Investment Rating - The report maintains a "Buy" investment rating for China National Offshore Oil Corporation (CNOOC) [1] Core Views - CNOOC achieved record high oil and gas production and reserves in 2024, with a total production of 727 million barrels of oil equivalent, representing a year-on-year increase of 7.2% [5] - The company has demonstrated strong cost control, with the average oil equivalent cost decreasing to 28.52perbarrel,maintainingacompetitiveedgeinprofitability[5]−CNOOC′scapitalexpenditurefor2024reachedRMB132.7billion,aimedatsustainingproductiongrowthandinfrastructureinvestment[6][7]−Thecompanyhasshownresilienceagainstexternalchallenges,maintainingstableoperationsandproposingadividendofHKD0.66persharefor2024[8]−Profitforecastsfor2025−2027indicateasteadygrowthinnetprofit,withestimatesofRMB150billion,RMB159.7billion,andRMB173.1billionrespectively[9]SummarybySectionsMarketPerformance−CNOOC′sstockpriceiscurrentlyatRMB24.34,withamarketcapitalizationofRMB115.69billion[1]FinancialHighlights−In2024,CNOOCreportedtotalrevenueofRMB420.51billion,ayear−on−yearincreaseof0.9476.75 per barrel, a decrease of approximately 1.6% year-on-year, while the average realized natural gas price was $7.72 per thousand cubic feet, down 3.3% [5] Capital Expenditure and Future Outlook - CNOOC plans to maintain a capital expenditure level similar to 2024 to support production growth, with a target production of 760 to 780 million barrels of oil equivalent for 2025 [7] Profitability and Shareholder Returns - The company aims to maintain a dividend payout ratio of no less than 45% from 2025 to 2027, enhancing shareholder returns [8]
CNOOC(600938) 华鑫证券·2025-04-09 05:21