Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The actual controller, China National Offshore Oil Corporation (CNOOC), plans to increase its stake in the company by investing between RMB 20 billion and RMB 40 billion over the next 12 months, starting from April 8, 2025, which is expected to boost investor confidence [1][2] - The company has demonstrated resilience in its performance, achieving a net profit of RMB 137.9 billion in 2024, a year-on-year increase of 11.4%, despite a 2.8% decline in average crude oil prices [2] - The company aims for stable production growth with a focus on high-quality development, targeting net production of 726.8 million barrels of oil equivalent in 2024, a 7.2% increase year-on-year [2] - The company maintains a high dividend policy, with a projected dividend of HKD 1.40 per share for 2024, reflecting a 12% increase and a payout ratio of 44.7% [3] Summary by Sections Investment Plan - CNOOC's plan to increase its stake is based on confidence in the company's long-term development and the recognition of the capital market's investment value [2] Financial Performance - In 2024, the company achieved a net profit of RMB 137.9 billion, up 11.4% year-on-year, while the average crude oil price fell by 2.8% [2] - The company’s net production reached a historical high of 726.8 million barrels of oil equivalent, marking a 7.2% increase from the previous year [2] - The main cost per barrel of oil equivalent was USD 28.52, a decrease of 1.1% year-on-year [2] Dividend Policy - The company plans to maintain a dividend payout ratio of no less than 45% from 2025 to 2027, which is an increase from the previous lower limit of 40% [3] - The high dividend yield and consistent payout policy enhance the company's investment attractiveness in a low-interest-rate environment [3] Profit Forecast and Valuation - The report forecasts net profits for 2025, 2026, and 2027 to be RMB 150.3 billion, RMB 156.2 billion, and RMB 161.4 billion, respectively, with corresponding EPS of RMB 3.16, RMB 3.29, and RMB 3.40 [3][4]

Investment Rating - The report maintains a "Buy" investment rating for China National Offshore Oil Corporation (CNOOC) [1] Core Views - CNOOC achieved record high oil and gas production and reserves in 2024, with a total production of 727 million barrels of oil equivalent, representing a year-on-year increase of 7.2% [5] - The company has demonstrated strong cost control, with the average oil production cost decreasing to $28.52 per barrel of oil equivalent, maintaining a competitive edge in profitability [5] - CNOOC's capital expenditure for 2024 reached RMB 132.7 billion, aimed at sustaining production growth and infrastructure development [6][7] - The company has shown resilience against external challenges, maintaining stable operations and proposing a dividend of HKD 0.66 per share for 2024 [8] - Profit forecasts for CNOOC indicate a net profit of RMB 150 billion in 2025, with a corresponding price-to-earnings ratio of 7.7 [9] Summary by Sections Market Performance - CNOOC's stock price is currently at RMB 24.34, with a market capitalization of RMB 115.69 billion [1] Financial Highlights - In 2024, CNOOC reported total revenue of RMB 420.51 billion, a year-on-year increase of 0.94%, and a net profit of RMB 137.94 billion, up 11.38% from the previous year [4] - The company achieved a sales volume of 563 million barrels of oil equivalent, reflecting a 9.4% increase in demand [5] Production and Cost Management - CNOOC's proven oil and gas reserves reached 7.27 billion barrels of oil equivalent, with a reserve replacement ratio of 167% [5] - The company maintained stable operating costs, with the oil production cost remaining flat at $7.61 per barrel of oil equivalent despite a 9.8% increase in overall operating expenses [5] Future Outlook - CNOOC aims to produce between 760 to 780 million barrels of oil equivalent in 2025, with continued capital expenditure to support this target [7] - The forecasted net profits for 2025-2027 are RMB 150 billion, RMB 159.7 billion, and RMB 173.1 billion, respectively, indicating a steady growth trajectory [9][11]

Investment Rating - The report maintains a "Buy" investment rating for China National Offshore Oil Corporation (CNOOC) [1] Core Views - CNOOC achieved record high oil and gas production and reserves in 2024, with a total production of 727 million barrels of oil equivalent, representing a year-on-year increase of 7.2% [5] - The company has demonstrated strong cost control, with the average oil equivalent cost decreasing to $28.52 per barrel, maintaining a competitive edge in profitability [5] - CNOOC's capital expenditure for 2024 reached RMB 132.7 billion, aimed at sustaining production growth and infrastructure investment [6][7] - The company has shown resilience against external challenges, maintaining stable operations and proposing a dividend of HKD 0.66 per share for 2024 [8] - Profit forecasts for 2025-2027 indicate a steady growth in net profit, with estimates of RMB 150 billion, RMB 159.7 billion, and RMB 173.1 billion respectively [9] Summary by Sections Market Performance - CNOOC's stock price is currently at RMB 24.34, with a market capitalization of RMB 115.69 billion [1] Financial Highlights - In 2024, CNOOC reported total revenue of RMB 420.51 billion, a year-on-year increase of 0.94%, and a net profit of RMB 137.94 billion, up 11.38% from the previous year [4] Production and Cost Management - The company achieved a total oil and gas production of 727 million barrels of oil equivalent, with a sales volume of 563 million barrels, reflecting a 9.4% increase in demand [5] - The average realized oil price was $76.75 per barrel, a decrease of approximately 1.6% year-on-year, while the average realized natural gas price was $7.72 per thousand cubic feet, down 3.3% [5] Capital Expenditure and Future Outlook - CNOOC plans to maintain a capital expenditure level similar to 2024 to support production growth, with a target production of 760 to 780 million barrels of oil equivalent for 2025 [7] Profitability and Shareholder Returns - The company aims to maintain a dividend payout ratio of no less than 45% from 2025 to 2027, enhancing shareholder returns [8]

