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 | | ...

Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of the company [3][22]. Core Insights - The company achieved a revenue of 226.77 billion yuan in the first half of 2024, representing an 18.07% year-on-year increase, and a net profit attributable to shareholders of 79.73 billion yuan, up 25.05% year-on-year [3]. - The company continues to see significant growth in oil and gas production, with a total output of 362.6 million barrels of oil equivalent in the first half of 2024, a 9% increase year-on-year [3][22]. - The company is actively expanding its exploration efforts, with new discoveries in Guyana and Mozambique, enhancing its overseas exploration potential [2][3]. Financial Performance - In Q2 2024, the company reported a revenue of 115.30 billion yuan, a 22.20% increase year-on-year, and a net profit of 40.01 billion yuan, up 26.43% year-on-year [3]. - The gross margin for Q2 2024 was 53.99%, showing an improvement from Q1 2024 [3]. - The company’s oil price realization was $81.87 per barrel in Q2 2024, a 12% increase year-on-year, with a Brent crude oil average price of $85.03 per barrel [3]. Capital Expenditure and Cost Management - Capital expenditure for the first half of 2024 was 63.1 billion yuan, a 12% increase year-on-year, with a notable rise in development expenditure [1][3]. - The company’s oil production cost per barrel decreased to $27.91 in Q2 2024, reflecting improved operational efficiency [4]. Shareholder Returns - The company repurchased 16.366 million H-shares in July 2024 and announced a mid-year dividend of 0.74 HKD per share, a 25.4% increase year-on-year [5].

| --- | --- | --- | --- | |--------------|---------------------------------------|----------|-----------------------------| | 投资评级声明 | 类别 说明 评级 体系 | | | | | | 买入 | 预期股价相对收益 20% 以上 | | | 自报告日后的 6 个月内，相对同期沪 | 增持 | 预期股价相对收益 10%-20% | | 股票投资评级 | 深 300 指数的涨跌幅 | 持有 | 预期股价相对收益 -10%-10% | | | | 卖出 | 预期股价相对收益 -10% 以下 | | | 自报告日后的 个月内，相对同期沪 | 强于大市 | 预期行业指数涨幅 5% 以上 | | 行业投资评级 | 6 深 300 指数的涨跌幅 | 中性 | 预期行业指数涨幅 -5%-5% | | | | 弱于大市 | 预期行业指数涨幅 -5% 以下 | | --- | --- | --- | --- | |--------------------------|----------------- ...

Production and Exploration - The company's net production reached 362.6 million barrels of oil equivalent in the first half of 2024, an increase of 9.3% year-on-year, achieving historical highs in both domestic and international oil and gas production [31]. - The company completed 174 exploration wells and collected 4,755 square kilometers of 3D seismic data in the first half of 2024, contributing to significant exploration advancements [36]. - The company has made significant breakthroughs in exploration technology, leading to the discovery of several large oil fields, including the Longkou 7-1 and Bohai Zhong 26-6 [35]. - The company's oil and gas production in the first half of 2024 consisted of 78.2% oil liquids and 21.8% natural gas, with oil liquids production increasing by 8.8% and natural gas production rising by 10.8% year-on-year [67]. - Total sales volume was 356.1 million barrels of oil equivalent, an increase of 11.1% from 320.6 million barrels in the first half of 2023 [134]. Financial Performance - The company's operating revenue for the first half of 2024 reached RMB 226.77 billion, an increase of 18% compared to RMB 192.06 billion in the same period last year [59]. - Net profit attributable to shareholders of the parent company was RMB 79.73 billion, reflecting a 25% increase from RMB 63.76 billion year-on-year [59]. - The net cash flow from operating activities amounted to RMB 118.55 billion, up 19% from RMB 99.62 billion in the previous year [59]. - Oil and gas sales revenue for the first half of 2024 reached RMB 185,112 million, an increase of 22.0% compared to RMB 151,686 million in the same period of 2023 [134]. - Crude oil sales amounted to RMB 161,256 million, up 24.1% from RMB 129,933 million year-on-year [134]. - Natural gas sales increased to RMB 23,856 million, reflecting a 9.7% rise from RMB 21,753 million in the previous year [134]. Investments and Dividends - The company plans to distribute an interim dividend of HKD 0.74 per share, reflecting its commitment to shareholder returns [22]. - The company has initiated 24 assistance projects in various regions, investing over RMB 60 million to support rural revitalization efforts [71]. - The company declared cash dividends totaling RMB 45 million during the reporting period [198]. - The company plans to distribute an interim dividend of HKD 0.74 per share for 2024, marking a historical high for the same period [60]. Environmental and Technological Initiatives - The company has initiated the first offshore photovoltaic integrated project at the Penglai oil field, enhancing its commitment to green and low-carbon development [40]. - The company is focusing on integrating oil and gas exploration with renewable energy development, with an 82% coverage rate of photovoltaic systems at onshore terminals [40]. - The company is committed to technological innovation to enhance competitiveness, with insufficient core technology reserves potentially impacting its operational goals [85]. - The company is actively promoting green low-carbon development and has made significant investments in offshore wind power and CCS/CCUS research [175]. Risk Management - The company has established a risk management and internal control system to mitigate potential losses from operational risks [46]. - The company is actively enhancing its risk management and internal control systems to address significant risks through a comprehensive risk management mechanism [93]. - The company faces risks from high customer concentration, where a significant reduction in purchases from major clients could adversely affect performance [83]. - The company has a high concentration of procurement from major suppliers, and any disruption in service from these suppliers could negatively impact operations and performance [84]. - The company is exposed to exchange rate risks due to revenue being primarily in RMB and USD, which could affect cash flow if capital expenditures require currency conversion [88]. Asset and Liability Management - The total assets of the company at the end of the reporting period were RMB 1,075.40 billion, a 7% increase from RMB 1,005.60 billion at the end of the previous year [59]. - The net assets attributable to shareholders of the parent company increased by 8% to RMB 719.20 billion from RMB 666.59 billion year-on-year [59]. - The company's total liabilities amounted to RMB 354,501 million, which is a 5.0% increase from RMB 337,722 million at the end of 2023 [185]. - Current liabilities rose to RMB 166,125 million, a significant increase of 34.0% from RMB 123,939 million at the end of 2023, primarily due to an increase in dividend payables [186]. Cost Management - Operating expenses for the company were RMB 17,463 million, an 8.4% increase from RMB 16,103 million year-on-year [134]. - The company maintained a strong cost control with a decrease in per barrel operating cost to $6.81, down 4.9% from $7.16 in the previous year [134]. - Depreciation, depletion, and amortization (excluding oilfield abandonment costs) rose to RMB 35,385 million, a 12.1% increase from RMB 31,577 million in the previous year [136]. Challenges and Outlook - The company anticipates an increase in carbon dioxide emissions in line with production growth, posing challenges to meet national emission reduction standards and potentially leading to increased costs and reputational damage [79]. - The company faces potential delays in project development in Canada due to the need for consultations with Indigenous peoples regarding land ownership claims [110]. - The company regularly reviews oil and gas price forecasts, and significant deviations from these forecasts could have adverse effects on its financial performance [105].

