2024 年 10 月 28 日 收益表现 % 1M 3M 1Y 相对 -5.32 -22.18 35.68 绝对 -6.66 -5.27 46.29 资料来源：Wind 公司研究 油价下行经营韧性凸显，前三季度净产量、净利润再创历史新高 ——中国海油（600938.SH）2024 年三季报点评 买入（维持） 当前价：27.39 元 要点 事件： 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)： 13018.45 一年最低/最高 (元)： 17.77/34.17 近 3 月换手率： 5.96% 股价相对走势 -10% 11% 33% 54% 75% 10/23 01/24 04/24 07/24 中国海油 沪深300 相关研报 增量 ...

Investment Rating - Buy (Maintain)-A / Buy (Maintain)-H [1] Core Views - The company achieved revenue of 3260.2 billion yuan (YoY +6.3%) and net profit attributable to shareholders of 1166.6 billion yuan (YoY +19.5%) in the first three quarters of 2024 [1] - The company signed new contracts for 4 offshore exploration blocks in Brazil, continuing to increase reserves and production [1] - The company's oil and gas net production reached 542.1 million barrels of oil equivalent (YoY +8.5%) in the first three quarters of 2024 [1] - The company's capital expenditure increased by 5.9 billion yuan (YoY +7%) to 95.3 billion yuan in the first three quarters of 2024 [1] - The company's oil cost control is excellent, with the main cost per barrel of oil at 28.14 USD/barrel (YoY -0.8%) [1] - The company focuses on shareholder returns, with a predicted dividend payout of 64.5 billion yuan in 2024, representing a dividend yield of 5.0% for A-shares and 7.9% for H-shares [1] Financial Performance - The company's operating income is expected to grow from 445.777 billion yuan in 2024E to 498.762 billion yuan in 2026E, with a CAGR of 5.8% [1] - The company's net profit attributable to shareholders is expected to grow from 150.004 billion yuan in 2024E to 172.916 billion yuan in 2026E, with a CAGR of 7.4% [1] - The company's EPS is expected to grow from 3.16 yuan/share in 2024E to 3.64 yuan/share in 2026E [1] - The company's P/E ratio for A-shares is expected to decrease from 8.68x in 2024E to 7.53x in 2026E [1] - The company's P/E ratio for H-shares is expected to decrease from 5.43x in 2024E to 4.71x in 2026E [1] Production and Costs - The company's oil and gas net production reached 542.1 million barrels of oil equivalent (YoY +8.5%) in the first three quarters of 2024, with oil production at 422.4 million barrels (YoY +8%) and natural gas production at 19.7 billion cubic meters (YoY +10%) [1] - The company's oil sales price increased from 76.8 USD/barrel in the first three quarters of 2023 to 79.0 USD/barrel in the first three quarters of 2024 (YoY +3%) [1] - The company's main cost per barrel of oil was 28.14 USD/barrel (YoY -0.8%), with operating expenses at 7.21 USD/barrel (YoY -1.5%) [1] Capital Expenditure and Projects - The company's capital expenditure increased by 5.9 billion yuan (YoY +7%) to 95.3 billion yuan in the first three quarters of 2024, mainly due to increased workload in ongoing projects and adjustment wells [1] - The company's 2024 capital expenditure target is 1250-1350 billion yuan, with a YoY growth rate of -4% to +4% [1] - The company's production growth is supported by the contribution of oil and gas fields such as Bozhong 19-6 and Enping 20-4, as well as the production increase from the Payara project in Guyana [1] Shareholder Returns - The company is expected to pay a dividend of 64.5 billion yuan in 2024, with a dividend yield of 5.0% for A-shares and 7.9% for H-shares [1] - The company's dividend payout ratio is expected to be 43% in 2024 [1]

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一、套期保值交易情况概述 中信证券股份有限公司 关于中国海洋石油有限公司 开展套期保值业务的核查意见 中信证券股份有限公司（以下简称"保荐机构"或"中信证券"）作为中国海洋 石油有限公司（以下简称"中国海油"或"公司"）首次公开发行 A 股股票并上市的 保荐机构，根据《证券发行上市保荐业务管理办法》《上海证券交易所股票上市 规则》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》《上海证 券交易所上市公司自律监管指引第 11 号——持续督导》等有关规定，就公司开 展套期保值业务情况进行了核查，具体情况如下： （一）交易目的 公司仅以套期保值为目的开展期货和衍生品交易。公司主营业务为原油和天 然气的勘探、开发、生产及销售，同时从事相关产品的贸易业务。由于公司油砂 产品与原油贸易相对市场价格波动高度敏感，公司仅限负责油砂生产与原油贸易 的子公司通过期货与衍生品交易进行套期保值，进而规避市场价格波动风险。公 司拟开展的套期保值业务，严格锁定公司日常生产及经营的收入、成本或风险敞 口，与自身资金实力、交易处理能力和人员专业能力相适应，符合套期保值原则， 不以投机为目的。公司已制定较为完善的套期保值业务管理制 ...

