Investment Rating - The report maintains a "Strong Buy" rating for China National Offshore Oil Corporation (CNOOC) with a target price of 36.24 CNY [2][10]. Core Insights - CNOOC's Q3 2025 revenue reached 1048.95 billion CNY, showing a year-on-year increase of 5.68% and a quarter-on-quarter increase of 4.11%. However, the net profit attributable to shareholders decreased by 12.10% year-on-year to 324.38 billion CNY [2][9]. - The company has optimized costs, with the main cost per barrel at 27.35 USD, a reduction of 0.79 USD compared to the same period in 2024, enhancing its competitive edge [9][10]. - Significant exploration achievements were noted, with four oil and gas structures evaluated and multiple projects launched, including the Guyana Yellowtail project, which is expected to contribute to production growth [9][10]. - The report forecasts CNOOC's net profit attributable to shareholders for 2025-2027 to be 1382, 1436, and 1469 billion CNY, respectively, with a consistent PE ratio of 9 [9][10]. Financial Summary - For 2025, the total revenue is projected to be 431,353 million CNY, with a year-on-year growth rate of 2.6% [4]. - The net profit attributable to shareholders is expected to be 138,166 million CNY in 2025, reflecting a minimal growth rate of 0.2% [4]. - The earnings per share (EPS) is projected to be 2.91 CNY for 2025, with a price-to-earnings (P/E) ratio of 9 [4][10]. Market Performance - CNOOC's stock has shown a performance of -13% over the past year, compared to the CSI 300 index [7]. Company Overview - CNOOC has a total market capitalization of approximately 1,288.54 billion CNY, with a circulating market value of 81.06 billion CNY [5]. - The company has a debt-to-asset ratio of 30.09% and a net asset value per share of 16.53 CNY [5]. Future Outlook - The report emphasizes the potential for increased shareholder returns, with a commitment to a dividend payout ratio of no less than 45% for 2025-2027, an increase of 5 percentage points from previous years [9][10].

Investment Rating - The report maintains a "Strong Buy" rating for China National Offshore Oil Corporation (CNOOC) with a target price of 32.45 CNY [2][8]. Core Insights - CNOOC's 2024 annual report shows a revenue of 420.51 billion CNY, a year-on-year increase of 0.94%, and a net profit attributable to shareholders of 137.94 billion CNY, up 11.38% year-on-year. The company plans to distribute a final dividend of 0.66 HKD per share, leading to an expected payout ratio of 44.7% [2][4]. - The company achieved oil and gas sales revenue of approximately 355.62 billion CNY in 2024, reflecting an 8.4% year-on-year increase, primarily due to increased sales volume and exchange rate fluctuations [8]. - CNOOC's production volume reached 726.8 million barrels of oil equivalent in 2024, representing a 7.2% increase year-on-year, driven by contributions from domestic fields and international projects [8]. - The company has optimized its cost structure, with the main cost per barrel of oil at 28.52 USD, a decrease of 1.1% year-on-year [8]. - CNOOC's balance sheet has improved, with a capital debt ratio declining by 4.3 percentage points to 10.9%, and the company has committed to a dividend payout ratio of no less than 45% for the years 2025-2027 [8]. Financial Summary - For 2024, CNOOC's total revenue is projected at 420.51 billion CNY, with a growth rate of 0.9% [4]. - The net profit attributable to shareholders is expected to be 137.94 billion CNY, with a growth rate of 11.4% [4]. - Earnings per share (EPS) for 2024 is estimated at 2.90 CNY, with a price-to-earnings (P/E) ratio of 9 [4]. - The company anticipates a steady increase in revenue and profit over the next few years, with projected revenues of 431.35 billion CNY in 2025 and 443.31 billion CNY in 2026 [4]. Investment Recommendations - Based on current oil price trends and production growth, the report forecasts net profits of 140.3 billion CNY, 143.7 billion CNY, and 147.9 billion CNY for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 9 for 2025 and 2026, and 8 for 2027 [8].