证券代码：600968 证券简称：海油发展 中海油能源发展股份有限公司 投资者关系活动记录表 □特定对象调研 R分析师会议 投资者 □媒体采访 □业绩说明会 关系活 □新闻发布会 □路演活动 动类别 □现场参观 □其他（请文字说明其他活动内容） 时间 2024年4月25日15:00-16:30 地点 百富怡大酒店福瑞厅 肖德斌 董事会秘书、董事会办公室主任 法律合规部副总经理（董事会办公室副主任）兼证 蔡建鑫 代 上市公 赖天明 财务部预算分析经理 司接待 黎闻文 规划计划部产业管理经理 ...

公司报告 | 季报点评 海油发展（600968） 证券研究报告 2024年04月 27日 投资评级 一季报点评：Q1 利润高速增长，持续发展新质生产力 行业 石油石化/油服工程 6个月评级 买入（维持评级） 当前价格 4.18元 公司发布2024年一季报 目标价格 元 公司一季度实现营业收入 92.07 亿元，同比下滑 3.47%；归母净利润 5.01 亿元，同比上涨21.44%。基本每股收益0.0493元，同比增加21.44%。 基本数据 A股总股本(百万股) 10,165.10 一季度中海油净产量强劲增长，桶油成本控制良好 流通A股股本(百万股) 10,165.10 A股总市值(百万元) 42,490.14 2024 年第一季度，中海油实现总净产量 180.1 百万桶油当量，同比上升 流通A股市值(百万元) 42,490.14 9.9%。其中，中国净产量 123.2百万桶油当量，同比上升 6.9%。共获得 2 个新发现，并成功评价 4 个含油气构造。其中，中国海域成功评价渤中 8-3 每股净资产(元) 2.47 南，海上超深层油气勘探新领域的开辟为未来增储上产打下了良好的基础。 资产负债率(%) 39.0 ...

股 票 研 究 [Table_industryInfo] 石油/能源 [ Table_Main[海ITnaf 油bol]e 发_Ti展tle]( 600968) [评Tab级le_：Inv est] 增持 上次评级： 增持 一季度业绩高增，盈利能力保持提升 目标价格： 5.40 上次预测： 4.80 公 ——海油发展2024 年一季报点评 当前价格： 4.28 司 孙羲昱(分析师) 杨思远(分析师) 陈浩越(研究助理) 2024.04.26 更 021-38677369 021-38032022 021-38031035 [交Ta易bl数e_M据a rket] 新 sunxiyu@gtjas.com yangsiyuan026856@gtjas.com chenhaoyue028692@gtjas.com 证书编号 S0880517090003 S0880522080005 S0880123070130 52周内股价区间（元） 2.67-4.62 报 总市值（百万元） 43,507 告 本报告导读： 总股本/流通A股（百万股） 10,165/10,165 流通 B股/H股（百万股） 0/0 公司2024Q1业 ...

[Table_Page] 季报点评|机械设备 证券研究报告 [海Table_油Title] 发展（600968.SH） [公Tab司le_I评nves级t] 买入 当前价格 4.28元 业绩超预期，业务量稳定盈利能力改善 合理价值 5.48元 前次评级 买入 [ 核Tabl 心e_Su 观mm 点ary] ： 报告日期 2024-04-24 ⚫ 公司一季度业绩超预期。公司2024年一季度实现营业收入92亿元， [相Tab对le_P市icQ场uote表] 现 同比下降3.47%；实现归母净利润5.01亿元，同比增长21.44%；实 现扣非净利润 4.38 亿元，同比增长 31.08%。公司一季度业绩延续了 32% 21% 去年以来的高增长趋势，整体表现超过我们预期。 10% ⚫ 国内工作量饱满，盈利能力持续改善。公司业绩持续增长主要受益于 0% 04/23 06/23 08/23 10/23 12/23 02/24 04/24 国内海上油气开发的高景气度，公司整体工作量饱满。根据公司《投资 -11% -22% 者关系活动记录表 20240418》，公司得益于国际油价处于合理区间和 海油发展 沪深300 国内油气 ...

证券研究报告·公司点评报告·油服工程 海油发展（600968） 2024 年一季报点评：降本增效成果显著，三 2024 年 04月 25日 大业务板块经营稳健 证券分析师 陈淑娴 买入（维持） 执业证书：S0600523020004 chensx@dwzq.com.cn 盈[T 利ab 预le_ 测EP 与S 估] 值 2022A 2023A 2024E 2025E 2026E 研究助理 何亦桢 营业总收入（百万元） 47,784 49,308 55,275 60,735 66,736 执业证书：S0600123050015 heyzh@dwzq.com.cn 同比（%） 23.35 3.19 12.10 9.88 9.88 归母净利润（百万元） 2,416 3,081 3,551 3,898 4,289 股价走势 同比（%） 88.25 27.52 15.25 9.77 10.02 海油发展 沪深300 EPS-最新摊薄（元/股） 0.24 0.30 0.35 0.38 0.42 30% P/E（现价&最新摊薄） 17.67 13.86 12.02 10.95 9.95 24% 11 28 %% [ [TT ...

