Minsheng Securities·2025-10-31 06:58Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 27.01 CNY per share [7]. Core Insights - The company reported a steady performance with a focus on production growth, despite a decline in revenue and net profit year-on-year [1][5]. - Oil and gas production showed a year-on-year increase, with net production reaching 194 million barrels of oil equivalent, up 7.9% year-on-year [2]. - The Brent crude oil price showed a slight recovery, and the company has effectively managed its costs, with a major cost per barrel of 27.35 USD, down 2.8% year-on-year [3]. - The company has continued to invest in new projects, successfully evaluating 22 oil and gas structures and bringing 14 new projects into production [4]. Financial Performance Summary - For the first three quarters of 2025, the company achieved operating revenue of 312.5 billion CNY, a decrease of 4.1% year-on-year, and a net profit attributable to shareholders of 101.97 billion CNY, down 12.6% year-on-year [1]. - In Q3 2025, the company reported operating revenue of 104.9 billion CNY, an increase of 5.7% year-on-year, but a net profit decline of 12.2% year-on-year [1]. - The company’s net profit forecasts for 2025 to 2027 are 123.72 billion CNY, 127.54 billion CNY, and 131.39 billion CNY, respectively, with corresponding EPS of 2.60 CNY, 2.68 CNY, and 2.76 CNY [5][6].