一、监事会会议召开情况 中海油能源发展股份有限公司（以下简称"公司"）于 2024 年 11 月 21 日 以电子邮件方式向全体监事发出了《关于召开第五届监事会第十四次会议的通 知》。2024 年 11 月 26 日，公司以通讯方式召开了第五届监事会第十四次会议。 本次会议应到监事 3 名，亲自出席监事 3 名。会议由公司监事会主席刘秋东 先生主持。会议的召集和召开符合《公司法》等法律、法规及《公司章程》的有 关规定。 二、监事会会议审议情况 证券代码：600968 证券简称：海油发展 公告编号：2024-029 中海油能源发展股份有限公司 第五届监事会第十四次会议决议公告 本公司监事会及全体监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。 2、审议通过《关于中海石油财务有限责任公司的风险评估报告》 经与会监事审议表决，会议做出如下决议： 1 表决情况：同意票 3 票，反对票 0 票，弃权票 0 票。 监事会认为：中海石油财务有限责任公司具有合法有效的《金融许可证》《营 业执照》，建立了较为完整合理的内部控制制度，运营合规，资金充裕，内部控 制健 ...

中海油能源发展股份有限公司 关于与中海石油财务有限责任公司开展金融业务的风险处置预案 第一章 总则 第一条 为有效防范、及时控制和化解中海油能源发展股份有限公司（以下 简称"公司"）与中海石油财务有限责任公司（以下简称"财务公司"）开展金融业 务的风险，保障公司资金安全，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》的规定，特制定本风险处置预案。 第二章 风险处置机构及职责 第二条 公司财务部负责对公司及其子公司向财务公司存贷款及结算等金融 业务进行审核，对财务公司业务进行日常监督，组织就金融业务风险防范和处置 事项向公司管理层、董事会汇报。 （四）公司各职能部门加强对风险的监测，一旦发现问题，及时向财务部及 业务分级授权涉及的审核、审批人员预警报告，并采取果断措施，防止风险扩散 和蔓延，将金融业务风险降到最低。 第三章 信息报告与披露 第五条 建立金融业务风险报告制度，以定期或临时报告的形式向董事会报 告。定期取得并审阅财务公司的资产负债表、损益表、现金流量表等财务报告， 评估财务公司的业务与财务风险。 金融业务开展前，应查验财务公司是否具有有效《金融许可证》《企业法人 营业执照》等 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [5][11][76]. Core Insights - The company benefits from the stable capital expenditure and production increase of CNOOC, leading to strong earnings and dividend certainty [3][7]. - The core business of energy technology services is robust, while non-core businesses such as low-carbon environmental services and digitalization are also showing steady growth [7][12]. - The demand for marine energy technology is expected to grow, with the company positioned as a leader in offshore oil and gas production technology services [7][12]. - The company is projected to achieve revenue growth of 9.67%, 10.48%, and 8.35% for 2024, 2025, and 2026 respectively, with net profit growth of 10.49%, 9.65%, and 7.96% during the same period [11][76]. Summary by Sections Business Overview - The company operates in the oil and gas service sector, providing a range of services including energy technology, low-carbon environmental services, and energy logistics [18][27]. - The energy technology service segment is the core business, contributing over 40% to gross profit [7][20]. Financial Performance - The company reported a revenue of 49,308 million yuan in 2023, with a projected increase to 54,075 million yuan in 2024 [8][11]. - The net profit for 2023 was 3,081 million yuan, expected to rise to 3,404 million yuan in 2024 [11][71]. - The company has maintained a stable dividend payout, with a CAGR of 31.3% in cash dividends over the past four years [7][71]. Market Outlook - Global offshore oil and gas investments are recovering, with significant growth expected in deepwater exploration and production [49][50]. - The domestic oil and gas production is projected to continue increasing, supported by CNOOC's ongoing capital expenditure [68][69]. Risk and Valuation - The report highlights a conservative target price of 4.77 yuan for the company, based on a PE ratio of 13.00 for 2025 [76]. - The company is expected to maintain a strong correlation with CNOOC's capital expenditures, ensuring stable revenue and profit growth [62][68].

证券代码：600968 证券简称：海油发展 公告编号：2024-027 中海油能源发展股份有限公司 关于召开2024年第三季度业绩说明会的公告 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： 一、说明会类型 公司本次业绩说明会借助网络文字互动的方式与投资者进行交流。公司将针 对 2024 年第三季度经营成果及财务指标的具体情况与投资者展开互动交流和沟 通，并在信息披露允许的范围内就投资者普遍关心的问题进行回答。 （二）会议召开方式：网络文字互动 （三）网络直播地址：全景网（https://rs.p5w.net/） 三、参加人员 总经理、独立董事、财务总监、董事会秘书（如有特殊情况，参会人员可能 进行调整）。 四、投资者参加方式 为积极响应中国证券监督管理委员会、上海证券交易所做好中小投资者保护 工作的要求，公司现就 2024 年第三季度业绩说明会向投资者征集相关问题，广 泛听取投资者的意见和建议。 （一）投资者可于 2024 年 11 月 4 日（周一）17:00 前将需要了解的情况和 有 关 问 题 预 先 ...

