CNOOC(600938) 光大证券·2024-06-10 10:02Investment Rating - The report maintains a "Buy" rating for the company [7]. Core Views - The discovery of the Lingshui 36-1 gas field marks a significant breakthrough in ultra-deepwater and ultra-shallow gas exploration, with a tested natural gas flow rate exceeding 10 million cubic meters per day [1][2]. - The company is expected to enhance its deepwater oil and gas production capacity, supported by its advanced exploration and development technology [2]. - The company plans to increase its capital expenditure for exploration and development, with a budget of 125 to 135 billion yuan for 2024, indicating a steady growth trajectory [4]. Summary by Sections Exploration and Production - The Lingshui 36-1 gas field is the first exploration discovery in China's ultra-deepwater and ultra-shallow layers, with an average water depth of approximately 1500 meters and a gas layer depth of 210 meters [2]. - The South China Sea oil fields account for 43% of the company's domestic reserves, with confirmed reserves of 1754.5 million barrels of oil equivalent [3]. Financial Projections - The company forecasts net profits of 145.7 billion yuan, 158.2 billion yuan, and 163.9 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 3.06 yuan, 3.33 yuan, and 3.45 yuan [4][6]. - The company aims to maintain a high dividend policy while achieving high profitability in a stable oil price environment [4]. Capital Expenditure and Projects - The capital expenditure for 2024 is set to increase compared to 2023, with several projects expected to commence production, including the Bohai Zhong 19-2 oil field and the Deep Sea No. 1 Phase II gas development project [4]. - The company is committed to enhancing its exploration and development efforts in the South China Sea, aiming to solidify its resource base [3].