Core Viewpoint - Despite a decline in international oil prices, China National Petroleum Corporation (CNPC) reported an increase in net profit for the year, achieving a record high for three consecutive years [1][2]. Financial Performance - CNPC's revenue for 2024 was CNY 2.94 trillion, a decrease of 2.5% year-on-year, while net profit attributable to shareholders was CNY 164.68 billion, an increase of 2% [1]. - The company generated free cash flow of CNY 104.35 billion, maintaining over CNY 100 billion for three consecutive years [1]. - The proposed dividend for 2024 is CNY 0.25 per share, with a total payout of approximately CNY 86.02 billion, reflecting a year-on-year increase of 6.8% [1]. Comparison with Peers - CNPC's net profit was the highest among China's "Big Three" oil companies, outperforming Sinopec and CNOOC [2]. - Sinopec reported a net profit of CNY 50.31 billion, a decline of 16.8%, while CNOOC's net profit was CNY 137.9 billion, an increase of 11.4% [2]. Business Segments - The oil and gas and new energy segment accounted for over 30% of CNPC's revenue, with profits in this area increasing by 7.1% to CNY 159.75 billion [5]. - The natural gas sales segment saw the largest profit increase, up 25.5% to CNY 54.01 billion, attributed to effective cost control and market expansion [5]. - Refining and chemical segments experienced a decline in profits, with refining profits down 49.7% to CNY 18.23 billion due to reduced margins and sales [7]. Exploration and Production - CNPC's crude oil production reached 942 million barrels, a 0.5% increase, while marketable natural gas production was 5.13 trillion cubic feet (approximately 145 billion cubic meters), up 4.1% [5]. - The company achieved significant exploration milestones, with a crude oil reserve replacement rate of 0.96 and a natural gas replacement rate of 1.04, marking the best performance in five years [6]. Future Outlook - CNPC aims to enhance its exploration capabilities and increase its natural gas reserves to support its strategic goal of "stable oil and increased gas" [6]. - The company plans to accelerate its transition to a comprehensive international energy and chemical company, focusing on both traditional oil and gas and emerging industries [12]. - By 2025, CNPC targets crude oil production of 936 million barrels and marketable natural gas production of 5.34 trillion cubic feet [12].

长江商报消息 ●长江商报记者 沈右荣 "三桶油"之首的中国石油（601857.SH）经营业绩逆势创新高。 根据最新披露的年报，2024年，中国石油实现营业收入2.94万亿元，同比下降2.48%；归属母公司股东 的净利润（以下简称"归母净利润"）1646.76亿元，创历史新高，同比增长2.02%。 2024年，由于原油、天然气、成品油等油气产品价格下降以及汽油、柴油销售数量减少，使得中国石油 的营业收入下降。不过，油气和新能源分部以及天然气销售分部效益突出，带动公司整体利润上升。 2024年，中国石油资本支出约2758亿元，有力保障了一批重点项目顺利推进。 中国石油的财务状况向好。截至2024年底，公司资产负债率为37.89%，较上年末下降2.87个百分点。当 年，公司财务费用125.52亿元，同比减少55.58亿元。 中国石油持续积极回报股东。2024年，公司将派发现金红利860亿元。2007年A股上市以来，公司累计 派发现金红利8350亿元。 非经常性损益减亏约174亿 逆势之下，中国石油顽强地实现了业绩增长。 中国石油称，2024年，国际原油市场供需总体宽松，全年平均油价较2023年同期小幅下跌。受此影响 ...

