Xinda Securities·2025-10-31 08:10Investment Rating - The investment rating for China National Offshore Oil Corporation (CNOOC) is "Buy" [1] Core Views - The overall performance of the company meets expectations, with Q3 oil prices rising, but profits declining due to typhoon impacts on production and increased costs [3] - The company achieved an oil price of $66.62 per barrel in Q3, a year-on-year decrease of $9.79 per barrel, but a quarter-on-quarter increase of $0.85 per barrel [3] - The company’s oil and gas production in Q3 was 149 million barrels of oil equivalent and 44.7 million barrels of oil equivalent, representing year-on-year increases of 7.12% and 10.96%, respectively [3] - The company maintains a low oil cost advantage, with a Q3 oil cost of $27.35 per barrel, a year-on-year decrease of $1.58 per barrel, but a quarter-on-quarter increase of $0.50 per barrel [3] - The company is expected to continue to perform well from 2025 to 2027, with projected net profits of 1350.38 billion, 1371.56 billion, and 1453.42 billion yuan, respectively [3] Financial Summary - For the first three quarters of 2025, the company achieved revenue of 3125.03 billion yuan, a year-on-year decrease of 4.15%, and a net profit attributable to shareholders of 1019.71 billion yuan, a year-on-year decrease of 12.59% [1] - The basic earnings per share (EPS) for the first three quarters was 2.14 yuan, a year-on-year decrease of 13.01% [1] - The company’s projected EPS for 2025, 2026, and 2027 are 2.84, 2.89, and 3.06 yuan per share, respectively [3]