中国海油坚持绿色发展，积极培育新质生产力。在勘探方面坚持油气并举、向气倾斜，提前建成南海万 亿大气区。公司国内天然气总产量占比不断提升，产品供应结构持续优化。绿色低碳生产成效显著，我 国海上首个全方位绿色设计的乌石23—5油田群建成投产，渤海岸电三期工程全面投用。全年实施18项 节能改造项目，累计实现全年二氧化碳减排量达58.95万吨。新能源和负碳业务有序推进，"海油观澜 号"融合发展示范工程平稳运行，渤海和海南两个海上CCUS基地建设稳步开展。数智化发展坚实有 力，"深海一号"等一批智能油气田相继建成，海上平台无人化率稳步提升，并入选中国工业数据治 理"领跑者"企业名单。 中国海油坚持生态保护，坚决守护绿水青山。中国海油严格遵守中国及其他业务所在国法律法规，秉 持"在保护中开发，在开发中保护"的理念，不断提升环境治理能力，优化能源资源管理，始终将环境保 护贯穿于勘探开发生产全过程。坚持"生态优先，保护优先"方针，定期举办环保公益活动，提高社会公 众环保意识，切实有效保护生物多样性，实现生产运营与自然环境的和谐发展。2024年，公司开展30余 个生态补偿修复类项目。 中国海油坚持回馈社会，切实履行社会责任。追 ...

证券代码：600938 证券简称：中国海油 公告编号：2025-011 中国海洋石油有限公司 关于实际控制人增持公司股份计划的公告 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： 中国海油集团拟自本公告日起12个月内通过上海证券交易所交易系统及香 港联合交易所有限公司系统增持公司A股及港股股份（含港股通），拟增持金额 累计不少于人民币20亿元（含本数），不超过人民币40亿元（含本数）。 中国海洋石油有限公司（简称"中国海油"或"公司"）于2025年4月8日接 到公司实际控制人中国海洋石油集团有限公司（简称"中国海油集团"）的通知， 基于对公司未来发展前景的信心和对资本市场长期投资价值的认可，中国海油集 团计划于本公告日起的12个月内增持公司A股和港股股份（简称"本次增持计 划"），现将有关情况公告如下： （含港股通）。 （三）增持金额：拟用于增持A股和港股股份的金额累计不少于人民币20亿 元（含本数），不超过人民币40亿元（含本数）。 （四）实施期限：综合考虑市场波动、资金安排、境内外监管要求等因素并 为保障本 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock price will outperform the benchmark index by over 20% in the next 6-12 months [2][6]. Core Views - The company achieved a revenue of RMB 420.51 billion in 2024, a year-on-year increase of 0.94%, and a net profit attributable to the parent company of RMB 137.94 billion, up 11.38% year-on-year. Despite a decline in oil prices, the company managed to grow its net profit and enhance its oil and gas resource reserves, showcasing its sustainable development capabilities [4][9]. - The report highlights the company's steady growth in oil and gas production and reserves, with a target production of 760-780 million barrels of oil equivalent for 2025. The company has also made significant discoveries both domestically and internationally, reinforcing its low-cost advantage and profitability [9][10]. Financial Summary - The company's financial performance shows a robust operating cash flow of RMB 220.89 billion in 2024, a 5.3% increase year-on-year, and a debt-to-asset ratio of 29.05%, down 4.53% year-on-year. The gross profit margin and net profit margin improved to 53.63% and 32.81%, respectively [9][10]. - The report projects the company's net profit for 2025-2027 to be RMB 138.15 billion, RMB 138.75 billion, and RMB 142.25 billion, respectively, with corresponding EPS of RMB 2.91, RMB 2.92, and RMB 2.99 [6][12]. Valuation Metrics - The current price-to-book ratio (PB) is projected to be 1.5x for 2025, 1.4x for 2026, and 1.2x for 2027, indicating a favorable valuation relative to its earnings growth [6][12]. - The report also notes a dividend payout ratio of 44.7% for 2024, with a commitment to maintain a payout ratio of no less than 45% from 2025 to 2027, reflecting a strong return to shareholders [9][10].

