Investment Rating - The report maintains a "Buy" rating for Sinopec (600028.SH) [1] Core Views - The company reported a year-on-year revenue growth of -1.1% for H1 2024, with a net profit increase of 1.7% [4] - The upstream business achieved record highs, while the midstream and downstream sectors showed relative weakness [4] - Capital expenditures have slowed down, leading to improved cash flow and a higher dividend payout ratio [4] - The company plans to increase its cash dividend payout ratio to no less than 65% over the next three years [4] - The expected net profits for 2024-2026 are projected to be 708.0 billion, 753.5 billion, and 806.2 billion respectively, with corresponding P/E ratios of 11.8, 11.1, and 10.4 [4] Financial Performance Summary - For H1 2024, the company achieved a revenue of 15,761.3 billion, with a net profit of 357.0 billion [4] - The average Brent oil price for H1 2024 was $83.42 per barrel, up 4.4% year-on-year [4] - The company's operating cash flow for H1 2024 was 422.69 billion, an increase of 147.07 billion year-on-year [4] - The company plans to distribute a cash dividend of 0.146 yuan per share [4] Business Segment Performance - Upstream exploration and development saw a production of 257.66 million barrels of oil equivalent, a 3.1% increase year-on-year [4] - The refining and chemical sales segments faced challenges due to weak demand for gasoline and diesel, with operating profits of 71.25 billion and -31.64 billion respectively [4] - The company’s capital expenditures for H1 2024 were 558.93 billion, a decrease of 187.74 billion year-on-year [4]

Investment Rating - The report maintains a "Buy" investment rating for Sinopec (600028.SH) [5][10] Core Views - The company achieved a significant year-on-year increase in net profit in Q2 2024, with a growth of 15.84% [2] - The company emphasizes shareholder returns, committing to a cash dividend ratio of no less than 65% over the next three years [3] - Capital expenditures are gradually reduced, leading to a substantial increase in cash flow, with expectations for continued improvement in the future [4][9] Summary by Sections Financial Performance - In the first half of 2024, Sinopec reported operating revenue of 1,576.13 billion yuan, a year-on-year decrease of 1.10%, and a net profit attributable to shareholders of 35.703 billion yuan, a year-on-year increase of 1.69% [1] - In Q2 2024, the company achieved operating revenue of 786.164 billion yuan, a year-on-year decrease of 2.02%, while net profit attributable to shareholders was 17.387 billion yuan, a year-on-year increase of 15.84% [1][2] Production and Sales - The oil and gas exploration and production segment saw a total equivalent production of 257.66 million barrels in the first half of 2024, a year-on-year increase of 3.1% [2] - The company processed 126.7 million tons of crude oil and produced 77.3 million tons of refined oil, with gasoline and kerosene production increasing by 6.6% and 15.2% respectively [2] - Total refined oil sales reached 119 million tons, a year-on-year increase of 2.1%, with domestic sales declining by 2.5% and overseas sales increasing by 19.64% [2] Shareholder Returns - The board of directors proposed a cash dividend of 0.146 yuan per share (before tax) for the first half of 2024 and emphasized a commitment to maintaining a high dividend payout ratio [3] Cash Flow and Capital Expenditure - Capital expenditures in the first half of 2024 were 55.893 billion yuan, a decrease of 18.8 billion yuan compared to the same period last year [4] - The net cash inflow from operating activities increased by 14.7 billion yuan year-on-year, contributing to a significant rise in cash flow [4][9] Profit Forecast - The forecast for net profit attributable to shareholders for 2024-2026 is 70.691 billion yuan, 76.853 billion yuan, and 81.522 billion yuan respectively, with corresponding PE ratios of 11.9, 10.9, and 10.3 times [10]

