2.《中国海油公司点评：稀缺央企 , 再超预期!》,2023.8.18 3.《中国海油公司点评：稀缺央企资产再显本色!》, 2023.4.27 图表 26: 敬请参阅最后一页特别声明 3 内容目录 1 油气产储量再创新高，征收矿业权出让收益不改业绩稳健预期： 2023 全年公司净证实油气资产储量为 67.8 亿桶油当量，同比增 加 8.65%。公司油气产量持续维持较高增速，储采比维持较高水 平，公司2023年油气总产量为6.78亿桶油当量，同比增加8.65%。 2023 年公司原油、天然气储采比分别为 9.14、10.63，分别同比 +0.30/-0.88，持续维持在较高水平。此外，2023 年公司除所得税 外其他税金为 243.31 亿元，相较于 2022 年增长 55.5 亿元，主要 为征收矿业权出让收益影响，整体符合预期。 资本支出持续维持较高水平，公司未来成长确定性强：2024 年公 司勘探开发资本支出指引为 1250-1350 亿元，同比增加 1.63%。 2024 年公司预计将有众多新项目投产，主要包括中国海域的绥中 36-1/旅大 5-2 油田二次调整开发项目、渤中 19-2 油田开发项目以 及 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1]. Core Views - The company has achieved a compound annual growth rate (CAGR) of over 5% in oil and gas production, with a total production of 678 million barrels of oil equivalent in 2023, representing an 8.7% year-on-year increase [4][8]. - The average cost per barrel of oil has decreased to below $30, specifically to $28.83 per barrel of oil equivalent in 2023, down by $1.56 year-on-year, primarily due to reductions in taxes, depreciation, and operating costs [5][9]. - The company plans to maintain high levels of capital expenditure, with 2023 capital spending reaching 129.6 billion yuan, a 26% increase year-on-year, and plans for 2024 capital expenditure between 125 billion and 135 billion yuan [29]. - Earnings per share (EPS) forecasts for 2024-2026 are projected at 2.77, 2.91, and 2.98 yuan respectively, with a book value per share (BPS) of 15.56 yuan in 2024 [5][41]. Summary by Sections Production and Growth - The company has maintained a growth trajectory in oil and gas production despite fluctuations in oil prices, achieving a CAGR of 5.1% since 2013 [4][8]. - The production targets for 2023-2025 are set at 700-720 million barrels, 780-800 million barrels, and 810-830 million barrels of oil equivalent respectively, indicating a commitment to continued growth [29]. Cost Management - The company has successfully reduced its cost per barrel, which is a significant factor in maintaining profitability amid fluctuating oil prices [5][9]. Financial Performance - In 2023, the company reported a revenue of 416.6 billion yuan, a slight decrease of 1% year-on-year, while net profit was 123.8 billion yuan, down 13% year-on-year, yet maintaining a net profit level above 120 billion yuan for two consecutive years [21][25]. - The dividend payout ratio remains above 40%, with a proposed total dividend of 1.25 Hong Kong dollars per share for 2023 [23][25]. Market Conditions - Despite a decline in international oil prices, the average Brent crude price remained above $80 per barrel in 2023, with the company achieving oil and gas prices of $77.96 per barrel and $7.98 per thousand cubic feet respectively [22][26].

Investment Rating - The report maintains a "Recommended" rating for the company [12][9]. Core Insights - The company demonstrated resilience in performance, achieving a record high in reserves despite a 1.33% year-on-year decline in revenue to 416.609 billion yuan in 2023 and a 12.60% drop in net profit to 123.843 billion yuan [9][18]. - The company’s net proven reserves reached 6.784 billion barrels of oil equivalent, with a replacement rate of 180%, indicating strong growth potential [9]. - The company plans to maintain production growth, targeting an output of 7.0-7.2 billion barrels of oil equivalent from 2024 to 2026 [9]. - The company’s cost control measures led to a 5.13% decrease in major costs per barrel, enhancing operational efficiency [9]. - A dividend payout ratio of 43.6% was noted, with a total dividend of 1.25 HKD per share for 2023, reflecting strong shareholder returns [9]. Financial Performance Summary - In 2023, the company reported an operating income of 416.609 billion yuan, with a net profit of 123.843 billion yuan, and an EPS of 2.60 yuan [18][20]. - The projected net profits for 2024, 2025, and 2026 are 137.340 billion yuan, 148.786 billion yuan, and 157.900 billion yuan respectively, with corresponding EPS of 2.89, 3.13, and 3.32 yuan [9][18]. - The company’s PE ratios are projected to be 11 for 2023, decreasing to 9 by 2026, indicating a favorable valuation trend [20]. Production and Reserves - The company achieved a net production of 678 million barrels of oil equivalent in 2023, marking an 8.7% increase year-on-year [9]. - Significant projects are set to commence production in 2023 and early 2024, contributing to future output growth [9]. Cost Management - The company has effectively reduced major costs, with specific reductions in operational expenses, depreciation, and other costs per barrel [9]. Capital Expenditure - The company completed capital expenditures of 129.6 billion yuan in 2023, with plans for 125-135 billion yuan in 2024, indicating a stable investment strategy [9]. Dividend Policy - The company’s dividend yield is noted at 4.00% for A shares and 6.86% for H shares, reflecting a strong commitment to returning value to shareholders [9].

