videopokertrainingsoftware| CNOOC Development (600968): Key engineering projects have solidly promoted the stable development of the main business sector

The core idea is that CNOOC will achieve revenue of 493 in 2023.Videopokertrainingsoftware. 800 million yuanVideopokertrainingsoftware, a year-on-year increase of 3Videopokertrainingsoftware.19%; realized net profit of 3.081 billion yuan, up 27.52% over the same period last year; realized net profit of 2.863 billion yuan, up 35.57% over the same period last year. In 24 years, Q1 achieved revenue of 9.207 billion yuan in a single quarter, down 3.47 percent from the same period last year; realized net profit of 501 million yuan, up 21.44 percent over the same period last year; and realized net profit of 438 million yuan after deducting non-return, an increase of 31.08 percent over the same period last year. Key projects have progressed steadily and all annual milestones have been achieved; the parent company has made remarkable achievements in promoting quality improvement, cost reduction and efficiency improvement, and strengthening cash flow management; the parent company has raised its capital expenditure and net output targets, which is conducive to the company's performance growth. The event company released the 23 annual report.VideopokertrainingsoftwareThe revenue in 2023 was 49.308 billion yuan, an increase of 3.19% over the same period last year; the net profit was 3.081 billion yuan, an increase of 27.52% over the same period last year; and the net profit was 2.863 billion yuan, an increase of 35.57% over the same period last year. The company released its 24-year quarterly report: Q1 achieved revenue of 9.207 billion yuan in 24 years, down 3.47% from the same period last year; realized net profit of 501 million yuan, an increase of 21.44% over the same period last year; and realized net profit of 438 million yuan after deducting non-return, an increase of 31.08% over the same period last year. A brief comment on the steady progress in production and operation. The three major business sectors gradually developed the company's 24-year Q1 single-quarter revenue of 9.207 billion yuan, down 3.47% from the same period last year; realized return net profit of 501 million yuan, an increase of 21.44% over the same period last year; and realized deduction of non-return net profit of 438 million yuan, an increase of 31.08% over the same period last year. In 23 years, the company achieved revenue of 49.308 billion yuan, an increase of 3.19% over the same period last year, a net profit of 3.081 billion yuan, an increase of 27.52% over the same period last year, and a net profit of 2.863 billion yuan, up 35.57% over the same period last year. In 24 years, Q1 achieved revenue of 9.207 billion yuan in a single quarter, down 3.47 percent from the same period last year; realized net profit of 501 million yuan, up 21.44 percent over the same period last year; and realized net profit of 438 million yuan after deducting non-return, an increase of 31.08 percent over the same period last year. From the perspective of sub-industry: (1) the revenue of the energy and technical service industry reached 18.879 billion yuan in 23 years, an increase of 21.19% over the same period last year. The market share of intelligent injection and production has increased by 19%, and the market share of underground lifting products has increased by 24%. The operation rate of FPSO and LNG carriers is 100%. (2) the revenue of low-carbon environmental protection and digital industry reached 9.97 billion yuan in 23 years, an increase of 9.35% over the same period last year. The workload of new energy technology services increased by 45.58% over the same period last year, and the workload of digital operation business increased by 25.72% over the same period last year. (3) the revenue of the energy logistics service industry reached 23.072 billion yuan in 23 years, down 8.71% from the same period last year. In 23 years, the average price of Brent crude oil fell 17% compared with the same period last year, the price of oil and gas by-products fluctuated, and industrial income fell compared with the same period last year. The supply of materials and fuel for offshore operations has increased by 7.47% compared with the same period last year, the overall efficiency of the industry has improved, and the resilience of industrial development has been further enhanced. With the steady progress of key projects, the annual milestone has all realized the smooth commissioning of China's first new intelligent FPSO "Offshore Oil 123", and China's second offshore mobile self-installation wellhead platform" Offshore Oil 165" has been put into operation ahead of schedule. Tianjin Marine equipment Intelligent Manufacturing Base (Phase I) project started construction, "CNOOC 302" LNG transport tanker construction launched, medium-and long-term FOB resources supporting LNG carrier project (phase I) the first ship construction has been completed, is about to be delivered. Persisting in promoting quality improvement, cost reduction and efficiency improvement, strengthening cash flow management results the company insists on "all costs can be reduced", focuses on improving quality and efficiency, "three fees" pressure drop, and maintenance cost reduction, and continues to promote the Lean of cost management. improve the marginal contribution of project profits, and increase the 23-year cost profit margin by 1.78% compared with the same period last year. We improved the efficiency of the use of assets, and the indicators of asset profit and turnover improved as a whole. The 23-year return on net assets increased by 2.04% compared with the same period last year, while the accounts receivable and inventory balance decreased by 17.22% and 12.02% respectively, and the turnover rate increased by 0.24 times and 1.01 times respectively compared with the same period last year. The net cash flow generated by operating activities during the reporting period was 7.745 billion yuan, an increase of 126.75% over the same period last year. The parent company's increase in capital expenditure and net production targets will help the company to achieve performance growth. CNOOC, the parent company, expects to spend 1250-135 billion yuan (129.6 billion yuan in 23 years) on capital expenditure for the whole year, which will help to increase reserves and production to a new level. Among them, exploration, development and production capitalization expenditure are expected to account for 16%, 63% and 19% of the total capital expenditure budget, respectively. The net production target is 700-720 million barrels of oil equivalent (23-year net production of 678 million barrels), of which China accounts for about 69% and overseas accounts for about 31%. The target reserve replacement rate is not less than 130%. The parent company increases its capital expenditure and offshore operations, which is conducive to the development of CNOOC to achieve performance growth. Profit forecast and valuation: the estimated return net profit of the company in 2024, 2025 and 2026 is 454 million yuan, EPS is 0.35,0.39 and 0.45 yuan respectively, and the corresponding PE is 12.0x, 10.7x and 9.4X respectively. Risk analysis: (1) the risk of health, safety and environmental protection: first, the inherent risk of safety and environmental protection of oil and gas production persists, and second, the company is involved in more business, and the contractor accounts for a large proportion of working hours, so it is difficult to manage. The lack of control or attention to these risk factors may bring risks to the production and operation of the company. (2) the operating risk caused by oil price fluctuation the potential fluctuation of oil price caused by supply and demand and geographical factors may have an impact on the company's operation. (3) the risk of international operation, the conflict between Russia and Ukraine and other risks of macroeconomic changes at home and abroad still exist, and political, military, social, natural, infrastructure and other public security risks still need to be paid attention to. (4) sensitivity analysis [disclaimer] this article only represents the views of third parties and does not represent the position of Xunwang. Investors operate accordingly, at their own risk.

[disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.