CNOOC(600938) Guoxin Securities·2024-10-29 02:11Investment Rating - The investment rating for the company is "Outperform the Market" [1][4][14] Core Views - The company achieved a net profit attributable to shareholders of 36.9 billion yuan in the third quarter, meeting expectations. For the first three quarters of 2024, the company reported operating revenue of 326.02 billion yuan (up 6.3% year-on-year) and a net profit of 116.66 billion yuan (up 19.5% year-on-year) [1][5] - The company signed four new offshore exploration contracts in Brazil, covering an area of approximately 2,600 square kilometers, indicating a positive outlook for long-term growth [2][11][13] - The company’s oil and gas production reached a record high, with a net production of 542.1 million barrels of oil equivalent (up 8.5% year-on-year) [2][9] Financial Performance - For the first three quarters of 2024, the company’s oil and gas sales revenue was 271.43 billion yuan (up 13.9% year-on-year), with domestic net production contributing significantly [2][9] - The average realized price for oil liquids was 79.0 USD/barrel (up 2.9% year-on-year), with a narrowing discount to Brent crude prices [2][9] - The company’s capital expenditure target for 2024 is set at 125-135 billion yuan, with a reported capital expenditure of 95.34 billion yuan in the first three quarters, an increase of 6.6% year-on-year [2][11] Earnings Forecast - The company is expected to achieve net profits of 149.8 billion yuan, 156.4 billion yuan, and 163.3 billion yuan for 2024, 2025, and 2026 respectively, with diluted EPS projected at 3.15, 3.29, and 3.43 yuan [2][11][15]