2024年，中国石油、中国石化和中国海油这三大能源巨头交出了一份亮眼的成绩单。根据最新披露的年 度报告，三桶油合计实现净利润3529亿元，折合每日净赚近10亿元。这一数据不仅展现了三大公司在全 球能源市场中的强劲表现，也凸显了其在国家能源安全中的重要作用。 净利润合计3529亿元 日均赚近10亿 中国石油在2024年实现营业收入2.9万亿元，归属于母公司股东净利润1646.8亿元，同比增长2.0%。中 国石化实现归属于母公司股东的净利润503.13亿元，中国海油实现归属于母股东的净利润1379.36亿元。 三桶油合计净利润3529亿元，日均净赚近10亿元。这一业绩的取得，得益于三桶油在油气勘探开发、炼 化转型升级、市场营销等方面的持续努力。 大手笔分红回馈股东 在取得良好经营业绩的同时，三桶油均大手笔现金分红回馈投资者。中国石油董事会建议派发2024年末 期股息每股0.25元，全年股息每股0.47元，派息率52.2%，总派息额约860.2亿元，末期和全年每股股息 均创历史同期最高水平。中国石化预计2024年全年派发现金股利每股0.286元，与回购金额合并计算后 现金分红总金额368.78亿元，年度利润分派比例 ...

事件：中国海油发布2024 年年报。报告期内公司实现营业总收入4205 亿元，同比增长约1%；实现归母 净利润1379 亿元，同比增加约11%。其中，四季度单季实现营业总收入约945 亿元，同比-14%，环 比-5%左右；单季度归母净利润约213 亿元，同比-19%，环比-42%左右。公司同时公告2024 年末股息分 配方案，拟向全体股东派发末期股息0.66 港元/股（含税），连同中期股息，全年拟派发股息为1.4 港 元/股（含税），2024 年总分红率约45%。 点评：公司持续兑现增储上产战略，截至24 年末，公司油气净产量约7.27 亿桶油当量，同比+7.2%，高 于年初制定的7-7.2 亿桶油当量产量目标；油气净证实储量达72.71 亿桶油当量，同比+7.2%左右，储量 寿命稳定在10 年，储量替代率约167%。值得一提的是报告期内国际油价同比下行，但公司仍实现业绩 增长，体现了较好的穿越周期能力。 公司是少有的兼顾高成长与高分红的油气公司。据业绩推介材料，报告期内公司资本开支1325 亿元， 同比+2%左右，2016 年至今，资本开支强度增长近3 倍，复合增速超13%。在维持较高资本开支保证产 量、储 ...

2025 年 3 月 30 日 公司研究 24 年归母净利润大涨 11%，产储量再创历史新高 ——中国海油（600938.SH）2024 年报点评 买入（维持） 当前价：25.79 元 作者 分析师：赵乃迪 执业证书编号：S0930517050005 010-57378026 zhaond@ebscn.com 分析师：蔡嘉豪 执业证书编号：S0930523070003 021-52523800 caijiahao@ebscn.com 分析师：王礼沫 执业证书编号：S0930524040002 010-56513142 wanglimo@ebscn.com 市场数据 | 总股本(亿股) | 475.30 | | --- | --- | | 总市值(亿元)： | 12257.97 | | 一年最低/最高(元)： | 23.71/34.17 | | 近 3 月换手率： | 5.07% | 股价相对走势 -10% -1% 8% 17% 26% 03/24 06/24 09/24 12/24 03/25 中国海油 沪深300 | 收益表现 | | | | | --- | --- | --- | --- | | % | ...

