CNOOC(600938) 东方证券·2024-03-24 16:00Investment Rating - The report maintains a "Buy" rating for the company [2][8]. Core Views - The company achieved a revenue of 416.609 billion yuan in 2023, a year-on-year decrease of 1.3%, and a net profit attributable to shareholders of 123.843 billion yuan, down 12.6% year-on-year, primarily due to falling oil prices [1][6]. - The company has successfully implemented cost reduction and production increase strategies, achieving a net oil and gas production of 678 million barrels of oil equivalent, an increase of 8.7% year-on-year, marking a historical high for five consecutive years [1][6]. - The company has increased its dividend payout ratio, proposing a final dividend of 0.66 HKD per share, resulting in a total dividend of 1.25 HKD per share, with a payout ratio of 43.6%, higher than the previous year's 42.7% [1][6]. - The company has intensified exploration efforts, discovering nine new fields and successfully evaluating 22 oil and gas structures, achieving a reserve replacement ratio of 180% [1][6]. Financial Summary - Revenue (million yuan): 2022A: 422,230, 2023A: 416,609, 2024E: 449,172, 2025E: 475,714, 2026E: 503,922 [7]. - Net profit (million yuan): 2022A: 141,700, 2023A: 123,843, 2024E: 135,154, 2025E: 143,385, 2026E: 151,920 [7]. - Earnings per share (yuan): 2022A: 2.98, 2023A: 2.60, 2024E: 2.84, 2025E: 3.01, 2026E: 3.19 [7]. - The target price has been adjusted to 28.40 yuan, up from the previous target of 20.65 yuan [2].