国金证券：首予中国海油“买入”评级，目标股价32.88元

Core Viewpoint - China National Offshore Oil Corporation (CNOOC) has significantly reduced its oil and gas production costs in recent years, resulting in a strong competitive advantage in the international market [1] Group 1: Cost and Profitability - CNOOC's production costs are comparable to major U.S. shale oil companies, indicating robust competitiveness [1] - The company is expected to achieve a net profit of $27.19 per barrel in 2024, outperforming China National Petroleum Corporation (CNPC) and Sinopec, which are projected to have net profits of $8.69 and $15.20 per barrel, respectively [1] Group 2: Capital Expenditure and Valuation - CNOOC maintains a high level of capital expenditure (CAPEX), supporting stable growth in both reserves and production [1] - The company's valuation metrics, including PE, EV/EBITDA, and PB, are approximately 20%-50% lower than those of major international oil companies like ExxonMobil, indicating a valuation advantage [1] Group 3: Market Outlook - According to EIA forecasts, the international oil market is expected to remain in a state of oversupply, with short-term oil prices likely to experience downward fluctuations [1] - CNOOC is assigned a target price of 32.88 yuan based on a 12x valuation for 2025, with an initial "buy" rating [1]