Core Viewpoint - China National Offshore Oil Corporation (CNOOC) has successfully developed a groundbreaking deep-sea seismic data imaging processing technology, enhancing the understanding of underwater geological structures at depths of 3000 meters, thereby supporting deep-sea exploration and development efforts in China [1][10]. Group 1: Technology Development - The research team led by Liu Jinpeng completed the processing of 2600 square kilometers of three-dimensional seismic data in the Pearl River Mouth Basin, marking a significant advancement in domestic deep-sea exploration technology [1][10]. - The team faced challenges in noise reduction from complex diffraction multiple waves, which were initially not effectively addressed by traditional methods [2][3]. - By integrating artificial intelligence with traditional techniques, the team developed a novel technology for attenuating residual diffraction multiple waves, improving the clarity of effective signals by 30% [3][6]. Group 2: Data Precision Enhancement - The team encountered difficulties in enhancing data precision due to the limited penetration of seismic waves, which often resulted in the loss of critical geological details [5][6]. - They innovated a multi-dimensional reconstruction theory and an intelligent frequency band fusion algorithm, which improved the seismic wave identification capability from 50 meters to 25 meters, increasing data resolution by 60% [6][7]. Group 3: Modeling and Interpretation - The lack of drilling data posed a significant challenge for building accurate geological models, leading the team to explore extensive literature and consult industry experts [8][9]. - Through deep data analysis, the team successfully constructed a high-precision velocity model, which allowed for better identification of geological structures and potential oil and gas reservoirs [9][10]. - This integrated modeling and processing solution has opened new avenues for deep-sea oil and gas exploration in China, potentially revealing previously inaccessible resources [9][10].

Group 1 - The core viewpoint of the news is that China National Offshore Oil Corporation (CNOOC) has shown a positive stock performance with a closing price of 26.52 yuan, up 2.12%, and a rolling price-to-earnings (PE) ratio of 9.14 times, which is below the industry average of 12.18 times [1] - CNOOC's total market capitalization is reported at 1,260.494 billion yuan, ranking 10th in the oil industry based on PE ratios [2] - As of February 28, 2025, CNOOC has 223,903 shareholders, an increase of 43,943 from the previous count, with an average holding value of 352,800 yuan and an average shareholding of 27,600 shares [1] Group 2 - CNOOC's main business activities include the exploration, development, production, and sales of crude oil and natural gas, with primary products being crude oil and natural gas [1] - For the fiscal year 2024, CNOOC reported operating revenue of 420.506 billion yuan, a year-on-year increase of 0.94%, and a net profit of 137.936 billion yuan, reflecting a year-on-year growth of 11.00%, with a gross profit margin of 53.63% [1]

Investment Rating - Investment Rating: Buy (Maintain) [3] Core Views - The company reported a significant increase in production and has committed to a higher dividend payout ratio [2] - For the fiscal year 2024, the company achieved revenue of 420.51 billion yuan, a year-on-year increase of 0.94%, and a net profit attributable to shareholders of 137.94 billion yuan, up 11.38% year-on-year [7] - The company has maintained a strong operational performance despite challenges such as asset impairment affecting profits [8] - The company has a leading position in the industry regarding reserve and production growth rates, with a capital expenditure of 132.7 billion yuan in 2024, the highest in its history [9] - The company is focused on shareholder returns, maintaining a high dividend payout ratio, with a total dividend of 1.40 Hong Kong dollars per share for 2024, a 12% increase year-on-year [12] - The company is expected to achieve net profits of 140.37 billion yuan, 146.32 billion yuan, and 154.52 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 8.79, 8.44, and 7.99 [13] Financial Summary - For 2024, the company reported total revenue of 420.51 billion yuan, with a net profit of 137.94 billion yuan, and a basic earnings per share of 2.90 yuan [7][14] - The company’s gross margin is projected to be 53.6% for 2024, with a return on equity (ROE) of 18.5% [14] - The company’s total assets are expected to reach 1,056.28 billion yuan by 2024, with a debt-to-equity ratio of 29.0% [16]