证券代码：600938 证券简称：中国海油 公告编号：2024-026 中国海洋石油有限公司 关于开展套期保值业务的公告 （三）套期保值业务规模 公司从事油砂生产子公司的套期保值业务计划规模最高不超过全年生产规 模的 90%，从事原油贸易子公司的套期保值业务计划规模最高不超过全年贸易 规模的 80%。 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。 重要内容提示： 交易目的：中国海洋石油有限公司（以下简称"公司"，含控股子公司）为 规避原油、天然气等大宗商品市场价格波动风险，仅以套期保值为目的开展 期货和衍生品交易。 交易信息：公司从事套期保值业务的期货和衍生品交易的交易品种仅限于与 公司油砂生产和原油贸易相关的产品、原材料。具体为国内外主流交易所的 原油、天然气等期货合约及上述交易品种的衍生品业务。 交易金额：根据公司生产经营情况、行业历史数据以及极端市场状况，测算 套期保值业务保证金最高占用额不超过 4.5 亿美元，有效期内循环使用。 已履行的审议程序：2024 年 10 月 28 日，本公司 2024 年第七次董事会会议 ...

一、开展套期保值业务概况 1、套期保值目的 中国海洋石油有限公司（以下简称"公司"，含控股子公司）仅以套期保值为 目的开展期货和衍生品交易。公司主营业务为原油和天然气的勘探、开发、生产 及销售，同时从事相关产品的贸易业务。由于公司油砂产品与原油贸易相对市场 价格波动高度敏感，公司仅限负责油砂生产与原油贸易的子公司通过期货与衍生 品交易进行套期保值，进而规避市场价格波动风险。 2、套期保值的交易方式 公司从事套期保值业务的期货和衍生品交易的交易品种仅限于与油砂生产 和原油贸易相关的产品、原材料。具体为国内外主流交易所的原油、天然气等期 货合约及上述交易品种的衍生品业务。 上述衍生品业务均为结构简单、流动性强、风险可控的交易工具，涉及的场 外交易对手均为拥有丰富业务经验和服务能力的国际知名金融机构，公司通过签 订 ISDA 协议明确双方的权利与义务。 3、套期保值业务规模 关于开展套期保值业务的可行性分析报告 中国海洋石油有限公司 公司从事油砂生产子公司的套期保值业务计划规模最高不超过全年生产规 模的 90%，从事原油贸易子公司的套期保值业务计划规模最高不超过全年贸易 规模的 80%。 4、套期保值交易金额 根据 ...

中国海洋石油有限公司 薪酬委员会章程 会议 股东周年大会 5. 薪酬委员会主席或在他/她缺席的情况下，另一位薪酬委员会成员（必须 是一名独立非执行董事），应出席公司股东周年大会并准备回答股东就 薪酬委员会的活动及职责而提出的问题。 沟通 1 3. 薪酬委员会每年至少应召开一次会议，或根据情况可增加开会次数或通 过一致书面决议达成。至少有一次会议须薪酬委员会成员亲自参加，其 余会议可以通过电话会议或其他电子通信方式进行。除紧急情况外，所 有会议文件和/或数据需在每次开会前至少三天发送给薪酬委员会成员。 每次会议至少应有两名薪酬委员会成员参加。 4. 主席（或当主席缺席时，由主席指派的另一名成员）应负责主持薪酬委 员会的所有会议。主席应负责领导薪酬委员会，包括安排会议、准备议 程及编制定期报告上报董事会。 6. 薪酬委员会与管理层应有全面而不受限制的沟通。薪酬委员会可邀请管 理层成员或其他人出席薪酬委员会会议并在适当情况下提供有关信息。 会议记录 宗旨 1. 中国海洋石油有限公司（"公司"）薪酬委员会（"薪酬委员会"）的 宗旨是审核和批准公司各执行董事及公司高级管理人员的薪酬方案，就 公司所有董事及高级管理人员薪 ...

