Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The actual controller, China National Offshore Oil Corporation (CNOOC), plans to increase its stake in the company by investing between RMB 20 billion and RMB 40 billion over the next 12 months, starting from April 8, 2025, which is expected to boost investor confidence [1][2] - The company has demonstrated resilience in its performance, achieving a net profit of RMB 137.9 billion in 2024, a year-on-year increase of 11.4%, despite a 2.8% decline in average crude oil prices [2] - The company aims for stable production growth with a focus on high-quality development, targeting net production of 726.8 million barrels of oil equivalent in 2024, a 7.2% increase year-on-year [2] - The company maintains a high dividend policy, with a projected dividend of HKD 1.40 per share for 2024, reflecting a 12% increase and a payout ratio of 44.7% [3] Summary by Sections Investment Plan - CNOOC's plan to increase its stake is based on confidence in the company's long-term development and the recognition of the capital market's investment value [2] Financial Performance - In 2024, the company achieved a net profit of RMB 137.9 billion, up 11.4% year-on-year, while the average crude oil price fell by 2.8% [2] - The company’s net production reached a historical high of 726.8 million barrels of oil equivalent, marking a 7.2% increase from the previous year [2] - The main cost per barrel of oil equivalent was USD 28.52, a decrease of 1.1% year-on-year [2] Dividend Policy - The company plans to maintain a dividend payout ratio of no less than 45% from 2025 to 2027, which is an increase from the previous lower limit of 40% [3] - The high dividend yield and consistent payout policy enhance the company's investment attractiveness in a low-interest-rate environment [3] Profit Forecast and Valuation - The report forecasts net profits for 2025, 2026, and 2027 to be RMB 150.3 billion, RMB 156.2 billion, and RMB 161.4 billion, respectively, with corresponding EPS of RMB 3.16, RMB 3.29, and RMB 3.40 [3][4]

Investment Rating - The report maintains a "Buy" investment rating for China National Offshore Oil Corporation (CNOOC) [1] Core Views - CNOOC achieved record high oil and gas production and reserves in 2024, with a total production of 727 million barrels of oil equivalent, representing a year-on-year increase of 7.2% [5] - The company has demonstrated strong cost control, with the average oil production cost decreasing to $28.52 per barrel of oil equivalent, maintaining a competitive edge in profitability [5] - CNOOC's capital expenditure for 2024 reached RMB 132.7 billion, aimed at sustaining production growth and infrastructure development [6][7] - The company has shown resilience against external challenges, maintaining stable operations and proposing a dividend of HKD 0.66 per share for 2024 [8] - Profit forecasts for CNOOC indicate a net profit of RMB 150 billion in 2025, with a corresponding price-to-earnings ratio of 7.7 [9] Summary by Sections Market Performance - CNOOC's stock price is currently at RMB 24.34, with a market capitalization of RMB 115.69 billion [1] Financial Highlights - In 2024, CNOOC reported total revenue of RMB 420.51 billion, a year-on-year increase of 0.94%, and a net profit of RMB 137.94 billion, up 11.38% from the previous year [4] - The company achieved a sales volume of 563 million barrels of oil equivalent, reflecting a 9.4% increase in demand [5] Production and Cost Management - CNOOC's proven oil and gas reserves reached 7.27 billion barrels of oil equivalent, with a reserve replacement ratio of 167% [5] - The company maintained stable operating costs, with the oil production cost remaining flat at $7.61 per barrel of oil equivalent despite a 9.8% increase in overall operating expenses [5] Future Outlook - CNOOC aims to produce between 760 to 780 million barrels of oil equivalent in 2025, with continued capital expenditure to support this target [7] - The forecasted net profits for 2025-2027 are RMB 150 billion, RMB 159.7 billion, and RMB 173.1 billion, respectively, indicating a steady growth trajectory [9][11]

