智通财经网·2025-11-07 05:59Core Viewpoint - First Shanghai has issued a "buy" rating for China National Offshore Oil Corporation (CNOOC), forecasting revenues of RMB 413.2 billion, RMB 423.8 billion, and RMB 442.9 billion for 2025-2027, with net profits of RMB 132.7 billion, RMB 134.3 billion, and RMB 140.9 billion respectively [1] Financial Performance - In the first three quarters of 2025, the company achieved revenue of RMB 33.947 billion, a year-on-year increase of 0.81%, and a net profit attributable to shareholders of RMB 2.853 billion, up 6.11% year-on-year [1] - The company reported a revenue of RMB 11.350 billion in the third quarter, a decrease of 5.75% year-on-year, with a net profit of RMB 1.023 billion, down 4.51% year-on-year [1] - The decline in oil prices, typhoon-related production cuts, and rising natural gas prices were the main factors affecting performance [1] Production and Discoveries - The company achieved a record high net production of oil and gas in the first three quarters, reaching 578.3 million barrels of oil equivalent, an increase of 6.7% year-on-year [1] - In the first three quarters, the average price of Brent crude oil was USD 69.91 per barrel, down 14.6% year-on-year, while the realized gas price was USD 7.86 per thousand cubic feet, up 1.0% year-on-year [1] - The company made five new discoveries and successfully evaluated 22 oil and gas structures, expanding its reserves significantly [2] Dividend and Cash Flow - The company plans to maintain a dividend payout ratio of no less than 45% for the years 2025-2027, subject to shareholder approval [2] - The company has healthy operating cash flow under the current oil price environment, with a current dividend yield of 6.7%, highlighting its high dividend attribute [2]