CNOOC(600938) 天风证券·2024-03-21 16:00Investment Rating - The investment rating for the company is "Buy" with a 6-month target price maintained at 28.38 CNY [6][11]. Core Insights - The company reported a 2023 revenue of 416.6 billion CNY, a slight decrease of 1.33% year-on-year, while the net profit was 123.8 billion CNY, which met expectations [10][12]. - The oil and gas production for 2023 reached 678 million barrels of oil equivalent (mmboe), representing an increase of 8.7% year-on-year, with crude oil production up by 8.1% and natural gas by 11% [10]. - The company has maintained a competitive barrel oil cost of 28.8 USD/barrel, with a reserve replacement ratio of 180%, ensuring a reserve life of slightly over 10 years [10]. - The forecast for production growth from 2024 to 2026 is set at a compound annual growth rate (CAGR) of 6-7%, with 2025 expected to be a peak production year [10][11]. Financial Summary - The operating cash flow for 2023 was 209.7 billion CNY, with free cash flow reaching 88.9 billion CNY, which was utilized for dividends and debt repayment [4][11]. - The company reduced its interest-bearing debt by 14.2 billion CNY, resulting in a capital debt ratio of 15.2% [4]. - The earnings per share (EPS) for 2023 was 2.98 CNY, with a price-to-earnings (P/E) ratio of 9.53 [5][6]. - The projected net profits for 2024 and 2025 have been adjusted to 139.7 billion CNY and 157.7 billion CNY, respectively, with a new projection for 2026 at 162.3 billion CNY [11].