Establishment: Lower CNOOC (00883.HK) target price to HK$19.6, maintain "outperform" rating.

Wisdom Financial APP learned that CITIC Securities International released a research report stating a 6.7% reduction in the target price of CNOOC (00883.HK) from 21 HKD to 19.6 HKD, while maintaining an "outperform" rating. CNOOC's stock price has dropped 7% since the beginning of the year, dragged down by a 12% decrease in oil futures prices. A year-on-year 8% drop in crude oil prices in the first quarter of 2025 resulted in CNOOC's corresponding net profit declining by 8% year-on-year, and the impact of higher-than-expected non-operating losses was also a factor. The bank believes that CNOOC's expected 3% and 4% oil and gas production growth for the fiscal years 2026 and 2027 are relatively conservative and hopes that the company can achieve higher values than its guidance, maintaining an optimistic attitude towards the company's new projects.