从行业市盈率排名来看，公司所处的石油行业行业市盈率平均12.01倍，行业中值42.57倍，中国海油排 名第10位。 截至2024年年报，共有449家机构持仓中国海油，其中基金437家、其他7家、券商4家、社保1家，合计 持股数128180.28万股，持股市值378.26亿元。 3月28日，中国海油今日收盘25.79元，下跌2.31%，滚动市盈率PE（当前股价与前四季度每股收益总和 的比值）达到8.89倍，总市值12257.98亿元。 中国海洋石油有限公司的主营业务是原油和天然气的勘探、开发、生产及销售。公司的主要产品是原 油、天然气。 序号股票简称PE(TTM)PE(静)市净率总市值(元)10中国海油8.898.891.6412257.98亿行业平均 12.0112.141.231699.55亿行业中值42.5757.701.6461.30亿1中晟高科-13.24-14.455.7722.34亿2茂化实 华-9.80-14.723.0318.82亿3沈阳化工-8.52-6.262.0928.68亿4国际实业-6.05-6.051.3126.53亿5*ST海越-5.28- 6.100.5214.98亿6华锦股份 ...

中国海油气电集团副总经理兼安全总监杨勇表示，基于中国海油战略发展布局，中国海油气电集团历经 近20年发展，业务遍及全国19个省市，天然气销量市场份额稳居全国第二，在天然气贸易、基础设施布 局、核心技术研发、产业链协同运作、商务模式创新等方面具有竞争优势。本次推介会是中国海油气电 集团携手国内外合作、共同开创LNG产业高质量发展新局面的一次实践，标志着中国海油气电集团在 建设能源合作新模式方面迈出重要一步。 作为深化油气体制改革的一次创新实践，中国海油气电集团首次组织此类推介会，旨在打造面向全球能 源产业链开放合作体系。推介会吸引了100余名政府机构、业界同仁、跨国企业代表齐聚黄海之滨，共 同探索LNG基础设施共享与低碳转型路径。 本次推介会的举办地是江苏盐城"绿能港"，该项目已建成4座22万立方米LNG储罐和6座27万立方米LNG 储罐及配套设施，是国内最大的LNG储备基地，年外输能力约1120万吨，可为长三角地区乃至整个华 东地区持续提供稳定清洁可靠的天然气，对加快长江经济带产业转型，助力我国早日实现"碳达峰、碳 中和"目标具有重要意义。 新华财经北京3月28日电中国海油江苏滨海液化天然气（LNG）服务与合 ...

Investment Rating - The investment rating for the company is "Buy" [6][5] Core Views - The company is expected to achieve a revenue of 420.5 billion yuan in 2024, representing a year-on-year growth of 0.94%, with a net profit of 137.9 billion yuan, reflecting an increase of 11.4% year-on-year [1] - The net production for 2024 is projected to be 726.8 million barrels of oil equivalent (MMBOE), a year-on-year increase of 7.2%, exceeding the upper limit of production guidance [2] - The company maintains a competitive advantage with a barrel of oil cost projected to decrease to $28.52 per barrel in 2024, a decline of 1.1% year-on-year [3] Summary by Sections Financial Performance - The company forecasts net profits of 144.7 billion, 149.9 billion, and 152.6 billion yuan for 2025, 2026, and 2027 respectively, with A-share PE valuations of 8.7, 8.4, and 8.2 [5][8] - The expected dividend yield for A-shares in 2025 is 5.2% and for H-shares is 7.9% [5] Production and Cost Efficiency - The company anticipates an average annual compound growth rate (CAGR) of approximately 4% in production from 2025 to 2027 [2] - The domestic production is expected to grow by 5.6% year-on-year, while overseas production is projected to increase by 10.8% year-on-year, driven by contributions from new oil and gas fields [2] Market Conditions - In Q4 2024, the average oil price is expected to be $70.1 per barrel, with a widening discount compared to Brent prices [4] - Natural gas prices are projected to decrease by 2.7% quarter-on-quarter in Q4 2024, potentially influenced by falling oil prices and warmer winter conditions [4]

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]