2024年4月24日 公司研究 Q1 归母净利润同比增长 21%，经营质量稳步改善 ——海油发展（600968.SH）2024 年一季报点评 买入（维持） 要点 当前价：4.28元 事件： 作者 公司发布2024年一季报，2024Q1，公司实现营业总收入92亿元，同比-3.47%， 分析师：赵乃迪 环比-48%，实现归母净利润5.01亿元，同比+21.44%，环比-46%。 执业证书编号：S0930517050005 010-57378026 点评： zhaond@ebscn.com Q1业绩大增21%，经营质量持续改善 分析师：蔡嘉豪 执业证书编号：S0930523070003 2024 年以来，受中东地区地缘政治局势紧张、OPEC+延长自愿减产等因素影 021-52523800 响，国际油价高位震荡，Q1布油均价为81.76美元/桶，同比-0.4%，环比-1.3%。 caijiahao@ebscn.com 得益于高油价及国家能源安全战略下的增储上产行动的持续推动，国内油田服务市 分析师：王礼沫 场持续稳步增长。公司持续聚焦主责主业，积极把握增储上产机遇，扎实推进生产 执业证书编号：S09305240400 ...

中海油能源发展股份有限公司 2024年第一季度授信担保情况的公告 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、担保情况概述 公司分别于 2023 年 4 月 7 日、2023 年 6 月 2 日召开第五届董事会第五次会 议、2022 年年度股东大会，审议通过了《关于公司 2023 年度对外担保计划及向 金融机构申请授信额度的议案》，拟对公司控制的子公司提供授信担保额度不超 过人民币 135,000 万元。上述担保额度经董事会及股东大会审议通过后，授权公 司管理层在有关法律、法规及规范性文件允许范围内，从维护公司股东利益最大 化的原则出发，全权办理相关担保事宜，包括但不限于：签署、更改相关协议， 或办理与本担保事项相关的一切其他手续。上述担保额度授权有效期自 2022 年 年度股东大会审议通过之日起至 2023 年年度股东大会召开之日止。具体内容详 见公司于 2023 年 4 月 11 日在上海证券交易所网站（www.sse.com.cn）及指定信 证券代码：600968 证券简称：海油发展 公告编号：2 ...

证券代码：600968 证券简称：海油发展 公告编号：2024-012 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： 本次中海油能源发展股份有限公司（以下简称"公司"）为全资子公司珠海 销售提供不超过人民币 112,700.00 万元的担保，担保期限为《付款承诺函》有效 期开始之日起三十六个月内有效。截至本公告披露日，公司已实际为珠海销售提 供的担保余额为 0.00 万元（不含本次）。 ● 特别风险提示：本次担保对象珠海销售最近一期的资产负债率超过 70%， 敬请投资者注意相关投资风险。 一、担保情况概述 （一）担保基本情况 为满足公司全资子公司珠海销售的经营和发展需要，公司于 2024 年 4 月 24 日签署《付款承诺函》，为全资子公司珠海销售与中海石油深海开发有限公司（以 下简称"深海开发"）签订的购销合同约定的义务提供履约担保，担保金额为不 超过人民币 112,700.00 万元，担保期限为 2024 年 4 月 24 日起三十六个月内。 （二）担保事项履行的审议程序 中海油能源发展股份有限公司 关于 ...