Investment Rating - The report maintains a "Buy" rating for the company [23]. Core Views - The company's production increase offsets the impact of declining oil prices, ensuring sustainable profitability. In 2023, the company achieved a net oil and gas production of 680 million barrels of oil equivalent, an increase of 8.7% year-on-year, with crude oil production at 530 million barrels, up 8.1% year-on-year [2]. - The company has improved its cost structure, with a decrease in oil cost to $28.83 per barrel, down 5.1% year-on-year, which supports profitability [2]. - Operating cash flow reached a historical high of 209.7 billion yuan in 2023, reflecting the company's operational stability despite falling oil prices. The company plans to maintain a dividend of 1.25 HKD per share, with a payout ratio of 43.6% [5]. Financial Summary - In 2023, the company reported total revenue of 416.6 billion yuan, a slight decline of 1.3% year-on-year, and a net profit of 123.8 billion yuan, down 12.6% year-on-year. The fourth quarter saw a revenue of 109.8 billion yuan, a decrease of 4.32% quarter-on-quarter [14]. - The company expects oil and gas production to reach 700-720 million barrels of oil equivalent in 2024, a year-on-year increase of 3%-6% [2]. - The projected revenue for 2024 is 443.98 billion yuan, with a net profit forecast of 132.5 billion yuan, corresponding to a PE ratio of 10x [23].

Investment Rating - The investment rating for the company is "Buy" [12]. Core Views - The report highlights that the company achieved an operating net cash inflow of 209.7 billion yuan in 2023, effectively covering investments and shareholder returns. The cash dividend per share increased to 1.25 HKD, with a dividend payout ratio of 43.6%, up from 42.7% last year. The A-share dividend yield is 4%, while the H-share yield is 6.9% [2][14]. - The company reported a total revenue of 416.6 billion yuan in 2023, a year-on-year decrease of 1.33%. The net profit attributable to the parent company was 123.8 billion yuan, down 12.60% year-on-year [14]. - The company’s oil and gas net production reached 678 million barrels of oil equivalent in 2023, exceeding the target of 650-660 million barrels, with a year-on-year increase of 8.69% [14]. Financial Summary - The company’s total assets increased from 929.0 billion yuan in 2022 to 1,005.6 billion yuan in 2023, with a projected increase to 1,069.2 billion yuan in 2024 [5]. - The net profit attributable to the parent company is forecasted to be 137.7 billion yuan in 2024, with a year-on-year growth rate of 11.2% [14]. - The company’s capital expenditure in 2023 was 129.6 billion yuan, reflecting an increase of 18.73% year-on-year, indicating a strong commitment to exploration and development [14].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a revenue of 416.6 billion yuan in 2023, a decrease of 1% year-on-year, and a net profit attributable to shareholders of 123.8 billion yuan, down 13% year-on-year. In Q4 2023, revenue was 109.8 billion yuan, also down 1% year-on-year and 4% quarter-on-quarter, with a net profit of 26.2 billion yuan, down 20% year-on-year and 23% quarter-on-quarter [1] - The company has increased its oil and gas production targets for 2024-2025 and disclosed its 2026 production goals, achieving a net production of 67.8 million barrels of oil equivalent in 2023, an increase of 8.7% year-on-year [1] - Capital expenditures have been raised, with 2023 capital spending adjusted to 129.6 billion yuan, primarily for domestic oil and gas field development and overseas projects in Guyana and Brazil [1] - The company has effectively controlled its oil barrel costs, with a main cost of 28.83 USD/barrel in 2023, a decrease of 1.56 USD/barrel year-on-year [1] - The company is focused on shareholder returns, with a total dividend payout of approximately 54 billion yuan in 2023, resulting in a dividend yield of 4.0% for A shares and 4.9% after tax for H shares [1] - Profit forecasts have been adjusted, with net profits projected at 138.2 billion yuan for 2024 and 154.5 billion yuan for 2025, and a new estimate of 159.8 billion yuan for 2026 [1] Summary by Sections Financial Performance - In 2023, total revenue was 416.6 billion yuan, with a year-on-year decline of 1.33%. The net profit attributable to shareholders was 123.8 billion yuan, down 12.6% year-on-year [8] - The company’s earnings per share (EPS) for 2023 was 2.60 yuan, with a price-to-earnings (P/E) ratio of 10.90 [8] Production and Capital Expenditure - The actual net production in 2023 was 67.8 million barrels of oil equivalent, exceeding initial targets, with 2024 net production targets set at 70-72 million barrels [1] - Capital expenditures for 2023 were set at 129.6 billion yuan, with plans for 125-135 billion yuan in 2024 [1] Cost Management - The main cost per barrel was 28.83 USD, a reduction of 5.1% year-on-year, indicating effective cost management [1] Shareholder Returns - The company maintained a dividend payout ratio of approximately 43.6% in 2023, with dividends of 0.59 and 0.66 HKD per share for mid-year and year-end, respectively [1]