证券代码：600938 证券简称：中国海油 公告编号：2024-020 中国海洋石油有限公司 2024 年中期股息分配方案的公告 公司拟向全体股东派发中期股息每股 0.74 港元（含税）。公司实际派发的 中期股息总额将根据实施权益分派股权登记日的已发行股份总数确定。股息将以 港元计值和宣派，其中 A 股股息将以人民币支付，折算汇率以董事会宣派股息之 日前一周的中国人民银行公布的港元对人民币中间价平均值计算；港股股息将以 港元支付。 如在本公告披露之日起至实施中期股息派息的权益分派股权登记日，因可转 债转股、回购股份、股权激励授予股份回购注销，或重大资产重组股份回购注销 等致使公司已发行股份总数发生变动的，公司拟维持每股派息金额不变，相应调 整利润分配总额。 根据公司 2023 年度股东周年大会决议，公司 2023 年度股东周年大会授权董 事会决定公司 2024 年中期股息派发方案，本次中期股息分配方案无需提交股东 大会审议。 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：每股派发股息 0.74 港 ...

中国海洋石油有限公司关于 对中海石油财务有限责任公司的风险持续评估报告 根据《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》 的要求，中国海洋石油有限公司（以下简称"公司"）通过查验中海石油财务有限 责任公司（以下简称"海油财务"）《金融许可证》《营业执照》等证件资料，并 审阅了海油财务的 2024 年半年度财务报表，对海油财务的经营资质、内控、业 务和风险状况进行了评估，具体情况报告如下： 一、 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 14 日完成工商登记。 机构地址：北京市东城区东直门外小街 6 号海油大厦 金融许可证机构编码：L0007H211000002 统一社会信用代码：91110000710929818Y 注册资本：40 亿元人民币，其中：中国海洋石油集团有限公司占股比 62.90%； 中海石油（中国）有限公司占股比 31.80%；中海石油炼化有限责任公司占股比 3.53%；海洋石油工程股份有限公司占股比 1.77%。 经营范围涵盖国家金融监督管理总局允许财务公司开展的各项业务，包括： 1)吸收成员单位存款； ...

证券代码：600938 证券简称：中国海油 公告编号：2024-021 中国海洋石油有限公司 关于 2024 年半年度募集资金存放与实际使用 情况的专项报告 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、募集资金基本情况 （一）实际募集资金金额、资金到账情况 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，中国海洋石油有限公司（以下 简称"本公司"或"公司"）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 20 ...

证券代码：600938 证券简称：中国海油 公告编号：2024-019 中国海洋石油有限公司 2024 年第六次董事会决议公告 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。 中国海洋石油有限公司（以下简称"公司"）于 2024 年 8 月 28 日召开 2024 年第六次董事会。本次董事会的会议通知及议案已于 2024 年 8 月 12 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 6 人，非执行董事温冬芬 女士因公不能到会，已书面委托董事长、非执行董事汪东进先生代为行使表决权。 会议由董事长汪东进先生主持。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《关于公司中期业绩及半年度报告的议案》 具体内容详见公司于上海证券交易所网站（www.sse.com.cn）披露的《中国 海洋石油有限公司 2024 年半年度报告》及其摘要。本议案已经公司审核委员会 审议通过，并同意提交董事会审议。 表决结果：7 票赞成，0 票 ...