Investment Rating - The investment rating for the company is "Buy" (maintained) with a target price of HKD 6.81 and RMB 8.99 [2][8]. Core Insights - The company reported a steady growth in H1 earnings, with a net profit attributable to shareholders of RMB 35.7 billion, representing a year-on-year increase of 2% [2]. - The company plans to distribute a mid-term dividend of RMB 0.146 per share (tax included) and intends to repurchase A-shares worth between RMB 800 million to 1.5 billion for cancellation and capital reduction [2]. - The projected net profits for 2024-2026 are RMB 75 billion, RMB 76.9 billion, and RMB 78.1 billion, respectively, with corresponding EPS of RMB 0.62, RMB 0.63, and RMB 0.64 [2]. Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of RMB 1,576.1 billion, a decrease of 1% year-on-year, and a net profit of RMB 35.7 billion, with a non-recurring profit of RMB 35.6 billion, marking a 2% increase year-on-year [2]. - The Q2 revenue was RMB 786.2 billion, down 2% year-on-year and 0.5% quarter-on-quarter, with a net profit of RMB 17.4 billion, up 16% year-on-year but down 5% quarter-on-quarter [2]. Production and Cost Efficiency - The company's crude oil production in H1 2024 was 140.5 million barrels, up 0.6% year-on-year, with an average crude oil price of RMB 3,981 per ton, up 6% year-on-year [3]. - Natural gas production reached 700.6 billion cubic feet, also up 6% year-on-year, while the average price for natural gas was RMB 1,895 per thousand cubic meters, down 2.8% year-on-year [3]. - The oil and gas operating cost was RMB 753.4 per ton, a decrease of 0.4% year-on-year, and the exploration and development segment reported an operating profit of RMB 26.83 billion, a year-on-year increase of RMB 5 billion [3]. Refining and Marketing - The company's crude oil processing volume in H1 2024 was 126.69 million tons, a slight increase of 0.1% year-on-year, but refining margins decreased by 10.7% year-on-year to RMB 316 per ton due to geopolitical factors and weak market demand [4]. - The total domestic sales of refined oil products were 90.1 million tons, down 2.5% year-on-year, with retail sales declining by 4.7% [5]. Chemical Sector - The chemical segment saw a significant reduction in losses, with an ethylene production of 6.496 million tons, down 5.5% year-on-year, and a profit from joint ventures increasing by RMB 4.12 billion year-on-year to RMB 6.73 billion [6].

Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of Sinopec, with current prices at 6.82 CNY and 5.10 HKD respectively [2]. Core Insights - The company's Q2 performance shows significant improvement year-on-year, with a notable increase in net profit and cash flow, driven by high oil prices and recovering chemical demand [3][4]. - The board has announced a mid-year cash dividend of 0.146 CNY per share, reflecting a slight increase in the payout ratio, which underscores the company's commitment to shareholder returns [12]. - The report projects continued growth in net profit for the years 2024 to 2026, with expected figures of 704 billion CNY, 752 billion CNY, and 802 billion CNY respectively, indicating a positive long-term outlook [13]. Financial Performance Summary - For H1 2024, Sinopec reported total revenue of 15,761 billion CNY, a slight decrease of 1.10% year-on-year, while net profit attributable to shareholders was 357 billion CNY, an increase of 1.69% [3]. - In Q2 2024, the company achieved total revenue of 7,862 billion CNY, down 2.02% year-on-year, but net profit rose by 15.84% to 174 billion CNY [3]. - The cash flow from operating activities for H1 2024 was 423 billion CNY, up 53% year-on-year, with free cash flow reaching 660 billion CNY, an increase of 1,431 billion CNY [4]. Business Segment Analysis - **Upstream Business**: The upstream segment saw a significant increase in profitability, with an EBIT of 309 billion CNY for H1 2024, up 14.7% year-on-year, driven by high oil prices and increased production [5]. - **Refining Business**: The refining segment faced challenges, reporting an EBIT of 69 billion CNY, down 38.3% year-on-year, due to weak demand and declining margins [9]. - **Sales and Distribution**: The sales segment generated an EBIT of 165 billion CNY, a decrease of 10.5% year-on-year, reflecting the impact of market conditions [10]. - **Chemical Business**: The chemical segment continued to reduce losses, with an EBIT of -21 billion CNY for H1 2024, a significant improvement compared to the previous year [11]. Dividend and Share Buyback Plans - The company has committed to a dividend payout ratio of at least 65% of the net profit, reflecting confidence in its financial health and commitment to shareholder returns [12]. - A new share buyback plan has been initiated, with a budget of 8 to 15 billion CNY, indicating management's positive outlook on the company's future [12].