中信证券股份有限公司 关于中国海洋石油有限公司 2024 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 2024 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 （三）现场检查人员 杨巍巍、王天阳 （四）现场检查时间 2025 年 3 月 21 日、3 月 31 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"。 （二）保荐代表人 黄艺彬、杨巍巍 （六）现场检查手段 1 本次现场检查的手段主要包括资料查阅 ...

中信证券股份有限公司关于 中国海洋石油有限公司持续督导 保荐总结报告书 保荐人编号：Z20374000 申报时间：2025 年 4 月 | 公司名称 | 中国海洋石油有限公司 | | | | | --- | --- | --- | --- | --- | | 英文名称 | CNOOC LIMITED | | | | | 成立日期 | 1999 年 8 日 | 月 | 20 | | | 注册地址 | 香港花园道 1 号中银大厦 | | | 65 层 | | 股票代码 | 600938.SH | | | | | 股票简称 | 中国海油 | | | | | 股票上市地点 | 上海证券交易所 | | | | 一、发行人基本情况 二、本次发行情况概述 经中国证券监督管理委员会《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，中国海油首次公开发行人民 币普通股（A 股）股票 299,000 万股（含行使超额配售选择权所发新股），发行 价格人民币 10.80 元/股，本次发行最终募集资金总额为人民币 3,229,200.00 万元， 扣除发行费用后的募集资金净额为人民币 3, ...

中信证券股份有限公司 关于中国海洋石油有限公司 2024年度持续督导报告书 | 上市公司：中国海洋石油有限公司（以下简称"中国海油"、"公司"） | | | --- | --- | | 保荐人名称：中信证券股份有限公司（以下简称"中信证券"或"保荐人"） | | | 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《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，中国海油首次公开发行人民 币普通股（A 股）股票 299,000 万股（含行使超额配售选择权所发新股），发行 价格人民币 10.80 元/股，本次发行最终募集资金总额为人民币 3,229,200.00 万元， 扣除发行费用后的募集资金净额为人民币 3,209,908.67 万元。上述款项已分别于 2022 年 4 月 18 日及 2022 年 5 月 23 日全部到位。安永华明会计师事务所（特殊 普通合伙）对公司本次公开发行新股的募集资金到位情况进行了审验，并于 2022 年4月18日及2 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company reported a revenue of 420.51 billion yuan for 2024, a year-on-year increase of 0.94%. The net profit attributable to shareholders reached 137.94 billion yuan, up 11.38% year-on-year. However, in the fourth quarter alone, revenue decreased by 13.94% year-on-year to 94.48 billion yuan, and net profit fell by 18.78% to 21.28 billion yuan [2][6]. - The company's oil and gas net production significantly increased, achieving better performance than market oil price fluctuations, with a total net production of 726.8 million barrels of oil equivalent, a 7.2% increase year-on-year, marking a historical high [12]. - The average Brent crude oil price for 2024 was $79.86 per barrel, down 2.81% year-on-year, while the company achieved an average oil price of $76.75 per barrel, a decline of 1.6%, which was less than the Brent price drop [12]. - The company continues to focus on cost reduction and efficiency improvement, with a major cost advantage in barrel oil production, where the main cost was $28.52 per barrel, a decrease of 1.1% year-on-year [12]. - Future outlook suggests that oil prices are expected to stabilize at a mid-to-high level, with net production targets set for 2025-2027 ranging from 760 to 830 million barrels of oil equivalent, indicating steady growth [12]. - The company emphasizes shareholder returns, maintaining a dividend payout ratio of approximately 44.7% for 2024, with total dividends amounting to about 66.54 billion Hong Kong dollars [12]. Summary by Sections Financial Performance - For 2024, the company achieved total revenue of 420.51 billion yuan and net profit of 137.94 billion yuan, reflecting a year-on-year growth of 0.94% and 11.38% respectively [2][6]. - The fourth quarter saw a revenue drop of 13.94% year-on-year and a net profit decrease of 18.78% [2][6]. Production and Cost Management - The total net production reached 726.8 million barrels of oil equivalent, a 7.2% increase year-on-year, with significant contributions from both domestic and overseas projects [12]. - The company maintained a competitive cost structure, with a barrel oil cost of $28.52, down 1.1% from the previous year [12]. Future Outlook - The company anticipates oil prices to remain above $70 per barrel, with production targets set for gradual increases over the next few years [12]. - The focus on shareholder returns is expected to continue, with a commitment to maintaining a dividend payout ratio of no less than 45% in the coming years [12].