Group 1 - The 13th China-Japan-South Korea Economic and Trade Ministers' Meeting was held in Seoul, focusing on enhancing trade and investment cooperation and achieving broad consensus on regional and multilateral cooperation [2] - The Ministry of Finance plans to invest 500 billion yuan in four major banks (China Construction Bank, Bank of China, Bank of Communications, and Postal Savings Bank) to supplement their core tier one capital [2] - The Civil Aviation Administration of China issued the first operational certificates for manned civil unmanned aerial vehicles to two companies, marking the beginning of the "manned era" in China's low-altitude economy [2] Group 2 - Starting in April, several banks will raise the annual interest rate on credit consumer loans to no less than 3%, prompting banks to notify customers to withdraw funds before the increase [4] - The domestic automobile sales growth is projected to be around 3%-4% this year, with a slight decline expected next year, according to the Deputy Director of the Market Economy Research Institute [4] - Great Wall Motors has signed a strategic agreement with Yushu Technology for collaboration in motion control and application development in factories and automotive scenarios [4] Group 3 - China National Offshore Oil Corporation announced the discovery of a large oil field in the eastern South China Sea, showcasing the potential for oil and gas exploration in deep-water areas [4] - A successful launch of the communication technology test satellite was conducted using the Long March 7 rocket, marking the 566th flight of the Long March series [5] - Sichuan Province aims to cultivate over 10 leading enterprises in the low-altitude economy by 2026, with an industry scale exceeding 50 billion yuan [5]

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2]. Core Views - The report highlights that the company has achieved a net profit growth of 11.4% year-on-year in 2024, driven by an increase in oil and gas production and sales [6]. - The company anticipates stable growth in net production and plans to maintain capital expenditures between 125 billion to 135 billion yuan [6]. - The report projects a reasonable value range for the company's stock between 30.89 and 32.52 yuan based on a price-to-book ratio of 1.9 to 2.0 for 2025 [6]. Financial Performance Summary - In 2024, the company reported operating revenue of 420.51 billion yuan, a year-on-year increase of 0.9% [6]. - The net profit attributable to the parent company for 2024 was 137.94 billion yuan, reflecting an 11.4% increase compared to the previous year [6]. - The company’s capital expenditure for 2024 was 123.36 billion yuan, up 2.1% year-on-year, primarily focused on oil and gas exploration and development [6]. - The average realized price for crude oil in 2024 was 76.75 USD per barrel, a decrease of 1.6% year-on-year, while the realized price for natural gas was 7.72 USD per thousand cubic feet, down 3.3% [6]. Production and Sales Summary - The company achieved an oil and gas production of 727 million barrels of oil equivalent in 2024, representing a year-on-year increase of 7.2% [6]. - Oil and gas sales reached 712 million barrels of oil equivalent, marking a 9.0% increase year-on-year [6]. - Natural gas production was 760.3 billion cubic feet, up 7.8% year-on-year, while liquid petroleum production was 563 million barrels, an increase of 9.4% [6]. Future Projections - The company aims for a net production target of 760 to 780 million barrels of oil equivalent in 2025, with expectations for continued growth in subsequent years [6]. - The projected net profit for 2025 is 115.05 billion yuan, with further declines expected in 2026 and 2027 [6].

2025 年 3 月 30 日 公司研究 24 年归母净利润大涨 11%，产储量再创历史新高 ——中国海油（600938.SH）2024 年报点评 买入（维持） 当前价：25.79 元 作者 分析师：赵乃迪 执业证书编号：S0930517050005 010-57378026 zhaond@ebscn.com 分析师：蔡嘉豪 执业证书编号：S0930523070003 021-52523800 caijiahao@ebscn.com 分析师：王礼沫 执业证书编号：S0930524040002 010-56513142 wanglimo@ebscn.com 市场数据 | 总股本(亿股) | 475.30 | | --- | --- | | 总市值(亿元)： | 12257.97 | | 一年最低/最高(元)： | 23.71/34.17 | | 近 3 月换手率： | 5.07% | 股价相对走势 -10% -1% 8% 17% 26% 03/24 06/24 09/24 12/24 03/25 中国海油 沪深300 | 收益表现 | | | | | --- | --- | --- | --- | | % | ...

