油气净产量提升，成本管控良好

油气净产量提升，成本管控良好 Net oil and gas production increases&Good cost control 最新动态 ➢25Q3归母净利润同比下降12.2%。2025Q3，公司营业收入为1048.95亿元，同比增长5.7%；实现归母净利润324.38亿元，同比下降12.2%；扣非净利润315.62亿元，同比下降13.9%。2025年前三季度，公司营业收入为3125.03亿元，同比下降4.1%；实现归母净利润1019.71亿元，同比下降12.6%；扣非净利润1009.15亿元，同比下降12.9%。25Q3，公司油气销售收入为837.37亿元，同比下降3.0%，其中石油液体收入为699.53亿元，同比下降3.0%；天然气收入为137.84亿元，同比提升13.0%；2025年前三季度，公司油气销售收入为2554.82亿元，同比下降5.9%；其中，石油液体收入为2139.51亿元，同比下降9.1%；天然气收入为360.50亿元，同比增长15.2%。 ➢桶油成本管控良好，石油价格下降。25Q3，石油液体平均实现价格为66.62美元/桶，同比下降12.8%；天然气平均实现价格为7.80美元/千立方英尺，同比增长0.6%。2025年前三季度，石油液体平均实现价格为68.29美元/桶，同比下降13.6%；天然气平均实现价格为7.86美元/千立方英尺，同比增长1.0%。桶油主要成本管控良好，前三季度桶油主要成本为27.35美元，同比下降2.8%。 ➢在建项目工作量降低，资本支出同比下降。2025年前三季度，公司资本支出约人民币860亿元，同比减少9.8%，主要原因是在建项目工作量同比有所降低。25Q3，公司资本支出为284.34亿元，同比下降11.7%；其中，勘探支出为52.60亿元，同比增长14.2%；开发支出为169.26亿元，同比下降21.5%；生产资本化支出为58.74亿元，同比增长7.5%；其他支出为3.74亿元，同比下降35.5%。2025年前三季度，公司资本支出为860.34亿元，同比下降9.8%；其中，勘探支出为143.55亿元，同比增长3.7%；开发支出为531.999亿元，同比下降13.9%；生产资本化支出为175.05亿元，同比下降2.6%；其他支出为9.76亿元，同比下降43.7%。 动向解读 ➢积极开发新项目，油气净产量同比上升。2025年前三季度，公司油气净产量达578.3百万桶油当量，同比上升6.7%，其中天然气涨幅达11.6%。中国净产量达400.8百万桶油当量，同比上升8.6%，主要得益于深海一号二期和渤中19-2等油气田的产量贡献；海外净产量177.4百万桶油当量，同比上升2.6%，主要得益于巴西Mero3等项目带来的产量贡献。2025年第三季度，公司油气净产量达193.7百万桶油当量，同比上升7.9%。2025年前三季度，公司共获得5个新发现，并成功评价22个含油气构造。第三季度，共成功评价4个含油气构造。其中，成功评价垦利10-6，持续扩大储量规模，有望成为中型油田；成功评价陵水17-2，一体化滚动增储成效显著。开发生产方面，2025年前三季度，共投产14个新项目。2025年第三季度，公司共投产4个新项目，包括垦利10-2油田群开发项目（一期）、东方1-1气田13-3区开发项目、文昌16-2油田开发项目和圭亚那Yellowtail项目。其他新项目正稳步推进。 策略建议 ➢盈利预测。我们预测公司2025-2027年归母净利润分别为1216.41亿元、1261.69亿元、1328.60亿元，参考同行业公司，给予公司2026年9倍PE，按照港元兑人民币0.90汇率计算，对应目标价26.55元，首次覆盖给予“买入”评级。 风险提示 ➢油价波动的风险、地缘冲突风险、政策风险。 分析师介绍 分析师庄怀超，拥有北京航空航天大学本科学位和香港大学金融学硕士学位，主要覆盖能源化工和材料行业。 该分析师2022-2024年曾任职于海通国际研究部，团队2022年获得过亚洲货币第一名，该分析师2025年加入环球富盛理财有限公司，继续覆盖化工和新材料行业。环球富盛理财有限公司是一家香港的持牌券商机构，成立于2014年。 1）化工&化肥：东岳集团、环球新材国际、中国联塑、阜丰集团、中国三江化工、浦林成山、中海石油化学、中国旭阳集团、龙蟠科技、彩客新能源、天德化工、中国心连心化肥、中化化肥、米高集团、大成生化科技； 2）能源&公用事业：新奥能源、长江基建集团、中集安瑞科、中煤能源、宏华集团、中海油田服务、安东油田服务、惠生工程、协合新能源、绿色动力环保、首钢资源； 3）有色&材料：中国宏桥、紫金黄金国际、万国黄金集团、潼关黄金、中国罕王、中广核矿业、稀美资源、信义光能、华新水泥、华润建材科技、大明国际。 微信：zhuangcharles邮箱：charles.zhuang@gpf.com.hk电话：(852)97487114; (86) 188 01353 3537 The Benchmark: Hong Kong Hang Seng IndexTime Horizon: 6 to 18 months SECTOR RATING DEFINITIONThe Benchmark: Hong Kong Hang Seng Index Time Horizon: 6 to 18 months DISCLOSURE OF INTERESTS (1) The Analysts and their associates do not serve as an officer of the issuer mentioned in this Research Report. (2) The Analysts and their associates do not have any financial interests in relation to the issuer mentioned in this Research Report. (3) Global Prosperity Financial Company Limited and/or its subsidiaries do not hold equal to or more than 1% of the market capitalization ofthe issuer mentioned in this Research Report. (4)Global Prosperity Financial Company Limitedand/or its subsidiaries have not had investment banking relationships with the issuermentioned in this Research Report within the preceding 12 months. (5) Global Prosperity Financial Company Limitedand/or its subsidiaries are not making a market in the securities in respect of the issuermentioned in this Research Report. (6) Global Prosperity Financial Company Limitedand/or its subsidiaries have not employed an individual serving as an officerof the issuermentioned in this Research Report. There is no officer of the issuer mentioned in this Research Report associated withGlobal ProsperityFinancial Company Limitedand/or its subsidiaries. DISCLAIMER This Research Report does not constitute an invitation or offer to acquire, purchase or subscribe for securities by Global Prosperity FinancialCompany Limited. Global Prosperity Financial Company Limited and its group companies may do business that relates to companies coveredin research reports, including investment banking, investment services, etc. (for example, the placing agent, lead manager, sponsor,underwriter or invest proprietarily). Any opinions expressed in this report may differ or be contrary to opinions or investment strategies expressed orally or in written form by salespersons, dealers and other professional executives of Global Prosperity Financial Company Limitedgroup of companies. Any opinionsexpressed in this report may differ or be contrary to opinions or investment decisions made by the asset management and investment bankinggroups ofGlobal Prosperity Financial Company Limited. Though best effort has been made to ensure the accuracy of the information and data contained in this Research Report,Global ProsperityFinancial Company Limited does not guarantee the accuracy and completeness of the information and data herein. This ResearchReportmay contain some forward-lookingestimates and forecasts derived from the assumptions of the future political and economic conditions withinherently unpredictable and mutable situation, so uncertainty may contain. Investors should understand and comprehend the investmentobjectives and its related risks, and where necessary consult their own financial advisers prior to any investmen