CNOOC(600938) 光大证券·2024-07-02 00:01Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding 15% over the next 6-12 months [6][11]. Core Insights - The company has successfully launched its first green design oilfield, the Wushi 23-5 oilfield group, in the South China Sea, which is expected to enhance its low-carbon development strategy [1][22]. - The company emphasizes high shareholder returns, with a commitment to a dividend payout ratio of no less than 40% from 2022 to 2024, and an absolute dividend value of at least 0.70 HKD per share [2]. - The company’s earnings forecasts for 2024-2026 are projected to be 1457 billion, 1582 billion, and 1639 billion CNY respectively, with corresponding EPS of 3.06, 3.33, and 3.45 CNY per share [11]. Summary by Sections Company Overview - The company is focused on integrating oil and gas exploration with renewable energy development, particularly in key areas such as Bohai Bay and the Beibu Gulf [16]. Financial Performance - As of July 1, the company's A and H shares have a PB-MRQ of 2.29 and 1.38 respectively, compared to comparable companies like ExxonMobil and Occidental Petroleum [2]. - The company reported a net profit of 1417 billion CNY in 2022, with a significant increase in revenue and profit margins expected in the coming years [9][11]. Market Position - The company’s stock price is currently at 34.04 CNY, with a projected dividend yield of 3.9% for A shares and 6.4% for H shares based on the 2024 dividend forecast [2][3]. - The report highlights the company's competitive edge in terms of ROE, which is higher than that of comparable companies, suggesting room for valuation improvement [2].