Gelonghui, May 7 | CITIC Securities reports that CNOOC's performance last year and the first quarter of this year remained high, with remarkable exploration and development results, reflecting long-term investment value. The bank believes that crude oil supply and demand will remain tight from this year to 2026, crude oil prices will still fluctuate at a high level, natural gas supply is relaxed, and sales prices are expected to drop slightly. The bank maintained CNOOC's net profit forecast of 141.3 billion yuan this year, and in response to the company's expected rapid growth in production next year, raised its net profit forecast to 155 billion yuan for next year. The net profit forecast for 2026 was 155 billion yuan, and the corresponding profit forecast per share was 2.97 yuan, 3.26 yuan, and 3.27 yuan, respectively. The bank indicates that CNOOC's steady growth shows long-term value. The target price for H shares is HK$24, maintaining a “buy” rating. It also indicates that the company's dividend payout rate reached 43.6% last year. The company's cash flow performance is expected to be good over the next three years, and the dividend ratio is expected to remain at a high level.