Core Viewpoint - China National Offshore Oil Corporation (CNOOC) reported a stable performance in 2024, with a slight increase in revenue and a significant rise in net profit, despite challenges in oil prices [1][2]. Financial Performance - In 2024, CNOOC achieved total revenue of 420.506 billion yuan, a year-on-year increase of 0.9%, and a net profit attributable to shareholders of 137.936 billion yuan, up 11.4% year-on-year [1]. - In Q4 2024, the company reported revenue of 94.482 billion yuan, a decrease of 13.9% year-on-year and 4.8% quarter-on-quarter, with a net profit of 21.277 billion yuan, down 18.8% year-on-year and 42.4% quarter-on-quarter [1]. Oil Price Stability - The average Brent crude oil futures price in 2024 remained stable at 79.86 USD per barrel, a decrease of 2.81% year-on-year, while the realized price for CNOOC's crude oil was 76.75 USD per barrel, down 1.6% year-on-year [2]. Production Growth - CNOOC's total oil and gas production reached 727 million barrels of oil equivalent in 2024, an increase of 7.2% year-on-year [3]. - The company's capital expenditure for 2024 was 132.5 billion yuan, reflecting a 2.2% year-on-year increase, indicating a commitment to maintaining high levels of investment [3]. Dividend Policy - CNOOC maintained a strong dividend policy, with total cash dividends of 61.621 billion yuan in 2024, resulting in a dividend payout ratio of approximately 45% [4]. - The dividend yield for A-shares was 4.4% and for H-shares was 7.3%, with a commitment to maintain a dividend payout ratio of no less than 45% from 2025 to 2027 [4]. Investment Outlook - CNOOC is expected to continue benefiting from new project launches, with projected net profits of 132.3 billion yuan, 136 billion yuan, and 140.1 billion yuan for 2025, 2026, and 2027 respectively [5]. - The earnings per share (EPS) are forecasted to be 2.78 yuan, 2.86 yuan, and 2.95 yuan for the same years, with corresponding price-to-earnings (PE) ratios of 9.3X, 9.0X, and 8.8X [5].

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 ...

Core Viewpoint - China National Offshore Oil Corporation (CNOOC) reported a revenue of 420.5 billion yuan for 2024, with a year-on-year growth of approximately 1%, and a net profit attributable to shareholders of 137.9 billion yuan, reflecting an increase of about 11% [1] Financial Performance - In Q4, the company achieved a revenue of approximately 94.5 billion yuan, a decrease of 14% year-on-year and 5% quarter-on-quarter; the net profit for the quarter was about 21.3 billion yuan, down 19% year-on-year and 42% quarter-on-quarter [1] - The total dividend payout for 2024 is proposed at 1.4 HKD per share (including tax), with a total dividend payout ratio of approximately 45% [1] Production and Reserves - As of the end of 2024, CNOOC's net oil and gas production reached approximately 727 million barrels of oil equivalent, an increase of 7.2% year-on-year, exceeding the initial target of 700-720 million barrels [1] - The company's net proven reserves reached 7.271 billion barrels of oil equivalent, also up by about 7.2% year-on-year, with a reserve life stable at 10 years and a replacement ratio of approximately 167% [1] Capital Expenditure and Shareholder Returns - CNOOC's capital expenditure for the reporting period was 132.5 billion yuan, reflecting a year-on-year increase of about 2%, with capital expenditure intensity growing nearly threefold since 2016, at a compound annual growth rate of over 13% [2] - Over the past two years (2022 and 2023), the total cash dividends paid by the company exceeded 163.4 billion yuan, ranking fourth in A-shares and first in the oil and petrochemical sector [2] - The company plans to maintain a dividend payout ratio of no less than 45% for the years 2025-2027, subject to shareholder approval [2] Cost Control and Growth - CNOOC has achieved a net production growth of approximately 77% from 2013 to the end of 2024, while the main cost per barrel of oil has decreased by about 37%, demonstrating strong cost control capabilities [2] - The company's oil and gas reserves have increased by over 64% from 2013 to the end of 2024, providing a solid foundation for sustained production growth [2] Profit Forecast - The company is expected to maintain a clear growth trajectory with high dividend payouts, with projected net profits attributable to shareholders of 137.6 billion, 134.2 billion, and 139.6 billion yuan for the years 2025-2027 [3]

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]