Guoxin Securities·2024-09-10 09:00Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [3] Core Viewpoints - The company actively implements the "going out" strategy to promote high-quality development of overseas oil and gas business, focusing on key markets and countries along the Belt and Road Initiative [5][7] - The company has established five overseas oil and gas cooperation zones and is enhancing its asset structure and regional layout, with overseas oil and gas production reaching 163.4 million barrels in 2023, a 17.7% increase year-on-year [6][8] - The company maintains profit forecasts for 2024-2026 with net profits of 173.5 billion, 186.3 billion, and 202.9 billion yuan, respectively, and diluted EPS of 0.95, 1.02, and 1.11 yuan [6] Summary by Sections Company Strategy - The company has been implementing the "going out" strategy since 1993, focusing on international cooperation and energy security [5][7] - The company has formed a complete oil and gas business chain centered on exploration and development, enhancing operational efficiency and profitability [7] International Cooperation Models - The company engages in various international oil cooperation models, including product-sharing contracts, service contracts, and a new "oil+" cooperation model that extends beyond oil to include nuclear energy and electricity [11][15] - The company has established significant partnerships in countries like Iraq, Kazakhstan, and the UAE, utilizing different contractual frameworks to optimize resource extraction [11][15][16] Production and Performance - In 2023, the company's oil and gas equity production reached 10.3823 million tons, marking the fifth consecutive year of over 100 million tons [6][8] - The overseas oil and gas business achieved an equivalent production of 195.7 million barrels, a 13.2% increase from the previous year, with natural gas production slightly declining [6][8] Financial Projections - The company forecasts net profits for 2024-2026 at 173.5 billion, 186.3 billion, and 202.9 billion yuan, with corresponding diluted EPS of 0.95, 1.02, and 1.11 yuan [6]