Company Overview - The report focuses on **China National Offshore Oil Corporation (CNOOC)** (600938 SH), a Hong Kong-based investment holding company established on August 20, 1999, primarily engaged in oil and gas exploration, production, and trade [5] - CNOOC operates in markets including China, Canada, the UK, Nigeria, Indonesia, and Brazil, with its business segments covering conventional oil and gas, shale oil and gas, oil sands, and other unconventional oil and gas activities [5] Financial Performance - In 2023, CNOOC achieved **RMB 4160 09 billion** in revenue, a **1 33% YoY decline**, and a net profit attributable to shareholders of **RMB 1238 43 billion**, down **12 60% YoY** [5] - Despite a **19 29% YoY decline** in Brent crude oil prices to **USD 82 56 per barrel**, CNOOC's cost control was strong, with its main oil cost per barrel decreasing by **5 13%** to **USD 28 83** [5] - The company's oil and gas production reached a **5-year high** at **678 0 million barrels of oil equivalent (BOE)**, exceeding its initial target of **650-660 million BOE** and marking an **8 65% YoY increase** [5] Future Outlook - CNOOC plans to increase its oil and gas production to **700-720**, **780-800**, and **810-830 million BOE** in 2024-2026, with YoY growth rates of **4 72%**, **11 27%**, and **3 80%**, respectively [5] - The company's capital expenditure in 2023 rose **27 46% YoY** to **RMB 1279 13 billion**, with a projected range of **RMB 1250-1350 billion** for 2024 to support further production growth [5] - CNOOC expects to launch several new projects in 2024, including the **Bozhong 19-2 oilfield development project**, **Deep Sea No 1 Phase II project**, and **Brazil's Mero3 project**, enhancing its growth potential [5] Dividend Policy - In 2023, CNOOC distributed **RMB 53 934 billion** in cash dividends, with a dividend payout ratio of **44%** [5] - The company's A-share dividend yield was **5 44%**, while its H-share dividend yield reached **9 62%** [5] - Since its listing in April 2022, CNOOC has paid cash dividends **3 times**, totaling **RMB 80 745 billion**, with a cumulative dividend payout ratio of **32 78%** and a total return ratio (including share repurchases) of **80 44%** [5] Valuation and Investment Rating - The report forecasts CNOOC's revenue for 2024-2026 to be **RMB 4349 88 billion**, **RMB 4612 20 billion**, and **RMB 4876 00 billion**, respectively, with net profits of **RMB 1312 10 billion**, **RMB 1478 85 billion**, and **RMB 1554 54 billion** [12] - The company's EPS for 2024-2026 is projected at **RMB 2 76**, **RMB 3 11**, and **RMB 3 27**, with corresponding PE ratios of **10 85x**, **9 62x**, and **9 16x** [12] - The report upgrades CNOOC's rating to **"Strongly Recommend"** based on its strong cost control, stable earnings, and growth potential [20] Industry Context - The oil and gas industry is influenced by global economic trends, with **Brent crude oil prices** averaging **USD 82 56 per barrel** in 2023, down **19 29% YoY** [5] - CNOOC's performance in 2023 was resilient, with its profit decline being less severe than the drop in oil prices, highlighting its operational efficiency and cost management [5]

东 兴 晨 报 核心观点：我们认为国有行盈利端具有较强稳定性；高股息稳健分红，在利 率中枢下行背景下，配置价值凸显；机构低仓位、维稳市场资金增持预期强； 中央金融工作会议明确定调"支持国有大型金融机构做优做强"。多重利好因 素将对国有行估值修复形成持续支撑。 高股息吸引力强。从资产配置角度来看，在当前低增速、低通胀、低利率的 宏观环境下，防御高股息投资价值上升。当前银行板块股息率为 5.29%，处 于历史相对高位，成为高股息策略的较好选择。其中，国有大行平均股息率 达 5.35%，较 10 年期国债收益率溢价超 300BP。在利率中枢下行背景下，稳 定高股息的国有大行配置价值凸显（复盘 2008 年以来，在 10 年期国债收益 率下行期，国有大行相较沪深 300 均获得相对正收益）。同时，国有大行分红 稳定性强，部分银行已将最低分红率要求写入公司章程。近五年国有大行分 红比例稳定在 30%，分红收益有保障。 敬请参阅报告结尾处的免责声明 东方财智 兴盛之源 | --- | --- | --- | --- | --- | --- | |----------|-------|-------|-------|--- ...

行 业 研 究 银行行业：盈利承压在预期之内， 2024年4月9日 看好/维持 高股息价值仍突出 东 银行 行业报告 兴 ——国有行 2023 年业绩综述 证 券 业绩概览：盈利进一步承压符合预期。2023年，国有行营收、净利润 未来3-6个月行业大事： 股 增速预计之内环比下降。拆解来看，息差收窄是最大负向影响；规模 4月：上市银行披露年报、一季报 份 扩张、其他非息增长和拨备计提减少是盈利正增的主要支撑。各因素 有 影响幅度均符合预期。 限 资料来源：iFinD、东兴证券研究所 公 收入拆解：息差继续成为主要拖累。（1）净利息收入：整体降幅有所 行业基本资料 占比% 司 扩大，主要是第四季度存量按揭贷款重定价影响，息差环比收窄、量 股票家数 50 1.09% 证 难补价。其中，中行、邮储实现了净利息收入同比正增长，主要得益 行业市值(亿元) 109667.75 12.79% 券 于其息差收窄幅度相对较小。（2）手续费及佣金净收入：由于2023年 流通市值(亿元) 74778.81 10.92% 研 资本市场震荡，且行业面临降费压力，国有行手续费收入继续承压。 行业平均市盈率 5.28 / 究 其中，仅中行 ...

