证券研究报告·公司点评报告(AH)·油气开采Ⅱ 中国海油（ 600938.SH ） / 中国海洋石油 （00883.HK） 2025 年一季报点评：油气产量稳步增长，继 续高质量发展 买入(维持)-A /买入(维持)-H | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 416,609 | 420,506 | 409,877 | 420,678 | 432,323 | | 同比（%） | (1.33) | 0.94 | (2.53) | 2.64 | 2.77 | | 归母净利润（百万元） | 123,843 | 137,936 | 138,391 | 141,847 | 146,704 | | 同比（%） | (12.60) | 11.38 | 0.33 | 2.50 | 3.42 | | EPS-最新摊薄（元/股） | 2.61 | 2.90 | 2.91 | 2.98 | 3.09 | | P/E（A） | 9.60 | ...

公司报告 | 季报点评 中国海油（600938） 证券研究报告 Q1 净利润 366 亿，成本竞争优势进一步巩固 中国海油 2025Q1 归母净利润 366 亿 公司 2025Q1 收入 1068.5 亿元，同比-4.14%，归母净利润 365.6 亿，同比 -7.95%。 国内产量增速更快，得益于渤中 19-6 油气田等贡献 2025Q1 原油产量同比+3.4%，其中国内同比+4.4%，海外同比+1.5%。天然 气产量同比+10.2%，其中国内同比+12.2%，海外同比+3.9%。国内增速更快 主要得益于渤中 19-6 等油气田的贡献。 桶油成本由于油价下降有所减少 2025Q1 桶油当量主要成本 27.03 美元/桶，同比-2%（同比减少 0.56 美元/ 桶），主要因为油价下降导致除所得税之外税金下降 7.2%，以及产量结构 变化影响作业费用下降 3.2%。 实现油价较往年同期折价有所收窄 2025Q1 石油平均实现价格 72.65 美元/桶，同比-7.7%，比布油折价 2.3 美 元（折价同环比均略有改善）。天然气实现价格 7.78 美元/bcf，同比+1.2%。 盈利预测与投资评级: 考虑近期油价下 ...

中国海油（600938.SH）2025 年一季报点评 ➢ 石油量增价减，天然气量价齐升。1）产量：25Q1，公司实现油气净产量 1.89 亿桶油当量，同比增长 4.8%，以 2025 年产量目标 7.6~7.8 亿桶油当量的中值 计算，已完成目标的 24.5%。分区域看，公司在国内/海外的油气净产量分别为 1.31/0.58 亿桶油当量，同比增长 6.2%/1.8%，占总产量的比重为 69.3%/30.7%， 国内增长得益于渤中 19-6 等油气田的贡献，海外增长则得益于巴西 Mero2 等 项目的贡献；分产品看，石油/天然气产量分别为 1.46 亿桶/2531 亿立方英尺， 同比增长 3.3%/10.2%，占总产量的比重为 77.1%/22.9%。2）价格：25Q1，布 伦特原油期货结算价为 74.98 美元/桶，同比下降 8.3%，公司油价跟随市场波 动，25Q1 实现油价为 72.65 美元/桶，同比下降 7.7%，气价则逆势上涨，实现 气价为 7.78 美元/千立方英尺，同比增长 1.2%。 ➢ 新项目稳步推进，助力产量接续增长。公司已投产 7 个新项目，其中，国内 的渤中 26-6 油田开发项目一期 ...

证券研究报告 | 2025年04月30日 中国海油（600938.SH） 优于大市 油气产量稳增长，2025 年第一季度实现归母净利润 365 亿元 公司 2025 年第一季度实现归母净利润 365 亿元，盈利韧性凸显，业绩超预 期。公司 2025 年第一季度实现营业收入 1068.6 亿元（同比-4.1%，环比 +13.1%），归母净利润 365.3 亿元（同比-8.0%，环比+71.9%），扣非 归母净利润 370.3 亿元（同比-6.2%，环比+111.2%）。2025 年第一季度 布伦特原油期货均价为 75.0 美元/桶（同比-8.3%），公司受益于油气 产销量上升、降本增效、人民币贬值、实现气价上升等因素，部分抵销 了实现油价下跌的影响，业绩超预期。 公司油气净产量稳步增长，成本管控成效显著。公司 2025 年第一季度油气 销售收入为 882.7 亿元（同比-1.9%，环比+4.9%），油气净产量达到 188.8 百万桶油当量（同比+4.8%），其中国内净产量 130.8 百万桶油当量（同比 +6.2%），占比 69.3%，主要得益于渤中 19-6 等油气田贡献，海外净产量 58.0 百万桶油当量（ ...