Investment Rating - The report maintains a "Buy" investment rating for China National Offshore Oil Corporation (CNOOC) [1] Core Views - CNOOC achieved record high oil and gas production and reserves in 2024, with a total production of 727 million barrels of oil equivalent, representing a year-on-year increase of 7.2% [5] - The company has demonstrated strong cost control, with the average oil equivalent cost decreasing to $28.52 per barrel, maintaining a competitive edge in profitability [5] - CNOOC's capital expenditure for 2024 reached RMB 132.7 billion, aimed at sustaining production growth and infrastructure investment [6][7] - The company has shown resilience against external challenges, maintaining stable operations and proposing a dividend of HKD 0.66 per share for 2024 [8] - Profit forecasts for 2025-2027 indicate a steady growth in net profit, with estimates of RMB 150 billion, RMB 159.7 billion, and RMB 173.1 billion respectively [9] Summary by Sections Market Performance - CNOOC's stock price is currently at RMB 24.34, with a market capitalization of RMB 115.69 billion [1] Financial Highlights - In 2024, CNOOC reported total revenue of RMB 420.51 billion, a year-on-year increase of 0.94%, and a net profit of RMB 137.94 billion, up 11.38% from the previous year [4] Production and Cost Management - The company achieved a total oil and gas production of 727 million barrels of oil equivalent, with a sales volume of 563 million barrels, reflecting a 9.4% increase in demand [5] - The average realized oil price was $76.75 per barrel, a decrease of approximately 1.6% year-on-year, while the average realized natural gas price was $7.72 per thousand cubic feet, down 3.3% [5] Capital Expenditure and Future Outlook - CNOOC plans to maintain a capital expenditure level similar to 2024 to support production growth, with a target production of 760 to 780 million barrels of oil equivalent for 2025 [7] Profitability and Shareholder Returns - The company aims to maintain a dividend payout ratio of no less than 45% from 2025 to 2027, enhancing shareholder returns [8]

中国海油坚持绿色发展，积极培育新质生产力。在勘探方面坚持油气并举、向气倾斜，提前建成南海万 亿大气区。公司国内天然气总产量占比不断提升，产品供应结构持续优化。绿色低碳生产成效显著，我 国海上首个全方位绿色设计的乌石23—5油田群建成投产，渤海岸电三期工程全面投用。全年实施18项 节能改造项目，累计实现全年二氧化碳减排量达58.95万吨。新能源和负碳业务有序推进，"海油观澜 号"融合发展示范工程平稳运行，渤海和海南两个海上CCUS基地建设稳步开展。数智化发展坚实有 力，"深海一号"等一批智能油气田相继建成，海上平台无人化率稳步提升，并入选中国工业数据治 理"领跑者"企业名单。 中国海油坚持生态保护，坚决守护绿水青山。中国海油严格遵守中国及其他业务所在国法律法规，秉 持"在保护中开发，在开发中保护"的理念，不断提升环境治理能力，优化能源资源管理，始终将环境保 护贯穿于勘探开发生产全过程。坚持"生态优先，保护优先"方针，定期举办环保公益活动，提高社会公 众环保意识，切实有效保护生物多样性，实现生产运营与自然环境的和谐发展。2024年，公司开展30余 个生态补偿修复类项目。 中国海油坚持回馈社会，切实履行社会责任。追 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][25]. Core Views - The company achieved a revenue of 2,938 billion yuan in 2024, a decrease of 2.5% year-on-year, while the net profit attributable to shareholders was 164.7 billion yuan, an increase of 2.0% year-on-year [5][12]. - The company emphasizes high dividends, with a total cash dividend distribution of 86.02 billion yuan, accounting for 52.2% of the net profit attributable to shareholders in 2024, showcasing its commitment to shareholder returns [9][12]. - The company plans to maintain high capital expenditures, with a budget of 262.2 billion yuan for 2025, focusing on oil and gas exploration and development [10][11]. Summary by Sections Financial Performance - In 2024, the company reported a net profit of 164.7 billion yuan, with a return on equity (ROE) of 11.1%, down 0.3 percentage points year-on-year [5][12]. - The average Brent crude oil price was 80.76 USD per barrel, a decrease of 2.3% year-on-year, while the company’s oil and gas sales volume increased, demonstrating resilience in its operational performance [6][12]. Segment Performance - The oil and gas and new energy segment generated revenue of 906.8 billion yuan, up 1.3% year-on-year, with operating profit of 159.7 billion yuan, an increase of 7.1% [6][15]. - The refining and chemical segment saw revenue decline to 1,192.6 billion yuan, down 2.3% year-on-year, with operating profit dropping 42% to 21.4 billion yuan due to intensified competition [7][15]. - The sales segment reported revenue of 2,454.5 billion yuan, a decrease of 2.9% year-on-year, with operating profit down 31.2% to 16.5 billion yuan [7][15]. Future Outlook - The company forecasts revenues of 3,051 billion yuan for 2025, with net profits of 165.6 billion yuan, reflecting a stable growth trajectory [12][14]. - The capital expenditure for 2025 is projected to increase by 1.6% compared to 2024, focusing on key exploration and development projects [10][11].