Huatai Securities: Maintains this year's Brent crude oil price forecast at $68 per barrel and maintains a "buy" rating for CNOOC.

Huatai Securities released a research report stating that China National Offshore Oil Corporation achieved operating income of 207.6 billion yuan in the first half of the year, a year-on-year decrease of 8%, and achieved a net profit attributable to shareholders of 69.5 billion yuan, a year-on-year decrease of 13%. On the demand side, with the Northern Hemisphere entering the traditional peak season, summer travel and power generation provide good support for global oil demand. Refinery throughput in China, the United States, and Europe has increased significantly, but considering the group's continued overproduction, it is believed that actual production growth may be lower than the target. Additionally, considering the steady progress of global new energy substitution, the weakening of cooperation willingness among China National Offshore Oil Corporation, and the concentrated release of low-cost increments in South America, Africa, and other regions, the bank maintains its Brent crude oil price forecasts for this year and next year at $68 and $62 per barrel, respectively. Taking into account the high proportion of the company's crude oil production and its significant exposure to oil price fluctuations, the bank gives the company a price-earnings ratio of 12.5 times and 9 times for 2025, with a target price of 34.75 yuan for A shares and 27.49 Hong Kong dollars for H shares, and maintains a "buy" rating.