Core Viewpoint - The company is enhancing compliance risk management through a comprehensive approach that includes risk identification, prevention, and response strategies. Group 1: Compliance Risk Identification - The company focuses on identifying risks related to legal regulations by updating the list of applicable laws and regulations relevant to its operations [1] - It emphasizes the importance of management requirements by promptly analyzing compliance risk notifications and recommendations from higher authorities [1] - The company systematically addresses issues identified through internal controls, audits, and inspections to prevent recurrence of similar problems [1] Group 2: Compliance Risk Prevention - The company has developed compliance risk notification letters that detail risk points, potential consequences, and suggested preventive measures, which are disseminated for timely adjustments [2] - It organizes specialized meetings to analyze typical compliance issues, providing a platform for discussing causes and formulating corrective actions [2] - The company integrates compliance risk notifications into all business processes and compliance reviews, ensuring that compliance is a constant consideration [2] Group 3: Compliance Risk Response - The company is strengthening its foundation by enhancing institutional frameworks and conducting compliance evaluations to fill management gaps [3] - It promotes learning from past violations by compiling a manual of violation cases for staff education, thereby improving risk recognition and prevention capabilities [3] - The company implements comprehensive management practices to monitor key control points in business processes and conducts quarterly assessments of major risks [3]

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 "三桶油" 24 年再创佳绩，油价波动期业绩韧性凸显 2024 年布油均价为 79.86 美元 / 桶，同比 -2.8% ，总体维持高位，但 24 年 9 月至 12 月受中东地缘政治缓 和、原油需求预期下行等因素影响，国际油价快速下跌。中国石油实现归母净利润 1647 亿元，同比 +2% ，中国海油实现归母净利润 1379 亿元，同比 +11% ，中国石化受炼化业务拖累，实现归母净利润 503 亿 元，同比 -17% ，但上游板块息税前利润逆势增长 24% 。 2024 年，海外石油巨头受炼油盈利走弱、天然 气销量下降等因素影响，业绩持续下行。埃克森美孚、雪佛龙、壳牌、 BP 、道达尔 24 年归母净利润分别 同比 -6% ...

又有多家央企发声。 中国能建：增持 中国能源建设集团4月8日宣布，长期看好资本市场，持续履行控股股东责任，基于对公司未来发展前景的坚定 信心及投资价值的高度认可，集团加快实施旗下上市公司的增持计划，切实维护广大投资者利益，巩固市场对 上市公司的信心，持续提升公司中长期投资价值。 中国中煤：增持 中国中煤集团8日宣布，基于对我国经济长期向好的坚定信心，为维护资本市场平稳运行，提振投资者信心， 支持控股上市公司持续、稳健、高质量发展，集团当日再次启动对旗下控股上市公司的股份增持计划。 中国中煤表示，未来将继续贯彻落实国务院《关于加强监管防范风险推动资本市场高质量发展的若干意见》、 国企改革深化提升行动和证券监管最新要求，推动3家控股上市公司内强质地、外塑形象，多措并举改善经营 质量、提升运营效能和盈利能力，推动高质量发展和投资价值提升，不断丰富拓展投资者交流方式，以更好的 业绩回报股东和投资者，为推动资本市场稳健前行、服务能源安全新战略等方面持续贡献中煤力量。 国机集团：将建立常态化股票回购增持机制 中国机械工业集团有限公司4月8日宣布，基于对我国经济长期向好的坚定信心，坚定看好我国资本市场发展前 景，对国机集团 ...

重磅回购也在周末出现。3月28日晚，美的集团披露股份回购计划，拟用50亿元至100亿元回购公司股 份，其中70%及以上将用于注销以减少注册资本，且已取得不超过90亿元的贷款资金银行承诺函。 行业方面亦是利好不断，特别是具身智能机器人等。在电动汽车百人会论坛采访间，长城汽车CTO吴会肖 透露，目前长城已经与宇树科技签订战略协议。合肥设立100亿元未来产业基金推动智能机器人产业发 展。3月30日，中关村战新基金在2025中关村论坛年会上正式发布，规模100亿元，聚焦投资战略新兴产 业和未来产业，培育和服务一批优质企业加速发展。 撬动4万亿信贷增量？ 据交通银行、中国银行、建设银行和邮储银行发布的公告，四家国有大行此次拟发行规模均不超过发行前 总股本的30%，合计募资规模达5200亿元。其中，中国银行、建设银行分别拟发行不超过272.73亿股、 113.27亿股，每股发行价分别为6.05元、9.27元。财政部将分别出资1650亿元、1050亿元认购两家银行 全部新增股份。 对于银行本身而言，有机构认为，邮储2024年末核心一级资本充足率9.56%，建行虽达14.48%，但信贷 扩张压力下需未雨绸缪。注资后邮储普通一 ...

