CNOOC(600938) 国信证券·2024-06-27 07:02Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][5]. Core Views - The seventh development project in the Guyana Stabroek block, the Hammerhead project, is expected to be launched, with an environmental authorization application submitted to the Guyanese government [3]. - The Hammerhead project has a maximum design capacity of 180,000 barrels per day and is anticipated to commence production by 2029 [3][7]. - The Stabroek block has an estimated recoverable resource of approximately 11 billion barrels of oil equivalent, with three existing projects contributing a total production capacity of 580,000 barrels per day [4][26]. - The average production from the Stabroek block for the first four months of 2024 is projected to be 616,000 barrels per day, exceeding the government's forecast by 9% [4][8]. Financial Forecast and Valuation - The company’s projected net profit for 2024-2026 is estimated at 149.8 billion, 156.4 billion, and 163.3 billion yuan, respectively, with corresponding EPS of 3.15, 3.29, and 3.43 yuan [5][31]. - The A-share PE ratios for 2024, 2025, and 2026 are projected to be 10.2, 9.7, and 9.3 times, while the H-share PE ratios are expected to be 6.7, 6.4, and 6.1 times [5][31].