CNOOC(600938)2024-10-30 00:41Investment Rating - The report maintains a "Buy" rating for China National Offshore Oil Corporation (CNOOC) [6] Core Views - The company's performance in the first three quarters of 2024 met expectations, with a revenue of 326.02 billion yuan, a year-on-year increase of 6.3%, and a net profit attributable to shareholders of 116.66 billion yuan, up 19.5% year-on-year [6][7] - The company has shown resilience against risks, with a gross margin of 56.14% in Q3, indicating structural improvement due to a focus on core business and reduced trading activities [6][5] - Future oil price trends are expected to remain volatile, with a downward expectation due to geopolitical factors, but demand recovery may provide some support [5][6] Financial Summary - For Q3 2024, the company reported a revenue of 99.25 billion yuan, a quarter-on-quarter decline of 13.92%, and a net profit of 36.93 billion yuan, down 7.71% quarter-on-quarter [6] - The overall capital expenditure for the first three quarters reached 95.34 billion yuan, a year-on-year increase of 6.6%, focusing on development to boost reserves and production [5][6] - The company achieved a historical high in oil and gas production, with a net production of 542.1 million barrels of oil equivalent, up 8.5% year-on-year [5][6] Cost and Profitability - The company's cost per barrel of oil equivalent was 28.14 USD, a decrease of 0.8% year-on-year, maintaining a competitive edge globally [6] - The report forecasts net profits for 2024-2026 at 150.6 billion, 155.6 billion, and 160.1 billion yuan respectively, with corresponding PE ratios of 9X, 8X, and 8X [6][7]