CNOOC(00883) 东吴证券·2024-03-18 16:00Investment Rating - The report maintains a "Buy" rating for China National Offshore Oil Corporation (CNOOC) [1][3] Core Views - CNOOC successfully discovered the Qinhuangdao 27-3 oil field with an estimated geological oil reserve of 104 million tons, and initial tests show a daily production of approximately 742 barrels per well [2] - The company has raised its production targets for 2024-2025, with a net production target of 700-720 million barrels of oil equivalent for 2024, reflecting a year-on-year increase of 3.7% to 6.7% [2] - CNOOC plans to increase capital expenditures, with a total budget of RMB 125-135 billion for 2024, and has adjusted its 2023 capital expenditure to approximately RMB 128 billion [2] - The company is focused on shareholder returns, maintaining a dividend payout ratio of no less than 40% from 2022 to 2024, with an absolute dividend value of no less than HKD 0.70 per share [3] - The report adjusts the net profit forecasts for 2023-2025 to RMB 127.8 billion, RMB 139.7 billion, and RMB 148.6 billion respectively, with year-on-year growth rates of -10%, 9%, and 6% [3] Financial Summary - Total revenue for 2023 is projected at RMB 412.36 billion, with a year-on-year growth of 3.47% [1][6] - The net profit for 2023 is expected to be RMB 127.81 billion, reflecting a decrease of 9.80% compared to the previous year [1][6] - The earnings per share (EPS) for 2023 is estimated at RMB 2.69, with a price-to-earnings (P/E) ratio of 5.90 [1][6] - The company’s total assets are projected to reach RMB 1,195.52 billion by 2024, with a debt-to-asset ratio of 36.80% [4][6]