证券研究报告 中国海油 (883 HK/600938 CH) 天然气产量同比快速增长，提质降本成果卓越 Q1 公司油气净产量 188.8 百万桶油当量，同比+4.8%，其中石油液体/天然 气产量 145.5 百万桶/253.0 十亿立方英尺，同比分别+3.4%/+10.2%。Brent 期货 Q1 均价同比-8.3%至 75.0 美元/桶，公司实现油价同比-7.7%至 72.7 美元/桶，实现气价同比+1.2%至 7.78 美元/千立方英尺。公司桶油成本控制 良好，Q1 同比下降 0.56 美元/桶至 27.03 美元/桶，主要系产量结构调整叠 加油价下行带动其他税金降低。公司 Q1 油气销售收入同比-1.9%至 882.7 亿元，综合毛利率同环比+1.2/+3.9pct 至 54.6%。 港股通 油气产量创新高，重点项目有序推进 | 华泰研究 | | | 季报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 30 日│中国内地/中国香港 | 石油（天然气）开采 | 中国海油于 4 月 29 日发布一季报：Q1 实现营业收入 1069 亿元，同环比 -4.1%/+ ...

上 市 公 司 石油石化 2025 年 04 月 30 日 中国海油 (600938) ——业绩表现好于油价变化，降本增效成果显著 报告原因：有业绩公布需要点评 买入（维持） | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 16.49 | | 资产负债率% | 28.74 | | 总股本/流通 A 股（百万） | 47,530/2,990 | | 流通 B 股/H 股（百万） | -/44,540 | 一年内股价与大盘对比走势： 04-29 05-29 06-29 07-29 08-29 09-29 10-29 11-29 12-29 01-29 02-28 03-31 -20% -10% 0% 10% 20% 中国海油 沪深300指数 (收益率) 相关研究 证券分析师 刘子栋 A0230523110002 liuzd@swsresearch.com 宋涛 A0230516070001 songtao@swsresearch.com 研究支持 陈悦 A0230524100003 chenyue@swsresearch.com 联系人 陈悦 (86 ...

Investment Rating - The report maintains a "Buy" rating for China National Offshore Oil Corporation (CNOOC) [1] Core Views - The company's performance demonstrates resilience during periods of oil price fluctuations, with significant cost reduction and efficiency improvements [6][11] - CNOOC's net profit for Q1 2025 is projected to be 366 billion yuan, reflecting a year-on-year decrease of 7.95% but a quarter-on-quarter increase of 71.84% [5][11] - The company continues to enhance its production capacity and maintain cost advantages, with a focus on high-quality development and stable production growth [10][11] Summary by Sections Financial Performance - In Q1 2025, CNOOC achieved total revenue of 1,069 billion yuan, a year-on-year decrease of 4.14% but an increase of 13.09% compared to the previous quarter [5] - The average realized oil price was 72.65 USD per barrel, down 7.7% year-on-year, while natural gas prices increased by 1.2% to 7.78 USD per thousand cubic feet [7] Production and Exploration - CNOOC's net production in Q1 2025 reached 188.8 million barrels of oil equivalent, a year-on-year increase of 4.8%, with natural gas production growing by 10.2% [7] - The company made two new discoveries and successfully evaluated 14 oil and gas structures during the quarter, indicating strong exploration potential [8] Cost Management - The company reported a decrease in oil production costs to 27.03 USD per barrel, down 2.0% year-on-year, showcasing its effective cost control measures [9] - CNOOC's operating cash flow for Q1 2025 was 573 billion yuan, reflecting a year-on-year decrease of 4.5% but maintaining a high level of cash flow [6] Capital Expenditure and Future Outlook - CNOOC plans to maintain high capital expenditures in 2025, with a budget of 1250-1350 billion yuan to support stable production growth [10] - The company aims for a production target of 760-780 million barrels of oil equivalent in 2025, with a focus on sustainable growth in the following years [10][11]

Investment Rating - The investment rating for the company is "Buy" [1][6] Core Views - The report highlights that the company achieved excellent performance in Q1 2025, demonstrating its investment value even in adverse conditions [1][6] - The company reported a total revenue of 1068.54 billion yuan in Q1 2025, a year-on-year decrease of 4.14% but a quarter-on-quarter increase of 13.09% [1] - The net profit attributable to shareholders was 365.63 billion yuan, down 7.95% year-on-year but up 71.84% quarter-on-quarter [1] Summary by Sections Financial Performance - In Q1 2025, the company achieved a net profit of 365.63 billion yuan, with a basic earnings per share (EPS) of 0.77 yuan, reflecting a year-on-year decrease of 8.33% but a quarter-on-quarter increase of 75.00% [1] - The company's revenue and net profit figures indicate resilience despite a challenging market environment [1][6] Production and Output - The company produced 145.5 million barrels of oil liquids in Q1 2025, representing a year-on-year increase of 3.41% and a quarter-on-quarter increase of 0.62% [3] - Natural gas production reached 2530 billion cubic feet, up 10.24% year-on-year and 8.63% quarter-on-quarter, primarily due to contributions from specific projects [3] Pricing and Costs - The average oil price realized by the company was 72.65 USD per barrel, down 6.10% year-on-year but up 2.57 USD per barrel quarter-on-quarter [4] - The company maintained a low oil cost of 27.03 USD per barrel, which is a decrease from the previous year, indicating effective cost management [4] Capital Expenditure and Future Outlook - The company reported capital expenditures of 27.7 billion yuan in Q1 2025, with a stable budget for 2025 set between 1250-1350 billion yuan [5] - Profit forecasts for 2025-2027 indicate a net profit of 1364.41 billion yuan in 2025, with expected growth rates of -1.1%, 4.3%, and 5.3% for the following years [5][6]

