Investment Rating - The investment rating for the company is "Buy" with a target price based on expected returns exceeding 20% over the next six months [7][16]. Core Views - The company reported a net profit of 36.6 billion yuan in Q1 2025, with revenues of 106.85 billion yuan, reflecting a year-on-year decrease of 4.14% in revenue and 7.95% in net profit [1]. - Domestic oil production increased by 3.4% year-on-year, with domestic production growing by 4.4%, primarily due to contributions from the Bohai Zhong 19-6 oil and gas field [2]. - The average realized oil price was 72.65 USD per barrel, down 7.7% year-on-year, with a slight improvement in the discount to Brent crude [4]. Financial Performance - The main cost per barrel of oil equivalent was 27.03 USD, a decrease of 2% year-on-year, attributed to lower oil prices and changes in production structure [3]. - The company forecasts net profits of 128.3 billion yuan, 133.1 billion yuan, and 135.7 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 9.3 and 5.8 times for A/H shares [4]. - The projected dividend yield for 2025 is 4.8% based on a 45% payout ratio [4]. Financial Data and Valuation - The company's revenue is expected to decline by 3.44% in 2025, with a gradual recovery projected in subsequent years [5]. - The estimated earnings per share (EPS) for 2025 is 2.70 yuan, with a P/E ratio of 9.27 [5]. - The company maintains a healthy balance sheet with an asset-liability ratio of 28.74% and a net asset value per share of 16.49 yuan [7].

长按即可免费加入哦 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者：终身黑白 正好前几天看到长江 证券的一篇相关研报，我们就结合研报做个分享。 来源：雪球 美国证券交易委员会披露的文件显示，股神"巴菲特旗下伯克希尔，当地时间2025年2月7日再次买入西方石 油股票。伯克希尔以每股46.8195美元的价格买入763017股西方石油（OXY ）普通股股票，共计斥资约3570 万美元，将其持股比例提高到约28.3%。 至此，伯克希尔对西方石油普通股的持股数量达到约2.65亿股，价值约130亿美元左右。 前几天收到一个提问，巴菲特买入西方石油公司，和中海油的获利逻辑是否一样，中海油和西方石油相比是 否有优势？今天就来聊聊这个话题。 我们先大致梳理一下巴菲特的这笔. 2019年，巴菲特首次购买西方石油，当时西方石油正在和石油巨头雪佛龙展开对另一家石油公司阿纳达科的 竞购战。 伯克希尔也获得了100亿美元的西方石油优先股，股息率为 8%；此外，伯克希尔还获得西方石油公司股票的 认股权证。这些认股权证允许伯克希尔公司以每股62.5美元的价格购买最多8000万股西方石油公司的股票。 ...