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company reported a revenue of 420.51 billion yuan for 2024, a year-on-year increase of 0.94%. The net profit attributable to shareholders reached 137.94 billion yuan, up 11.38% year-on-year. However, in the fourth quarter alone, revenue decreased by 13.94% year-on-year to 94.48 billion yuan, and net profit fell by 18.78% to 21.28 billion yuan [2][6]. - The company's oil and gas net production significantly increased, achieving better performance than market oil price fluctuations, with a total net production of 726.8 million barrels of oil equivalent, a 7.2% increase year-on-year, marking a historical high [12]. - The average Brent crude oil price for 2024 was $79.86 per barrel, down 2.81% year-on-year, while the company achieved an average oil price of $76.75 per barrel, a decline of 1.6%, which was less than the Brent price drop [12]. - The company continues to focus on cost reduction and efficiency improvement, with a major cost advantage in barrel oil production, where the main cost was $28.52 per barrel, a decrease of 1.1% year-on-year [12]. - Future outlook suggests that oil prices are expected to stabilize at a mid-to-high level, with net production targets set for 2025-2027 ranging from 760 to 830 million barrels of oil equivalent, indicating steady growth [12]. - The company emphasizes shareholder returns, maintaining a dividend payout ratio of approximately 44.7% for 2024, with total dividends amounting to about 66.54 billion Hong Kong dollars [12]. Summary by Sections Financial Performance - For 2024, the company achieved total revenue of 420.51 billion yuan and net profit of 137.94 billion yuan, reflecting a year-on-year growth of 0.94% and 11.38% respectively [2][6]. - The fourth quarter saw a revenue drop of 13.94% year-on-year and a net profit decrease of 18.78% [2][6]. Production and Cost Management - The total net production reached 726.8 million barrels of oil equivalent, a 7.2% increase year-on-year, with significant contributions from both domestic and overseas projects [12]. - The company maintained a competitive cost structure, with a barrel oil cost of $28.52, down 1.1% from the previous year [12]. Future Outlook - The company anticipates oil prices to remain above $70 per barrel, with production targets set for gradual increases over the next few years [12]. - The focus on shareholder returns is expected to continue, with a commitment to maintaining a dividend payout ratio of no less than 45% in the coming years [12].

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Viewpoints - The deep-sea industry is recognized for its vast resource potential and strategic importance, with significant government support anticipated for deep-sea technology development [3][16] - Deep-sea resources, particularly energy and mineral resources, are abundant, with deep-sea areas becoming major contributors to global oil and gas reserves [18][22] - The development of underwater technology and equipment has made significant progress, laying the foundation for deep-sea resource exploitation [35][50] Summary by Sections Section 1: Deep Sea as a Resource and Strategic Area - The deep sea, defined as waters below 200 meters, constitutes about two-thirds of the ocean floor and is rich in biological and mineral diversity [3][10] - China's total marine area is approximately 4.73 million square kilometers, with significant deep-sea regions in the South China Sea and East China Sea [12][16] - The government has prioritized deep-sea technology in its 2025 work report, indicating future policy support for this sector [16][18] Section 2: Civilian Sector - Breakthroughs in Underwater Technology and Resource Development - Underwater technology encompasses exploration, construction, oil and gas extraction, and mineral development, with recent advancements in various equipment [35][50] - The core sensor for deep-sea exploration is sonar, which is essential for environmental monitoring and resource assessment [37][39] - The development of underwater mining technology is progressing, with successful trials and increasing industrialization potential for oil, gas, and mineral resources [59][70] Section 3: Deep-Sea Warfare - Underwater Defense Capabilities - The deep sea offers a large, concealed operational space, making it strategically significant for military operations [74] - The underwater defense system includes both infrastructure and equipment, with a focus on unmanned systems for various military tasks [74][75] - There is an urgent need for China to enhance its underwater defense capabilities, with new technologies and equipment being introduced [74][75]