Financial Performance - The company's operating revenue for Q3 2024 was RMB 99,254 million, a decrease of 13.5% compared to the same period last year[2]. - Net profit attributable to shareholders of the parent company reached RMB 36,928 million, reflecting a 9.0% increase year-on-year[2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 36,671 million, up 9.9% from the previous year[2]. - The company reported a net cash flow from operating activities of RMB 182,768 million, an increase of 14.9% year-on-year[2]. - In Q3 2024, China National Offshore Oil Corporation (CNOOC) reported a net profit of RMB 116.684 billion, up from RMB 97.659 billion in Q3 2023, representing a growth of 19.4%[18]. - The company's operating profit for Q3 2024 was RMB 154.399 billion, compared to RMB 133.171 billion in Q3 2023, reflecting a year-over-year increase of 15.9%[18]. - The total revenue from operating activities for the first three quarters of 2024 reached RMB 352.091 billion, compared to RMB 317.196 billion in the same period of 2023, an increase of 11%[20]. - The company reported a total comprehensive income of RMB 113.634 billion for Q3 2024, compared to RMB 103.720 billion in Q3 2023, indicating a growth of 9.2%[19]. Production and Sales - In the first three quarters of 2024, the net production reached 542.1 million barrels of oil equivalent, an increase of 8.5% year-on-year[11]. - The company achieved oil and gas sales revenue of approximately RMB 271.43 billion, a year-on-year increase of 13.9%[12]. - The company's third-quarter net production was 179.6 million barrels of oil equivalent, a year-on-year increase of 7.0%[11]. - In Q3 2024, the total net production of oil and gas was 121.5 million barrels of oil equivalent, compared to 114.3 million barrels in Q3 2023, representing a growth of 6.3%[13]. - The total net production for the first three quarters of 2024 was 369.2 million barrels of oil equivalent, an increase from 345.5 million barrels in the same period of 2023, reflecting a growth of 6.9%[13]. - Oil and gas sales revenue was RMB 86,320 million, a slight decrease of 0.4% year-on-year[6]. Assets and Liabilities - The total assets at the end of the reporting period were RMB 1,079,390 million, representing a 7.3% increase from the end of the previous year[3]. - The cash and cash equivalents as of September 30, 2024, were 184,056 million RMB, compared to 150,562 million RMB at the end of 2023, marking an increase of 22.3%[15]. - The company's total assets as of September 30, 2024, were 1,079,390 million RMB, up from 1,005,598 million RMB at the end of 2023, representing a growth of 7.3%[16]. - The total liabilities as of September 30, 2024, were 358,786 million RMB, compared to 337,722 million RMB at the end of 2023, indicating an increase of 6.2%[16]. - CNOOC's total liabilities increased to RMB 1.2 trillion as of Q3 2024, reflecting a growth of 5% compared to the previous year[21]. Capital Expenditure and Investments - Capital expenditure for exploration was RMB 4,607 million, showing a 9.2% increase compared to the previous year[6]. - Capital expenditures for the period were approximately RMB 95.34 billion, an increase of 6.6% year-on-year[12]. - The company made 9 new discoveries and successfully evaluated 23 oil and gas structures in the first three quarters[11]. - The company successfully launched several development projects, including the secondary adjustment development project of Suizhong 36-1 and the deep-sea phase II natural gas development project[11]. Cost Control and Efficiency - The company’s cost control remained effective, with the main cost per barrel of oil at $28.14, roughly unchanged year-on-year[12]. - The company has maintained a strong focus on cost control, resulting in a decrease in operating costs despite increased production levels[17]. - The total operating cost for the first three quarters of 2024 was 174,181 million RMB, a decrease from 177,799 million RMB in the same period of 2023, showing a reduction of 1.8%[17]. Market Strategy - The company plans to continue expanding its market presence and investing in new technologies to enhance production efficiency and sustainability[14].

证券代码：600938 证券简称：中国海油 公告编号：2024-024 中国海洋石油有限公司 2024 年第七次董事会决议公告 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 2024 年 10 月 28 日召开 2024 年第七次董事会。本次董事会的会议通知及议案已于 2024 年 10 月 12 日发送给 公司全体董事。本次会议应出席董事 7 人，实际出席董事 7 人。会议由董事长汪 东进先生主持。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 年度工作计划和预算的议案》 表决结果：7 票赞成，0 票反对，0 票弃权。 （二）审议通过《关于公司 2024 年第三季度报告的议案》 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 2024 年第三季度报告》。本议案已经公司审核委员会审议通 过，并 ...

中国海洋石油有限公司 审核委员会章程 宗旨 1. 审核委员会（"审核委员会"）的宗旨是协助中国海洋石油有限公司（"公 司"）董事会（"董事会"）履行其有关公司财务报表的完整性、负责公司年 度审计的外部审计师（"外部审计师"）的独立性、资质与表现、遵守法律法 规要求、持续监察公司的风险管理及内部监控系统以及内部审计功能等职责， 并编制审核委员会报告以并入《香港联合交易所有限公司证券上市规则》 （"《香港联交所上市规则》"）与《上海证券交易所股票上市规则》可能要求 的报告（如需要）。审核委员会也负责履行若干与企业管治有关的职责和职 能。 组织结构 2. 审核委员会成员由董事会不时任命，由不少于三名非执行董事组成。审核委员 会大多数成员应为独立非执行董事，其应满足并保持香港联合交易所有限公司 （"香港联交所"）、上海证券交易所等公司股票上市地证券监督管理部门不 时对独立性与经验方面（如有）的要求；且应具有五年以上法律、经济（金 融）或者其他履行独立非执行董事职责所必需的工作经验；至少应有一名成员 是董事会认为的符合相关法律、法规及规范性文件规定的具有会计或相关财务 管理专业知识的人员。 董事会应任命审核委员会中一名 ...