海油发展(600968) - 投资者关系活动记录表20240418

Group 1: Market Outlook and Capital Expenditure - The global economy is expected to grow around 3% in 2024, with China's growth projected at approximately 5% [3] - Brent crude oil prices are anticipated to fluctuate between $70 and $100 per barrel in 2024 [3] - China National Offshore Oil Corporation (CNOOC) plans a capital expenditure of RMB 125 billion to 135 billion for 2024, with exploration, development, and production accounting for approximately 16%, 63%, and 19% of the total budget, respectively [3] Group 2: Business Strategy and Challenges - The geopolitical landscape remains complex, with ongoing conflicts in Ukraine and the Middle East posing risks [3] - CNOOC aims to enhance its core capabilities and focus on five key areas: industry shaping, technological breakthroughs, market expansion, capacity building, and risk prevention [3] - The company views the current phase as both a challenge and an opportunity, with a greater emphasis on opportunities [3] Group 3: Financial Performance - In 2023, CNOOC reported a revenue of RMB 49.308 billion, a year-on-year increase of 3.19%, while net profit rose by 27.52% to RMB 3.081 billion [5] - The profit growth significantly outpaced revenue growth, attributed to favorable international oil prices and effective operational strategies [5] - The company's cost control measures led to a 1.78 percentage point increase in profit margin and a 2.04 percentage point rise in return on equity [5] Group 4: Cash Flow and Financial Management - CNOOC's net cash flow from operating activities increased by 126.75% to RMB 7.745 billion in 2023, driven by improved operational performance and efficient accounts receivable management [6] - The company reduced accounts receivable and contract assets by RMB 2.347 billion year-on-year, enhancing cash collection efficiency [6] - CNOOC maintains a stable and sustainable dividend policy, distributing RMB 1.10 per share, which accounts for 36.29% of the net profit attributable to shareholders [8] Group 5: Research and Development - CNOOC invested over RMB 1 billion in R&D in 2023, achieving significant technological breakthroughs, including the development of domestically produced underwater oil tree products with over 90% localization [7] - The company has received 93 national and provincial-level technology advancement awards and established 1,391 enterprise-level standards [7] - CNOOC is focused on integrating new technologies and business models into its existing industrial framework to enhance its low-carbon and digital transformation efforts [4]