Core Viewpoint - UBS report indicates that CNOOC's net profit for the first three quarters decreased by 12.6% to 102 billion RMB, with the third quarter net profit of 32.4 billion RMB, reflecting a year-on-year and quarter-on-quarter decline of 12.2% and 1.6% respectively, aligning with the bank's expectations [1] Group 1: Financial Performance - CNOOC's oil and gas production increased by 6.7% year-on-year to 578.3 million barrels of oil equivalent [1] - Natural gas production rose by 11.6% year-on-year [1] - The cost per barrel remained stable at 27.35 USD [1] Group 2: Price Trends - Oil prices for the first three quarters and the third quarter fell by 13.6% and 12.8% year-on-year, with the decline slightly less than that of Brent crude oil prices [1] - Natural gas prices remained stable, with increases of 1% and 0.6% year-on-year for the first three quarters and the third quarter respectively [1] Group 3: Analyst Rating - UBS maintains a "Buy" rating and a target price of 26.5 HKD for CNOOC [1]

Core Viewpoint - China National Offshore Oil Corporation (CNOOC) reported a net profit of 32.4 billion RMB for Q3, reflecting a year-on-year decline of 12% and a quarter-on-quarter decrease of 2%, which still exceeded the expectations of the brokerage by 6% due to higher-than-expected trading profits [1] Financial Performance - Q3 net profit: 32.4 billion RMB, down 12% year-on-year and down 2% quarter-on-quarter [1] - Profit decline attributed to slight quarterly production decrease and rising unit costs [1] Future Outlook - Expected Q4 profit to decline by 21% quarter-on-quarter due to anticipated oil price drop and increased costs [1] - 2025 profit forecast raised by 1% [1] Investment Rating - Brokerage maintains a "Buy" rating and raises the target price for H-shares from 24.87 HKD to 25.06 HKD [1]

Core Viewpoint - UBS reports that CNOOC's net profit for the first three quarters decreased by 12.6% year-on-year to RMB 102 billion, with the third quarter net profit at RMB 32.4 billion, reflecting a year-on-year and quarter-on-quarter decline of 12.2% and 1.6% respectively, in line with expectations [1] Financial Performance - CNOOC's oil and gas production increased by 6.7% year-on-year to 578.3 million barrels of oil equivalent, with natural gas production rising by 11.6% [1] - The cost per barrel remained stable at USD 27.35 [1] - Oil prices for the first three quarters and the third quarter fell by 13.6% and 12.8% year-on-year, with the decline slightly less than that of Brent crude oil prices [1] - Natural gas prices remained stable, with year-on-year increases of 1% and 0.6% for the first three quarters and the third quarter respectively [1] Investment Rating - UBS maintains a "Buy" rating and a target price of HKD 26.5 for CNOOC [1]

智通财经APP获悉，中银国际发布研报称，中国海洋石油(00883)第三季净利润录324亿元人民币，同比 跌12%，按季跌2%，仍胜该行预期6%，主要因交易利润高过预期;而盈利下跌则因产量按季轻微回落， 以及单位成本按季上升。该行预期第四季利润将按季下降21%，因预期油价下跌及成本增加;将2025年 盈利预测上调1%，重申"买入"评级，H股目标价由原先24.87港元上调至25.06港元。 ...

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 27.01 CNY per share [7]. Core Insights - The company reported a steady performance with a focus on production growth, despite a decline in revenue and net profit year-on-year [1][5]. - Oil and gas production showed a year-on-year increase, with net production reaching 194 million barrels of oil equivalent, up 7.9% year-on-year [2]. - The Brent crude oil price showed a slight recovery, and the company has effectively managed its costs, with a major cost per barrel of 27.35 USD, down 2.8% year-on-year [3]. - The company has continued to invest in new projects, successfully evaluating 22 oil and gas structures and bringing 14 new projects into production [4]. Financial Performance Summary - For the first three quarters of 2025, the company achieved operating revenue of 312.5 billion CNY, a decrease of 4.1% year-on-year, and a net profit attributable to shareholders of 101.97 billion CNY, down 12.6% year-on-year [1]. - In Q3 2025, the company reported operating revenue of 104.9 billion CNY, an increase of 5.7% year-on-year, but a net profit decline of 12.2% year-on-year [1]. - The company’s net profit forecasts for 2025 to 2027 are 123.72 billion CNY, 127.54 billion CNY, and 131.39 billion CNY, respectively, with corresponding EPS of 2.60 CNY, 2.68 CNY, and 2.76 CNY [5][6].