Investment Rating - Investment Rating: Buy (Maintain) [3] Core Views - The company reported a significant increase in production and has committed to a higher dividend payout ratio [2] - For the fiscal year 2024, the company achieved revenue of 420.51 billion yuan, a year-on-year increase of 0.94%, and a net profit attributable to shareholders of 137.94 billion yuan, up 11.38% year-on-year [7] - The company has maintained a strong operational performance despite challenges such as asset impairment affecting profits [8] - The company has a leading position in the industry regarding reserve and production growth rates, with a capital expenditure of 132.7 billion yuan in 2024, the highest in its history [9] - The company is focused on shareholder returns, maintaining a high dividend payout ratio, with a total dividend of 1.40 Hong Kong dollars per share for 2024, a 12% increase year-on-year [12] - The company is expected to achieve net profits of 140.37 billion yuan, 146.32 billion yuan, and 154.52 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 8.79, 8.44, and 7.99 [13] Financial Summary - For 2024, the company reported total revenue of 420.51 billion yuan, with a net profit of 137.94 billion yuan, and a basic earnings per share of 2.90 yuan [7][14] - The company’s gross margin is projected to be 53.6% for 2024, with a return on equity (ROE) of 18.5% [14] - The company’s total assets are expected to reach 1,056.28 billion yuan by 2024, with a debt-to-equity ratio of 29.0% [16]

Investment Rating - Investment Rating: Buy (Maintain) [3] Core Views - The company reported a significant increase in production and has committed to a higher dividend payout ratio [2] - In 2024, the company achieved revenue of 420.51 billion yuan, a year-on-year increase of 0.94%, and a net profit attributable to shareholders of 137.94 billion yuan, up 11.38% year-on-year [7] - The company has maintained a strong operational performance despite challenges such as asset impairment affecting profits [8] - The company has a leading position in the industry regarding reserve and production growth rates, with a net production of 726.8 million barrels of oil equivalent in 2024, a year-on-year increase of 7.2% [9][10] - The company plans to maintain a high dividend strategy, with a total dividend of 1.40 HKD per share for 2024, a 12% increase year-on-year, and a payout ratio of 44.7% [12] - The forecasted net profit for 2025-2027 is 140.37 billion, 146.32 billion, and 154.52 billion yuan, respectively, with corresponding P/E ratios of 8.79, 8.44, and 7.99 [13] Financial Summary - In 2024, the company reported a gross margin of 53.6% and a return on equity (ROE) of 18.5% [14] - The company’s total assets are projected to grow from 1,056.28 billion yuan in 2024 to 1,254.65 billion yuan in 2027 [16] - The company’s operating income for 2024 is 420.51 billion yuan, with a year-on-year growth of 0.9% [14]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved record oil and gas production, with a focus on cost reduction and efficiency improvements, effectively mitigating risks amid geopolitical tensions and economic challenges [7] - In 2024, the company reported revenue of 420.51 billion yuan, a year-on-year increase of 0.94%, and a net profit attributable to shareholders of 137.94 billion yuan, up 11.38% year-on-year [5][7] - The average Brent crude oil price in 2024 was $79.90 per barrel, a decrease of approximately 2.9% compared to the previous year [7] Financial Performance - For Q4 2024, the company reported revenue of 94.48 billion yuan, a year-on-year decrease of 13.94%, and a net profit of 21.28 billion yuan, down 18.78% year-on-year [6][11] - The company maintained a gross profit margin of 50.79% in Q4 2024, with a net profit margin of 22.54% [6][11] - The company’s total assets reached 1,056.28 billion yuan, with a debt-to-equity ratio of 29% [44] Production and Sales - In 2024, the company sold 562.9 million barrels of oil, a 9.4% increase year-on-year, with an average realized oil price of $76.75 per barrel [8] - Natural gas sales reached 870.3 billion cubic feet, up 7.8% year-on-year, with an average realized price of $7.72 per thousand cubic feet [8] Future Outlook - The company expects revenues of 414.71 billion yuan in 2025, with net profits projected at 138.32 billion yuan, reflecting a stable growth outlook [15][40] - The report highlights the company's commitment to maintaining a dividend payout ratio of no less than 45% from 2025 to 2027 [14]