Investment Rating - Investment Rating: Buy (Maintain) [3] Core Views - The company reported a significant increase in production and has committed to a higher dividend payout ratio [2] - In 2024, the company achieved revenue of 420.51 billion yuan, a year-on-year increase of 0.94%, and a net profit attributable to shareholders of 137.94 billion yuan, up 11.38% year-on-year [7] - The company has maintained a strong operational performance despite challenges such as asset impairment affecting profits [8] - The company has a leading position in the industry regarding reserve and production growth rates, with a net production of 726.8 million barrels of oil equivalent in 2024, a year-on-year increase of 7.2% [9][10] - The company plans to maintain a high dividend strategy, with a total dividend of 1.40 HKD per share for 2024, a 12% increase year-on-year, and a payout ratio of 44.7% [12] - The forecasted net profit for 2025-2027 is 140.37 billion, 146.32 billion, and 154.52 billion yuan, respectively, with corresponding P/E ratios of 8.79, 8.44, and 7.99 [13] Financial Summary - In 2024, the company reported a gross margin of 53.6% and a return on equity (ROE) of 18.5% [14] - The company’s total assets are projected to grow from 1,056.28 billion yuan in 2024 to 1,254.65 billion yuan in 2027 [16] - The company’s operating income for 2024 is 420.51 billion yuan, with a year-on-year growth of 0.9% [14]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved record oil and gas production, with a focus on cost reduction and efficiency improvements, effectively mitigating risks amid geopolitical tensions and economic challenges [7] - In 2024, the company reported revenue of 420.51 billion yuan, a year-on-year increase of 0.94%, and a net profit attributable to shareholders of 137.94 billion yuan, up 11.38% year-on-year [5][7] - The average Brent crude oil price in 2024 was $79.90 per barrel, a decrease of approximately 2.9% compared to the previous year [7] Financial Performance - For Q4 2024, the company reported revenue of 94.48 billion yuan, a year-on-year decrease of 13.94%, and a net profit of 21.28 billion yuan, down 18.78% year-on-year [6][11] - The company maintained a gross profit margin of 50.79% in Q4 2024, with a net profit margin of 22.54% [6][11] - The company’s total assets reached 1,056.28 billion yuan, with a debt-to-equity ratio of 29% [44] Production and Sales - In 2024, the company sold 562.9 million barrels of oil, a 9.4% increase year-on-year, with an average realized oil price of $76.75 per barrel [8] - Natural gas sales reached 870.3 billion cubic feet, up 7.8% year-on-year, with an average realized price of $7.72 per thousand cubic feet [8] Future Outlook - The company expects revenues of 414.71 billion yuan in 2025, with net profits projected at 138.32 billion yuan, reflecting a stable growth outlook [15][40] - The report highlights the company's commitment to maintaining a dividend payout ratio of no less than 45% from 2025 to 2027 [14]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price adjusted to 27.9 CNY based on a 10x PE ratio for comparable companies in 2025 [2][4]. Core Views - The company demonstrates steady performance with a projected revenue of 420.5 billion CNY in 2024, reflecting a year-on-year growth of 0.9%. The net profit attributable to the parent company is expected to reach 137.9 billion CNY, up 11.4% year-on-year, indicating a continuous improvement in profitability [9]. - The company has achieved a record high oil and gas net production of 727 million barrels of oil equivalent, showcasing its resource development capabilities as a leading offshore oil and gas player in China. Cost control measures have effectively maintained low costs per barrel, supporting high profitability resilience [9]. - The company plans to maintain stable capital expenditures, focusing on the development of deepwater oil and gas fields and the layout of new energy businesses, which positions it well to capitalize on the recovery of global energy demand and domestic policies supporting increased reserves and production [9]. Financial Summary - The company's financial performance is projected as follows: - Revenue (in million CNY): 416,609 in 2023, 420,506 in 2024, 429,067 in 2025, 454,713 in 2026, and 481,992 in 2027, with growth rates of -1.3%, 0.9%, 2.0%, 6.0%, and 6.0% respectively [7]. - Net profit (in million CNY): 123,843 in 2023, 137,936 in 2024, 132,565 in 2025, 142,004 in 2026, and 148,442 in 2027, with growth rates of -12.6%, 11.4%, -3.9%, 7.1%, and 4.5% respectively [7]. - Earnings per share (in CNY): 2.61 in 2023, 2.90 in 2024, 2.79 in 2025, 2.99 in 2026, and 3.12 in 2027 [7].

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company demonstrates steady performance with a revenue of 420.5 billion yuan in 2024, reflecting a year-on-year growth of 0.9% and a net profit of 137.9 billion yuan, up 11.4% year-on-year, indicating improved profitability [9] - The company has achieved a record high oil and gas net production of 727 million barrels of oil equivalent, showcasing its resource development capabilities as a leading offshore oil and gas player in China [9] - The company continues its high dividend policy, with A/H share dividends of 1.29 yuan/share and 1.40 HKD/share, corresponding to dividend yields of approximately 5.0% and 7.6% respectively, highlighting its long-term investment value [9] - Looking ahead to 2025, the company plans to maintain stable capital expenditures, focusing on deepwater oil and gas field development and new energy business layout, which is expected to enhance oil and gas production and release growth potential [9] Financial Performance Summary - Revenue (in million yuan): - 2023A: 416,609 - 2024A: 420,506 - 2025E: 429,067 - 2026E: 454,713 - 2027E: 481,992 - Year-on-year growth rates: - 2023A: -1.3% - 2024A: 0.9% - 2025E: 2.0% - 2026E: 6.0% - 2027E: 6.0% [7] - Net profit (in million yuan): - 2023A: 123,843 - 2024A: 137,936 - 2025E: 132,565 - 2026E: 142,004 - 2027E: 148,442 - Year-on-year growth rates for net profit: - 2023A: -12.6% - 2024A: 11.4% - 2025E: -3.9% - 2026E: 7.1% - 2027E: 4.5% [7] - Earnings per share (in yuan): - 2023A: 2.61 - 2024A: 2.90 - 2025E: 2.79 - 2026E: 2.99 - 2027E: 3.12 [7]

