CNOOC(SH:600938) Haitong Securities·2025-03-30 14:45Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2]. Core Views - The report highlights that the company has achieved a net profit growth of 11.4% year-on-year in 2024, driven by an increase in oil and gas production and sales [6]. - The company anticipates stable growth in net production and plans to maintain capital expenditures between 125 billion to 135 billion yuan [6]. - The report projects a reasonable value range for the company's stock between 30.89 and 32.52 yuan based on a price-to-book ratio of 1.9 to 2.0 for 2025 [6]. Financial Performance Summary - In 2024, the company reported operating revenue of 420.51 billion yuan, a year-on-year increase of 0.9% [6]. - The net profit attributable to the parent company for 2024 was 137.94 billion yuan, reflecting an 11.4% increase compared to the previous year [6]. - The company’s capital expenditure for 2024 was 123.36 billion yuan, up 2.1% year-on-year, primarily focused on oil and gas exploration and development [6]. - The average realized price for crude oil in 2024 was 76.75 USD per barrel, a decrease of 1.6% year-on-year, while the realized price for natural gas was 7.72 USD per thousand cubic feet, down 3.3% [6]. Production and Sales Summary - The company achieved an oil and gas production of 727 million barrels of oil equivalent in 2024, representing a year-on-year increase of 7.2% [6]. - Oil and gas sales reached 712 million barrels of oil equivalent, marking a 9.0% increase year-on-year [6]. - Natural gas production was 760.3 billion cubic feet, up 7.8% year-on-year, while liquid petroleum production was 563 million barrels, an increase of 9.4% [6]. Future Projections - The company aims for a net production target of 760 to 780 million barrels of oil equivalent in 2025, with expectations for continued growth in subsequent years [6]. - The projected net profit for 2025 is 115.05 billion yuan, with further declines expected in 2026 and 2027 [6].