Investment Rating - The report maintains a "Buy" rating for the company, indicating a projected investment return exceeding 15% over the next 6-12 months [22][23]. Core Views - The company emphasizes high shareholder returns, committing to a dividend payout ratio of no less than 40% from 2022 to 2024, with an absolute dividend value of at least 0.70 HKD per share, resulting in projected dividend yields of 4.2% and 7.0% for A and H shares respectively in 2024 [2]. - The company is focused on enhancing its traditional business while transitioning towards cleaner energy, increasing the share of natural gas, and promoting green initiatives such as smart oilfields and factories [2]. - The company has demonstrated resilience against oil price fluctuations, with significant increases in net profit and production volumes, showcasing its operational strength [11]. Financial Summary - Revenue is projected to grow from 4166 billion CNY in 2023 to 4762 billion CNY by 2026, with a compound annual growth rate (CAGR) of approximately 3.56% [3]. - Net profit is expected to increase from 1457 billion CNY in 2024 to 1639 billion CNY in 2026, reflecting a robust growth trajectory [3]. - The company's earnings per share (EPS) is forecasted to rise from 3.06 CNY in 2024 to 3.45 CNY in 2026 [3]. Operational Highlights - The company has achieved a net production growth rate of over 8% from 2021 to Q1 2024, with oil and gas reserves increasing by more than 7% [11]. - The average operating cost for oil production is reported at 7.54 USD per barrel, positioning the company competitively in the international market [11]. - The company executed a share buyback of 4.83 million shares for a total of 99.2 million HKD, reflecting confidence in its long-term growth prospects [10][21].

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7月19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 ...

证券代码：600938 证券简称：中国海油 公告编号：2024-016 中国海洋石油有限公司 表决结果：7 票赞成，0 票反对，0 票弃权。 2024 年第五次董事会决议公告 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。 一、董事会会议召开情况 中国海洋石油有限公司（以下简称"公司"）于 2024 年 7 月 17 日以书面决 议方式召开 2024 年第五次董事会。本次董事会的会议通知及议案已于 2024 年 7 月 15 日发送给公司全体董事。本次会议应出席董事 7 人，实际出席董事 7 人。 会议于 2024 年 7 月 17 日形成有效决议。会议的召集、召开、表决程序符合有关 法律法规及《中国海洋石油有限公司组织章程细则》的相关规定，合法、有效。 二、董事会审议情况 （一）审议通过《关于高级管理人员变更的议案》 徐长贵先生获委任为公司总地质师，不再担任公司勘探副总师。赵春明先生 获委任为公司副总裁。本议案经公司提名委员会审议通过，并同意提交董事会审 议。前述变更自 2024 年 7 月 17 日生效。徐长贵先生和赵春明 ...