证券研究报告·公司点评报告(AH)·炼化及贸易 中国石化（600028.SH）/中国石油化工股份 （00386.HK） 2024 年半年报点评：经营情况整体向好，制 定回购计划，高股息率突出 2024 年 08 月 26 日 买入(维持)-A /买入(维持)-H | --- | --- | --- | --- | --- | --- | |----------------------------|---------|---------|---------|---------|---------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 3318168 | 3212215 | 3343008 | 3345439 | 3400169 | | 同比（%） | 21.06 | (3.19) | 4.07 | 0.07 | 1.64 | | 归母净利润（百万元） | 67082 | 60463 | 70440 | 72998 | 74463 | | 同比（%） | (5.79) | (9.87) | 1 ...

证券研究报告 非金融公司|公司点评|中国石化（600028） 龙头央企股东回报再加码 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月26日 证券研究报告 |报告要点 中国石化于 2024 年 8 月 25 日发布 2024 年半年度报告，1H24 公司实现营业收入 15761.31 亿 元，同比减少 1.10%，实现归母净利润 357.03 亿元，同比增加 1.69%。其中，2024Q2 实现营 业收入 7861.84 亿元，同比减少 2.02%%，环比减少 0.48%，2024Q2 实现归母净利润 173.87 亿元，同比增加 15.84%，环比减少 5.07%。 |分析师及联系人 许隽逸 陈律楼 SAC：S0590524060003 SAC：S0590524080002 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 2024年08月26日 glzqdatemark2 中国石化(600028) 龙头央企股东回报再加码 | --- | --- | |------------|---------------------| | 行 业： | 石油石化/炼化及贸易 | ...

Financial Performance - For the six months ended June 30, 2024, the operating revenue was RMB 1,576,131 million, a decrease of 1.1% compared to RMB 1,593,682 million in the same period of 2023[7]. - The net profit attributable to shareholders of the parent company was RMB 35,703 million, representing an increase of 1.7% from RMB 35,111 million year-on-year[7]. - The net cash flow from operating activities increased significantly by 53.4% to RMB 42,269 million, compared to RMB 27,562 million in the previous year[7]. - The total assets as of June 30, 2024, were RMB 2,141,936 million, reflecting a growth of 5.7% from RMB 2,026,674 million at the end of 2023[7]. - The basic earnings per share for the first half of 2024 was RMB 0.296, up 1.0% from RMB 0.293 in the same period of 2023[8]. - The weighted average return on net assets was 4.37%, a slight decrease of 0.06 percentage points compared to 4.43% in the previous year[8]. - The company reported a significant increase in net profit after deducting non-recurring gains and losses, which rose by 5.7% to RMB 35,582 million from RMB 33,655 million year-on-year[7]. - The company achieved a net profit of RMB 42.39 billion in the first half of 2024, an increase of 1.9% compared to the same period in 2023[35]. - The company reported a total comprehensive income of RMB 35,382 million for the six months ended June 30, 2024, compared to RMB 40,476 million for the same period in 2023, indicating a decrease of about 12.5%[170]. Revenue and Sales - Total operating income for the first half of 2024 was RMB 51,021 million, a decrease of 5.0% compared to RMB 53,696 million in the same period of 2023[13]. - The company’s external sales revenue from the refining and marketing divisions reached RMB 920.4 billion, a year-on-year decrease of 0.6%, accounting for 58.4% of total revenue[39]. - Sales revenue from gasoline, diesel, and kerosene amounted to RMB 769.9 billion, a year-on-year increase of 0.2%, representing 83.6% of total petroleum product sales revenue[39]. - The company reported a 3.4% increase in revenue from exports of crude oil and natural gas, totaling RMB 92.7 billion in the first half of 2024[38]. - The marketing and distribution segment aims for a domestic refined oil sales volume of 91.09 million tons in the second half of 2024[31]. Operating Expenses and Costs - Operating expenses for the first half of 2024 were RMB 1,525.1 billion, a year-on-year decrease of 1.0%[40]. - The cost of purchasing crude oil was RMB 468 billion, a year-on-year increase of 5.0%, with an average processing cost of RMB 4,445 per ton, up 6.3% year-on-year[40]. - The company’s financial expenses increased by 31.0% to RMB 6,275 million, primarily due to increased foreign currency loan losses and higher interest expenses[12]. - The company reported a significant increase in accounts receivable, which rose to RMB 76,746 million from RMB 48,652 million, marking a growth of about 57.7%[164]. Investments and Capital Expenditures - Capital expenditures for the first half of 2024 amounted to RMB 55.893 billion, with RMB 33.788 billion allocated to exploration and development projects[30]. - The company plans