EBSCN·2025-10-31 02:57Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has demonstrated resilience in profitability despite a decline in oil prices, with a significant increase in oil and gas production in the first three quarters of 2025 [4][5] - The company achieved total revenue of 312.5 billion yuan in the first three quarters, a year-on-year decrease of 4.1%, and a net profit attributable to shareholders of 102 billion yuan, down 12.6% year-on-year [4][5] - The report highlights the company's strong cash flow and effective cost control measures, which have contributed to its stable performance during periods of fluctuating oil prices [5][9] Summary by Sections Production and Revenue - In the first three quarters of 2025, the company achieved a net oil and gas production of 578 million barrels of oil equivalent, a year-on-year increase of 6.7%, with crude oil production up 5.4% and natural gas production up 11.6% [6] - The average realized oil price was 68.29 USD per barrel, down 13.6% year-on-year, while the average natural gas price was 7.86 USD per thousand cubic feet, up 1.0% year-on-year [6] Cost Control - The company reported a decrease in the cost per barrel of oil equivalent to 27.35 USD, down 2.8% year-on-year, with operational costs and depreciation also showing slight reductions [7] Capital Expenditure and Future Outlook - The company completed capital expenditures of 86 billion yuan in the first three quarters, a decrease of 9.8% year-on-year, with a budget of 125-135 billion yuan for 2025 to support stable production growth [8] - The production targets for 2025 to 2027 are set at 760-780 million barrels of oil equivalent, with expected growth rates of 5.9%, 2.6%, and 3.8% respectively [8] Profitability Forecast - The report forecasts net profits for 2025, 2026, and 2027 to be 135.4 billion, 139.8 billion, and 144.3 billion yuan respectively, with corresponding EPS of 2.85, 2.94, and 3.04 yuan per share [9][10]