中信证券股份有限公司 关于中国海洋石油有限公司 2023 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 2023 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 （二）保荐代表人 黄艺彬、杨巍巍 （三）现场检查人员 黄艺彬 （四）现场检查时间 2024 年 3 月 15 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"。 1 （六）现场检查手段 本次现场检查的手段主要包括资料查阅、访谈、现场查看等，具体 ...

中信证券股份有限公司 关于中国海洋石油有限公司 2023 年度持续督导报告书 | 保荐人名称：中信证券股份有限公司 | 被保荐公司简称：中国海油 | | --- | --- | | 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（以下简称"中国证监会"）《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， 中国海洋石油有限公司（以下简称"中国海油"、"上市公司"、"公司"）向社会 首次公开发行人民币普通股（A 股）299,000 万股（含超额配售选择权）（以下简 称"本次发行"），发行价格为人民币 10.80 元/股，本次发行募集资金总额为 3,299,200.00 万元，扣除发行费用后募集资金净额为 3,209,908.67 万元，以上募 集资金分别于 2022 年 4 月 18 日及 2022 年 5 月 23 日全部到位，并由安永华明会 计师事务所（特殊普通合伙）于 2022 年 4 月 18 日及 2022 年 5 月 24 日编号为安 永 ...

中信证券股份有限公司 关于中国海洋石油有限公司 2023 年度涉及中海石油财务有限责 任公司关联交易的核查意见 中信证券股份有限公司（以下简称"保荐人"或"中信证券"）作为中国海洋石 油有限公司（以下简称"中国海油"或"公司"）首次公开发行 A 股股票并上市的保 荐人，根据《证券发行上市保荐业务管理办法》《上海证券交易所股票上市规则》 《上海证券交易所上市公司自律监管指引第 1 号——规范运作》《上海证券交易 所上市公司自律监管指引第 5 号——交易与关联交易》《上海证券交易所上市公 司自律监管指引第 11 号——持续督导》等有关规定，就中国海油 2023 年度涉及 中海石油财务有限责任公司（以下简称"海油财务"）关联交易的有关事项进行 了核查，具体情况如下： 一、基本情况 （一）交易背景情况 公司和海油财务于 2022 年 12 月 22 日订立了金融服务框架协议。根据金融 服务框架协议，海油财务已同意在自 2023 年 1 月 1 日开始的三年期间向公司提 供公司不时要求或请求的金融服务。 （二）海油财务的基本情况 海油财务于 2002 年 5 月 13 日由中国人民银行批准开业，于 2002 年 6 月 ...

中国海洋石油有限公司 已审财务报表 2023 年度 中国海洋石油有限公司 财务报表及审计报告 2023 年度 | 内容 | 页码 | | | | --- | --- | --- | --- | | 审计报告 | 1 – | 5 | | | 合并及公司资产负债表 | 6 – | 8 | | | 合并及公司利润表 | 9 – | | 10 | | 合并及公司现金流量表 | 11 | – | 12 | | 合并及公司股东权益变动表 | 13 – | | 16 | | 财务报表附注 | 17 – | | 95 | | 补充资料 | | | | | 当期非经常性损益明细表 净资产收益率及每股收益 | | 1 1 | | | 境内外会计准则下会计数据差异 | | 2 | | 审计报告 安永华明（2024）审字第70000500_A01号 中国海洋石油有限公司 中国海洋石油有限公司全体股东： 一、审计意见 我们审计了中国海洋石油有限公司的财务报表，包括2023年12月31日的合并及公司资产负债 表，2023年度的合并及公司利润表、股东权益变动表和现金流量表以及相关财务报表附注。 我们认为，后附的中国海洋石油有限公司的财务报 ...