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研报掘金|中金:维持中海油“跑赢行业”评级 第三季业绩符预期且产量增长稳健

Research reports | CICC: Maintain CNOOC's "outperform industry" rating, third-quarter performance in line with expectations and production growth stable.

Gelonghui Finance ·  Oct 29, 2024 03:08  · Ratings

Gelonghui on October 29th | CICC published a report stating that CNOOC's third-quarter performance met expectations, with production growth remaining steady. The bank maintains its profit forecasts for 2024 and 2025, as well as the 'Outperform Industry' rating for H-shares and a target price of 24 Hong Kong dollars. CICC believes that CNOOC's production growth outlook remains optimistic, with full-year production expected to be close to the upper limit guidance of 0.72 billion barrels of oil equivalent. According to the company's announcement, the third quarter's oil cost per barrel was $28, essentially flat year-on-year. The bank determines that the company will continue to adhere to the $35 per barrel stress test and the $28 per barrel full production cost to maintain cost advantages. The company's natural gas sales prices are relatively stable and less correlated with oil prices, thus weakening the company's profit elasticity to oil prices. In addition, CICC expects CNOOC's full-year capital spending to be close to the upper limit of 135 billion yuan guidance. Due to double-digit ROI in oil projects and a sound capital spending plan, the company's net cash accumulation has risen to 120 billion yuan.

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