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The company has shown significant profit growth, with a 33% year-on-year increase in net profit for Q3 2024 [1]. - The company is benefiting from strong upstream investment and a favorable offshore oil and gas market [3]. - The company is expected to achieve a compound annual growth rate (CAGR) of 13.5% in net profit from 2024 to 2026 [3]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved operating revenue of 33.67 billion yuan, a year-on-year increase of 6.6%, and a net profit attributable to shareholders of 2.69 billion yuan, up 25.3% year-on-year [1]. - In Q3 2024, the company reported operating revenue of 12.04 billion yuan, a 10.2% increase year-on-year, and a net profit of 1.07 billion yuan, reflecting a 32.6% year-on-year growth [1]. Profitability Metrics - The company's gross margin for Q1-Q3 2024 was 14.6%, up 0.8 percentage points year-on-year, while the net margin was 8.2%, an increase of 1.2 percentage points [2]. - In Q3 2024, the gross margin was 15.4%, a slight increase of 0.1 percentage points year-on-year, and the net margin reached 9.1%, up 1.5 percentage points [2]. Project Development - Key projects are progressing smoothly, including the construction of 12 LNG transport vessels, with the first vessel already delivered [2]. - The company is enhancing its integrated service capabilities through new projects in low-grade oil field development and underwater production systems [2]. Market Outlook - The global oil and gas demand continues to rise, supporting increased exploration and development investments in the upstream sector [3]. - The company is positioned to benefit from the high market demand and is expected to maintain strong capital expenditures, with a reported 95.34 billion yuan in capital spending for the first three quarters of 2024, a 6.6% increase year-on-year [3]. Earnings Forecast - The forecast for net profit attributable to shareholders for 2024-2026 is 3.68 billion, 4.10 billion, and 4.50 billion yuan, respectively, with corresponding price-to-earnings (PE) ratios of 13, 11, and 10 [3][4].

Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Views - The company's Q3 performance met market expectations, continuously enhancing its integrated service capabilities of "technology + equipment/products + services" to build a world-class energy service enterprise [3]. - The report maintains the earnings forecast and target price due to high growth in offshore oil and gas production, leading to increased workload and continuous quality improvement [4]. Summary by Sections Financial Performance - In Q3 2024, the company achieved revenue of 12.042 billion yuan, a year-on-year increase of 10.16% and a quarter-on-quarter decrease of 3.08%. The net profit attributable to shareholders was 1.072 billion yuan, up 32.62% year-on-year and down 3.92% quarter-on-quarter. For the first three quarters, the net profit attributable to shareholders reached 2.688 billion yuan, a year-on-year increase of 25.31% [4]. - The company’s Q3 gross margin was 15.44% and net margin was 9.10%, maintaining a good profitability level despite a decrease in the average crude oil price [4]. Strategic Initiatives - Key projects are progressing steadily, with significant investments in engineering projects completed ahead of schedule. Notable projects include the early operation of the "CNOOC 115" FPSO repair project and the delivery of the first LNG transport vessel [4]. - The company is enhancing its capabilities with new projects focused on "low-quality oil field comprehensive utilization" and "subsea production systems," establishing a "big collaboration" working mechanism [4]. Valuation - The report maintains the earnings per share (EPS) forecast for 2024-2026 at 0.37, 0.41, and 0.46 yuan respectively. Based on comparable companies' average PE of 15X for 2024, the target price is maintained at 5.55 yuan [4][12].