Group 1 - TBEA plans to invest CNY 17.04 billion in a coal-to-gas project, aligning with national development strategies and enhancing energy self-sufficiency [1] - The project is expected to face risks such as product price fluctuations, market competition, and environmental safety [1] Group 2 - CNOOC has discovered a large oil field in the eastern South China Sea, with proven geological reserves exceeding 100 million tons of oil equivalent, marking a significant milestone in offshore exploration [2] - This discovery is anticipated to improve China's oil and gas self-sufficiency and reduce dependence on foreign resources [2] Group 3 - The National Data Bureau announced that by the end of this year, over 80% of new large data centers will utilize green electricity, promoting the integration of green energy and high-tech industries [3] - The initiative aims to concentrate over 60% of new computing power at national hub nodes, reinforcing China's advantages in artificial intelligence [3]

Group 1 - The Chief Executive of Macau, Ho Iat Seng, will present the 2025 Policy Address on April 14, outlining a roadmap for high-quality development under the "One Country, Two Systems" framework [1] Group 2 - China National Offshore Oil Corporation (CNOOC) has discovered a billion-ton oil field in the eastern South China Sea, with a daily production of 413 barrels of oil and 68,000 cubic meters of natural gas [2] - This discovery marks the first billion-ton offshore deep-layer oil field in China, significantly contributing to the country's energy security [2] Group 3 - Hong Kong's retail sales value in February was estimated at HKD 29.4 billion, a year-on-year decline of 13%, with a 15% drop in sales volume after adjusting for price changes [3] - The first two months of the year typically see fluctuations due to the Lunar New Year, with a combined sales value decline of 7.8% compared to the same period last year [3] - Future prospects for Hong Kong's retail sector may improve due to measures from the central government to boost the economy and ongoing efforts to promote tourism [3] Group 4 - Three districts in Shenzhen, namely Nanshan, Baoan, and Longgang, have been ranked among the top 10 most valuable investment districts in China, with significant financing activity in electronic information, healthcare, and advanced manufacturing [4] - These districts have shown notable achievements in upgrading traditional industries and nurturing emerging sectors, reflecting the integration of Shenzhen's industrial ecosystem with capital [4] Group 5 - The Shenzhen Component Index closed at 10,504.33 points, down 0.97% on March 31 [5] Group 6 - The top gainers in the Shenzhen market included C रू गए at 55.58 CNY with a 25.04% increase, and 新铝时代 at 74.10 CNY with a 20% increase [6] - The top losers included *ST 嘉寓 at 0.43 CNY with a 20.37% decrease, and 创意信息 at 7.34 CNY with a 20.04% decrease [6]

Core Viewpoint - China National Offshore Oil Corporation (CNOOC) reported a stable performance in 2024, with a slight increase in revenue and a significant rise in net profit, despite challenges in oil prices [1][2]. Financial Performance - In 2024, CNOOC achieved total revenue of 420.506 billion yuan, a year-on-year increase of 0.9%, and a net profit attributable to shareholders of 137.936 billion yuan, up 11.4% year-on-year [1]. - In Q4 2024, the company reported revenue of 94.482 billion yuan, a decrease of 13.9% year-on-year and 4.8% quarter-on-quarter, with a net profit of 21.277 billion yuan, down 18.8% year-on-year and 42.4% quarter-on-quarter [1]. Oil Price Stability - The average Brent crude oil futures price in 2024 remained stable at 79.86 USD per barrel, a decrease of 2.81% year-on-year, while the realized price for CNOOC's crude oil was 76.75 USD per barrel, down 1.6% year-on-year [2]. Production Growth - CNOOC's total oil and gas production reached 727 million barrels of oil equivalent in 2024, an increase of 7.2% year-on-year [3]. - The company's capital expenditure for 2024 was 132.5 billion yuan, reflecting a 2.2% year-on-year increase, indicating a commitment to maintaining high levels of investment [3]. Dividend Policy - CNOOC maintained a strong dividend policy, with total cash dividends of 61.621 billion yuan in 2024, resulting in a dividend payout ratio of approximately 45% [4]. - The dividend yield for A-shares was 4.4% and for H-shares was 7.3%, with a commitment to maintain a dividend payout ratio of no less than 45% from 2025 to 2027 [4]. Investment Outlook - CNOOC is expected to continue benefiting from new project launches, with projected net profits of 132.3 billion yuan, 136 billion yuan, and 140.1 billion yuan for 2025, 2026, and 2027 respectively [5]. - The earnings per share (EPS) are forecasted to be 2.78 yuan, 2.86 yuan, and 2.95 yuan for the same years, with corresponding price-to-earnings (PE) ratios of 9.3X, 9.0X, and 8.8X [5].