CNOOC(600938) 光大证券·2025-03-06 08:59Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The recent discovery of high-yield oil and gas flow at the Weizhou 10-5 oil and gas field in the Beibu Gulf marks a significant breakthrough in oil and gas exploration in the region, enhancing the company's resource base [1][2] - The company has achieved notable oil and gas discoveries in various Chinese maritime areas, solidifying its resource foundation and ensuring stable supply for economic development [2] - The company plans to maintain high capital expenditure, with a budget of 125-135 billion yuan for 2025, focusing on exploration and development to support steady production growth [3] Summary by Sections Exploration Breakthrough - The Weizhou 10-5 oil and gas field, located approximately 75 kilometers from Beihai, Guangxi, has a significant oil and gas layer thickness of 283 meters, with natural gas production of about 370,000 cubic meters per day and oil production of approximately 800 barrels per day [2] Production and Capital Expenditure - The company targets an oil equivalent production of 760-780 million barrels for 2025, representing a year-on-year growth of 6.9%, with further targets of 780-800 million barrels for 2026 and 810-830 million barrels for 2027 [3] - The capital expenditure allocation for 2025 includes 61% for exploration, 20% for development, and 16% for production, with a domestic to overseas expenditure ratio of 68% to 32% [3] Profitability and Valuation - The company forecasts net profits of 145.7 billion yuan, 158.2 billion yuan, and 163.9 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 3.06 yuan, 3.33 yuan, and 3.45 yuan per share [4] - The report highlights the company's cost leadership and high dividend policy, emphasizing its resilience during oil price fluctuations [4]