CNOOC(600938) 华安证券·2025-04-01 09:28Investment Rating - Investment Rating: Buy (Maintain) [3] Core Views - The company reported a significant increase in production and has committed to a higher dividend payout ratio [2] - In 2024, the company achieved 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 [7] - The company has maintained a strong operational performance despite challenges such as asset impairment affecting profits [8] - The company has a leading position in the industry regarding reserve and production growth rates, with a net production of 726.8 million barrels of oil equivalent in 2024, a year-on-year increase of 7.2% [9][10] - The company plans to maintain a high dividend strategy, with a total dividend of 1.40 HKD per share for 2024, a 12% increase year-on-year, and a payout ratio of 44.7% [12] - The forecasted net profit for 2025-2027 is 140.37 billion, 146.32 billion, and 154.52 billion yuan, respectively, with corresponding P/E ratios of 8.79, 8.44, and 7.99 [13] Financial Summary - In 2024, the company reported a gross margin of 53.6% and a return on equity (ROE) of 18.5% [14] - The company’s total assets are projected to grow from 1,056.28 billion yuan in 2024 to 1,254.65 billion yuan in 2027 [16] - The company’s operating income for 2024 is 420.51 billion yuan, with a year-on-year growth of 0.9% [14]