EBSCN·2024-10-29 00:11Investment Rating - The report maintains a "Buy" rating for the company [2][9] Core Insights - The company demonstrated resilience in operations despite declining oil prices, achieving record high net production and net profit in the first three quarters of 2024 [2][4] - The average Brent crude oil price for the first three quarters was $81.83 per barrel, reflecting a slight decrease of 0.11% year-on-year [4] - The company reported total revenue of 326 billion yuan, a year-on-year increase of 6.3%, and a net profit attributable to shareholders of 116.7 billion yuan, up 19.5% year-on-year [3][4] Summary by Sections Revenue Performance - In Q3 2024, the company achieved total revenue of 99.3 billion yuan, down 13.5% year-on-year and 13.9% quarter-on-quarter [3] - The net profit for Q3 2024 was 36.9 billion yuan, an increase of 9.0% year-on-year but a decrease of 7.7% quarter-on-quarter [3] Production and Cost Management - The company achieved a net production of 542.1 million barrels of oil equivalent in the first three quarters, a year-on-year increase of 8.5%, setting a historical high [5] - The average realized oil price was $79.03 per barrel, with a reduction in the discount to Brent crude from $5.08 to $2.80 year-on-year [5] - The main cost per barrel of oil equivalent was $28.14, showing a slight decrease of 0.8% year-on-year [7] Capital Expenditure and Future Outlook - Capital expenditure for the first three quarters was 95.34 billion yuan, an increase of 6.6% year-on-year, supporting ongoing projects [8] - The company has set production targets of 700-720 million barrels of oil equivalent for 2024 and 780-800 million for 2025, with expected growth rates of 4.7% and 11.3% respectively [8] Profit Forecast and Valuation - The report forecasts net profits of 145.7 billion yuan, 158.2 billion yuan, and 163.9 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 3.06, 3.33, and 3.45 yuan per share [9][10]