Investment Rating - The report maintains a "Buy" rating for the company [2][9] Core Views - The company achieved a significant increase in net profit attributable to shareholders, rising by 25% year-on-year in the first three quarters of 2024, driven by high oil prices and ongoing national energy security strategies [4][9] - The company reported total operating revenue of 33.7 billion yuan for the first three quarters, a year-on-year increase of 6.59% [4] - The average oil price for the first three quarters of 2024 was 81.83 USD per barrel, maintaining a relatively high level despite a slight year-on-year decrease [4] Summary by Sections Revenue Performance - In Q3 2024, the company achieved operating revenue of 12 billion yuan, a year-on-year increase of 10.16% but a quarter-on-quarter decrease of 3.08% [3][4] - The net profit for Q3 2024 was 1.072 billion yuan, reflecting a year-on-year increase of 32.62% and a quarter-on-quarter decrease of 3.92% [3][4] Operational Efficiency - The company has focused on enhancing operational efficiency, with a return on equity (ROE) of 21.2%, up by 2.5 percentage points year-on-year [4] - The cost-to-profit ratio improved, with a profit margin of 9.0%, an increase of 1.4 percentage points year-on-year [4] Strategic Initiatives - The company is actively pursuing reforms to enhance efficiency and reduce costs, including accelerating technological innovation and improving talent management [5][6] - The company has established a comprehensive cost management system to control costs effectively across various operational areas [6] Future Outlook - The global oil service market is expected to remain robust in 2024, supported by the parent company, China National Offshore Oil Corporation (CNOOC), which has set ambitious production targets [8] - The company is well-positioned to benefit from ongoing efforts to increase oil and gas reserves and production, which are part of a national seven-year action plan [8][9] Profit Forecast and Valuation - The report forecasts net profits for the company to be 3.714 billion yuan in 2024, 4.262 billion yuan in 2025, and 4.698 billion yuan in 2026, with corresponding earnings per share (EPS) of 0.37, 0.42, and 0.46 yuan respectively [9]

请务必阅读正文之后的免责声明及其项下所有内容 海油发展（600968.SH） 优于大市 第三季度归母净利润同比增长 32.6%，看好公司长期成长 公司第三季度归母净利润同比增长 32.6%，业绩超预期。2024 年前三季度公 司实现营收 336.7 亿元（同比+6.6%），归母净利润 26.9 亿元（同比+25.3%）， 扣非归母净利润 25.0 亿元（同比+26.5%），毛利率为 14.6%（同比+0.8pcts）， 三费率为 3.8%（同比-0.1pcts），净利率为 8.2%（同比+1.2pcts）。2024 年第三季度公司实现营收 120.4 亿元（同比+10.2%），归母净利润 10.7 亿 元（同比+32.6%），扣非归母净利润 9.7 亿元（同比+28.5%），毛利率为 15.4% （同比+0.1pcts），三费率为 3.7%（同比-0.3pcts），净利率为 9.1%（同 比+1.5pcts），公司单三季度归母净利润增速超预期。 公司重点项目建设稳步推进，为公司贡献业绩增量。2024 年上半年公司"海 洋石油 115"FPSO 坞修项目提前投运，LNG 运输船项目（一期）全面启动， 其中首制船 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price indicating a potential upside of over 20% within the next six months [7][17]. Core Insights - The company reported a revenue of 33.674 billion yuan for the first three quarters of 2024, reflecting a year-on-year growth of 6.59%, while the net profit attributable to the parent company reached 2.688 billion yuan, up 25.31% year-on-year [2]. - The company has successfully advanced key projects, achieving a net production of 542.1 million barrels of oil equivalent in the first three quarters of 2024, representing an increase of 8.5% year-on-year [3]. - The construction of LNG transport vessels is progressing well, with the first vessel delivered and operational, showcasing the company's commitment to integrated LNG services [4]. Financial Data and Valuation - Revenue (in million yuan) is projected to grow from 49,308 in 2023 to 68,641 in 2026, with growth rates of 3.19%, 12.86%, 11.98%, and 10.16% for the respective years [1]. - The EBITDA is expected to increase from 6,498 in 2023 to 7,696 in 2026, indicating a steady growth trajectory [1]. - The net profit attributable to the parent company is forecasted to rise from 3,081 in 2023 to 4,583 in 2026, with corresponding EPS increasing from 0.30 to 0.45 yuan per share [1][5]. - The P/E ratio is projected to decrease from 14.95 in 2023 to 10.05 in 2026, suggesting an attractive valuation over the forecast period [1][5]. Cash Flow and Financial Ratios - The company is expected to generate operating cash flow of 5,167 million yuan in 2024, increasing to 7,520 million yuan in 2025 [12]. - The debt-to-asset ratio is projected to remain stable, indicating a solid financial position [11].

海油发展：前三季度净利润26.88亿元 同比增长25.31% 财联社10月28日电，海油发展发布2024年第三季 度报告，公司前三季度实现营业收入336.74亿元，同比增长6.59%；净利润26.88亿元，同比增长 25.31%。 其中，第三季度实现营业收入120.42亿元，同比增长10.16%；净利润10.72亿元，同比增长32.62%。 基本每股收益为0.2645元。 公司表示，业绩增长主要受益于上游增储上产和公司核心能力建设成效，技术服务类工作量增加，同时 持续开展提质降本增效行动。 查看公告原文 ...