Financial Performance - The company achieved a net profit attributable to shareholders of 138 billion yuan in 2024, representing a year-on-year increase of 11.4% [1] - The total operating revenue for 2024 was 420.51 billion yuan, a slight increase of 0.9% year-on-year [1] - Operating cash flow was 220.89 billion yuan, up 5.3% year-on-year, while free cash flow reached 97.5 billion yuan, an increase of 9.7% [1] - In Q4 2024, the company reported operating revenue of 94.42 billion yuan, down 13.9% year-on-year and 4.8% quarter-on-quarter, primarily due to falling oil prices and reduced trade income [1] Production and Cost Management - The company achieved record high oil and gas net production of 726.8 million barrels of oil equivalent in 2024, a year-on-year increase of 7.2% [2] - Oil and gas sales revenue reached 355.62 billion yuan, reflecting an 8.5% increase year-on-year [2] - The average realized price for crude oil was 76.8 USD per barrel, down 1.6% year-on-year, with a narrowing discount to Brent crude [2] - The main cost per barrel of oil equivalent was 28.52 USD, a decrease of 1.1% year-on-year, indicating effective cost control [2] Capital Expenditure and Shareholder Returns - The company completed capital expenditures of 132.5 billion yuan in 2024, an increase of 2.2% year-on-year [3] - The company made 11 new discoveries and confirmed net reserves of 727 million barrels of oil equivalent, a 7.2% increase year-on-year [3] - The board proposed a final dividend of 0.66 HKD per share, with a total annual dividend of 1.40 HKD per share, resulting in a payout ratio of 44.7% [3]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][25]. Core Views - The company achieved a net profit attributable to shareholders of 138 billion yuan in 2024, representing a year-on-year growth of 11.4% [1][10]. - The company's operating revenue for 2024 is projected to be 420.51 billion yuan, with a slight increase of 0.9% year-on-year [1][5]. - The company has successfully managed to control costs, with the average cost per barrel of oil equivalent at 28.52 USD, a decrease of 1.1% year-on-year [2][17]. - The company plans to maintain a stable capital expenditure, with 2024 capital expenditure at 132.5 billion yuan, a 2.2% increase from the previous year [3][20]. - The company has proposed a final dividend of 0.66 HKD per share, resulting in a total annual dividend of 1.40 HKD per share, with a payout ratio of 44.7% [3][23]. Summary by Sections Financial Performance - In 2024, the company reported a net profit of 138 billion yuan, with operating revenue of 420.51 billion yuan [1][10]. - The fourth quarter of 2024 saw a revenue drop of 13.9% year-on-year, primarily due to falling oil prices [1][10]. - The company’s operating cash flow reached 220.89 billion yuan, reflecting a 5.3% increase year-on-year [1][10]. Production and Sales - The company achieved a record net production of 726.8 million barrels of oil equivalent in 2024, a 7.2% increase year-on-year [2][13]. - Oil and gas sales revenue for 2024 was 355.62 billion yuan, up 8.5% from the previous year [2][13]. - The average realized price for oil liquids was 76.8 USD per barrel, a slight decrease of 1.6% year-on-year [2][17]. Capital Expenditure and Dividends - The company’s capital expenditure for 2024 was 132.5 billion yuan, with expectations for 2025 set between 125 billion and 135 billion yuan [3][20]. - The company has a stable reserve life of 10 years, with confirmed reserves reaching 7.27 billion barrels of oil equivalent, a 7.2% increase year-on-year [3][20]. - The proposed dividend reflects a strong commitment to returning value to shareholders, with a dividend yield of 7.5% for H shares and 4.9% for A shares [3][23].

Group 1: US Tariff Plans and Market Reactions - President Trump plans to announce new tariffs in the coming days, indicating a willingness to negotiate tariff agreements with other countries, but any agreements will likely occur after the tariffs take effect on April 2 [1] - The US stock market saw significant declines, with the Nasdaq dropping 2.7%, the S&P 500 down 1.97%, and the Dow Jones falling 1.69% [1][4] Group 2: Technology Sector Performance - Major tech stocks experienced declines, with Netflix, Google, Amazon, and Meta falling over 4%, while Tesla, Microsoft, and Intel dropped over 3% [2] - The Nasdaq Golden Dragon China Index fell by 3.11%, with popular Chinese stocks like Baidu and NIO dropping over 5% [2] Group 3: IPO Market Developments - Wolfspeed's stock plummeted approximately 52%, marking the worst single-day performance for an IPO in the US [3] - CoreWeave's IPO closed flat at $40 on its first day of trading [3] Group 4: Commodity Market Trends - COMEX gold futures for June rose by 0.59% to $3116.6, marking a weekly increase of 2.26% [4] - WTI crude oil futures for May fell by 0.8% to $69.36 per barrel, with a weekly increase of 1.58% [4] Group 5: Regulatory and Taxation News - The Trump administration is unexpectedly considering higher taxes on the wealthy, which could provide room for other priority issues [6] - The EU plans to impose mild penalties on Apple and Meta under its digital market regulations, potentially leading to fines amounting to billions of dollars [8] Group 6: Market Movements and Trends - The six major state-owned banks in China reported a total net profit of approximately 1.4 trillion yuan for 2024, averaging about 38 billion yuan per day [17] - The Chinese central bank stated that current financial risks are overall controllable, with the financial system's resilience expected to improve as the macro economy recovers [20]

