Investment Rating - The report maintains a "Buy" rating for the company A/H shares [5][8]. Core Views - The company achieved a revenue of 420.5 billion RMB in 2024, a year-on-year increase of 1%, and a net profit attributable to shareholders of 137.9 billion RMB, up 11% year-on-year [1]. - The company has demonstrated strong performance in reserve additions and production growth, alongside effective cost reduction measures [2]. - The report anticipates a decline in oil prices for 2025-2026, adjusting profit forecasts downward but still projecting growth in net profit [5]. Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 94.5 billion RMB, a decrease of 14% quarter-on-quarter, and a net profit of 21.3 billion RMB, down 19% quarter-on-quarter [1]. - The average Brent price in 2024 was 79.9 USD per barrel, a decrease of 2.8% year-on-year, while the company's realized oil price was 76.8 USD per barrel, down 1.6% year-on-year [2]. Production and Cost Efficiency - The company's net oil and gas production reached 726.8 million barrels of oil equivalent in 2024, an increase of 7.2% year-on-year [2]. - The company achieved a barrel of oil cost of 28.52 USD, a decrease of 1.1% year-on-year, with a gross margin increase of 3.7 percentage points to 53.6% [2]. Capital Expenditure and Future Projects - The company invested 132.5 billion RMB in capital expenditures in 2024, a 2.2% increase year-on-year, supporting future production and efficiency improvements [4]. - The company made 11 new discoveries and evaluated 30 oil and gas structures, with key projects like the Bohai Zhong 19-2 oil field and deep-sea gas development coming online [4]. Profit Forecast and Valuation - The report projects net profits of 142.5 billion RMB for 2025, down from previous estimates due to anticipated lower oil prices [5]. - The target prices for A/H shares are set at 37.50 RMB and 27.72 HKD, respectively, based on a price-to-earnings ratio of 12.5x for 2025 [5].

3月27日，中国海洋石油有限公司（以下简称"中国海油（600938）"，股票代码：600938）发布2024年 年度业绩。2024年，在布伦特原油均价同比下降2.9%的背景下，中国海油油气销售收入达3556亿元， 同比增长8.5%；归母净利润达1379亿元，同比增长11.4%。 "公司以业绩的确定性应对油价的不确定性，塑造穿越油价周期的韧性，持续为股东创造价值。"在当天 举行的业绩说明会上，中国海油管理层对《证券日报》记者表示，低成本发展战略是中国海油长期秉承 的核心竞争力，公司会持续在降本增效方面发力，包括两提一降、稳油控水、工程标准化、精益管理， 以及保持高效的安全生产水平等方面，保持低成本的核心竞争优势。 为与股东共享发展成果，中国海油董事会已建议派发每股0.66港元的末期股息（含税），全年股息预计 为1.40港元/股（含税），同比增长12%，股息支付率为44.7%。 "公司在决策派息时主要考虑公司的盈利水平、资产负债情况、资本支出的计划，同时也会对标国际同 行，保持在同行中领先的派息水平。公司将根据市场环境的变化，秉承回报股东的原则，综合考虑公司 股东的意愿、战略规划、经营状况等，适时对上述分红政策进 ...