to produce 139 million barrels of crude oil and 6,795 billion cubic feet of natural gas in the second half of 2024[31]. - Capital expenditures for the second half of 2024 are planned at RMB 117.1 billion, with RMB 44 billion allocated for exploration and development[32]. - The company has completed an investment of RMB 25.9 billion in the Zhenhai Refining and Chemical Expansion Project (Phase II) as of June 30, 2024, which includes a new 11 million tons/year refining unit and a 600,000 tons/year propane dehydrogenation unit[109]. Dividends and Shareholder Returns - The company plans to distribute a mid-term cash dividend of 0.146 RMB per share for 2024, adhering to the upper limit set by the company's articles of association[15]. - The board has proposed a cash dividend payout ratio of no less than 65% for the next three years, ensuring consistent shareholder returns[17]. - The cash dividend for the year-end 2023 is set at RMB 0.2 per share (tax included), with a total cash dividend distribution of RMB 0.345 per share for the entire year 2023[86]. - The interim dividend for the six months ending June 30, 2024, is set at RMB 0.146 per share, with a total payout scheduled for September 26, 2024[87]. Environmental and Sustainability Efforts - The company is committed to improving ESG management and promoting sustainable development through enhanced governance and risk control measures[16]. - The company reported a 4% year-on-year reduction in COD emissions and a 3% decrease in sulfur dioxide emissions during the reporting period[94]. - The company achieved a reduction of 2.149 million tons of CO2 equivalent emissions through energy-saving measures and recovered 1.062 million tons of CO2[95]. - The second phase of Sinopec's green enterprise action plan aims for a 5% reduction in carbon emission intensity and a 20% reduction in methane emission intensity by 2028, with a target of capturing and utilizing 2.5 million tons of CO2 annually[96]. Corporate Governance and Management - The company completed the election of the ninth board of directors and supervisory board members during the annual general meeting held on June 28, 2024[82]. - The company has strengthened internal control and risk management, continuously improving compliance management levels[81]. - The company appointed Zhao Dong as the new president and executive director on April 28, 2024, following the resignation of the previous president[83]. - The company has diversified its board members in terms of professional background, gender, and work experience[81]. Research and Development - Research and development expenses for the first half of 2024 amounted to RMB 9.8 billion, with RMB 6 billion in expenses and RMB 3.8 billion in investment[70]. - The company is focusing on innovation-driven strategies, particularly in key technologies and the development of new energy sources such as hydrogen and solar energy[16]. Risk Management - The company faces risks related to macroeconomic changes, including uncertainties from global economic growth and environmental constraints[143]. - The company is exposed to cyclical risks in the oil and petrochemical industry, with significant sensitivity to macroeconomic conditions and consumer demand[143]. - The company has implemented strict HSE management systems to mitigate production and operational risks associated with the high-risk nature of the oil and petrochemical industry[145]. Share Capital and Financing - Sinopec completed the issuance of 2,390,438,247 A-shares, increasing the total share capital from 119,349,251,646 shares to 121,739,689,893 shares[123]. - The total amount of funds raised was RMB 12 billion, with a net amount after expenses of RMB 11.987 billion, and 11% of the committed investment has been utilized[124]. - The company issued short-term financing bonds totaling RMB 120 billion with an interest rate of 1.97%[158]. Cybersecurity - The company has established a cybersecurity risk management system and is continuously investing resources to enhance its cybersecurity measures[146]. - The company is expected to increase investments in data security, business security, cloud computing, and IoT devices to improve cybersecurity levels[146].

