因成本下降而优于预期，采用更为保守的油价预测基准

Investment Rating - The report maintains an "Outperform" rating for the company, indicating an expected relative return exceeding the benchmark index by more than 10% over the next 12-18 months [1][13][19]. Core Insights - The company reported a net income of approximately 126.3 billion yen for Q1 2025, surpassing consensus expectations of 97 billion yen, primarily due to lower costs and a slight decrease in the tax rate [2][4]. - The company has slightly revised its FY2025 guidance downwards, with revenue expectations adjusted from 2,119 billion yen to 1,822 billion yen, and net income from 330 billion yen to 300 billion yen, while maintaining a dividend guidance of 90 yen per share [2][4]. - The company has lowered its average oil price forecast for FY2025 from $75 per barrel to $65 per barrel, and adjusted the USD/JPY exchange rate from 153 to approximately 144 [2]. Summary by Sections Financial Performance - Q1 2025 net sales were 536.9 billion yen, a 4% increase from Q4 2024 but a 10% decrease year-on-year [4]. - The cost of sales for Q1 2025 was 217.2 billion yen, reflecting a 2% increase from Q4 2024 and a 9% decrease year-on-year [4]. - Adjusted net income for Q1 2025 was 126.3 billion yen, a 4% increase year-on-year, while the adjusted diluted earnings per share was 105.38 yen [4]. Guidance and Forecasts - The company has increased its oil and gas production guidance for FY2025 from 633,000 barrels of oil equivalent per day to 654,000 barrels of oil equivalent per day [2]. - The company’s revised guidance reflects a more conservative outlook on oil prices and overall market conditions [2].