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].

表格類別： 股票 狀態： 新提交 公司名稱： 中國海洋石油有限公司 呈交日期： 2024年9月9日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 00883 | 說明 | | 於香港聯交所上市的股份（「香港股份」） | | | | | 多櫃檯證券代號 | 80883 | 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | | 已發行股份（不包括庫存股份）數 | 佔有關事件 ...

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. ...

FF305 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | | 00883 | 說明 | | 於香港聯交所上市的股份（「香港股份」） | | | | | 多櫃檯證券代號 | | 80883 | 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | | | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | 庫存股份數目 | 每股發行/出售價 (註4) | 已發行股份總數 | | 於下列日期開始時的結存(註1) | | 2024年9月4日 | | 44,560,397,984 | | 0 | | 44,560,397,984 | | 1). 其他 (請註 ...

Investment Rating - The report maintains a "Buy" rating with a target price of 33.26 CNY, reflecting an increase in earnings forecasts due to high growth in oil and gas production [10][26]. Core Insights - The company achieved record semi-annual performance with a revenue of 226.8 billion CNY in H1 2024, a year-on-year increase of 18%, and a net profit attributable to shareholders of 79.7 billion CNY, up 27% year-on-year [26]. - The average price of Brent crude oil in H1 2024 was 84.27 USD per barrel, contributing to the company's strong performance despite a lower average price compared to H1 2022 [26]. - The company has increased its capital expenditure to 63.1 billion CNY in H1 2024, an 11.7% increase year-on-year, to support its strategy of increasing reserves and production [26]. Financial Summary - Revenue for 2022 was 422.23 billion CNY, with a projected increase to 475.33 billion CNY in 2024, reflecting a growth rate of 14.1% [9]. - Net profit attributable to shareholders was 141.7 billion CNY in 2022, expected to rise to 148.03 billion CNY in 2024, indicating a growth of 19.5% [9]. - The company reported a net asset return (ROE) of 23.7% in 2022, projected to decrease to 18.9% by 2024 [9]. Production and Cost Management - The company achieved a net production of 362.6 million barrels of oil equivalent in H1 2024, a 9.3% increase year-on-year, marking a historical high for the period [26]. - The cost per barrel of oil was reported at 27.75 USD, demonstrating effective cost control measures [26]. - The company successfully discovered new oil and gas structures, enhancing its exploration potential and expanding reserves [26].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2024年8月31日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 中國海洋石油有限公司 | | | 呈交日期: | 2024年9月4日 | | | I. 法定/註冊股本變動 不適用 | | | III.已發行股份及/或庫存股份變動詳情 (A). 股份期權（根據發行人的股份期權計劃） 不適用 第 3 頁 共 10 頁 v 1.1.0 FF301 第 1 頁 共 10 頁 v 1.1.0 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00883 | | 說明 | 於香港聯交所上市的股份（「香港股份」） | | | | | 多櫃檯證券代號 | 80883 | | RMB 說明 | | | | ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 中國海洋石油有限公司 呈交日期： 2024年9月4日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 (註7) (i) 上市發行人已收取其在是次股份發行或庫存股份出售或轉讓應得的全部款項； (viii) 有關債券、借貸股份、票據或公司債券的信託契約/平邊契據經已製備及簽署，有關詳情已送呈公司註冊處處長存檔（如法律如此規定）。 | 第一章節 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 0 ...

证券研究报告 公司盈利预测（百万元） | --- | --- | --- | --- | --- | |-------------------|-----------|-------------------------|-----------|-----------| | 资产负债表 | | 2023A 2024E 2025E 2026E | | | | 流动资产 : | | | | | | 现金及现金等价 物 | 150,562 | 214,277 | 278,758 | 346,111 | | 应收款 | 36,386 | 39,710 | 42,409 | 44,527 | | 存货 | 6,451 | 7,481 | 8,069 | 8,298 | | 其他流动资产 | 56,876 | 58,024 | 58,957 | 59,689 | | 流动资产合计 | 250,275 | 319,492 | 388,194 | 458,625 | | 非流动资产 : | | | | | | 金融类资产 | 44,304 | 44,304 | 44,304 | 44,304 | | 固定资产 | 7,010 ...

中国海油（600938.SH）2024 年半年报点评 ➢ 事件：2024 年 8 月 28 日，公司发布 2024 年半年度报告。2024 年上半年， 公司实现营业收入 2267.7 亿元，同比增长 18.1%；实现归母净利润 797.3 亿元， 同比增长 25.0%；实现扣非归母净利润 792.0 亿元，同比增长 27.1%。 ➢ 24Q2 归母净利润同环比增长。24Q2，公司营业收入为 1153.0 亿元，同比 增长 22.2%，环比增长 3.4%；归母净利润为 400.1 亿元，同比增长 26.4%，环 比略增 0.7%；扣非归母净利润为 397.2 亿元，同比增长 28.7%，环比略增 0.6%。 ➢ 资源基础不断夯实，24Q2 产量延续高增长。24H1，公司持续推动增储上 产。在中国海域，成功探获首个超深水超浅层千亿方大气田陵水 36-1，在渤海、 南海东部海域分别探获秦皇岛 27-3 和开平南两个亿吨级油田；在海外，圭亚那 Stabroek 区块获得新发现 Bluefin 扩大区块东南部储量规模；成功签署莫桑比 克 5 个区块石油勘探与生产特许合同。24H1，公司实现油气产量 362.6 百万桶 ...

东吴证券研究所 1 / 3 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------|-----------|-----------|-----------|-------|-----------|--------------------------------|---------|---------|---------|---------| | [ 资产负债表（百万元） Table_Finance] | 2023A | 2024E | 2025E | | 2026E | 利润表（百万元） | 2023A | 2024E | 2025E | 2026E | | 流动资产 | 250,275 | 266,417 | 279,512 | | 315,390 | 营业总收入 | 416,609 | 453,606 | 485,200 | 506,733 | | 货币资金及交易性金融资产 | 194,866 | 205,845 | 216,111 | | ...