CNOOC(600938) 招商证券·2025-05-04 12:52Investment Rating - The report assigns a "Strong Buy" investment rating for the company [3]. Core Views - The company reported stable sales growth in Q1 2025, with revenue of RMB 1068.54 billion, a year-on-year decrease of 4.14%, and a net profit attributable to shareholders of RMB 365.63 billion, down 7.95% year-on-year [1][6]. - Despite a decline in oil prices, the company managed to increase its oil and gas net production by 4.8% year-on-year, reaching 188.8 million barrels of oil equivalent [6]. - The average oil price realized by the company in Q1 2025 was USD 72.65 per barrel, a decrease of 7.7% year-on-year, while the average gas price increased by 1.2% to USD 7.78 per thousand cubic feet [6]. Financial Data and Valuation - The company is projected to achieve total revenue of RMB 4541.46 billion, RMB 4854.01 billion, and RMB 5096.71 billion for the years 2025, 2026, and 2027 respectively, with net profits of RMB 1456.23 billion, RMB 1540.6 billion, and RMB 1592.97 billion for the same years [2][6]. - Earnings per share (EPS) are expected to be RMB 3.06, RMB 3.24, and RMB 3.35 for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (PE) ratios of 8.2, 7.7, and 7.5 [2][6]. - The company’s total assets are projected to grow from RMB 1,144.186 billion in 2025 to RMB 1,379.171 billion by 2027 [12]. Production and Cost Management - The company has successfully maintained a competitive cost advantage, with the average cost per barrel of oil at USD 27.03, a decrease of 2.0% year-on-year [6]. - The company’s capital expenditure in Q1 2025 was approximately RMB 277.1 billion, down 4.5% year-on-year, primarily due to reduced exploration and adjustment well activities [6]. Shareholder Information - The company has a total share capital of 47,530 million shares, with a current market capitalization of RMB 1189.2 billion [3]. - The major shareholder is Guoxin Investment Co., Ltd., holding a 0.44% stake in the company [3]. Market Performance - The company’s stock has shown a relative performance decline of 11% over the past 12 months compared to the CSI 300 index [5].