Investment Rating - The investment rating for the company is "Outperform the Market" [6][25]. Core Views - The company achieved a net profit attributable to shareholders of 138 billion yuan in 2024, representing a year-on-year growth of 11.4% [1][10]. - The company's operating revenue for 2024 is projected to be 420.51 billion yuan, with a slight increase of 0.9% year-on-year [1][5]. - The company has successfully managed to control costs, with the average cost per barrel of oil equivalent at 28.52 USD, a decrease of 1.1% year-on-year [2][17]. - The company plans to maintain a stable capital expenditure, with 2024 capital expenditure at 132.5 billion yuan, a 2.2% increase from the previous year [3][20]. - The company has proposed a final dividend of 0.66 HKD per share, resulting in a total annual dividend of 1.40 HKD per share, with a payout ratio of 44.7% [3][23]. Summary by Sections Financial Performance - In 2024, the company reported a net profit of 138 billion yuan, with operating revenue of 420.51 billion yuan [1][10]. - The fourth quarter of 2024 saw a revenue drop of 13.9% year-on-year, primarily due to falling oil prices [1][10]. - The company’s operating cash flow reached 220.89 billion yuan, reflecting a 5.3% increase year-on-year [1][10]. Production and Sales - The company achieved a record net production of 726.8 million barrels of oil equivalent in 2024, a 7.2% increase year-on-year [2][13]. - Oil and gas sales revenue for 2024 was 355.62 billion yuan, up 8.5% from the previous year [2][13]. - The average realized price for oil liquids was 76.8 USD per barrel, a slight decrease of 1.6% year-on-year [2][17]. Capital Expenditure and Dividends - The company’s capital expenditure for 2024 was 132.5 billion yuan, with expectations for 2025 set between 125 billion and 135 billion yuan [3][20]. - The company has a stable reserve life of 10 years, with confirmed reserves reaching 7.27 billion barrels of oil equivalent, a 7.2% increase year-on-year [3][20]. - The proposed dividend reflects a strong commitment to returning value to shareholders, with a dividend yield of 7.5% for H shares and 4.9% for A shares [3][23].

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] 左前明 能源行业首席分析师 执业编号：S1500518070001 联系电话：010-83326712 邮箱：zuoqianming@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] 逆油价下跌之势，24 年业绩实现稳步增长 [Table_ReportDate] 2025 年 3 月 28 日 [Table_S 事件：202ummar 5 年y]3 月 27 日，中国海油发布 2024 年度报告。2024 年，公司 实现营业收入 4205.06 亿元，同比+0.94%；实现归母净利润 1379.36 亿元， 同比+11.3 ...

Investment Rating - The investment rating for China National Offshore Oil Corporation (CNOOC) is "Buy" [1] Core Views - Despite a decline in oil prices, CNOOC achieved steady growth in 2024, with total revenue of CNY 420.51 billion, a year-on-year increase of 0.94%, and a net profit attributable to shareholders of CNY 137.94 billion, up 11.38% year-on-year [1][2] - The company maintained a lower decline in oil prices compared to Brent crude, with an average realized oil price of USD 76.75 per barrel, down 1.55% year-on-year, and a gas price of USD 7.72 per thousand cubic feet, down 3.26% year-on-year [5][8] - CNOOC's net production of oil and gas reached 726.8 million barrels of oil equivalent, a year-on-year increase of 7.20%, indicating continued production growth [5][6] Summary by Sections Financial Performance - In Q4 2024, CNOOC reported revenue of CNY 94.48 billion, a year-on-year decrease of 13.94%, and a net profit of CNY 21.28 billion, down 18.78% year-on-year [2][3] - For the full year 2024, the company achieved a basic earnings per share (EPS) of CNY 2.90, an increase of 11.54% year-on-year [1][3] Production and Costs - CNOOC's oil and gas production growth slowed in Q4, with a total production increase of 3.48% year-on-year and 2.78% quarter-on-quarter [3] - The company's oil cost per barrel increased to USD 29.64, reflecting seasonal cost increases due to maintenance and operational workload [3][8] Capital Expenditure and Dividends - CNOOC's capital expenditure for 2024 was CNY 132.5 billion, a year-on-year increase of 2.24%, with a commitment to maintain a dividend payout ratio of no less than 45% for 2025-2027 [8] - The company paid a total dividend of HKD 1.4 per share in 2024, with a dividend yield of 4.89% for A shares and 7.49% for H shares [8] Future Outlook - The forecast for net profit attributable to shareholders for 2025-2027 is CNY 136.44 billion, CNY 142.24 billion, and CNY 149.78 billion, with expected growth rates of -1.1%, 4.3%, and 5.3% respectively [8] - CNOOC aims for stable production growth targets of 760-780 million barrels in 2025, 780-800 million barrels in 2026, and 810-830 million barrels in 2027 [5][6]

