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中国海油2024年中报点评:中报业绩,半年度分红创同期最好水平

Investment Rating - The report maintains a "Buy" rating with a target price of 33.26 CNY, reflecting an increase in earnings forecasts due to high growth in oil and gas production [10][26]. Core Insights - The company achieved record semi-annual performance with a revenue of 226.8 billion CNY in H1 2024, a year-on-year increase of 18%, and a net profit attributable to shareholders of 79.7 billion CNY, up 27% year-on-year [26]. - The average price of Brent crude oil in H1 2024 was 84.27 USD per barrel, contributing to the company's strong performance despite a lower average price compared to H1 2022 [26]. - The company has increased its capital expenditure to 63.1 billion CNY in H1 2024, an 11.7% increase year-on-year, to support its strategy of increasing reserves and production [26]. Financial Summary - Revenue for 2022 was 422.23 billion CNY, with a projected increase to 475.33 billion CNY in 2024, reflecting a growth rate of 14.1% [9]. - Net profit attributable to shareholders was 141.7 billion CNY in 2022, expected to rise to 148.03 billion CNY in 2024, indicating a growth of 19.5% [9]. - The company reported a net asset return (ROE) of 23.7% in 2022, projected to decrease to 18.9% by 2024 [9]. Production and Cost Management - The company achieved a net production of 362.6 million barrels of oil equivalent in H1 2024, a 9.3% increase year-on-year, marking a historical high for the period [26]. - The cost per barrel of oil was reported at 27.75 USD, demonstrating effective cost control measures [26]. - The company successfully discovered new oil and gas structures, enhancing its exploration potential and expanding reserves [26].