Financial Performance - For the six months ended June 30, 2024, the operating revenue was RMB 1,576,131 million, a decrease of 1.1% compared to RMB 1,593,682 million in the same period of 2023[7]. - The net profit attributable to shareholders of the parent company was RMB 35,703 million, representing an increase of 1.7% from RMB 35,111 million year-on-year[7]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 35,582 million, up 5.7% from RMB 33,655 million in the previous year[7]. - The net cash flow from operating activities was RMB 42,269 million, a significant increase of 53.4% compared to RMB 27,562 million in the same period last year[7]. - Basic earnings per share for the six months ended June 30, 2024, were RMB 0.296, a 1.0% increase from RMB 0.293 in the same period of 2023[8]. - The diluted earnings per share also stood at RMB 0.296, reflecting the same growth of 1.0% year-on-year[8]. - The company achieved a net profit of RMB 42.39 billion in the first half of 2024, an increase of 1.9% compared to the same period in 2023[35]. - The company reported a total profit of RMB 21,387 million, a decline of 31.1% from RMB 31,078 million year-on-year[167]. Assets and Liabilities - As of June 30, 2024, total assets amounted to RMB 2,141,936 million, reflecting a 5.7% increase from RMB 2,026,674 million at the end of 2023[7]. - The total liabilities increased to RMB 1,156.4 billion as of June 30, 2024, up RMB 87.5 billion from the end of 2023[64]. - The company's total assets as of June 30, 2024, were RMB 2,141,936 million, an increase from RMB 2,026,674 million as of December 31, 2023, representing a growth of approximately 5.7%[164]. - The company's total liabilities reached RMB 1,155,591 million, up from RMB 1,068,019 million, indicating an increase of about 8.2%[164]. Cash Flow - The company's net cash inflow from operating activities was RMB 42,269 million, an increase of RMB 14,707 million compared to RMB 27,562 million in the same period of 2023[67]. - The company's net cash outflow from investing activities in the first half of 2024 was RMB 79,004 million, a decrease of RMB 14,426 million from RMB 93,430 million in the same period of 2023[68]. - The net cash inflow from financing activities in the first half of 2024 was RMB 36,862 million, a decrease of RMB 29,999 million compared to RMB 66,861 million in the same period of 2023[68]. - The company reported a significant increase in cash flow from investment activities, with a net cash outflow of RMB 79,004 million, compared to RMB 93,430 million in the previous year[168]. Production and Sales - The total oil and gas equivalent production reached 257.66 million barrels, a year-on-year increase of 3.1%, with domestic crude oil production at 126.49 million barrels, up 1.5%[20]. - Natural gas production was 700.57 billion cubic feet, reflecting a year-on-year growth of 6.0%[20]. - The company processed 12,669 million tons of crude oil, producing 7,730 million tons of refined oil, a year-on-year increase of 1.6%[22]. - Total refined oil sales reached 11,901 million tons, a year-on-year growth of 2.1%, with domestic sales at 9,014 million tons[24]. Dividends and Shareholder Returns - The company plans to distribute a mid-year cash dividend of RMB 0.146 per share for 2024, adhering to the upper limit set by the company's articles of association[15]. - The company aims to maintain a cash dividend payout ratio of no less than 65% over the next three years, sharing development results with shareholders[17]. - The cash dividend for the year ending December 31, 2023, is RMB 0.2 per share (tax included), approved by the annual general meeting[86]. - The total cash dividend for 