CNOOC(600938) 东兴证券·2025-05-23 12:03Investment Rating - The report maintains a "Strong Buy" rating for China National Offshore Oil Corporation (CNOOC) [4] Core Views - The financial indicators for 2024 show steady improvement, with a significant increase in net profit attributable to shareholders by 11.38% year-on-year, reaching 137.936 billion yuan [2][11] - The company focuses on its core oil and gas business, continuously increasing reserves and production, leading to a rise in oil and gas output and net profit margin despite fluctuations in international oil prices [2][11] - The average realized oil price for the first quarter of 2025 was 72.65 USD/barrel, a decrease of 7.7% year-on-year, while gas prices increased by 1.2% [3][11] Financial Performance Summary - In 2024, the operating revenue is projected to be 420.506 billion yuan, a year-on-year increase of 0.94%, with a net profit of 137.936 billion yuan [2][13] - The company achieved an oil and gas production of 726.8 million barrels of oil equivalent in 2024, a growth of 7.2% year-on-year, with a sales net profit margin of 32.81%, up by 3.02% [2][11] - The debt-to-asset ratio improved to 29.05%, a decrease of 4.53% year-on-year, indicating better financial stability [2][11] Cost Management - The average oil cost per barrel for 2024 was 28.52 USD, down from 28.83 USD in 2023, reflecting a solid cost advantage [10] - The company plans to maintain high capital expenditures in 2025, with a budget of 125 to 135 billion yuan, focusing on exploration and development [11][13] Production Goals - The production target for 2025 is set between 760 to 780 million barrels of oil equivalent, representing a year-on-year growth of 5.9% [11][13] - The company aims to pursue high-quality development and effective production growth [11]