Changjiang Commercial Daily reporter Shen Yourong
CNOOC (600938.SH, 0883.HK), one of the "three barrels of oil", has performed well since its return to A in January.
On May 27, CNOOC in the secondary market surprised investors. It opened higher and moved higher throughout the day. It closed the daily limit in late trading and closed at 18.50 yuan per share, setting a new high since it returned to A on April 21 this year.Its market value is 880 billion yuan, far surpassing that of Sinopec and closely following PetroChina.
Not only the market value, but also the operating performance of CNOOC has surpassed that of Sinopec.In 2021, the net profit attributable to shareholders of the listed company (referred to as net profit) realized by CNOOC is 70.32 billion yuan, which is 888 million yuan less than that of Sinopec.In the first quarter of this year, CNOOC's net profit reached 34.301 billion yuan, a year-on-year increase of doubling, which has greatly exceeded Sinopec's 22.605 billion yuan.
A reporter from the Changjiang Commercial Daily found that compared with PetroChina and Sinopec, CNOOC's assets and business scale are much smaller, and it is mainly engaged in the exploration, development, production and sales of offshore crude oil and natural gas.Affected by the rise in international crude oil prices, the company's operating performance was outstanding.
Wind data shows that since entering the capital market in 2006, CNOOC has achieved a cumulative net profit of 865.8 billion yuan, and accumulated cash dividends of 336.1 billion yuan.
Market value increased by 80 billion a day
In the A-share market, CNOOC performed outstandingly and is also highly sought after by funds.
As early as 2006, CNOOC was listed on the Hong Kong Stock Exchange. After 16 years, on April 21 this year, CNOOC entered the A-share IPO and successfully returned to the A-share market.
In the "three barrels of oil", on November 5, 2007, PetroChina started to return to A, the issue price was 16.70 yuan per share, and the stock price soared to 48.62 yuan per share in the short term.Investors chasing the gains are regretful and have yet to unravel.
In 2000, Sinopec was listed on the Hong Kong stock market.In 2001, Sinopec took the lead in starting to return to A-shares and work and landed in the A-share market on August 8 of that year.
Judging from the performance after returning to A, Sinopec's performance was mediocre. PetroChina reached the top on the first day of listing, and then the stock price fell.It used to be 48.62 yuan per share, but now it is only 5.55 yuan per share.
In comparison, CNOOC's performance is much better.
On April 21 this year, CNOOC landed on the A-share market as it wished. The issue price was 10.80 yuan per share. On the day of listing, the increase was 27.69% and it closed at 13.79 yuan per share.What followed was a volatile climb, during which three daily limits were closed.On April 29, the stock price rose by the daily limit and closed at 17.01 yuan per share.
Entering May, the stock price continued to fluctuate upwards.However, at the beginning of the month, the stock price was adjusted significantly, and it was once pulled back to 14.90 yuan per share during the session.By May 26, the closing price was 16.82 yuan per share, down slightly from the end of last month.
The accident appeared on May 27. The stock price opened higher and moved higher. It hit the daily limit near the close in early trading, but it was a game between the daily limit and the opening of the daily limit.The same is true in the afternoon. At 2:31 p.m., the stock price was strongly closed until the end of the whole day's trading, and the closing price was 18.50 yuan per share.
So far, more than a month after returning to A, CNOOC's stock price has risen from the issue price of 10.80 yuan per share to 18.50 yuan per share, with a cumulative increase of about 71.30%.
During the same period, PetroChina and Sinopec increased by 7.56% and 4.01%.
In the early days of PetroChina's return to A, the market's memory is still fresh.The initial price was 16.70 yuan/share. On the first day of listing, the highest intraday price was 48.62 yuan/share, and the closing price was 43.96 yuan/share, an increase of 163.23% and a maximum increase of 191.14%.Then, 48.62 yuan/share is the peak so far, and it has been falling and falling since then. By May 27 this year, its closing price was 5.55 yuan/share, with a maximum decline of 88.58%.
