中国海洋石油：克服油价下跌的不利影响，实现净利增长

Investment Rating - Maintains an OUTPERFORM rating with a target price of HK$24.19 [1] - The current price is HK$17.30 as of November 11, 2024 [1] Core Views - The company achieved a revenue of RMB 326.024 billion in the first three quarters of 2024, a year-on-year increase of 6.26% [1] - Net profit attributable to shareholders reached RMB 116.659 billion, up 19.47% year-on-year, with diluted EPS of RMB 2.45 [1] - Despite a decline in Brent crude prices, the company maintained strong profitability through cost reduction and increased production [1] - Single-quarter net profit has remained above RMB 30 billion since Q1 2022, driven by growth in oil and gas production and lower production costs [1][6] Financial Performance - Q3 2024 Brent crude average price was $78.71/barrel, down 8.40$24.19 [1][7] - Compared to peers, the company's valuation is higher than PetroChina (0.64x P/B) and Sinopec (0.57x P/B) but lower than ExxonMobil (2.02x P/B) [2] Key Financial Metrics - Revenue for 2024E is projected at RMB 444.187 billion, up 7% year-on-year, with net profit expected to grow 14% to RMB 141.224 billion [4] - Gross profit margin is forecasted to remain strong at 51.1% in 2024E, with ROE at 18.9% [4] - The company's debt-to-asset ratio is expected to decrease to 31.5% in 2024E, reflecting improved financial health [4]