证券代码：600938 证券简称：中国海油 公告编号：2024-017 中国海洋石油有限公司 关于 2024 年度"提质增效重回报" 行动方案的公告 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。 中国海洋石油有限公司（"公司"）践行"以投资者为本"的理念，为积极响 应上海证券交易所《关于开展沪市公司"提质增效重回报"专项行动的倡议》， 进一步推动公司高质量发展和投资价值提升，增强投资者回报，特制定 2024 年 度"提质增效重回报"行动方案（"本方案"）。 一、 坚持增储上产与成本管控，持续提升资产创效能力 公司坚持稳中求进、以进促稳，统筹提质创效与成本管理，注重精益管理， 深挖提质增效潜能，持续提升资产创效能力。 一是坚持战略引领，夯实资源基础。以寻找大中型油气田为目标，把握油气 并举、向气倾斜的总体勘探策略，加大风险勘探和甩开勘探，坚持新区、新领域、 新类型勘探，持续推进非常规天然气勘探力度，夯实增储上产资源基础。深入推 进勘探开发一体化、地质作业工程一体化、技术管理一体化，加强重点领域勘探 攻关，以高质量勘探促进中长期 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market benchmark index within the next six months [9]. Core Insights - The company is projected to achieve net profits of 143.9 billion, 155 billion, and 163.6 billion yuan for the years 2024, 2025, and 2026, respectively, with growth rates of 16%, 8%, and 5% [14][27]. - The company has a strong reserve replacement rate of 180% and a net production of 678 million barrels of oil equivalent in 2023, indicating robust growth potential [17][57]. - The company is focused on maintaining high capital expenditures, with a target of 125 to 135 billion yuan for 2024, aiming for a production target of 700 to 720 million barrels of oil equivalent [27][36]. Financial Summary - The company's total operating revenue for 2023 is projected at 416.6 billion yuan, with a slight decline of 1.33% year-on-year, followed by growth rates of 10%, 7%, and 6% for the years 2024, 2025, and 2026, respectively [13][28]. - The gross profit margin is expected to be 49.88% in 2023, decreasing to 45.57% by 2026 [13]. - The earnings per share (EPS) are forecasted to be 2.60 yuan for 2023, increasing to 3.44 yuan by 2026 [14][28]. Operational Highlights - The company has successfully reduced its barrel of oil cost by 11% from 2017 to 2023, with the cost expected to further decline to 27.59 USD per barrel in Q1 2024 [40][65]. - The company is actively pursuing technological innovations to enhance production efficiency and reduce costs, which is expected to strengthen its competitive position in the market [25][71]. - The company has a diversified portfolio, with significant operations in both oil and gas exploration and production, benefiting from the current upward trend in oil prices [42][67].

证券代码：600938 证券简称：中国海油 公告编号：2024-015 中国海洋石油有限公司 2023 年 A 股末期股息分派实施公告 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： 每股分配比例 A 股每股现金红利 0.60036 元（含税）。 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2024/7/11 | － | 2024/7/12 | 2024/7/12 | 差异化分红送转：否 一、 通过分配方案的股东大会届次和日期 中国海洋石油有限公司（以下简称"公司"或"本公司"）本次末期股息分配 方案已经本公司于 2024 年 6 月 7 日的 2023 年度股东周年大会审议通过。 3. 分配方案： 公司拟向全体股东派发末期股息每股 0.66 港元（含税）。股息以港元计值和宣 派，其中 A 股股息将以人民币支付，折算汇率以股东周年大会宣派股息之日前一 周的中国人民银行公布的港元对人 ...

Investment Rating - The investment rating for China National Offshore Oil Corporation (CNOOC) is "Outperform the Market" [9][12][19] Core Insights - The report highlights the commencement of production for the Enping 21-4 oilfield and the Wushi 23-5 oilfield group, with significant expected peak production rates of 5,300 barrels of oil equivalent per day by 2025 and 18,100 barrels of oil equivalent per day by 2026, respectively [10][11][12][31] - The Enping 21-4 oilfield is noted as China's first ultra-deep large displacement well project, achieving a maximum well depth of over 9,500 meters and a horizontal displacement of 8,689 meters, setting new records for offshore drilling in China [4][30][27] - The Wushi 23-5 oilfield is recognized as China's first fully green-designed oilfield, featuring a comprehensive integration of facilities aimed at zero emissions and pollution, effectively utilizing associated gas [6][11] Financial Projections - The forecasted net profit for CNOOC from 2024 to 2026 is projected at 149.8 billion, 156.4 billion, and 163.3 billion yuan, respectively, with corresponding earnings per share (EPS) of 3.15, 3.29, and 3.43 yuan [12][19] - The report indicates that the price-to-earnings (P/E) ratios for A-shares are expected to be 11.2, 10.7, and 10.2 for the years 2024 to 2026, while the H-shares are projected at 7.0, 6.7, and 6.4 [12][19] Oil Price Outlook - The report notes a significant rebound in international oil prices, with Brent crude oil reaching $86.94 per barrel, an increase of 8.0% from the previous month, driven by OPEC+ production cuts and anticipated demand during the peak season [28][34] - It is expected that Brent crude oil prices will maintain a range of $80 to $90 per barrel throughout the year, with a potential upward trend [28][34]

