Xin Lang Cai Jing·2025-08-29 02:44Core Viewpoint - China National Offshore Oil Corporation (CNOOC) reported a revenue of 207.6 billion yuan for the first half of the year, representing an 8% year-on-year decline, and a net profit attributable to shareholders of 69.5 billion yuan, down 13% year-on-year [1] Industry Summary - Global oil demand is supported by seasonal factors such as summer travel and power generation, with increased refinery throughput in China, the US, and Europe [1] - Despite the demand support, CNOOC's actual production growth may be lower than targets due to ongoing overproduction and a weakening willingness for collaboration within the company [1] - The steady advancement of global renewable energy alternatives and the release of low-cost incremental production from regions like South America and Africa are also influencing the market [1] Price Forecast and Valuation - The firm maintains its Brent crude oil price forecasts at $68 per barrel for this year and $62 per barrel for next year [1] - Given CNOOC's high proportion of crude oil production, the company is significantly affected by falling oil prices [1] - The target price for CNOOC's A-shares is set at 34.75 yuan and for H-shares at 27.49 Hong Kong dollars, with a maintained "buy" rating based on a price-to-earnings ratio of 12.5 times for 2025 and 9 times [1]