证券代码：600938 证券简称：中国海油 公告编号：2025-014 中国海洋石油有限公司 2025 年第五次董事会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 中国海洋石油有限公司（以下简称"公司"）于 2025 年 4 月 29 日召开 2025 年第五次董事会。本次董事会的会议通知及议案已于 2025 年 4 月 10 日发送给公 司全体董事。本次会议应出席董事 8 人，实际出席董事 7 人。执行董事穆秀平女 士因公不能到会，已书面委托副董事长、执行董事周心怀先生代为行使表决权。 会议由副董事长周心怀先生主持。会议的召集、召开、表决程序符合有关法律法 规及《中国海洋石油有限公司组织章程细则》的相关规定，合法、有效。 二、董事会审议情况 （一）审议通过《关于公司 2025 年第一季度报告的议案》 具体内容详见公司于上海证券交易所网站（www.sse.com.cn）披露的《中国 海洋石油有限公司 2025 年第一季度报告》。本议案已经公司审核委员会审议通 过，并同意提交董事会审议。 表决 ...

Financial Performance - The company's operating revenue for Q1 2025 was RMB 106,854 million, a decrease of 4.1% compared to RMB 111,468 million in the same period last year[4] - Net profit attributable to shareholders of the parent company was RMB 36,563 million, down 7.9% from RMB 39,719 million year-on-year[4] - The net cash flow from operating activities was RMB 57,274 million, reflecting a decline of 4.5% from RMB 59,978 million in the previous year[4] - The company's oil and gas sales revenue for Q1 2025 was approximately RMB 882.7 billion, a decrease of 1.9% compared to the previous year, primarily due to falling oil prices[16] - Net profit for Q1 2025 was RMB 36,601 million, down 7.1% from RMB 39,726 million in Q1 2024[24] - The total comprehensive income for Q1 2025 was RMB 36,229 million, down from RMB 39,877 million in Q1 2024, indicating a decline of 6.6%[24] Asset and Liability Overview - The total assets at the end of the reporting period were RMB 1,102,706 million, an increase of 4.4% from RMB 1,056,281 million at the end of the previous year[5] - The company's total assets as of March 31, 2025, amounted to RMB 1,102.7 billion, compared to RMB 1,056.3 billion at the end of 2024[20] - The total liabilities as of March 31, 2025, were RMB 316.9 billion, an increase from RMB 306.8 billion at the end of 2024[21] Production and Exploration - In Q1 2025, the company's total net production reached 188.8 million barrels of oil equivalent, an increase of 4.8% year-on-year[15] - The company achieved 2 new discoveries and successfully evaluated 14 oil and gas structures in Q1 2025, indicating strong exploration prospects[15] Pricing and Costs - The average realized price for crude oil was USD 72.65 per barrel, down 7.7% from USD 78.75 per barrel in the same period last year[10] - The average realized oil price in Q1 2025 was $72.65 per barrel, a decrease of 7.7% year-on-year, while the average realized gas price was $7.78 per thousand cubic feet, an increase of 1.2%[16] - The company reported a cost per barrel of $27.03, a decrease of 2.0% year-on-year[16] - Total operating costs decreased to RMB 56,530 million in Q1 2025 from RMB 59,520 million in Q1 2024, reflecting a reduction of 5.0%[23] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 233,407, with the largest shareholder holding 60.54% of the shares[11] - The company's basic and diluted earnings per share for Q1 2025 were both RMB 0.77, compared to RMB 0.84 in Q1 2024, representing a decline of 8.3%[24] Cash Flow and Investments - Cash flow from operating activities for Q1 2025 was RMB 57,274 million, a decrease of 4.5% from RMB 59,978 million in Q1 2024[28] - Cash and cash equivalents at the end of Q1 2025 totaled RMB 101,403 million, down from RMB 158,407 million at the end of Q1 2024[28] - Investment activities resulted in a net cash outflow of RMB 35,408 million in Q1 2025, compared to RMB 33,884 million in Q1 2024[28] - The company reported an investment loss of RMB 637 million in Q1 2025, contrasting with a gain of RMB 577 million in Q1 2024[23] Capital Expenditures - Capital expenditures totaled RMB 27,713 million, a decrease of 4.5% from RMB 29,014 million year-on-year[10] - Capital expenditures for Q1 2025 were approximately RMB 277.1 billion, a decrease of 4.5% year-on-year due to reduced exploration and adjustment work[16] Non-recurring Items - Non-recurring losses amounted to RMB 464 million, primarily due to asset disposal losses of RMB 704 million[7]