证券研究报告 | 2025年04月30日 中国海油（600938.SH） 优于大市 油气产量稳增长，2025 年第一季度实现归母净利润 365 亿元 公司 2025 年第一季度实现归母净利润 365 亿元，盈利韧性凸显，业绩超预 期。公司 2025 年第一季度实现营业收入 1068.6 亿元（同比-4.1%，环比 +13.1%），归母净利润 365.3 亿元（同比-8.0%，环比+71.9%），扣非 归母净利润 370.3 亿元（同比-6.2%，环比+111.2%）。2025 年第一季度 布伦特原油期货均价为 75.0 美元/桶（同比-8.3%），公司受益于油气 产销量上升、降本增效、人民币贬值、实现气价上升等因素，部分抵销 了实现油价下跌的影响，业绩超预期。 公司油气净产量稳步增长，成本管控成效显著。公司 2025 年第一季度油气 销售收入为 882.7 亿元（同比-1.9%，环比+4.9%），油气净产量达到 188.8 百万桶油当量（同比+4.8%），其中国内净产量 130.8 百万桶油当量（同比 +6.2%），占比 69.3%，主要得益于渤中 19-6 等油气田贡献，海外净产量 58.0 百万桶油当量（ ...

上 市 公 司 石油石化 2025 年 04 月 30 日 中国海油 (600938) ——业绩表现好于油价变化，降本增效成果显著 报告原因：有业绩公布需要点评 买入（维持） | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 16.49 | | 资产负债率% | 28.74 | | 总股本/流通 A 股（百万） | 47,530/2,990 | | 流通 B 股/H 股（百万） | -/44,540 | 一年内股价与大盘对比走势： 04-29 05-29 06-29 07-29 08-29 09-29 10-29 11-29 12-29 01-29 02-28 03-31 -20% -10% 0% 10% 20% 中国海油 沪深300指数 (收益率) 相关研究 证券分析师 刘子栋 A0230523110002 liuzd@swsresearch.com 宋涛 A0230516070001 songtao@swsresearch.com 研究支持 陈悦 A0230524100003 chenyue@swsresearch.com 联系人 陈悦 (86 ...

Investment Rating - The investment rating for Zhongman Petroleum (603619.SH) is "Buy" [1] Core Views - The report highlights that in Q1 2025, Zhongman Petroleum achieved a significant year-on-year revenue increase of 17%, reaching 943 million yuan, while the net profit attributable to shareholders rose by 34% to 230 million yuan [1][3] - The increase in profits is primarily attributed to the engineering segment, which saw a substantial recovery compared to the previous year [3] - The company’s oil and gas production increased by 28.51% year-on-year, totaling 277,200 tons, with crude oil production at 218,800 tons, reflecting a 10.62% increase [3] - The report anticipates continued strong performance for the company, projecting net profits of 903 million yuan, 1.181 billion yuan, and 1.697 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 24.5%, 30.8%, and 43.6% [3][4] Financial Summary - For Q1 2025, the company reported a gross margin of 45.98% and a net margin of 26.17%, with financial expenses turning negative at -22.63 million yuan compared to 39.27 million yuan in the same period last year [3] - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 1.95 yuan, 2.56 yuan, and 3.67 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 8.03, 6.14, and 4.28 [3][4] - The report indicates that the company’s total revenue is expected to grow from 4.485 billion yuan in 2025 to 6.766 billion yuan in 2027, with a compound annual growth rate of 27.1% [4]

Investment Rating - The investment rating for Zhongman Petroleum (603619.SH) is "Buy" [1] Core Views - The report highlights that in Q1 2025, Zhongman Petroleum achieved a revenue of 943 million yuan, representing a year-on-year increase of 17% but a quarter-on-quarter decrease of 12.96%. The net profit attributable to the parent company was 230 million yuan, up 34% year-on-year and 301% quarter-on-quarter [1][3] - The report indicates that the increase in net profit is primarily driven by the engineering segment, which saw significant profit growth compared to the previous year when it faced challenges due to rig relocations [3] - The company’s oil and gas production totaled 277,200 tons in Q1 2025, reflecting a year-on-year increase of 28.51%, with crude oil production at 218,800 tons, up 10.62% year-on-year [3] - The report notes that the development of the Iraq oil and gas blocks is progressing steadily, with the first joint management meeting for the EBN and MF projects completed, which is expected to positively impact future operational performance [3] Financial Summary - For the fiscal years 2023 to 2027, the total revenue is projected to grow from 3,732 million yuan in 2023 to 6,766 million yuan in 2027, with year-on-year growth rates of 16.7%, 10.8%, 8.5%, 18.7%, and 27.1% respectively [4] - The net profit attributable to the parent company is forecasted to increase from 812 million yuan in 2023 to 1,697 million yuan in 2027, with year-on-year growth rates of 68.3%, -10.6%, 24.5%, 30.8%, and 43.6% [4] - The report projects the earnings per share (EPS) to rise from 1.76 yuan in 2023 to 3.67 yuan in 2027, with corresponding price-to-earnings (P/E) ratios decreasing from 8.94 to 4.28 [4][3]