CNOOC(SH:600938) EBSCN·2024-07-02 01:07Investment Rating - The report maintains a "Buy" rating for the company, highlighting its strong profitability and high dividend value in the context of stable oil prices [1][11]. Core Views - The company is deeply engaged in the green low-carbon development of oil and gas, enhancing the integration of oil and gas with new energy, and increasing capital expenditure on exploration and development, leading to rapid growth in oil and gas production [1][20]. - The company emphasizes shareholder returns, maintaining a dividend payout ratio of no less than 40% from 2022 to 2024, with an expected dividend yield of 3.9% for A shares and 6.4% for H shares in 2024 [9]. Financial Summary - The projected net profit for the company from 2024 to 2026 is estimated at 1457 billion, 1582 billion, and 1639 billion CNY respectively, with corresponding EPS of 3.06, 3.33, and 3.45 CNY per share [1][2]. - The company's revenue is expected to grow from 4222 billion CNY in 2022 to 4762 billion CNY in 2026, with a revenue growth rate of 71.56% in 2022 and a projected 2.92% in 2026 [2][6]. - The return on equity (ROE) is projected to be 19.23% in 2024, 18.57% in 2025, and 17.31% in 2026, indicating a strong profitability trend [2][6]. Operational Highlights - The company has made significant advancements in low-carbon transformation, focusing on the integration of oil and gas exploration with new energy initiatives, including the establishment of the world's largest shore power application base for offshore oil fields [20][23]. - The first fully green-designed oil field in China, the Wushi 23-5 oil field group, has commenced production, showcasing the company's commitment to sustainable development [23].