CNOOC(600938) 新浪财经·2025-03-31 12:28Core Viewpoint - China National Offshore Oil Corporation (CNOOC) reported a stable performance in 2024, with a slight increase in revenue and a significant rise in net profit, despite challenges in oil prices [1][2]. Financial Performance - In 2024, CNOOC achieved total revenue of 420.506 billion yuan, a year-on-year increase of 0.9%, and a net profit attributable to shareholders of 137.936 billion yuan, up 11.4% year-on-year [1]. - In Q4 2024, the company reported revenue of 94.482 billion yuan, a decrease of 13.9% year-on-year and 4.8% quarter-on-quarter, with a net profit of 21.277 billion yuan, down 18.8% year-on-year and 42.4% quarter-on-quarter [1]. Oil Price Stability - The average Brent crude oil futures price in 2024 remained stable at 79.86 USD per barrel, a decrease of 2.81% year-on-year, while the realized price for CNOOC's crude oil was 76.75 USD per barrel, down 1.6% year-on-year [2]. Production Growth - CNOOC's total oil and gas production reached 727 million barrels of oil equivalent in 2024, an increase of 7.2% year-on-year [3]. - The company's capital expenditure for 2024 was 132.5 billion yuan, reflecting a 2.2% year-on-year increase, indicating a commitment to maintaining high levels of investment [3]. Dividend Policy - CNOOC maintained a strong dividend policy, with total cash dividends of 61.621 billion yuan in 2024, resulting in a dividend payout ratio of approximately 45% [4]. - The dividend yield for A-shares was 4.4% and for H-shares was 7.3%, with a commitment to maintain a dividend payout ratio of no less than 45% from 2025 to 2027 [4]. Investment Outlook - CNOOC is expected to continue benefiting from new project launches, with projected net profits of 132.3 billion yuan, 136 billion yuan, and 140.1 billion yuan for 2025, 2026, and 2027 respectively [5]. - The earnings per share (EPS) are forecasted to be 2.78 yuan, 2.86 yuan, and 2.95 yuan for the same years, with corresponding price-to-earnings (PE) ratios of 9.3X, 9.0X, and 8.8X [5].