2023, including the interim dividend of RMB 0.145 per share (tax included), amounts to RMB 0.345 per share (tax included)[86]. Environmental and Sustainability Initiatives - The company emphasizes improving ESG management and sustainable development, with ongoing efforts to enhance corporate governance and stakeholder communication[16]. - The company reported a 4% year-on-year reduction in COD emissions and a 3% decrease in sulfur dioxide emissions during the reporting period[94]. - The company achieved a reduction of 2.149 million tons of CO2 equivalent emissions through energy-saving measures, alongside the recovery of 1.062 million tons of CO2[95]. - The company has implemented a comprehensive ecological protection plan, focusing on pollution prevention and environmental responsibility[94]. Strategic Initiatives and Future Plans - The company is focusing on enhancing operational quality and expanding profit-generating capabilities through integrated advantages and cost control measures[15]. - The company is actively developing new energy businesses, including hydrogen, wind, and solar energy, to create a complementary energy structure[16]. - The company is transitioning towards a comprehensive energy service provider, focusing on hydrogen energy and electric vehicle charging networks[23]. - The company plans to produce 139 million barrels of crude oil and 6,795 billion cubic feet of natural gas in the second half of 2024[32]. Corporate Governance and Management - The company completed the election of the ninth board of directors and supervisory board members during the annual general meeting held on June 28, 2024[82]. - The new president, Zhao Dong, was appointed on April 28, 2024, following the resignation of the previous president, Yu Baocai[83]. - The company emphasizes enhancing internal control and risk management, continuously improving compliance management levels[81]. - The ninth board of directors reflects diversity in professional background, gender, and work experience[81]. Risks and Challenges - The company faces risks related to macroeconomic changes, including uncertainties from global economic growth and environmental constraints[143]. - The company is exposed to cyclical risks in the oil and petrochemical industry, with significant sensitivity to macroeconomic conditions and consumer demand[143]. - Regulatory risks include potential changes in government policies affecting oil and gas exploration and production licenses, as well as retail pricing controls[143]. - The company is significantly reliant on imported crude oil, making it vulnerable to price volatility and supply disruptions due to geopolitical factors[144].

中国石油化工股份有限公司 关于中国石化财务有限责任公司及中国石化盛 骏国际投资有限公司的风险评估报告 中国石油化工股份有限公司（以下简称"本公司"） 在调查、核实中国石化财务有限责任公司（以下简称"石 化财务公司"）和中国石化盛骏国际投资有限公司（以下 简称"盛骏公司"）有关资料和财务报表的基础上，就本 公司与石化财务公司和盛骏公司之间发生存贷款等金融 业务的风险进行了评估，形成本报告如下： 一、基本情况 石化财务公司成立于 1988 年 7 月 8 日，是经中国人 民银行批准成立的非银行金融机构，受国家金融监督管理 总局北京监管局直接监管；中国石油化工集团有限公司 （以下简称"中国石化集团"）持股 51％，本公司持股 49％。 石化财务公司目前的经营范围是企业集团财务公司服务， 其中包括《企业集团财务公司管理办法》规定的全部本外 币业务，主营业务为：吸收成员单位存款；办理成员单位 贷款；办理成员单位票据贴现；办理成员单位资金结算与 - 1 - 收付；提供成员单位委托贷款、债券承销、非融资性保函、 财务顾问、信用鉴证及咨询代理业务；从事同业拆借；办 理成员单位票据承兑；办理成员单位产品买方信贷和消费 信贷；从 ...

2024 年 8 月 23 日，公司召开第九届董事会第二次会议，审议通过了《关于以 集中竞价交易方式回购公司股份的方案》。 本次回购股份方案无需提交公司股东会审议，本次回购股份符合《上海证券交 易所上市公司自律监管指引第 7 号——回购股份》（简称"《回购指引》"）关于 董事会审议时间和程序的要求。 股票代码：600028 股票简称：中国石化 公告编号：2024-34 中国石油化工股份有限公司 关于以集中竞价交易方式回购A股股份的回购报告书 中国石化董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 为维护公司价值及股东权益，公司拟使用不低于人民币 8 亿元，不超过人民 币 15 亿元的自有资金通过上海证券交易所（简称"上交所"）系统以集中竞价交 易方式回购公司发行的人民币普通股（A 股）股票（简称"本次回购股份"），回 购价格不高于董事会通过回购股份决议前 30 个交易日公司股票交易均价的 150%， 本次回购股份的期限自董事会批准方案之日起不超过 3 个月，回购的股份将全部 注销并减少注册资本。 一、回购方案的审议及 ...