CNOOC(600938) 华安证券·2025-04-01 10:23Investment 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] - For the fiscal year 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 capital expenditure of 132.7 billion yuan in 2024, the highest in its history [9] - The company is focused on shareholder returns, maintaining a high dividend payout ratio, with a total dividend of 1.40 Hong Kong dollars per share for 2024, a 12% increase year-on-year [12] - The company is expected to achieve net profits of 140.37 billion yuan, 146.32 billion yuan, and 154.52 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 8.79, 8.44, and 7.99 [13] Financial Summary - For 2024, the company reported total revenue of 420.51 billion yuan, with a net profit of 137.94 billion yuan, and a basic earnings per share of 2.90 yuan [7][14] - The company’s gross margin is projected to be 53.6% for 2024, with a return on equity (ROE) of 18.5% [14] - The company’s total assets are expected to reach 1,056.28 billion yuan by 2024, with a debt-to-equity ratio of 29.0% [16]