增储上产续成长，提质降本铸卓效 | 华泰研究 | | 年报点评 | | --- | --- | --- | | 2025 年 3 月 | 28 日│中国内地/中国香港 | 石油（天然气）开采 | 证券研究报告 中国海油 (883 HK/600938 CH) 港股通 公司 3 月 27 日发布 24 年年报：全年实现营收 4205 亿元，同比+1%，实现 归母净利润 1379 亿元（扣非后 1334 亿元），同比+11%（扣非后同比+7%）。 其中 Q4 单季实现营收 945 亿元，同环比-14%/-5%，归母净利润 213 亿元， 同环比-19%/-42%。公司拟派息 0.66 港元/股（含税），结合中期分红，全 年股息支付率 44.7%，按最新收盘价计算 A/H 股息率 4.9%/6.4%。公司 Q4 净利不及预期（357 亿元），系石油液体实现价格下滑，叠加海外项目资产 减值损失影响。考虑公司增储上产、降本增效成果卓越，维持 A/H"买入"。 增储上产成绩凸显，持续降本效果良好 24 年公司油气净产量 726.8 百万桶油当量，同比+7.2%，其中石油液体/天 然气产量 567.1 百万桶/929.4十亿 ...

海上油气龙头稳步上产，承诺分红率提高彰显股息价值 2025 年 03 月 28 日 ➢ 事件：2025 年 3 月 27 日，公司发布 2024 年年度报告。2024 年，公司实 现营业收入 4205.06 亿元，同比增长 0.94%；实现归母净利润 1379.36 亿元， 同比增长 11.38%；实现扣非归母净利润 1333.97 亿元，同比增长 6.56%。 ➢ 24 年净产量 7.27 亿桶油当量，同比增长 7.20%，25 年产量计划 7.6~7.8 亿桶油当量。2024 年，公司实现油气净产量 7.27 亿桶油当量，同比增长 7.20%； 分区域看， 国 内 / 海 外 产 量 分 别 为 4.93/2.34 亿桶油当量 ，同比增长 5.55%/10.74%；分产品看，石油/天然气产量分别为 5.67 亿桶/9294 亿立方英 尺，同比增长 7.10%/7.48%。据公司规划，2025 年产量目标为 7.6~7.8 亿桶油 当量，以预期中值计算同比增速为 5.94%。资本开支方面，2024 年实际完成 1325 亿元，符合年初计划，同比增速为 2.24%；2025 年公司计划资本开支保持稳定， 预期 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights the company's resource endowment advantages, with dividends and share buybacks enhancing shareholder returns [1] - The company achieved a total revenue of 420.5 billion yuan in 2024, a year-on-year increase of 0.94%, and a net profit attributable to shareholders of 137.9 billion yuan, up 11.38% year-on-year [6] - The company’s net production exceeded annual targets, with proven reserves reaching a historical high of 727.1 million tons of oil equivalent, resulting in a reserve replacement ratio of 167% [6] - The company maintains a low cost advantage, with a cost of 28.52 USD per barrel of oil equivalent in 2024, a decrease of 1.1% year-on-year [6] - The operating cash flow increased by 5.32% year-on-year to 220.9 billion yuan, reflecting stable operations despite declining oil prices [6] - The company plans to maintain a dividend payout ratio of no less than 45% from 2025 to 2027, with a planned dividend of 1.4 HKD per share in 2024 [6] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 444.5 billion yuan, with a year-on-year growth rate of 5.7% [5] - Net profit attributable to shareholders is projected to be 139.9 billion yuan in 2025, reflecting a 1.4% increase year-on-year [5] - Earnings per share are expected to be 2.94 yuan in 2025 [5] - The company’s gross margin is forecasted to be 51.6% in 2025, with a return on equity (ROE) of 17.0% [5] - The price-to-earnings (PE) ratio is projected to be 9 for 2025 and 2026, and 8 for 2027 [6]

➢ 24 年净产量 7.27 亿桶油当量，同比增长 7.20%，25 年产量计划 7.6~7.8 亿桶油当量。2024 年，公司实现油气净产量 7.27 亿桶油当量，同比增长 7.20%； 分区域看， 国 内 / 海 外 产 量 分 别 为 4.93/2.34 亿桶油当量 ，同比增长 5.55%/10.74%；分产品看，石油/天然气产量分别为 5.67 亿桶/9294 亿立方英 尺，同比增长 7.10%/7.48%。据公司规划，2025 年产量目标为 7.6~7.8 亿桶油 当量，以预期中值计算同比增速为 5.94%。资本开支方面，2024 年实际完成 1325 亿元，符合年初计划，同比增速为 2.24%；2025 年公司计划资本开支保持稳定， 预期为 1250~1350 亿元。 ➢ 油气价格略降，成本管控成效显著，盈利能力增强。1）价格：据 wind 数 据，2024 年布伦特原油期货均价为 79.86 美元/桶，同比下滑 2.81%；在此背景 下，公司原油实现价格为 76.75 美元/桶，同比下滑 1.55%；天然气实现价格为 7.72 美元/千立方英尺，同比下滑 3.26%。2）成本：公司 2024 年 ...