欧洲最大油气供应商之一，业绩稳增长、成本管控优异

欧洲最大油气供应商之一，业绩稳增长、成本管控优异OneofEurope's largest oil and gas supplier& Steady growth and cost control 最新动态 ➢产量创新高，财务保持稳健韧性。2025年Equinor实现日均权益油气产量213.7万桶油当量的历史新高，挪威Johan Castberg、巴西Bacalhau等核心油田顺利投产，支撑油气业务稳定增长；可再生能源发电量同比提升25%至3.67太瓦时，总发电量达5.65太瓦时，电力业务板块完成整合。财务层面，公司实现调整后营业收入276亿美元，税后经营活动现金流180亿美元，调整后平均资本回报率14.5%，维持行业领先水平；尽管大宗商品价格波动，公司仍完成90亿美元资本分配。 ➢聚焦价值创造，强化长期竞争力。2025年公司持续优化资产组合，完成巴西Peregrino油田权益出售、与壳牌设立英国Adura合资公司，聚焦挪威大陆架、国际优质油气项目及一体化电力业务三大核心方向；同时推进帝国风电、波兰Bałtyk 2&3等重大可再生能源项目，布局储能、低碳燃料等新赛道。展望2026年，公司计划有机资本支出约130亿美元，油气产量同比增长约3%，持续以安全、价值、低碳为核心，平衡传统能源保供与新能源转型，保障长期股东回报与能源安全。 动向解读 ➢公司是欧洲最大油气供应商之一、全球领先的海上油气运营商与海上风电开发商。Equinor是1972年成立、总部位于挪威斯塔万格的国际综合能源公司，前身为挪威国家石油公司，业务遍及全球20多个国家，拥有约24600名员工。公司供应的天然气占欧洲总消费量的25%左右，通过北海区域总长超8000千米的密集管道网络向英国、德国、荷兰、法国、西班牙等欧洲国家输送。公司规划为到2030年甚至2035年都可以保持当前的产量水平，甚至实现小幅增长。 ➢稳增长控成本，坚守长期发展目标。展望2026年，Equinor计划有机资本支出约130亿美元，油气产量预计同比增长约3%，单位生产成本目标保持行业前四分位，计划检修预计使日均权益产量减少约3.5万桶油当量。未来两年公司将聚焦在建项目交付，验证电力业务一体化商业模式竞争力。公司将继续平衡短期财务稳健与长期转型投入，优化可再生能源与低碳项目投资节奏，在地缘政治波动与能源转型不确定性中，以安全、价值、低碳为核心支柱，保障能源供应安全、持续创造强劲现金流，为股东提供有竞争力的长期回报。 风险提示 ➢大宗商品价格波动的风险、地缘政治冲突的风险、能源转型风险。 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。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。 该分析师曾在wind发布报告超过700篇，对A股化工标的全面覆盖，主要覆盖标的包括： 1）化工&化肥：巴斯夫（BASF）、沙特基础工业（SABIC）、空气化工产品公司（Air Products and Chemicals）、富美实（FMC）、立邦（Nippon Paint）、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、味丹国际； 2）能源&公用事业：沙特阿美（Saudi Aramco）、挪威国家石油（Equinor）、中国海洋石油、中创新航、中集安瑞科、新奥能源、中国电力、长江基建集团、中国能源建设、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、北京能源国际、绿色动力环保、中国光大绿色环保、首钢资源、山高新能源、新特能源、中裕能源、北京燃气蓝天、达力普控股； 3）有色&材料：沙索（Sasol）、中国宏桥、中国有色矿业、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、首佳科技、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) 18801353537 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 understandand comprehend the investmentobjectives and its related risks, and where necessary consult their own financial advisers prior to any investment decision. This Research Report is not directed at, or intended for distribution to or use by, any person or entity who is a citizen orresident of or locatedin any jurisdiction where such distribution, publication, availability or use would be contrary to applicable l