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]

星标 ★ IPO日报 精彩文章第一时间推送 日前，拟IPO企业山东祺龙海洋石油钢管股份有限公司（以下简称"祺龙海洋"）及保荐机构首创证券就北交所的第一轮问询作出 了回复。它的回复内容涉及公司治理、经营业绩和股权结构等问题。 祺龙海洋主要从事海洋钻井隔水导管的研发、生产和销售，此外，公司主营业务还包括油气长输管线的生产和销售及水下油气 装备试验技术服务。 客户集中度较高 从财务数据来看，2021—2023年以及2024年上半年（下称"报告期"），祺龙海洋营业收入分别为1.21亿元、2.40亿元、2.01亿 元、1.39亿元；归母扣非净利润分别为1705.35万元、4551.75万元、 4682.21万元、4131.67万元。 | 项目 | 2024年6月30日 /2024年1月-6 | 2023年12月31 日/2023年度 | 2022年12月31 日/2022年度 | 2021年12月31 日/2021年度 | | --- | --- | --- | --- | --- | | | ਸ | | | | | 资产总计(元) | 337,928,583.33 | 316,145,651.59 | 308,805 ...

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].

Group 1 - The Shanghai Composite Index decreased by 0.46%, while the CSI Mainland Resource Theme Index fell by 0.42%, closing at 3390.97 points with a trading volume of 33.177 billion [1] - The CSI Mainland Resource Theme Index has increased by 7.17% over the past month, 1.59% over the past three months, and 2.24% year-to-date [1] - The index includes various theme indices such as consumption, resources, transportation, banking, and real estate, reflecting the overall performance of significant listed companies in the Shanghai and Shenzhen markets [1] Group 2 - The top ten holdings of the CSI Mainland Resource Theme Index are: Zijin Mining (16.63%), China Shenhua (7.05%), China Petroleum (5.19%), Sinopec (4.66%), Shaanxi Coal and Chemical Industry (4.28%), China Aluminum (3.3%), Northern Rare Earth (3.2%), CNOOC (3.03%), Luoyang Molybdenum (2.99%), and Shandong Gold (2.71%) [1] - The market share of the CSI Mainland Resource Theme Index is 79.00% from the Shanghai Stock Exchange and 21.00% from the Shenzhen Stock Exchange [1] Group 3 - In terms of industry composition, the index sample shows that materials account for 64.98% and energy accounts for 35.02% [2] - The index sample is adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December each year [2] - Temporary adjustments to the index sample occur when the CSI 800 Index undergoes changes, and companies that are delisted or undergo mergers and acquisitions are handled according to maintenance guidelines [2] Group 4 - Public funds tracking the mainland resources include Minsheng Jianyin CSI Mainland Resource C and Minsheng Jianyin CSI Mainland Resource A [3]

Investment Rating - The report maintains a "Strong Buy" rating for China National Offshore Oil Corporation (CNOOC) with a target price of 32.45 CNY [2][8]. Core Insights - CNOOC's 2024 annual report shows a revenue of 420.51 billion CNY, a year-on-year increase of 0.94%, and a net profit attributable to shareholders of 137.94 billion CNY, up 11.38% year-on-year. The company plans to distribute a final dividend of 0.66 HKD per share, leading to an expected payout ratio of 44.7% [2][4]. - The company achieved oil and gas sales revenue of approximately 355.62 billion CNY in 2024, reflecting an 8.4% year-on-year increase, primarily due to increased sales volume and exchange rate fluctuations [8]. - CNOOC's production volume reached 726.8 million barrels of oil equivalent in 2024, representing a 7.2% increase year-on-year, driven by contributions from domestic fields and international projects [8]. - The company has optimized its cost structure, with the main cost per barrel of oil at 28.52 USD, a decrease of 1.1% year-on-year [8]. - CNOOC's balance sheet has improved, with a capital debt ratio declining by 4.3 percentage points to 10.9%, and the company has committed to a dividend payout ratio of no less than 45% for the years 2025-2027 [8]. Financial Summary - For 2024, CNOOC's total revenue is projected at 420.51 billion CNY, with a growth rate of 0.9% [4]. - The net profit attributable to shareholders is expected to be 137.94 billion CNY, with a growth rate of 11.4% [4]. - Earnings per share (EPS) for 2024 is estimated at 2.90 CNY, with a price-to-earnings (P/E) ratio of 9 [4]. - The company anticipates a steady increase in revenue and profit over the next few years, with projected revenues of 431.35 billion CNY in 2025 and 443.31 billion CNY in 2026 [4]. Investment Recommendations - Based on current oil price trends and production growth, the report forecasts net profits of 140.3 billion CNY, 143.7 billion CNY, and 147.9 billion CNY for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 9 for 2025 and 2026, and 8 for 2027 [8].