CNOOC(600938) 东吴证券·2025-05-01 02:02Investment Rating - The report maintains a "Buy" rating for both A and H shares of China National Offshore Oil Corporation (CNOOC) [1][6] Core Views - CNOOC's oil and gas production continues to grow steadily, contributing to high-quality development [6] - The company achieved a total revenue of 106.9 billion yuan in Q1 2025, a year-on-year decrease of 4% but a quarter-on-quarter increase of 13% [6] - The net profit attributable to shareholders for Q1 2025 was 36.6 billion yuan, down 8% year-on-year but up 72% quarter-on-quarter [6] - The report highlights the successful launch of projects leading to increased oil and gas production, with a net production of 189 million barrels of oil equivalent in Q1 2025, a 5% increase year-on-year [6] - CNOOC's capital expenditure for Q1 2025 was 27.71 billion yuan, a decrease of 4.5% year-on-year, with a total budget of 125-135 billion yuan for the year [6] - The report emphasizes the company's strong cost control, with a barrel of oil cost of 27.03 USD in Q1 2025, down 2% year-on-year [6] - CNOOC is focused on shareholder returns, with an expected dividend payout of approximately 62.3 billion yuan for 2025, resulting in a dividend yield of 5.2% for A shares and 8.4% for H shares before tax [6] Financial Forecasts - The report provides financial forecasts for CNOOC, projecting total revenue of 409.88 billion yuan for 2025, with a year-on-year decrease of 2.53% [7] - The net profit attributable to shareholders is forecasted to be 138.39 billion yuan for 2025, with a slight increase of 0.33% year-on-year [7] - The report anticipates earnings per share (EPS) of 2.91 yuan for 2025, with a projected price-to-earnings (P/E) ratio of 8.59 for A shares and 5.32 for H shares [7][8]