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]

其中，净买入招商银行15.8亿、美团-W 3.77亿、紫金矿业3.51亿、中芯国际3.17亿、泡泡玛特2.87亿、快手-W 1.89亿、腾讯控股1.47亿。 净卖出小米集团-W 4.43亿、阿里巴巴-W 3.49亿、小鹏汽车-W 1.67亿、中国海洋石油1.36亿。 | | 沖股通 | | | | | --- | --- | --- | --- | --- | | 名称 | 涨跌幅 | 净买入额(亿) | 成交额 | 名称 | | 小米集团-W | 1.0% | -10.96 | 42.06亿 | 小米集团-W | | 腾讯控股 | 0.9% | 5.71 | 24.13亿 | 腾讯控股 | | 阿里巴巴-W | 1.4% | -0.06 | 19.38 Z | 阿里巴巴-W | | 中芯国际 | 1.7% | 0.62 | 17.70亿 | 快手-W | | 招商银行 | -5.5% | 15.80 | 17.40亿 | 中心国际 | | 快手-W | -1.7% | 1.37 | 15.48 Z | 泡泡玛特 | | 泡泡玛特 | 10.9% | -0.32 | 13.62亿 | 小鹏汽车-W | | 美 ...

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.

Core Viewpoint - The commencement of drilling for China's first offshore carbon capture, utilization, and storage (CCUS) well marks a significant advancement in the country's efforts to enhance oil recovery while reducing carbon emissions [1][3]. Group 1: Project Details - The CCUS well is being drilled at the Enping 15-1 platform, which is the largest offshore oil production platform in Asia, located approximately 200 kilometers southwest of Shenzhen in a water depth of about 90 meters [3][4]. - The Enping 15-1 oil field has a high carbon dioxide content, and conventional extraction methods would lead to increased CO2 emissions and corrosion of offshore facilities. The CCUS project aims to mitigate these issues while promoting sustainable development [3][4]. - The CCUS well is designed to reach a depth of 3,243 meters and employs an innovative "old well new use + layered gas injection" approach. The project is expected to begin trial injection operations in April 2023 [4]. Group 2: Expected Outcomes - The CCUS project is projected to inject over 1 million tons of CO2 into the seabed over the next decade, while also enhancing oil recovery rates and driving an increase in crude oil production by 200,000 tons [4]. - As of June 2023, the first offshore carbon capture and storage (CCS) demonstration project in China has operated safely for nearly 13,000 hours, successfully sequestering over 180,000 tons of CO2 [3][4].

3月24日，中国海油今日收盘26.4元，上涨1.23%，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8.78倍，创23天以来新低，总市值12547.91亿元。 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11.89倍，行业中值43.32倍，中国海油排 名第10位。 股东方面，截至2024年9月30日，中国海油股东户数168491户，较上次增加22892户，户均持股市值 35.28万元，户均持股数量2.76万股。 中国海洋石油有限公司是一家成立于1999年8月20日，主要从事油气勘探、生产及贸易业务的中国香港 投资控股公司。其业务包括常规油气业务、页岩油气业务、油砂业务及其他非常规油气业务。公司主要 通过三个分部运营。勘探及生产分部从事原油、天然气及其他石油产品勘探、开发及生产业务。贸易分 部从事原油、天然气及其他石油产品贸易业务。公司分部从事集团相关业务。公司主要在中国、加拿 大、英国、尼日利亚、印度尼西亚及巴西等市场开展业务。 中国海油收盘上涨1.23%，滚动市盈率8.78倍，总市 值12547.91亿元 最新一期业绩显示，2024年三季报，公司实现营业收入3260.24亿元，同比 ...

证券代码：600938 证券简称：中国海油 公告编号：2025-006 中国海洋石油有限公司 关于召开 2024 年度业绩说明会的公告 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： 投资者可于 2025 年 3 月 24 日（星期一）至 3 月 28 日（星期五）16:00 前登 录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 IR@cnooc.com.cn 进行提问。 中国海洋石油有限公司（以下简称"公司"）将于 2025 年 3 月 27 日闭市后发 布公司 2024 年年度报告。为便于广大投资者更全面深入地了解公司 2024 年经营 成果和财务状况，公司计划于 2025 年 3 月 31 日 17:00-18:00 举行 2024 年年度业 绩说明会，就投资者关心的问题进行交流。 一、 说明会类型 本次业绩说明会以网络互动形式召开，公司将针对 2024 年的经营成果及财务 指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范围内就投资 者普遍关注的问题进行回答。 二、 说明会的时间、 ...

Investment Rating - The report maintains a "Buy" rating for several companies including China Petroleum & Chemical Corporation, China National Offshore Oil Corporation, and others [8]. Core Insights - The report highlights significant price increases in sulfur and sulfuric acid, suggesting continued attention on the crude oil, titanium dioxide, and tire sectors [1][5]. - The report notes that while many chemical sub-sectors have underperformed due to capacity expansion and weak demand, certain sectors like tires, upstream mining, and titanium dioxide have exceeded expectations [20][21]. - The report emphasizes the importance of focusing on leading companies in specific sub-sectors that exhibit strong cost advantages and stable competitive landscapes [20][21]. Summary by Sections Chemical Industry Investment Suggestions - International oil prices are experiencing fluctuations, with recent decreases in gasoline and diesel prices in local markets [21][22]. - The report indicates that downstream demand remains weak, impacting various chemical markets, including propane and polyethylene [25][27]. - The report suggests that the tire industry, upstream mining, and titanium dioxide sectors are expected to perform well in the upcoming demand season [20][21]. Price Movements - Significant price increases were observed in sulfur (up 16.44%) and sulfuric acid (up 12.86%), while natural gas saw a decline of 8.22% [19][20]. - The report provides a detailed analysis of price trends across various chemical products, indicating a mixed performance with some products rebounding while others continue to decline [20][21]. Company Focus and Earnings Forecast - The report lists key companies to watch, including Wanhua Chemical, Hualu Hengsheng, Longbai Group, and others, highlighting their potential for valuation recovery [20][21]. - Earnings per share (EPS) forecasts for 2023 to 2025 are provided for several companies, indicating a positive outlook for many [8].

2025 年 03 月 16 日 行业研究 评级：推荐(维持) 研究所： 证券分析师： 李永磊 S0350521080004 liyl03@ghzq.com.cn 证券分析师： 董伯骏 S0350521080009 dongbj@ghzq.com.cn 联系人 ： 仲逸涵 S0350123070022 zhongyh@ghzq.com.cn [Table_Title] 欧美 MDI 厂商发布涨价函，关注铬盐在军工领 域的应用 ——基础化工行业周报 最近一年走势 | 行业相对表现 | | | 2025/03/14 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 基础化工 | 4.1% | 0.5% | 9.7% | | 沪深 300 | 1.7% | 1.9% | 12.5% | 相关报告 《基础化工行业周报：振华股份铬盐价格上涨，中 策橡胶 IPO 过会（推荐）*基础化工*李永磊，董伯 骏》——2025-02-16 《基础化工行业周报：轮胎原材料价格指数走低， 赛轮轮胎拟扩建柬埔寨工厂（推荐）*基础化工*李 永磊，董伯骏》——2025-01-12 《基 ...