Core Viewpoint - China National Offshore Oil Corporation (CNOOC) reported a strong financial performance for the fiscal year 2024, with significant increases in revenue and net profit, driven by both domestic and international production growth [1][2] Financial Performance - In 2024, CNOOC achieved oil and gas sales revenue of 355.6 billion yuan and a net profit attributable to shareholders of 137.9 billion yuan, representing a year-on-year growth of 11.4% [1] - The average cost of crude oil equivalent for the year was $28.52 per barrel, a decrease of approximately 1.1% year-on-year, reinforcing the company's cost competitiveness [1] Production and Exploration - CNOOC's net production of oil and gas reached 726.8 million barrels of oil equivalent, marking a year-on-year increase of 7.2% [1] - Domestic production benefited from contributions from fields such as Bohai Zhong 19-6, with a 5.6% increase, while international production saw a significant rise of 10.8% due to the commissioning of the Payara project in Guyana [1] - The company made 11 new oil and gas discoveries in 2024, including significant projects like Longkou 7-1 and Qinhuangdao 29-6, and successfully evaluated 30 oil and gas structures [1] - As of the end of 2024, CNOOC's net proven reserves reached 7.27 billion barrels of oil equivalent, a year-on-year increase of 7.2%, with a stable reserve life of 10 years [1] Strategic Outlook - CNOOC's Chairman, Wang Dongjin, emphasized the company's commitment to driving reserve growth and production through technological innovation, maintaining cost advantages, and providing stable dividends to shareholders [2] - The company plans to continue its efforts in enhancing quality and efficiency, aiming for high-quality development in the future [2]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The recent discovery of high-yield oil and gas flow at the Weizhou 10-5 oil and gas field in the Beibu Gulf marks a significant breakthrough in oil and gas exploration in the region, enhancing the company's resource base [1][2] - The company has achieved notable oil and gas discoveries in various Chinese maritime areas, solidifying its resource foundation and ensuring stable supply for economic development [2] - The company plans to maintain high capital expenditure, with a budget of 125-135 billion yuan for 2025, focusing on exploration and development to support steady production growth [3] Summary by Sections Exploration Breakthrough - The Weizhou 10-5 oil and gas field, located approximately 75 kilometers from Beihai, Guangxi, has a significant oil and gas layer thickness of 283 meters, with natural gas production of about 370,000 cubic meters per day and oil production of approximately 800 barrels per day [2] Production and Capital Expenditure - The company targets an oil equivalent production of 760-780 million barrels for 2025, representing a year-on-year growth of 6.9%, with further targets of 780-800 million barrels for 2026 and 810-830 million barrels for 2027 [3] - The capital expenditure allocation for 2025 includes 61% for exploration, 20% for development, and 16% for production, with a domestic to overseas expenditure ratio of 68% to 32% [3] Profitability and Valuation - 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 per share [4] - The report highlights the company's cost leadership and high dividend policy, emphasizing its resilience during oil price fluctuations [4]

Investment Rating - The report maintains a "Buy" rating for China National Offshore Oil Corporation (CNOOC) [6] Core Views - Significant breakthroughs in oil and gas exploration in the Beibu Gulf, particularly the Weizhou 10-5 oil and gas field, which achieved high production rates, indicating a promising exploration outlook for the region [1][2] - The company has made substantial oil and gas discoveries in various Chinese maritime areas, reinforcing its resource base and ensuring stable supply for economic development [2] - The company plans to maintain high capital expenditures, with a budget of 125-135 billion yuan for 2025, focusing on exploration and production to support steady growth in output [3][4] Summary by Sections Exploration and Production - The Weizhou 10-5 oil and gas field, located approximately 75 kilometers from Beihai, Guangxi, has a significant oil and gas layer thickness of 283 meters, with natural gas production of about 370,000 cubic meters per day and oil production of approximately 800 barrels per day [2] - CNOOC has achieved major oil and gas discoveries in the South China Sea and Bohai Sea, including billion-ton oil field discoveries, which further solidify its resource foundation [2] Financial Projections - The company forecasts a production target of 760-780 million barrels of oil equivalent for 2025, representing a year-on-year growth of 6.9%, with further targets of 780-800 million barrels for 2026 and 810-830 million barrels for 2027 [3] - The projected net profits for 2024, 2025, and 2026 are 1457 billion yuan, 1582 billion yuan, and 1639 billion yuan respectively, with corresponding EPS of 3.06 yuan, 3.33 yuan, and 3.45 yuan [4][11] Valuation Metrics - The report maintains the profit forecast for 2024-2026, highlighting the company's resilience during oil price fluctuations and its commitment to high dividend policies [4] - The company is expected to maintain a cost advantage in the industry while pursuing high-quality development and stable production growth [3][4]