东兴证券：东兴晨报-20241113

Group 1 - The core viewpoint of the report highlights that China National Offshore Oil Corporation (CNOOC) has shown significant growth in oil and gas production, with a healthy cash flow and promising growth potential for the future [1][2][3] - In the first three quarters of 2024, CNOOC achieved total operating revenue of RMB 326.02 billion, a year-on-year increase of 6.3%, and a net profit attributable to shareholders of RMB 116.66 billion, up 19.5% year-on-year [1][2] - The company signed four new offshore oil exploration contracts in Brazil, expanding its overseas exploration potential [1][6] Group 2 - Oil and gas sales revenue for the first three quarters of 2024 reached approximately RMB 271.43 billion, representing a year-on-year increase of 13.9%, with net production of 542.1 million barrels of oil equivalent, up 8.5% year-on-year [2][3] - In Q3 2024, the company achieved net production of 179.6 million barrels of oil equivalent, a year-on-year increase of 7.0% [2][3] - The company maintained a competitive cost advantage, with the main cost per barrel of oil at USD 28.14, remaining stable year-on-year [3] Group 3 - CNOOC's operating cash flow for the first three quarters of 2024 increased by 14.9% year-on-year to RMB 182.77 billion, indicating stable cash flow [3][6] - The company has increased capital expenditures, with capital spending of approximately RMB 95.34 billion, a year-on-year increase of 6.6% [6][7] - The report forecasts that CNOOC's revenue for 2024-2026 will be RMB 434.99 billion, RMB 461.22 billion, and RMB 487.60 billion, with net profits of RMB 145.94 billion, RMB 155.04 billion, and RMB 167.93 billion respectively [8] Group 4 - CNOOC's dividend payout ratio for 2023 was 43.5%, and the expected average dividend yield for 2024-2026 is projected to be 4.34% [8] - The report maintains a "strong buy" rating for CNOOC, emphasizing its strong cost control capabilities and stable performance [8] Group 5 - The report indicates that CNOOC's new projects, including the development of the Bohai Zhong 19-2 oil field and the Payara project in Guyana, are expected to contribute to its long-term growth [7][8] - The company is positioned to benefit from the global economic outlook, which is expected to maintain weak growth, while China's economy shows a long-term positive trend [7]