证券研究报告 公司研究 [Table_ReportType] 点评报告 [Table_StockAndRank] 中国海油（600938.SH） 中国海洋石油（0883.HK） 投资评级 买入 上次评级 买入 [Table_Author] 刘红光 石化行业联席首席分析师 执业编号：S1500525060002 邮箱：liuhongguang@cindasc.com 胡晓艺 石化行业分析师 执业编号：S1500524070003 邮箱：huxiaoyi@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金 隅大厦B座 邮编：100031 [Table_Title] Q3 受台风影响利润环比下滑，业绩符合预期 [Table_ReportDate] 2025 年 10 月 31 日 [Table_S 事件：2025 ummar年y]10 月 30 日晚，中国海油发布 2025 年三季度报告。2025 年 前三季度，公司实现营收 3125.03 亿元，同比-4.15%；实现归母净利润 1019.71 亿元，同比-12.59%；扣非后归母净 ...

Investment Rating - The investment rating for China National Offshore Oil Corporation (CNOOC) is "Buy" [1] Core Views - The overall performance of the company meets expectations, with a decline in profits year-on-year due to falling oil prices, but the company shows good performance in price differentials and production increases [3] - The company has seen a narrowing of the price discount compared to Brent crude oil, with an average oil price of $69 per barrel in H1 2025, down from a $3 discount in the previous year to about $1 [3] - Natural gas sales prices have increased, with a Q2 price of $8 per thousand cubic feet, reflecting a year-on-year increase of 1.60% and a quarter-on-quarter increase of 3.03% [3] - Significant growth in natural gas production was noted, with H1 2025 oil and gas production at 296.1 million and 88.5 million barrels of oil equivalent, respectively, representing year-on-year increases of 4% and 12% [3] - The company maintains a low oil production cost advantage, with a H1 2025 cost of $26.94 per barrel, which is stable compared to Q1 and down $0.8 from the previous year [3] - Capital expenditures decreased by 9% year-on-year, with a budgeted expenditure of 125 billion to 135 billion yuan for 2025 [3] - Profit forecasts for 2025-2027 predict net profits of 1350.29 billion, 1397.82 billion, and 1480.96 billion yuan, with corresponding EPS of 2.84, 2.94, and 3.12 yuan per share [3] Financial Summary - For H1 2025, the company achieved revenue of 207.61 billion yuan, a year-on-year decrease of 8.45%, and a net profit of 69.53 billion yuan, down 12.79% [1][2] - The basic earnings per share for H1 2025 was 1.46 yuan, reflecting a year-on-year decline of 13.10% [1] - In Q2 2025, the company reported revenue of 100.75 billion yuan, a year-on-year decrease of 12.62% and a quarter-on-quarter decrease of 5.71% [2] - The net profit for Q2 2025 was 32.97 billion yuan, down 17.60% year-on-year and 9.83% quarter-on-quarter [2]