CNOOC(SH:600938) Guoxin Securities·2025-03-29 09:40Investment Rating - The investment rating for the company is "Outperform the Market" [6][25]. Core Views - The company achieved a net profit attributable to shareholders of 138 billion yuan in 2024, representing a year-on-year growth of 11.4% [1][10]. - The company's operating revenue for 2024 is projected to be 420.51 billion yuan, with a slight increase of 0.9% year-on-year [1][5]. - The company has successfully managed to control costs, with the average cost per barrel of oil equivalent at 28.52 USD, a decrease of 1.1% year-on-year [2][17]. - The company plans to maintain a stable capital expenditure, with 2024 capital expenditure at 132.5 billion yuan, a 2.2% increase from the previous year [3][20]. - The company has proposed a final dividend of 0.66 HKD per share, resulting in a total annual dividend of 1.40 HKD per share, with a payout ratio of 44.7% [3][23]. Summary by Sections Financial Performance - In 2024, the company reported a net profit of 138 billion yuan, with operating revenue of 420.51 billion yuan [1][10]. - The fourth quarter of 2024 saw a revenue drop of 13.9% year-on-year, primarily due to falling oil prices [1][10]. - The company’s operating cash flow reached 220.89 billion yuan, reflecting a 5.3% increase year-on-year [1][10]. Production and Sales - The company achieved a record net production of 726.8 million barrels of oil equivalent in 2024, a 7.2% increase year-on-year [2][13]. - Oil and gas sales revenue for 2024 was 355.62 billion yuan, up 8.5% from the previous year [2][13]. - The average realized price for oil liquids was 76.8 USD per barrel, a slight decrease of 1.6% year-on-year [2][17]. Capital Expenditure and Dividends - The company’s capital expenditure for 2024 was 132.5 billion yuan, with expectations for 2025 set between 125 billion and 135 billion yuan [3][20]. - The company has a stable reserve life of 10 years, with confirmed reserves reaching 7.27 billion barrels of oil equivalent, a 7.2% increase year-on-year [3][20]. - The proposed dividend reflects a strong commitment to returning value to shareholders, with a dividend yield of 7.5% for H shares and 4.9% for A shares [3][23].