Changjiang Securities·2024-05-06 01:32Investment Rating - The report maintains a "Buy" rating for the company [30] Core Views - The company reported a significant increase in revenue and net profit for Q1 2024, with total revenue reaching 111.468 billion yuan, a year-on-year growth of 14.08%, and net profit attributable to the parent company at 39.719 billion yuan, up 23.7% [33][24] - The company has demonstrated strong operational resilience with a notable increase in oil and gas production and realized oil prices, outperforming the fluctuations in international oil prices [28][29] - Cost control measures have been effectively implemented, resulting in a decrease in the main cost per barrel of oil to 27.59 USD, down 2.23% year-on-year, reinforcing the company's competitive advantage in the industry [29] - Future oil prices are expected to stabilize between 80-100 USD per barrel, with the company targeting net oil and gas production of 700-720 million barrels of oil equivalent for 2024, indicating a steady growth trajectory [29][30] Financial Summary - The company forecasts EPS for 2024, 2025, and 2026 to be 3.26 yuan, 3.59 yuan, and 3.76 yuan respectively, with corresponding PE ratios of 8.84X, 8.03X, and 7.67X based on the closing price on April 25, 2024 [30] - The company emphasizes shareholder returns, maintaining a dividend payout ratio of approximately 44% in 2023, with total dividends amounting to about 59.5 billion HKD [37]