Guojin Securities: Initiates "buy" rating on CNOOC, target stock price of 32.88 yuan.

Guojin Securities research report pointed out that in recent years, the production cost of oil and gas of CNOOC has decreased significantly, with a clear cost advantage. The company's production costs are comparable to those of major shale oil companies in the United States, giving it strong competitiveness internationally. The advantage in oil and gas production costs brings excellent profitability to the company, with a net profit of $27.19 per barrel of oil in 2024, compared to $8.69 and $15.20 for PetroChina and Sinopec respectively in the exploration and development sector. The company's high level of CAPEX supports stable growth in reserves and production. In terms of PE, EV/EBITDA, and PB valuation, the company's valuation is approximately 20%-50% lower than international oil giants such as ExxonMobil, giving it a certain valuation advantage. According to EIA forecast data, the international crude oil market is expected to remain loose in supply and demand in the future, and international oil prices may fluctuate downward in the short term. Giving the company a 12x valuation for 2025, the target stock price is 32.88 yuan, initiating coverage with a "buy" rating.