CNOOC(600938) 光大证券·2024-07-21 08:02Investment Rating - The report maintains a "Buy" rating for the company, indicating a projected investment return exceeding 15% over the next 6-12 months [22][23]. Core Views - The company emphasizes high shareholder returns, committing to a dividend payout ratio of no less than 40% from 2022 to 2024, with an absolute dividend value of at least 0.70 HKD per share, resulting in projected dividend yields of 4.2% and 7.0% for A and H shares respectively in 2024 [2]. - The company is focused on enhancing its traditional business while transitioning towards cleaner energy, increasing the share of natural gas, and promoting green initiatives such as smart oilfields and factories [2]. - The company has demonstrated resilience against oil price fluctuations, with significant increases in net profit and production volumes, showcasing its operational strength [11]. Financial Summary - Revenue is projected to grow from 4166 billion CNY in 2023 to 4762 billion CNY by 2026, with a compound annual growth rate (CAGR) of approximately 3.56% [3]. - Net profit is expected to increase from 1457 billion CNY in 2024 to 1639 billion CNY in 2026, reflecting a robust growth trajectory [3]. - The company's earnings per share (EPS) is forecasted to rise from 3.06 CNY in 2024 to 3.45 CNY in 2026 [3]. Operational Highlights - The company has achieved a net production growth rate of over 8% from 2021 to Q1 2024, with oil and gas reserves increasing by more than 7% [11]. - The average operating cost for oil production is reported at 7.54 USD per barrel, positioning the company competitively in the international market [11]. - The company executed a share buyback of 4.83 million shares for a total of 99.2 million HKD, reflecting confidence in its long-term growth prospects [10][21].