Group 1 - CIMC reported a net profit of RMB 29.72 billion for 2024, a year-on-year increase of 605.60% [1] - CIMC's revenue reached RMB 1,776.64 billion, up 39.01% from the previous year [1] - The container manufacturing segment generated revenue of RMB 622.05 billion, a 105.89% increase year-on-year [1] Group 2 - CIMC Vehicles reported revenue of RMB 209.98 billion, a decrease of 16.30% year-on-year [2] - Net profit for CIMC Vehicles fell to RMB 10.81 billion, down 55.83% compared to the previous year [2] - The decline in net profit was attributed to normalization of North American business and non-recurring gains from a previous equity disposal [2] Group 3 - SMIC's revenue for 2024 was RMB 57,795.6 million, an increase of 27.7% year-on-year [3] - The net profit for SMIC decreased by 23.3% to RMB 3,698.7 million [3] - The increase in revenue was driven by a rise in wafer sales volume, which increased by 36.7% [3] Group 4 - Haier Smart Home achieved a net profit of RMB 187.41 billion, a year-on-year increase of 12.92% [4] - The company reported revenue of RMB 2,859.81 billion, up 4.29% from the previous year [4] - The gross margin for Haier Smart Home was 27.8%, an increase of 0.3 percentage points from 2023 [4] Group 5 - CNOOC reported a net profit of RMB 137.94 billion for 2024, an increase of 11.4% year-on-year [6] - The company's revenue was RMB 420.51 billion, a slight increase of 0.9% from the previous year [6] - CNOOC's oil and gas production reached 199 million barrels of oil equivalent per day [6] Group 6 - CNOOC's oil liquid sales volume increased by 9.4% to 562.9 million barrels [7] - The average realized oil price was USD 76.75 per barrel, a decrease of approximately 1.6% [7] - The company achieved a reserve replacement rate of 167% with 11 new discoveries [7] Group 7 - China Merchants Securities reported a net profit of RMB 103.86 billion, an increase of 18.51% year-on-year [8] - The company achieved revenue of RMB 208.91 billion for the year [8] - Wealth management and institutional business contributed RMB 102.33 billion to the revenue [8] Group 8 - China Merchants Energy reported a net profit of RMB 51.07 billion for 2024 [9] - The company's revenue was RMB 257.99 billion, with a slight decrease of 0.32% [9] - The revenue decline was influenced by fluctuations in the oil tanker market [9] Group 9 - Industrial Bank achieved a net profit of RMB 772.05 billion, a year-on-year increase of 0.12% [11] - The bank's revenue was RMB 2,122.26 billion, up 0.66% from the previous year [11] - The non-performing loan ratio was 1.07%, indicating stable asset quality [11] Group 10 - Weichai Power reported a net profit of RMB 114.03 billion, a year-on-year increase of 26.51% [12] - The company's revenue reached RMB 2,156.9 billion, up 0.81% [12] - The sales of various engines totaled 734,000 units, with a 5% increase in exports [13] Group 11 - Lens Technology achieved a net profit of RMB 36.24 billion, a year-on-year increase of 19.94% [14] - The company reported revenue of RMB 698.97 billion, up 28.27% [14] - The smartphone and computer segments contributed significantly to revenue growth [14] Group 12 - Shandong Gold reported a net profit of RMB 29.52 billion, a year-on-year increase of 26.80% [15] - The company's revenue was RMB 825.18 billion, up 39.21% [15] Group 13 - Huadian International achieved a net profit of RMB 57.03 billion, a year-on-year increase of 26.11% [16] - The company's revenue was RMB 1,129.94 billion, a decrease of 3.57% [16] Group 14 - Postal Savings Bank reported a revenue of RMB 348.77 billion, a year-on-year increase of 1.83% [16] - The bank's net interest income was RMB 286.12 billion, up 1.53% [16] Group 15 - Joyoung reported a net profit of RMB 1.22 billion, a year-on-year decrease of 68.55% [17] - The company's revenue was RMB 8.85 billion, down 7.94% [17] Group 16 - Shanghai Pharmaceuticals achieved a net profit of RMB 45.53 billion, a year-on-year increase of 20.82% [18] - The company's revenue was RMB 2,752.51 billion, up 5.75% [18] Group 17 - CITIC Securities reported a net profit of RMB 72.23 billion, a year-on-year increase of 2.68% [19] - The company's revenue was RMB 211.29 billion, down 9.1% [19] Group 18 - Three squirrels plan to issue H-shares and apply for listing on the Hong Kong Stock Exchange [21] - The company aims to enhance global brand recognition and expand overseas financing capabilities [21] Group 19 - CIMC announced the termination of the spin-off of its subsidiary CIMC Tianda for listing on the Shenzhen Stock Exchange [22] - The decision was made for comprehensive considerations regarding business development and capital operation planning [22] Group 20 - CNOOC's subsidiary CIMC Tianda withdrew its IPO application [23] - The expected fundraising amount was RMB 1.41941 billion [23]

