CNOOC(600938) Guohai Securities·2024-11-02 15:09Investment Rating - The report maintains a "Buy" rating for the company [1][8][15] Core Views - The company has solidified its cost competitiveness, achieving a record high net profit for the third quarter [4][8] - The company is actively advancing its reserve increase and production, with significant contributions from new oil and gas fields [7][8] - The average realized oil price for the first three quarters of 2024 was $79.03 per barrel, a year-on-year increase of 2.9% [1][6] Financial Performance - For Q3 2024, the company reported revenue of 99.254 billion yuan, a year-on-year decrease of 13.51% and a quarter-on-quarter decrease of 13.92% [3][4] - The net profit attributable to shareholders for Q3 2024 was 36.928 billion yuan, an increase of 8.98% year-on-year but a decrease of 7.71% quarter-on-quarter [3][4] - The gross profit margin for Q3 2024 was 56.14%, an increase of 9.35 percentage points year-on-year [3][4] Production and Exploration - The company achieved a net production of 542.1 million barrels of oil equivalent in the first three quarters of 2024, a year-on-year increase of 8.5% [6][7] - The company made 9 new discoveries and successfully evaluated 23 oil and gas structures in the first three quarters of 2024 [7][8] Dividend and Shareholder Returns - The company announced a mid-year dividend distribution plan, with a total cash dividend of 31.118 billion yuan, achieving a payout ratio of 40.28%, the highest for the same period in history [8][15] Future Outlook - Revenue forecasts for 2024-2026 are projected at 424.5 billion, 475.3 billion, and 495.9 billion yuan respectively, with net profits expected to be 147.9 billion, 157.9 billion, and 163.6 billion yuan [15][18] - The company is expected to maintain a strong growth trajectory due to its leading position in offshore oil and gas production in China [8][15]