从行业市盈率排名来看，公司所处的石油行业行业市盈率平均12.01倍，行业中值42.57倍，中国海油排 名第10位。 截至2024年年报，共有449家机构持仓中国海油，其中基金437家、其他7家、券商4家、社保1家，合计 持股数128180.28万股，持股市值378.26亿元。 3月28日，中国海油今日收盘25.79元，下跌2.31%，滚动市盈率PE（当前股价与前四季度每股收益总和 的比值）达到8.89倍，总市值12257.98亿元。 中国海洋石油有限公司的主营业务是原油和天然气的勘探、开发、生产及销售。公司的主要产品是原 油、天然气。 序号股票简称PE(TTM)PE(静)市净率总市值(元)10中国海油8.898.891.6412257.98亿行业平均 12.0112.141.231699.55亿行业中值42.5757.701.6461.30亿1中晟高科-13.24-14.455.7722.34亿2茂化实 华-9.80-14.723.0318.82亿3沈阳化工-8.52-6.262.0928.68亿4国际实业-6.05-6.051.3126.53亿5*ST海越-5.28- 6.100.5214.98亿6华锦股份 ...

中国海油气电集团副总经理兼安全总监杨勇表示，基于中国海油战略发展布局，中国海油气电集团历经 近20年发展，业务遍及全国19个省市，天然气销量市场份额稳居全国第二，在天然气贸易、基础设施布 局、核心技术研发、产业链协同运作、商务模式创新等方面具有竞争优势。本次推介会是中国海油气电 集团携手国内外合作、共同开创LNG产业高质量发展新局面的一次实践，标志着中国海油气电集团在 建设能源合作新模式方面迈出重要一步。 作为深化油气体制改革的一次创新实践，中国海油气电集团首次组织此类推介会，旨在打造面向全球能 源产业链开放合作体系。推介会吸引了100余名政府机构、业界同仁、跨国企业代表齐聚黄海之滨，共 同探索LNG基础设施共享与低碳转型路径。 本次推介会的举办地是江苏盐城"绿能港"，该项目已建成4座22万立方米LNG储罐和6座27万立方米LNG 储罐及配套设施，是国内最大的LNG储备基地，年外输能力约1120万吨，可为长三角地区乃至整个华 东地区持续提供稳定清洁可靠的天然气，对加快长江经济带产业转型，助力我国早日实现"碳达峰、碳 中和"目标具有重要意义。 新华财经北京3月28日电中国海油江苏滨海液化天然气（LNG）服务与合 ...

Investment Rating - The investment rating for the company is "Buy" [6][5] Core Views - The company is expected to achieve a revenue of 420.5 billion yuan in 2024, representing a year-on-year growth of 0.94%, with a net profit of 137.9 billion yuan, reflecting an increase of 11.4% year-on-year [1] - The net production for 2024 is projected to be 726.8 million barrels of oil equivalent (MMBOE), a year-on-year increase of 7.2%, exceeding the upper limit of production guidance [2] - The company maintains a competitive advantage with a barrel of oil cost projected to decrease to $28.52 per barrel in 2024, a decline of 1.1% year-on-year [3] Summary by Sections Financial Performance - The company forecasts net profits of 144.7 billion, 149.9 billion, and 152.6 billion yuan for 2025, 2026, and 2027 respectively, with A-share PE valuations of 8.7, 8.4, and 8.2 [5][8] - The expected dividend yield for A-shares in 2025 is 5.2% and for H-shares is 7.9% [5] Production and Cost Efficiency - The company anticipates an average annual compound growth rate (CAGR) of approximately 4% in production from 2025 to 2027 [2] - The domestic production is expected to grow by 5.6% year-on-year, while overseas production is projected to increase by 10.8% year-on-year, driven by contributions from new oil and gas fields [2] Market Conditions - In Q4 2024, the average oil price is expected to be $70.1 per barrel, with a widening discount compared to Brent prices [4] - Natural gas prices are projected to decrease by 2.7% quarter-on-quarter in Q4 2024, potentially influenced by falling oil prices and warmer winter conditions [4]