Guohai Securities·2024-04-27 09:00Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook compared to the market index [19][59][66]. Core Insights - In Q1 2024, the company achieved a revenue of 1114.68 billion RMB, a year-on-year increase of 14.1% and a quarter-on-quarter increase of 1.5%. The net profit attributable to shareholders reached 397.19 billion RMB, up 23.7% year-on-year and 51.6% quarter-on-quarter, marking a historical high [1][20][60]. - The company’s total net production in Q1 2024 was 180.1 million barrels of oil equivalent, a 9.9% increase year-on-year, driven by new project contributions [20][21]. - The average realized oil price in Q1 2024 was 78.75 USD per barrel, reflecting a 6.2% increase year-on-year, while the average gas price was 7.69 USD per thousand cubic feet, down 7.7% year-on-year [20][61]. Summary by Sections Recent Performance - The company reported a significant increase in both revenue and net profit in Q1 2024, with a revenue of 1114.68 billion RMB and a net profit of 397.19 billion RMB, achieving a sales gross margin of 53.4% [1][20][60]. Capital Expenditure and Exploration - Capital expenditure in Q1 2024 was approximately 290.1 billion RMB, up 17.3% year-on-year, with successful evaluations of new oil and gas structures both domestically and internationally [21][63]. Future Projections - The company forecasts revenues of 4454.76 billion RMB, 4682.73 billion RMB, and 4972.03 billion RMB for 2024, 2025, and 2026 respectively, with net profits projected at 1422.28 billion RMB, 1502.26 billion RMB, and 1616.30 billion RMB for the same years [43][66].