通源石油(300164) - 2024 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2024 reached ¥1,196,172,148.42, representing a 16.21% increase compared to ¥1,029,297,506.18 in 2023[21]. - The net profit attributable to shareholders for 2024 was ¥55,646,769.36, up 10.67% from ¥50,279,663.78 in the previous year[21]. - The net profit after deducting non-recurring gains and losses was ¥45,628,865.01, reflecting a 12.73% increase from ¥40,474,801.48 in 2023[21]. - The company's total assets at the end of 2024 amounted to ¥1,970,804,930.76, a 7.75% increase from ¥1,828,972,722.01 at the end of 2023[21]. - The net assets attributable to shareholders increased by 4.93% to ¥1,385,374,491.00 from ¥1,320,274,774.90 in 2023[21]. - The basic earnings per share remained at ¥0.09, unchanged from the previous year[21]. - The weighted average return on equity for 2024 was 4.11%, slightly up from 3.99% in 2023[21]. - The net cash flow from operating activities for 2024 was ¥123,201,119.49, a decrease of 3.43% compared to ¥127,573,394.73 in 2023[21]. - The company plans not to distribute cash dividends or issue bonus shares for the year[4]. Market and Industry Outlook - The global oil demand is projected to reach 103 million barrels per day in 2024, a year-on-year increase of 0.57%[31]. - The Brent crude oil futures average price for 2024 is expected to be $80.53 per barrel, maintaining a mid-high level[31]. - The company's North American operations in the Rockies and Permian Basin produced 7.33 million barrels per day, accounting for 63% of U.S. crude oil production, with a growth rate of 7.14%[32]. - Domestic oil production in China is expected to reach 21.3 million tons in 2024, reflecting a year-on-year growth of 1.8%[37]. - The global upstream oil and gas investment is expected to reach $570 billion in 2024, a year-on-year increase of 7%[31]. - The natural gas apparent consumption in China is projected to be 426.1 billion cubic meters in 2024, reflecting a year-on-year growth of 8%[39]. Clean Energy and Technology Development - The company’s clean energy business in the Sichuan Basin achieved a natural gas production of over 70 billion cubic meters in 2024, marking a 6% increase[40]. - The CCUS technology is projected to enhance oil recovery rates by over 15%, contributing to both emission reduction and efficiency improvement[43]. - The company has made significant progress in its clean energy business, marking a transition from scattered wells to large-scale operations, and has successfully secured multiple CCUS projects[54]. - The company aims to enhance its market competitiveness through the development of high-temperature and high-pressure corrosion-resistant completion tools[82]. - The introduction of a new downhole key MWD anti-drop system is expected to improve operational safety and expand market share[82]. Operational Efficiency and Cost Management - Cost control measures have been effectively implemented, leading to a significant reduction in operational expenses and improved management efficiency[67]. - The gross profit margin for the oil exploration and development sector was 28.63%, down 5.39% year-on-year, while the gross margin for other oilfield services improved to 33.82%[71]. - The company is focusing on cost reduction and efficiency improvement through stable supply chain management, quality assurance, and inventory turnover optimization[117]. Risks and Challenges - The company has acknowledged potential risks in its future development outlook, which investors should be aware of[3]. - The company faces risks from oil price fluctuations, which could impact exploration and development capital expenditures if prices fall below operational costs[120]. - Increased competition from major domestic competitors may lead to market share loss if the company fails to innovate in technology and services[121]. - New business ventures in clean energy and CCUS are in early stages, presenting uncertainties regarding implementation and investment outcomes[126]. Corporate Governance and Management - The company maintains an independent operational structure, with no financial or operational interference from the controlling shareholder, ensuring complete control over its assets and operations[137]. - The company has established a sound performance evaluation and incentive mechanism, with the remuneration and incentive standards for directors and senior management subject to relevant procedural reviews[135]. - The company respects and protects the rights of stakeholders, promoting a balance of interests among shareholders, employees, and suppliers[136]. - The company’s governance structure complies with national regulations and the requirements of the China Securities Regulatory Commission, with no significant discrepancies noted[136]. Employee Management and Compensation - The total number of employees at the end of the reporting period is 719, with 353 in the parent company and 366 in major subsidiaries[155]. - The company emphasizes a comprehensive training system to enhance employee skills, particularly for technical personnel, in alignment with its strategic development[157]. - The compensation policy aligns with the company's development stage, ensuring employee remuneration matches their contributions and industry standards[156]. Fundraising and Investment Projects - The total amount of funds raised across all projects is RMB 280 million, with RMB 269.65 million utilized, representing an overall utilization rate of 83.66%[106]. - The company plans to use up to 60 million yuan of idle raised funds to temporarily supplement working capital, with a repayment deadline of 12 months from the board's approval date[108]. - The company has committed RMB 85 million to the shale gas perforation technology service project, which is 100% completed as of February 2024[104]. Community Engagement and Social Responsibility - The company has actively engaged in public welfare activities, continuously donating to the Shanshu Public Welfare Fund to support students in rural areas[178]. - The company has organized multiple consumption assistance activities to support rural revitalization, contributing to farmers' income[179].