and a net profit of 12.4 billion yuan, up 85.4% [16][17] - The increase in profits was primarily due to rising aluminum and alumina prices, with alumina revenue reaching 74 billion yuan, a 38.3% increase [18] - The company plans to distribute a cash dividend of 0.135 yuan per share, with a total dividend amount of 3.72 billion yuan, reflecting a payout ratio of 30.2% [20] Group 4 - Three Squirrels reported a revenue of 10.622 billion yuan in 2024, a year-on-year increase of 49.3%, with a net profit of 408 million yuan, up 85.51% [22][23] - The company’s online revenue reached 7.407 billion yuan, with significant growth in various channels, particularly Douyin [23][24] - The company is planning to issue H shares to enhance its brand and global supply chain capabilities [25][26] Group 5 - Kailai Ying reported total revenue of 5.805 billion yuan in 2024, a decrease of 25.82%, with a net profit of 949 million yuan, down 58.17% [27][28] - The small molecule business showed stable growth, with revenue of 4.571 billion yuan, reflecting an 8.85% increase when excluding large orders [28][29] - The emerging business segment achieved revenue of 1.226 billion yuan, a growth of 2.25% [29] Group 6 - Zhejiang Shuju reported a revenue of 3.097 billion yuan in 2024, a slight increase of 0.61%, with a net profit of 512 million yuan, down 22.84% [30][31] - The online gaming business generated 1.34 billion yuan in revenue, with a gross margin of 91.04% [33] - The company plans to distribute a cash dividend of 1.60 yuan per 10 shares, totaling 203 million yuan [32] Group 7 - Zhongke Xingtou focuses on the space-earth big data industry, with a projected revenue of 40.78 billion yuan in 2025, increasing to 63.98 billion yuan by 2027 [38][41] - The company has established a comprehensive digital earth solution, integrating data collection, processing, and application [39][40] - The company aims to expand its business into low-altitude economy and commercial aerospace sectors [40] Group 8 - Yinghe Technology reported a revenue of 8.524 billion yuan in 2024, a decrease of 12.58%, with a net profit of 503 million yuan, down 9.14% [43][44] - The lithium battery equipment segment faced challenges, while the electronic cigarette segment showed strong performance with a revenue of 3.191 billion yuan [44][45] - The company expects growth in the lithium battery equipment market due to domestic production recovery and expansion into overseas markets [45][46] Group 9 - Meiya Optoelectronics achieved a revenue of 2.311 billion yuan in 2024, a decrease of 4.7%, with a net profit of 649 million yuan, down 12.8% [48] - The color sorting machine business grew by 9.9%, while the medical equipment segment faced a decline of 33.4% [49] - The company anticipates a recovery in the medical equipment sector due to ongoing economic development and demographic trends [49]

Group 1 - The core viewpoint of the news is that China National Offshore Oil Corporation (CNOOC) has shown a positive stock performance with a closing price of 26.52 yuan, up 2.12%, and a rolling price-to-earnings (PE) ratio of 9.14 times, which is below the industry average of 12.18 times [1] - CNOOC's total market capitalization is reported at 1,260.494 billion yuan, ranking 10th in the oil industry based on PE ratios [2] - As of February 28, 2025, CNOOC has 223,903 shareholders, an increase of 43,943 from the previous count, with an average holding value of 352,800 yuan and an average shareholding of 27,600 shares [1] Group 2 - CNOOC's main business activities include the exploration, development, production, and sales of crude oil and natural gas, with primary products being crude oil and natural gas [1] - For the fiscal year 2024, CNOOC reported operating revenue of 420.506 billion yuan, a year-on-year increase of 0.94%, and a net profit of 137.936 billion yuan, reflecting a year-on-year growth of 11.00%, with a gross profit margin of 53.63% [1]

Investment Rating - Investment Rating: Buy (Maintain) [3] Core Views - The company reported a significant increase in production and has committed to a higher dividend payout ratio [2] - For the fiscal year 2024, the company achieved revenue of 420.51 billion yuan, a year-on-year increase of 0.94%, and a net profit attributable to shareholders of 137.94 billion yuan, up 11.38% year-on-year [7] - The company has maintained a strong operational performance despite challenges such as asset impairment affecting profits [8] - The company has a leading position in the industry regarding reserve and production growth rates, with a capital expenditure of 132.7 billion yuan in 2024, the highest in its history [9] - The company is focused on shareholder returns, maintaining a high dividend payout ratio, with a total dividend of 1.40 Hong Kong dollars per share for 2024, a 12% increase year-on-year [12] - The company is expected to achieve net profits of 140.37 billion yuan, 146.32 billion yuan, and 154.52 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 8.79, 8.44, and 7.99 [13] Financial Summary - For 2024, the company reported total revenue of 420.51 billion yuan, with a net profit of 137.94 billion yuan, and a basic earnings per share of 2.90 yuan [7][14] - The company’s gross margin is projected to be 53.6% for 2024, with a return on equity (ROE) of 18.5% [14] - The company’s total assets are expected to reach 1,056.28 billion yuan by 2024, with a debt-to-equity ratio of 29.0% [16]