Guolian Securities·2024-05-05 07:06Investment Rating - The investment rating for the company is "Buy" with a target price of 29.92 CNY [4][9]. Core Insights - The company reported a strong performance in Q1 2024, with revenue of 111.47 billion CNY, a year-on-year increase of 14.1%, and a net profit of 39.72 billion CNY, up 23.7% year-on-year [2][3]. - Oil and gas production exceeded expectations, with a total output of 180.1 million barrels of oil equivalent, representing a 9.9% year-on-year increase, surpassing the annual target of 700-720 million barrels [2][9]. - The company successfully launched new projects and increased capital expenditures by 17.3% year-on-year, indicating ongoing investment in growth [3][9]. Financial Performance Summary - Revenue for 2024 is projected to be 445 billion CNY, with a growth rate of 6.81% [10]. - The net profit for 2024 is estimated at 141.94 billion CNY, reflecting a year-on-year increase of 14.61% [10]. - The earnings per share (EPS) for 2024 is expected to be 2.98 CNY [10]. Production and Pricing - The average realized price for oil liquids increased by 6.2% year-on-year, while the average price for natural gas decreased by 7.7% [3][9]. - The company achieved a sales gross margin of 53.4%, an increase of 4.2 percentage points year-on-year [3][9]. Capital Expenditure and Projects - Capital expenditures reached 29.01 billion CNY in Q1 2024, with significant increases in development and production spending [3][9]. - New discoveries and successful evaluations of oil and gas structures were reported, indicating a positive outlook for future production [3][9].