Guoxin Securities·2025-04-30 08:05Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][21] Core Views - The company achieved a net profit attributable to shareholders of 36.53 billion yuan in Q1 2025, demonstrating strong earnings resilience and exceeding expectations. The total revenue for the same period was 106.86 billion yuan, reflecting a year-on-year decrease of 4.1% but a quarter-on-quarter increase of 13.1% [1][9] - The company’s oil and gas net production increased steadily, with a total net production of 188.8 million barrels of oil equivalent in Q1 2025, a year-on-year increase of 4.8%. The domestic net production accounted for 69.3% of the total [2][12] - The company maintained stable capital expenditures, with Q1 2025 capital expenditures amounting to 27.71 billion yuan, a decrease of 4.5% year-on-year. The total expected capital expenditure for 2025 is between 125 billion and 135 billion yuan [3][18] Summary by Sections Financial Performance - In Q1 2025, the company reported a net profit of 36.53 billion yuan, with a revenue of 106.86 billion yuan. The Brent crude oil futures average price was 75.0 USD per barrel, down 8.3% year-on-year [1][9] - The average realized price for crude oil was 72.7 USD per barrel, with a year-on-year decrease of 7.7%. The average realized gas price was 7.78 USD per thousand cubic feet, up 1.2% year-on-year [2][16] Production and Cost Management - The company’s oil and gas sales revenue was 88.27 billion yuan in Q1 2025, with a net production of 188.8 million barrels of oil equivalent, showing a year-on-year increase of 4.8% [2][12] - The main cost per barrel of oil equivalent was 27.03 USD, a decrease of 2.0% year-on-year, indicating effective cost control [2][16] Capital Expenditure and Projects - The company completed capital expenditures of 27.71 billion yuan in Q1 2025, with a total expected capital expenditure for the year of 125-135 billion yuan. Seven new projects have been successfully put into production [3][18] - The company made two new discoveries and successfully evaluated 14 oil and gas structures in Q1 2025, indicating a positive outlook for exploration [3][18] Shareholder Actions - On April 8, 2025, the company announced that its controlling shareholder plans to increase its holdings of the company's A-shares and H-shares by 2-4 billion yuan within 12 months to protect shareholder interests [3][21]