经济观察报 记者 郑晨烨 2024年，国际油价震荡走弱，布伦特原油全年均价同比下跌2.9%。在价格支撑 趋弱的背景下，中国海洋石油有限公司（600938.SH/ 00883.HK 下称"中国海油（600938）"）公布了 2024年年度报告。 年报显示，该公司全年油气销售收入为人民币3556亿元，同比增长8.4%；归属于母公司股东的净利润 为人民币1379亿元，同比增长11.4%。在业绩增长的同时，中国海油的产量继续保持升势。此外，受益 于深海新项目的投产与国内海域油气田的持续产能释放，中国海油净证实储量达到72.7亿桶油当量，同 比增长7.2%；储量替代率为167%，保持在相对高位。 在3月27日举办的中国海油2024年业绩说明会上，经济观察报记者注意到，当前油气行业已整体步入"稳 增长"阶段，而中国海油正通过推进工程标准化、智能化和精益管理等方式压降成本，全年桶油主要成 本控制在28.52美元，同比下降约1.1%。 公司管理层在业绩会上亦公布了未来的产量目标，即在2024年保持成长的基础上，2025年至2027年的产 量目标分别为760百万至780百万桶油当量、780百万至800百万桶油当量和810百万至 ...

关于未来的股息政策，中国海油表示，2025年至2027年间，在获股东大会批准的前提下，全年股息支付 率将不低于45%。同时，公司将根据市场环境变化，秉持回报股东的原则，综合考虑股东的意愿、战略 规划、经营状况等因素，适时对上述分红政策进行调整。 对于2025年的经营策略，中国海油将扎实推进增储上产、科技创新和绿色发展三大工程，并同时实 施"提质增效升级"行动，不断提升价值创造能力，为股东带来更大回报。具体而言，2025年公司资本支 出预计为1250亿元至1350亿元之间，产量目标为760至780百万桶油当量，储量替代率不低于130%。 以技术创新驱动增储上产 中国海油3月27日发布2024年年度报告。2024年，中国海油坚持精益化管理，盈利水平保持高位，以优 秀的表现穿越油价周期。 2024年，公司实现油气销售收入3556亿元，归母净利润1379亿元，同比增长11.4%。全年桶油当量主要 成本为28.52美元，同比下降约1.1%，持续巩固成本竞争优势。分红方面，中国海油拟派发末期股息每 股0.66港元，股息总额313.7亿港元，全年股息1.4港元/股（含税），同比增长12%。 储量产量双增超7% 2024年， ...

公司代码：600938 公司简称：中国海油 中国海洋石油有限公司 中国海洋石油有限公司全体股东： 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告及相关信息真实完整， 提 根据《企业内部控制基本规范》及其配套指引的规定和Committee of Sponsoring Organization （以下简称"COSO委员会"）制定的内部控制框架（以下简称"企业内部控制规范体系"），结合中国海 洋石油有限公司（以下简称"公司"）内部控制制度和评价办法，在内部控制日常监督和专项监督的基 础上，我们对公司2024年12月31日（内部控制评价报告基准日）的内部控制有效性进行了评价。 一. 重要说明 高经营效率和效果，促进实现发展战略。由于内部控制存在的固有局限性，故仅能为实现上述目标提供 合理保证。此外，由于情况的变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降 低， 公司董事会的职责是确保本公司建立和维持适当且有效的风险管理和内控控制系统、审视其有效 性、并确保公司对内部控制评价报告进行如实披露。在公司董事会监督下，公司管理层负责建立健全和 有效实施内部控制，并对有效性做出自检查和评价。公 ...