The market value of CNOOC is also closely following the signs of PetroChina.As of May 27 this year, CNOOC's market value reached 881.293 billion yuan, far exceeding Sinopec's 533.924 billion yuan, and the market value gap with PetroChina's 1,015.766 billion yuan was 134.473 billion yuan.Among them, only on the trading day of May 27, the market value of CNOOC soared by 80.03 billion yuan.
A month ago, the market values of CNOOC and PetroChina were 730.446 billion yuan and 948.049 billion yuan respectively, with a gap of 217.603 billion yuan.In one month, the two increased by 150.847 billion yuan and 67.651 billion yuan respectively, and the gap narrowed by 83.130 billion yuan.
The asset-liability ratio is 37.40%, the lowest in the industry
The strong performance of CNOOC's share price is directly related to its fundamentals.
In the impression of ordinary consumers, they are more familiar with PetroChina and Sinopec, but relatively little about CNOOC.The main reason is that consumers choose either PetroChina or Sinopec to refuel their cars, and there are very few CNOOC gas stations to choose from.
This is the difference between CNOOC and PetroChina and Sinopec.
PetroChina is mainly engaged in the exploration, development, production and sales of crude oil and natural gas, as well as the refining, transportation, storage and sales of crude oil and petroleum products, as well as the production and sales of basic petrochemical products, derivative chemical products and other chemical products. It covers the entire oil industry chain.The main business of Sinopec and PetroChina is similar, but PetroChina focuses on mining, and Sinopec focuses on smelting.
Different from the above two, CNOOC focuses on offshore exploration. It is China's largest offshore crude oil and natural gas producer and one of the world's largest independent oil and gas exploration and production groups.Of course, the company has also formed a large-scale oil enterprise with a full industrial chain and multi-industry operation, such as oil and gas exploration and development, professional technical services, refining and chemical sales, fertilizer, natural gas and power generation.
In terms of asset scale, as of the end of 2021, the total assets of PetroChina and Sinopec are about 2.50 trillion and 1.89 trillion respectively, and CNOOC is 786.569 billion, less than half of Sinopec and one-third of PetroChina. one.In terms of operating income, in 2021, PetroChina and Sinopec will be 2.61 trillion and 2.74 trillion respectively, while CNOOC will only be 246.1 billion yuan, which is less than one-tenth of the former two.However, its net profit was 70.320 billion yuan, only 888 million yuan less than Sinopec's 71.208 billion yuan and 21.841 billion yuan less than PetroChina.
In the first quarter of this year, the operating incomes of PetroChina, Sinopec, and CNOOC were 779.368 billion yuan, 771.386 billion yuan, and 90.898 billion yuan, up 41.21%, 33.79%, and 73.52% year-on-year, and the corresponding net profit was 39.059 billion yuan. , 22.605 billion yuan, 34.301 billion yuan, a year-on-year increase of 40.91%, 24.48%, and 131.67%.
The comparison found that in the first quarter, CNOOC's operating income and net profit were both higher than those of PetroChina and Sinopec, and its net profit exceeded Sinopec for the first time, 11.696 billion yuan higher.
Obviously, CNOOC's operating performance that exceeded market expectations in the first quarter was the main factor driving the sharp rise in share price and market value.
Correspondingly, CNOOC's sales gross profit margin and net profit margin are on the rise. In 2021, the two will be 50.60% and 28.57%, respectively, the highest since 2018.PetroChina accounted for 20.76% and 4.39% respectively, and Sinopec accounted for 19.13% and 3.10% respectively.
In the first quarter of this year, CNOOC's net sales margin reached 39.55%, much higher than the 5.58% and 3.54% of PetroChina and Sinopec.
Since the beginning of this year, international crude oil prices have risen sharply, and CNOOC has benefited a lot from it.
CNOOC's financial position is also better.As of the end of March this year, the company's asset-liability ratio was about 37.40%, and PetroChina and Sinopec were 44.37% and 53.59%, respectively.