中曼石油：原油产量稳步提升，海外项目持续推进

Investment Rating - The report maintains a "Buy" rating for Zhongman Petroleum (603619 SH) [3] Core Views - Zhongman Petroleum achieved steady growth in crude oil production and made progress in overseas projects [1][3] - The company reported H1 2024 revenue of 19 18 billion yuan, up 3 43% YoY, with net profit attributable to shareholders of 4 28 billion yuan, up 1 02% YoY [3] - Operating cash flow increased significantly by 44 59% YoY to 4 88 billion yuan [3] - Q2 2024 revenue reached 11 11 billion yuan, up 16 93% YoY and 37 59% QoQ, with net profit attributable to shareholders of 2 56 billion yuan, up 22 48% YoY and 48 62% QoQ [3] Crude Oil Production - Total crude oil production in H1 2024 reached 405,000 tons, up 30 31% YoY [3] - Wensu project produced 316,300 tons, up 14 98% YoY [3] - Zhange project produced 88,700 tons, up 148 46% YoY [3] - The completion of the Wensu North Joint Station has significantly improved crude oil processing capacity and reduced operating costs [3] Resource Reserves - Wensu Oilfield has proven geological reserves of 30 11 million tons in the Wen 7 block and preliminary exploration of 10 924 million tons in the Kekeya Oilfield [4] - Zhange Oilfield in Kazakhstan has C1+C2 geological reserves of 78 535 million tons [4] - Anbian Oilfield has 2P geological reserves of 25 232 million tons with shallow burial depth of 400-600m and low extraction costs [4] Overseas Expansion - The company successfully bid for two blocks in Iraq in May 2024: East Baghdad Field Northern Extension (231 km²) and Middle Euphrates (1,073 km²) [4] Cost Advantages - The company's direct oil cost per barrel is $12 97, lower than major oil-producing countries like Iran and Russia [4] - The full cost per barrel is$23 75, significantly lower than the "Big Three" Chinese oil companies [4] Financial Projections - Assuming Brent crude at $80/barrel, the company is expected to achieve net profit attributable to shareholders of 10 1 billion yuan in 2024, 14 1 billion yuan in 2025, and 16 3 billion yuan in 2026 [5] - The PE ratio is projected at 8 0X for 2024, 5 7X for 2025, and 4 9X for 2026 based on the closing price of September 13, 2024 [5] Financial Performance - H1 2024 revenue: 19 18 billion yuan (+3 43% YoY) [3] - H1 2024 net profit: 4 28 billion yuan (+1 02% YoY) [3] - H1 2024 operating cash flow: 4 88 billion yuan (+44 59% YoY) [3] - Q2 2024 revenue: 11 11 billion yuan (+16 93% YoY, +37 59% QoQ) [3] - Q2 2024 net profit: 2 56 billion yuan (+22 48% YoY, +48 62% QoQ) [3]