Financial Performance - The company's operating revenue for Q1 2024 was ¥9,207,086,965.30, representing a decrease of 3.47% compared to the same period last year[4] - Net profit attributable to shareholders was ¥501,339,525.58, an increase of 21.44% year-on-year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥437,973,211.73, reflecting a growth of 31.08%[4] - The net profit for Q1 2024 was CNY 535,493,450.72, an increase of 22.2% compared to CNY 438,302,103.00 in Q1 2023[20] - The total profit for Q1 2024 reached CNY 698,519,414.66, up from CNY 563,078,074.97 in the same period last year, reflecting a growth of 24.1%[20] - The basic and diluted earnings per share for Q1 2024 were both CNY 0.0493, compared to CNY 0.0406 in Q1 2023, representing an increase of 17.0%[21] - The company's operating profit for Q1 2024 was CNY 685,434,020.31, an increase from CNY 562,278,539.60 in Q1 2023, reflecting a growth of 21.9%[20] Cash Flow and Liquidity - The net cash flow from operating activities was -¥1,046,069,069.58, a decline of 161.81% compared to the previous year[4] - Operating cash flow for Q1 2024 was negative at CNY -1,046,069,069.58, compared to a positive CNY 1,692,482,011.38 in Q1 2023[23] - Cash and cash equivalents as of March 31, 2024, amounted to ¥4,663,649,163.66, a decrease from ¥8,219,206,195.93 at the end of 2023[15] - Cash and cash equivalents at the end of Q1 2024 totaled CNY 2,536,800,400.51, down from CNY 3,282,070,583.52 at the end of Q1 2023[24] - The company reported a decrease in cash inflow from operating activities, totaling CNY 12,058,408,352.10 in Q1 2024, down from CNY 14,030,963,604.19 in Q1 2023, a decline of 14.0%[22] - Investment activities resulted in a net cash outflow of CNY -2,036,409,370.40 in Q1 2024, compared to CNY -2,189,778,931.35 in Q1 2023[23] Assets and Liabilities - Total assets at the end of the reporting period were ¥42,461,936,731.34, down 5.44% from the end of the previous year[5] - The company's total assets decreased to ¥42,461,936,731.34 in Q1 2024 from ¥44,905,592,443.77 in Q1 2023, showing a contraction in asset base[18] - Current liabilities totaled ¥13,497,017,789.15 in Q1 2024, down from ¥16,617,097,308.07 in Q1 2023, indicating improved liquidity management[17] - Long-term borrowings increased to ¥1,635,051,252.68 in Q1 2024 from ¥1,506,722,291.78 in Q1 2023, suggesting a strategy to leverage debt for growth[17] Shareholder Information - Total number of common shareholders at the end of the reporting period was 78,224[10] - The largest shareholder, China National Offshore Oil Corporation, holds 8,300,000,000 shares, representing 81.65% of total shares[10] - Shareholders' equity attributable to the parent company increased by 2.14% to ¥25,153,422,185.86[5] - The company's equity attributable to shareholders rose to ¥25,153,422,185.86 in Q1 2024 from ¥24,627,548,847.92 in Q1 2023, reflecting a strengthening of shareholder value[17] Operational Highlights - The company reported a significant increase in technical service workload, contributing to the rise in net profit[8] - The company is actively pursuing market expansion and new product development, as indicated by ongoing investments in long-term assets and R&D[19] - The company has over ¥10 billion in available funds to support operations, capital expenditures, and dividend payments[8] Cost Management - Total operating costs for Q1 2024 were ¥8,715,524,273.12, down from ¥9,140,196,618.19 in Q1 2023, reflecting a cost reduction strategy[19] - Research and development expenses decreased to ¥165,738,353.66 in Q1 2024 from ¥188,849,389.28 in Q1 2023, indicating a focus on efficiency[19] Non-Recurring Items - Non-recurring gains and losses totaled ¥63,366,313.85, primarily due to government subsidies and VAT adjustments[7] - The company incurred a credit impairment loss of CNY 36,399,238.90 in Q1 2024, significantly higher than CNY 11,331,866.35 in Q1 2023[20] - The company reported a significant reduction in tax liabilities, with current tax payable at ¥449,904,237.81 compared to ¥838,526,180.90 in Q1 2023, reflecting effective tax management[17] Other Financial Metrics - The weighted average return on equity increased by 0.1826 percentage points to 2.0146%[5] - The company’s total comprehensive income for Q1 2024 was CNY 539,566,653.84, compared to CNY 412,817,770.39 in Q1 2023, indicating an increase of 30.7%[21]

Group 1: Market Outlook and Capital Expenditure - The global economy is expected to grow around 3% in 2024, with China's growth projected at approximately 5% [3] - Brent crude oil prices are anticipated to fluctuate between $70 and $100 per barrel in 2024 [3] - China National Offshore Oil Corporation (CNOOC) plans a capital expenditure of RMB 125 billion to 135 billion for 2024, with exploration, development, and production accounting for approximately 16%, 63%, and 19% of the total budget, respectively [3] Group 2: Business Strategy and Challenges - The geopolitical landscape remains complex, with ongoing conflicts in Ukraine and the Middle East posing risks [3] - CNOOC aims to enhance its core capabilities and focus on five key areas: industry shaping, technological breakthroughs, market expansion, capacity building, and risk prevention [3] - The company views the current phase as both a challenge and an opportunity, with a greater emphasis on opportunities [3] Group 3: Financial Performance - In 2023, CNOOC reported a revenue of RMB 49.308 billion, a year-on-year increase of 3.19%, while net profit rose by 27.52% to RMB 3.081 billion [5] - The profit growth significantly outpaced revenue growth, attributed to favorable international oil prices and effective operational strategies [5] - The company's cost control measures led to a 1.78 percentage point increase in profit margin and a 2.04 percentage point rise in return on equity [5] Group 4: Cash Flow and Financial Management - CNOOC's net cash flow from operating activities increased by 126.75% to RMB 7.745 billion in 2023, driven by improved operational performance and efficient accounts receivable management [6] - The company reduced accounts receivable and contract assets by RMB 2.347 billion year-on-year, enhancing cash collection efficiency [6] - CNOOC maintains a stable and sustainable dividend policy, distributing RMB 1.10 per share, which accounts for 36.29% of the net profit attributable to shareholders [8] Group 5: Research and Development - CNOOC invested over RMB 1 billion in R&D in 2023, achieving significant technological breakthroughs, including the development of domestically produced underwater oil tree products with over 90% localization [7] - The company has received 93 national and provincial-level technology advancement awards and established 1,391 enterprise-level standards [7] - CNOOC is focused on integrating new technologies and business models into its existing industrial framework to enhance its low-carbon and digital transformation efforts [4]