Xinda Securities·2025-03-28 09:15Investment Rating - The investment rating for China National Offshore Oil Corporation (CNOOC) is "Buy" [1] Core Insights - In 2024, CNOOC achieved a revenue of 420.51 billion yuan, a year-on-year increase of 0.94%, and a net profit attributable to shareholders of 137.94 billion yuan, up 11.38% year-on-year [1] - The company experienced a decline in Q4 2024 performance, with revenue of 94.48 billion yuan, down 13.94% year-on-year and 4.81% quarter-on-quarter, and a net profit of 21.28 billion yuan, down 18.78% year-on-year and 42.38% quarter-on-quarter [2][3] - The average oil price for CNOOC in 2024 was 76.75 USD/barrel, a decrease of 1.55% year-on-year, which was less than the Brent crude oil average price decline of 3.19% [5] - CNOOC's oil and gas production reached 726.8 million barrels of oil equivalent in 2024, representing a year-on-year increase of 7.20% [5] - The company maintained a stable reserve life of 10 years, with a reserve replacement ratio of 167% in 2024 [6] Financial Performance Summary - CNOOC's total revenue for 2024 was 420.51 billion yuan, with a projected revenue of 397.75 billion yuan for 2025, reflecting a year-on-year decrease of 5.4% [7] - The net profit attributable to shareholders for 2024 was 137.94 billion yuan, with projections of 136.44 billion yuan for 2025, indicating a slight decline of 1.1% [7] - The gross profit margin improved to 53.6% in 2024, with expectations of 51.3% in 2025 [7] - The earnings per share (EPS) for 2024 was 2.90 yuan, with forecasts of 2.87 yuan for 2025 and 2.99 yuan for 2026 [7] - The price-to-earnings (P/E) ratio for A shares was 9.10 in 2024, with projections of 9.20 for 2025 [7] Capital Expenditure and Dividends - CNOOC's capital expenditure for 2024 was 132.5 billion yuan, a year-on-year increase of 2.24%, with a budget of 125-135 billion yuan for 2025 [8] - The company paid a total dividend of 1.4 HKD per share in 2024, with a dividend payout ratio of 44.7%, which is an increase of 0.86 percentage points from the previous year [8]