行业要闻：深圳明确符合条件的安居房可补差价后上市，杭州放开二手房限购。3 月 13 日，《深圳市安居型商 品房产权管理有关事项处理办法（征求意见稿）》发布，明确了安居型商品房符合条件者可补差价后上市交易。 3 月 14 日，杭州市发布通知，优化二手住房限购政策，在该市范围内购买二手住房，不再审核购房人资格； 同时明确优化增值税征免年限，该市范围内个人出售住房的增值税征免年限统一调整为 2 年。 敬请参阅报告结尾处的免责声明 东方财智 兴盛之源 从细分贷款资产质量来看：①对公相对平稳：2023 年末，一般企业贷款不良率为 0.74%，同比微升 2BP。重 点领域，对公房地产贷款不良率同比下降 57BP 至 0.86%；地方政府融资平台（含整改为一般公司类贷款和仍 按平台管理贷款）贷款余额 789.93 亿，无不良贷款。②零售有所波动：2023 年末，个贷不良率为 1.37%， 同比上升 5BP。其中，信用卡不良率最高（2.77%、同比上升 9BP），消费贷不良率次之（1.23%、同比上升 15BP）。经营贷、住房按揭贷款不良率相对较低，分别为 0.83%、0.3%，同比上升 9BP、2BP。我们判断， 在当前经 ...

交易数据 资料来源：恒生聚源、东兴证券研究所 52 周股价走势图 资料来源：恒生聚源、东兴证券研究所 公司是一家专注于兽用生物制品研发、生 产、销售及动物防疫技术服务的生物医药企 业。构建了兽用生物制品的完整产业链，完 成了涵盖畜用疫苗、禽用疫苗、宠物疫苗等 产品布局。 资料来源：公司公告、恒生聚源 未来 3-6 个月重大事项提示： 2024-04-22 年度股东大会 2024-04-30 一季报披露 资料来源：公司公告、恒生聚源 发债及交叉持股介绍： 无 资料来源：公司公告、恒生聚源 | --- | --- | |-------------------------------|---------------| | | | | 52 周股价区间（元） | 28.32-14.37 | | 总市值（亿元） | 91.56 | | 流通市值（亿元） | 91.55 | | 总股本 / 流通 A 股（万股） | 46,617/46,617 | | 流通 B 股 /H 股（万股） | -/- | | 52 周日均换手率 | 1.7 | -57.0% -43.9% -30.8% -17.7% -4.5% 8.6% 4/3 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company [3][7]. Core Views - The company achieved a revenue of 30.75 billion yuan in 2023, a year-on-year increase of 4.75%, and a net profit attributable to shareholders of 1.62 billion yuan, up 11.08% year-on-year [2][4]. - The domestic revenue grew steadily, while the gross margin for overseas projects improved significantly [2]. - The company has effectively controlled expenses, with a net cash flow from operating activities reaching a record high of 5.13 billion yuan, a 54.67% increase year-on-year [2][4]. - The new production targets set by China National Offshore Oil Corporation (CNOOC) provide strong support for future work volume [2]. Financial Performance Summary - Revenue (in million yuan): 2022A: 29,358.37, 2023A: 30,752.04, 2024E: 33,414.78, 2025E: 36,323.17, 2026E: 39,500.74 [4]. - Net profit (in million yuan): 2022A: 1,457.41, 2023A: 1,620.51, 2024E: 1,888.54, 2025E: 2,077.83, 2026E: 2,148.68 [4]. - The return on equity (ROE) is projected to be 6.54% in 2023, increasing to 7.29% in 2024 [4][9]. Company Overview - The company is the only large-scale engineering contractor in China that integrates offshore oil and gas development engineering and liquefied natural gas engineering [5]. - It is one of the largest EPCI contractors in the Asia-Pacific region [5]. Market Data - The company's total market capitalization is 30.375 billion yuan [6]. - The stock price has ranged between 6.97 and 5.14 yuan over the past 52 weeks [6].