中国海油进行深度白马的推荐那我先说一下推荐的理由中国海油是原油勘探生产的龙头的公司在碳中和的约束下我们预计原油会继续继续平衡的一个供需情况那么在油价继续维持高位的情况下公司也是一直在进行积极的资本开支未来产量的增长也会保证公司的长期的成长这是我们主要的推荐的理由那再讲一下我们跟市场上 预期不同的地方首先就是我们认为超预期的点第一个点市场上预期对油价来说24年油价可能会下跌未来油价的中枢下移但我们认为不论是从基本面的角度从24年的角度欧菲克加的减产执行情况比较好美国的原油产能的增长是遭遇瓶颈的 未来产能是面临衰竭美国的就业还有经济数据也表现出了比较强的韧性在美联储降息的预期下全球的经济是有望提振的24年原油的供需预计继续维持并紧平衡另外再从一个中期的角度来看在碳中和约束的情况下原油开采商会去降低资本开支原油未来的供给增长是相对有限的我们预计未来油价将维持在70到90美元每桶区间波动 继续维持高位这是第一个是跟市场不同的预期点第二个我们认为超市场预期的地方是市场认为现在公司的估值的增长是相对比较平缓的那它的估值水平可能很难再继续提高了但是我们认为根据我们的一系列测算下来 我们是有一个PBROE的模型的我们预计中国 ...

盈利预测、估值与评级：公司深入布局油气绿色低碳开发，深化油气与新能源融 合发展，加大勘探开发资本开支投入，油气产量保持高速增长，坚持高股息政策， 在油价维持中高位的背景下，公司高盈利+高分红价值凸显。我们维持对公司的 盈利预测，预计公司 2024-2026 年归母净利润分别为 1457/1582/1639 亿元， 折合 EPS 分别为 3.06/3.33/3.45 元/股，维持对公司的"买入"评级。 | --- | --- | --- | --- | --- | --- | |---------------------------|---------|---------|--------|--------------------------|--------| | 营业收入（亿元） | 4,222 | 4,166 | 4,314 | 4,627 | 4,762 | | 营业收入增长率 | 71.56% | -1.33% | 3.56% | 7.25% | 2.92% | | 净利润（亿元） | 1,417 | 1,238 | 1,457 | 1,582 | 1,639 | | 净利润增长率 | 101.51% ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding 15% over the next 6-12 months [6][11]. Core Insights - The company has successfully launched its first green design oilfield, the Wushi 23-5 oilfield group, in the South China Sea, which is expected to enhance its low-carbon development strategy [1][22]. - The company emphasizes high shareholder returns, with a commitment to a dividend payout ratio of no less than 40% from 2022 to 2024, and an absolute dividend value of at least 0.70 HKD per share [2]. - The company’s earnings forecasts for 2024-2026 are projected to be 1457 billion, 1582 billion, and 1639 billion CNY respectively, with corresponding EPS of 3.06, 3.33, and 3.45 CNY per share [11]. Summary by Sections Company Overview - The company is focused on integrating oil and gas exploration with renewable energy development, particularly in key areas such as Bohai Bay and the Beibu Gulf [16]. Financial Performance - As of July 1, the company's A and H shares have a PB-MRQ of 2.29 and 1.38 respectively, compared to comparable companies like ExxonMobil and Occidental Petroleum [2]. - The company reported a net profit of 1417 billion CNY in 2022, with a significant increase in revenue and profit margins expected in the coming years [9][11]. Market Position - The company’s stock price is currently at 34.04 CNY, with a projected dividend yield of 3.9% for A shares and 6.4% for H shares based on the 2024 dividend forecast [2][3]. - The report highlights the company's competitive edge in terms of ROE, which is higher than that of comparable companies, suggesting room for valuation improvement [2].