CNOOC(600938) 中银国际·2025-04-07 01:26Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock price will outperform the benchmark index by over 20% in the next 6-12 months [2][6]. Core Views - The company achieved a revenue of RMB 420.51 billion in 2024, a year-on-year increase of 0.94%, and a net profit attributable to the parent company of RMB 137.94 billion, up 11.38% year-on-year. Despite a decline in oil prices, the company managed to grow its net profit and enhance its oil and gas resource reserves, showcasing its sustainable development capabilities [4][9]. - The report highlights the company's steady growth in oil and gas production and reserves, with a target production of 760-780 million barrels of oil equivalent for 2025. The company has also made significant discoveries both domestically and internationally, reinforcing its low-cost advantage and profitability [9][10]. Financial Summary - The company's financial performance shows a robust operating cash flow of RMB 220.89 billion in 2024, a 5.3% increase year-on-year, and a debt-to-asset ratio of 29.05%, down 4.53% year-on-year. The gross profit margin and net profit margin improved to 53.63% and 32.81%, respectively [9][10]. - The report projects the company's net profit for 2025-2027 to be RMB 138.15 billion, RMB 138.75 billion, and RMB 142.25 billion, respectively, with corresponding EPS of RMB 2.91, RMB 2.92, and RMB 2.99 [6][12]. Valuation Metrics - The current price-to-book ratio (PB) is projected to be 1.5x for 2025, 1.4x for 2026, and 1.2x for 2027, indicating a favorable valuation relative to its earnings growth [6][12]. - The report also notes a dividend payout ratio of 44.7% for 2024, with a commitment to maintain a payout ratio of no less than 45% from 2025 to 2027, reflecting a strong return to shareholders [9][10].