行 业 研 究 非银行金融行业跟踪：建议继续关 2024年4月8日 看好/维持 注行业政策的边际变化 东 非银行金融 行业报告 兴 证 证券：上周日均成交额环比增加约 300 亿至 0.97 万亿；两融余额（周二，4 未来3-6个月行业大事： 券 月2日）微升至 1.55万亿。清明节前后无重要行业政策落地，主要关注点集 无 股 中在中美重要经济数据的披露。中国3月官方PMI和财新PMI双双报喜，继 行业基本资料 占比% 份 续回升且保持在扩张区间；美国3月非农超预期增加超30万人且失业率下降， 有 股票家数 83 1.8% 两国经济复苏态势明显。但美国经济数据屡超预期，叠加通胀前景愈发不清晰， 限 行业市值(亿元) 53442.32 6.23% 给美联储降息节奏带来诸多不确定性，进而影响全球资本市场。此外，结合国 公 内监管层近期针对资本市场的相关表态，我们预计严监管环境已经基本确立， 流通市值(亿元) 41405.62 6.05% 司 将有更多规范各类参与主体行为，维护资本市场稳定，促进投资者信心回暖的 行业平均市盈率 16.58 / 证 政策出炉，涉及面的宽度和广度或超预期，后续加快节奏落地实施亦可期待。 ...

DONGXING SECURITIES 分析师 孙涤 联系方式：010-66555181 执业证书编号：S1480523040001 2024年4月3日 本报告拟从全球重要指数估值和A股指数风险溢价、行业估值的变化来审视当前市场估值情况。 上周（3/25-3/29）全球主要股指中，港股上行，A股、海外股分化。港股中恒生科技(1.17%)涨幅最大，恒生中国企业指数(0.98%)、恒生指数(0.41%) 涨幅居前。海外股德国DAX(1.27%)涨幅最大，日经225(-0.11%)跌幅最大。A股上证50(0.57%)涨幅最大，创业板指(-0.83%)跌幅最大。估值来看，海外 标普500（PE(TTM)：0.49%/PB：0.28%）升幅最大。A股上证50（PE(TTM)：1.29%/PB：-3.18%）升幅最大，创业板指（PE(TTM)：-3.04%/PB：- 2.93%）降幅最大；港股中恒生指数（PE(TTM)：-0.99%/PB：-2.79%）降幅最大。估值分位数来看，海外股中的标普500与上周持平。港股中恒生中 国(-4.5个百分点) 降幅最大，恒生指数(-3.2个百分点)降幅居前。A股来看，沪深300(+3 ...

Investment Rating - The report maintains a "Recommended" rating for Shanghai Airport [9] Core Views - In 2023, Shanghai Airport achieved revenue of 11.05 billion yuan, a year-on-year increase of 101.6%, and turned a profit with a net income of 829 million yuan, recovering from a loss of 3.076 billion yuan the previous year [8] - The recovery in passenger traffic, particularly in international routes, is expected to drive significant revenue growth in 2024 [8] - The company’s non-aeronautical revenue, including duty-free sales, is projected to continue growing, although returning to pre-pandemic levels may be challenging [8] Financial Performance Summary - **Revenue Growth**: - 2022: 5.48 billion yuan - 2023: 11.05 billion yuan (growth of 101.57%) - 2024E: 13.91 billion yuan (growth of 25.92%) [4] - **Net Profit**: - 2022: -2.99 billion yuan - 2023: 934 million yuan (growth of 75.05%) - 2024E: 2.34 billion yuan (growth of 150.15%) [5] - **Return on Equity**: - 2022: -7.56% - 2023: 2.30% - 2024E: 5.54% [6] - **Earnings Per Share (EPS)**: - 2022: -1.26 yuan - 2023: 0.38 yuan - 2024E: 0.94 yuan [6] Passenger Traffic and Revenue Insights - In 2023, Pudong Airport's passenger throughput reached 54.48 million, recovering to 71.5% of the 2019 level, with domestic traffic exceeding 2019 figures [8] - International passenger volume is expected to continue increasing significantly in 2024, contributing to higher revenues [8] Non-Aeronautical Revenue - Non-aeronautical revenue reached 6.671 billion yuan in 2023, a year-on-year increase of 82.3%, with duty-free sales showing substantial growth [8] - Duty-free revenue was 1.788 billion yuan in 2023, up from 363 million yuan in 2022, but still below the 5.21 billion yuan level in 2019 [8]

行 业 研 究 房地产周报 20240408：新房销售继 2024年4月8日 看好/维持 续下行，郑州推进住房“卖旧买新、 东 房地产 行业报告 兴 以旧换新” 证 券 股 份 市场行情：本周A股地产板块表现弱于大盘、H股地产板块表现弱于大盘。本 未来3-6个月行业大事： 有 周（4.1-4.3）A 股房地产指数（801180.SL）涨幅-1.45%（上周-1.74%），A 2024年4月中旬，统计局公布3月房地产数 限 股中证A股指数（930903.CSI）涨幅1.00%（上周-1.38%）；H股（4.1-4.5） 据。 公 恒生地产及物业管理指数（HSPDM.HK）涨幅-1.28%（上周0.00%），H股恒 资料来源：国家统计局 行业基本资料 占比% 司 生指数（HSI.HK）涨幅1.10%（上周0.25%）。 证 股票家数 118 2.56% 行业销售：新房销售继续下行。从数据来看，29 城商品房年内累计销售面积 券 （1.1~4.6）同比增速为-34.61%，对应前值（1.1~3.30）为-33.12%。其中一 行业市值(亿元) 11756.75 1.37% 研 线城市(4 城) 年内累计销售面积（1 ...