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中国海油：公司事件点评报告：油气产量和储量双增，成本持续下降-20250409
600938CNOOC(600938) 华鑫证券·2025-04-09 06:23

Investment Rating - The report maintains a "Buy" investment rating for China National Offshore Oil Corporation (CNOOC) [1] Core Views - CNOOC achieved record high oil and gas production and reserves in 2024, with a total production of 727 million barrels of oil equivalent, representing a year-on-year increase of 7.2% [5] - The company has demonstrated strong cost control, with the average oil production cost decreasing to 28.52perbarrelofoilequivalent,maintainingacompetitiveedgeinprofitability[5]−CNOOC′scapitalexpenditurefor2024reachedRMB132.7billion,aimedatsustainingproductiongrowthandinfrastructuredevelopment[6][7]−Thecompanyhasshownresilienceagainstexternalchallenges,maintainingstableoperationsandproposingadividendofHKD0.66persharefor2024[8]−ProfitforecastsforCNOOCindicateanetprofitofRMB150billionin2025,withacorrespondingprice−to−earningsratioof7.7[9]SummarybySectionsMarketPerformance−CNOOC′sstockpriceiscurrentlyatRMB24.34,withamarketcapitalizationofRMB115.69billion[1]FinancialHighlights−In2024,CNOOCreportedtotalrevenueofRMB420.51billion,ayear−on−yearincreaseof0.9428.52 per barrel of oil equivalent, maintaining a competitive edge in profitability [5] - CNOOC's capital expenditure for 2024 reached RMB 132.7 billion, aimed at sustaining production growth and infrastructure development [6][7] - The company has shown resilience against external challenges, maintaining stable operations and proposing a dividend of HKD 0.66 per share for 2024 [8] - Profit forecasts for CNOOC indicate a net profit of RMB 150 billion in 2025, with a corresponding price-to-earnings ratio of 7.7 [9] Summary by Sections Market Performance - CNOOC's stock price is currently at RMB 24.34, with a market capitalization of RMB 115.69 billion [1] Financial Highlights - In 2024, CNOOC reported total revenue of RMB 420.51 billion, a year-on-year increase of 0.94%, and a net profit of RMB 137.94 billion, up 11.38% from the previous year [4] - The company achieved a sales volume of 563 million barrels of oil equivalent, reflecting a 9.4% increase in demand [5] Production and Cost Management - CNOOC's proven oil and gas reserves reached 7.27 billion barrels of oil equivalent, with a reserve replacement ratio of 167% [5] - The company maintained stable operating costs, with the oil production cost remaining flat at 7.61 per barrel of oil equivalent despite a 9.8% increase in overall operating expenses [5] Future Outlook - CNOOC aims to produce between 760 to 780 million barrels of oil equivalent in 2025, with continued capital expenditure to support this target [7] - The forecasted net profits for 2025-2027 are RMB 150 billion, RMB 159.7 billion, and RMB 173.1 billion, respectively, indicating a steady growth trajectory [9][11]