Core Viewpoint - UBS reports that CNOOC's net profit for the first three quarters decreased by 12.6% year-on-year to 102 billion yuan, with the third quarter net profit at 32.4 billion yuan, reflecting a year-on-year and quarter-on-quarter decline of 12.2% and 1.6% respectively, in line with the bank's expectations [1] Group 1: Financial Performance - CNOOC's oil and gas production increased by 6.7% year-on-year to 578.3 million barrels of oil equivalent in the first three quarters, with natural gas production rising by 11.6% [1] - The cost per barrel remained stable at 27.35 USD [1] - The average oil price for the first three quarters and the third quarter fell by 13.6% and 12.8% year-on-year, with the decline slightly less than that of Brent crude oil prices [1] Group 2: Natural Gas Pricing - Natural gas prices remained stable, with a year-on-year increase of 1% in the first three quarters and 0.6% in the third quarter [1] Group 3: Investment Rating - UBS maintains a "Buy" rating for CNOOC with a target price of 26.5 HKD [1]

Core Viewpoint - Citigroup's research report indicates that CNOOC's net profit for the third quarter was 32.4 billion yuan, reflecting a quarterly decline of 2% and a yearly decline of 12%, aligning with the bank's expectations and reaching 76% of its annual forecast [1] Financial Performance - The performance contrasts with a 2% quarterly increase in Brent oil prices, primarily impacted by a 1% quarterly decline in crude oil production and a one-time negative impact of 876 million yuan [1] - Despite the slight decrease in production, the total production for the first three quarters reached a historical high of 578 million barrels of oil equivalent [1] Management Outlook - Management expresses confidence in achieving the upper limit of the annual production guidance set at the beginning of the year [1] Future Expectations - Looking ahead to the fourth quarter, Citigroup anticipates a quarterly decline in company profits due to falling oil prices, maintaining a target price of 24 HKD and a "buy" rating [1]

Core Viewpoint - The 2025 High-Quality Development Forum and the 27th Golden Bull Award Ceremony recognized China National Offshore Oil Corporation (CNOOC) for its strong performance, winning the "Most Investment Value Award" and "Listed Company Dividend Return Award," along with the "Golden Bull Secretary Award" for its secretary Xu Yugao [1][3]. Group 1: Awards and Recognition - CNOOC won three awards at the Golden Bull Awards, reflecting the capital market's recognition of its investment value and shareholder return capabilities [3]. - The Golden Bull Award, established in 1999, aims to create a credible platform for showcasing listed companies and promoting healthy development in the capital market [3]. Group 2: Financial Performance - In the first three quarters of 2025, CNOOC's oil and gas net production reached 578.3 million barrels of oil equivalent, a year-on-year increase of 6.7%, with natural gas production rising by 11.6% [4]. - The company achieved oil and gas sales revenue of RMB 255.48 billion and a net profit attributable to shareholders of RMB 101.97 billion during the same period [5]. - The average cost per barrel of oil was $27.35, a decrease of 2.8% year-on-year, indicating a continued cost advantage [5]. Group 3: Operational Highlights - CNOOC made five new discoveries and successfully evaluated 22 oil and gas structures in the first three quarters [4]. - The company launched 14 new projects, including significant oil and gas field developments, contributing to its production growth [4].

Investment Rating - The report provides a "First Recommendation" for the deep-sea technology industry [7] Core Insights - The deep-sea technology sector is increasingly recognized as a key area for national development, with significant policy support and strategic importance under the "Marine Power" initiative [2][25] - The industry is experiencing a surge in market activity, with leading companies enhancing their technological capabilities and market presence, evidenced by a substantial IPO financing scale of 11.4 billion yuan in 2024 [3][35] - Key technological breakthroughs are being achieved, moving the industry towards a more autonomous and self-sufficient development model [4] Summary by Sections 1. Development Window for Deep-Sea Technology - Deep-sea technology is crucial for the development of the marine economy, focusing on resource exploration and sustainable development in deep-sea areas [13] - The central government has shifted its focus to deep-sea technology as a strategic pillar of the "Marine Power" initiative, with various supportive policies being implemented [20][25] - Local governments are actively creating plans and measures to foster deep-sea technology, enhancing regional competitiveness [27][28] 2. Insights into China's Marine Economy - The marine economy's total output surpassed 10 trillion yuan in 2024, with a growth rate of 5.9%, outpacing the national GDP growth [35][39] - The marine economy is characterized by a diversified structure, with the tertiary sector contributing the most to the marine GDP [39] 3. Deep-Sea Technology Industry Chain and Key Enterprises - The deep-sea technology industry comprises a complete chain from upstream raw materials and components to midstream equipment manufacturing and downstream applications [45] - Key upstream companies include Baotai Co., West Materials, and Guangwei Composite, which are pivotal in providing essential materials for deep-sea equipment [47][49][50] - Midstream equipment manufacturers are focusing on deep-sea detection and sensing equipment, with significant advancements in manned submersibles and unmanned underwater vehicles [56][61] 4. Investment Recommendations - The report suggests focusing on upstream material and component companies such as Baotai Co., West Materials, and Guangwei Composite; midstream equipment manufacturers like China CNR, Zhenhua Heavy Industries, and China Shipbuilding; and downstream application companies like China National Offshore Oil Corporation [5]

（原标题：里昂：升中国海洋石油(00883)目标价至23港元 重申"增持"评级） 智通财经APP获悉，里昂发布研报称，中国海洋石油(00883)2025年第三季度业绩显示，尽管油价波动，公司仍同比初指引稳步实现强劲产量增 长。中海油的盈利与现金流生成能力亦较市场预期更具韧性，支持目前8%股息率。该行将中海油H股目标价由22.4港元上调至23港元，维持中海 油A股目标价于31.4元人民币，并重申对中海油H股及A股"增持"评级。 ...