CNOOC(600938) Huaan Securities·2024-10-30 01:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a historical high in oil and gas production, with good control over barrel oil costs [1] - The net production reached 542.1 million barrels of oil equivalent in Q3, an increase of 8.5% year-on-year, with oil liquids and natural gas accounting for 77.9% and 22.1% respectively [1] - The company reported a revenue of 326.02 billion yuan for the first three quarters, a year-on-year increase of 6.26%, and a net profit attributable to shareholders of 116.66 billion yuan, up 19.47% year-on-year [1] - The company maintains a competitive edge with low barrel oil production costs and advanced production technology, with a barrel oil cost of 28.14 USD, roughly flat year-on-year [1] - The company has been actively increasing capital expenditures to ensure growth in reserves and production, with a capital expenditure of 129.6 billion yuan in 2023, the highest in history [1][2] Financial Performance - The projected net profits for 2024-2026 are 149.45 billion, 159.89 billion, and 172.08 billion yuan respectively, with year-on-year growth rates of 20.7%, 7.0%, and 7.6% [3] - The corresponding P/E ratios are 8.71, 8.14, and 7.57 [3] - The company’s revenue for 2024 is expected to be 416.61 billion yuan, with a year-on-year growth of 10.6% [4] - The gross profit margin is projected to improve from 49.9% in 2023 to 54.9% in 2026 [4] - The company’s total assets are expected to grow from 1,005.60 billion yuan in 2023 to 1,420.55 billion yuan in 2026 [5]