CNOOC(600938) 信达证券·2024-03-21 16:00Investment Rating - The investment rating for the company is "Buy" [12]. Core Views - The report highlights that the company achieved an operating net cash inflow of 209.7 billion yuan in 2023, effectively covering investments and shareholder returns. The cash dividend per share increased to 1.25 HKD, with a dividend payout ratio of 43.6%, up from 42.7% last year. The A-share dividend yield is 4%, while the H-share yield is 6.9% [2][14]. - The company reported a total revenue of 416.6 billion yuan in 2023, a year-on-year decrease of 1.33%. The net profit attributable to the parent company was 123.8 billion yuan, down 12.60% year-on-year [14]. - The company’s oil and gas net production reached 678 million barrels of oil equivalent in 2023, exceeding the target of 650-660 million barrels, with a year-on-year increase of 8.69% [14]. Financial Summary - The company’s total assets increased from 929.0 billion yuan in 2022 to 1,005.6 billion yuan in 2023, with a projected increase to 1,069.2 billion yuan in 2024 [5]. - The net profit attributable to the parent company is forecasted to be 137.7 billion yuan in 2024, with a year-on-year growth rate of 11.2% [14]. - The company’s capital expenditure in 2023 was 129.6 billion yuan, reflecting an increase of 18.73% year-on-year, indicating a strong commitment to exploration and development [14].