CNOOC(600938) Huafu Securities·2024-10-29 02:30Investment Rating - The report maintains a "Buy" rating for China National Offshore Oil Corporation (CNOOC) [2][9] Core Views - CNOOC's revenue for the first three quarters of 2024 reached RMB 326.02 billion, a year-on-year increase of 6.3%, with net profit attributable to shareholders at RMB 116.66 billion, up 19.5% [1] - The company achieved oil and gas sales revenue of RMB 271.43 billion, a 13.9% increase year-on-year, driven by increased sales volume, price rises, and exchange rate fluctuations [1] - CNOOC's oil and gas production reached 542.1 million barrels of oil equivalent in the first three quarters, an 8.5% increase year-on-year, with a quarterly production of 179.6 million barrels of oil equivalent, up 7% [1] - The company successfully discovered 9 new oil and gas fields and evaluated 23 structures in the first three quarters, indicating strong exploration capabilities [1] Financial Summary - The average realized oil price for CNOOC in the first three quarters was USD 79.03 per barrel, a 2.9% increase year-on-year, while the average gas price was USD 7.78 per thousand cubic feet, down 1.8% [1] - Capital expenditures for the first three quarters were approximately RMB 95.34 billion, a 6.6% increase year-on-year, with a budgeted capital expenditure of RMB 125-135 billion for 2024 [1] - The forecast for net profit attributable to shareholders for 2024-2026 is adjusted to RMB 145.9 billion, RMB 155 billion, and RMB 163.6 billion respectively, with corresponding EPS of RMB 3.07, RMB 3.26, and RMB 3.44 [2][5]