CNOOC(600938) 华鑫证券·2024-11-13 09:24Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company achieved a total operating revenue of 3260.24 billion yuan in Q3 2024, a year-on-year increase of 6.26%, and a net profit attributable to the parent company of 1,166.59 billion yuan, a year-on-year increase of 19.47% [2] - Despite a challenging external environment, the company increased its oil and gas production by 7% year-on-year in Q3 2024, reaching 179.6 million barrels of oil equivalent [3] - The company's cost control measures were effective, with the cost per barrel of oil remaining stable at 28.14 USD, and operating cash flow increased by 14.92% year-on-year to 1827.68 billion yuan [4] - The company made 9 new discoveries and successfully evaluated 23 oil and gas structures in the first three quarters of 2024, indicating strong growth potential [5] Financial Performance - The company's revenue for Q3 2024 was 992.54 billion yuan, a year-on-year decrease of 13.51%, and a net profit attributable to the parent company of 369.28 billion yuan, a year-on-year increase of 8.98% [2] - The company's operating cash flow for the first three quarters of 2024 was 1827.68 billion yuan, a year-on-year increase of 14.92% [4] - The company's net profit for 2024 is expected to be 1459 billion yuan, with a PE ratio of 8.6x, and is projected to grow to 1679 billion yuan by 2026, with a PE ratio of 7.5x [6] Production and Exploration - The company's total oil and gas production in Q3 2024 was 179.6 million barrels of oil equivalent, a year-on-year increase of 7%, driven by contributions from fields such as Bozhong 19-6 and Enping 20-4, as well as the Payara project in Guyana [3] - The company made 2 new discoveries and successfully evaluated 5 oil and gas structures in Q3 2024, further enhancing its resource base [5] Cost Management - The company's cost per barrel of oil was 28.14 USD in the first three quarters of 2024, remaining stable compared to the previous year [4] - The company's total period expense ratio was 3.15%, an increase of only 0.11 percentage points year-on-year, demonstrating effective cost control [4] Future Growth Prospects - The company is expected to achieve a net profit of 1459 billion yuan in 2024, growing to 1679 billion yuan by 2026, with a PE ratio of 7.5x [6] - The company's ROE is projected to be 20.1% in 2024, maintaining a strong level of profitability [6] - The company's EPS is expected to increase from 2.60 yuan in 2023 to 3.53 yuan in 2026, indicating strong earnings growth potential [12]