Financial Performance - The total revenue for 2024 is reported at RMB 2,937,981 million, a decrease of 2.5% compared to RMB 3,240,951 million in 2022[7]. - Net profit attributable to shareholders for 2024 is RMB 164,684 million, reflecting a 2.0% increase from RMB 148,888 million in 2022[7]. - The net cash flow from operating activities for 2024 is RMB 406,532 million, down 11.0% from RMB 393,246 million in 2022[7]. - Basic earnings per share for 2024 is RMB 0.90, up 2.0% from RMB 0.81 in 2022[7]. - The weighted average return on equity for 2024 is 10.9%, a decrease of 0.2 percentage points from the previous year[7]. - The company's net profit for 2024 was RMB 183.76 billion, an increase of 1.8% from RMB 180.56 billion in the previous year[54]. - The operating profit for 2024 was RMB 233,954 million, slightly decreased from RMB 235,862 million in 2023[109]. - The net profit attributable to shareholders was RMB 164.68 billion, a 2.0% increase from RMB 161.42 billion in the previous year[47]. - The company reported a pre-tax profit of RMB 241,508 million, an increase from RMB 237,881 million in 2023[109]. - The income tax expense for 2024 was RMB 57,753 million, slightly higher than RMB 57,318 million in 2023, indicating a year-over-year increase of 0.76%[114]. Assets and Liabilities - Total assets at the end of 2024 amount to RMB 2,752,751 million, a slight decrease of 0.2% from RMB 2,676,845 million in 2022[7]. - The total liabilities decreased by 7.2% to RMB 1,043.128 billion from RMB 1,123.679 billion year-on-year[63]. - The debt-to-asset ratio improved to 37.89% at the end of 2024, down from 40.72% at the end of 2023[27]. - The total amount of current liabilities was RMB 637,317 million in 2024, down from RMB 690,597 million in 2023, a decrease of 7.7%[123]. - The total liabilities decreased to RMB 1,043,144 million in 2024 from RMB 1,123,693 million in 2023, a reduction of 7.1%[123]. - The total equity attributable to shareholders of the parent company rose to RMB 1,515,132 million in 2024 from RMB 1,451,086 million in 2023, an increase of 4.41%[110]. Production and Sales - Domestic crude oil production reached 777.0 million barrels, a 0.4% increase from 773.7 million barrels in the previous year[33]. - The company reported a sales volume of natural gas at 4,956.8 billion cubic feet, up 4.6% from 4,739.0 billion cubic feet in the previous year[33]. - The overseas oil production was 164.8 million barrels, a 0.8% increase from 163.4 million barrels in the previous year[34]. - The company sold 5,133.8 billion cubic feet of marketable natural gas, up 4.1% from 4,932.4 billion cubic feet year-on-year[35]. - The total oil and gas equivalent production was 1,797.4 million barrels, reflecting a 2.2% increase from 1,759.2 million barrels in the previous year[35]. - The company’s total revenue from oil and gas and new energy reached RMB 884,057 million, with a gross margin of 26.2%[84]. - The oil and gas segment achieved operating revenue of RMB 906.81 billion in 2024, up 1.3% from RMB 894.85 billion in 2023, driven by increased sales volumes of crude oil and natural gas[55]. Dividends and Shareholder Information - The proposed final dividend for 2024 is RMB 0.25 per share, totaling approximately RMB 45.755 billion[6]. - As of December 31, 2024, the total number of shareholders was 491,311, with 486,082 domestic A-share shareholders and 5,229 overseas H-share shareholders[11]. - The largest shareholder, China Petroleum Group, holds 82.46% of the total shares, amounting to 150,923,565,570 shares[13]. - The company reported a mid-term dividend distribution of RMB 40,265 million for 2024 and a proposed final dividend of RMB 45,755 million, compared to a total of RMB 80,529 million in 2023[117]. Capital Expenditures and Investments - Capital expenditures for 2024 amount to RMB 275.85 billion, a slight increase of 0.2% from RMB 275.39 billion in 2023[71]. - The oil and gas and new energy segment's capital expenditure for 2024 is RMB 227.63 billion, accounting for 82.52% of total capital expenditures[72]. - The refining and chemical segment's capital expenditure for 2024 is RMB 33.49 billion, primarily for upgrading projects at Jilin Petrochemical and Guangxi Petrochemical[75]. - The company plans to continue expanding its market presence in the oil and gas sector, focusing on new technologies and product development[121]. Future Outlook and Strategy - The company plans to increase its crude oil production to 936.2 million barrels and natural gas sales to 5,341.0 billion cubic feet by 2025[80]. - The company anticipates a stable GDP growth of around 5.0% in China for 2025, with continued demand growth in the natural gas market[79]. - The company aims to enhance exploration efficiency and resource replacement rates in its oil and gas operations, focusing on unconventional resources[80]. - The company plans to process 1,330.9 million barrels of crude oil by 2025[82]. Operational Efficiency - The company maintained a free cash flow of RMB 104.35 billion, remaining above RMB 100 billion[30]. - The company's net interest expense decreased by 24.4% to RMB 11.93 billion in 2024, down from RMB 15.78 billion in the previous year, due to a reduction in interest-bearing debt[54]. - Operating expenses for 2024 were RMB 270.40 billion, a decrease of 2.6% from RMB 277.70 billion in the previous year, with procurement and service costs down by 1.7%[51]. Market Conditions and Regulatory Environment - The Chinese government announced a reduction in the export tax rebate rate for gasoline and diesel from 13% to 9%, effective December 1, 2024[98]. - The National Development and Reform Commission released the updated list of encouraged industries in the western region, effective January 1, 2025, including new technologies for gasoline and diesel production[99].

来源：极速财讯 但中石油却在这里开启了与尼日尔长达22年的合作，在那里投资了阿加德姆油田、毕尔玛油田、尼日尔-贝宁原油外输管道、津德尔炼油厂等项目，累计投 资约46亿美元。2008年6月，中尼签署《阿加德姆上下游一体化项目协议》，总投资50亿美元，涵盖油田开发、炼油厂与输油管道建设。 至2011年，沙漠中开出奇迹的花：阿加德姆油田投产，探明可采储量3.24亿桶，使尼日尔从石油进口国一跃成为出口国；津德尔炼油厂（Soraz）日加工2万 桶原油，终结了该国成品油100%依赖进口的历史，油价从每升1500西非法郎（约2.5美元）降至600西非法郎；462公里输油管道贯通沙漠，构建起从开采 到炼化的完整产业链。 据中国日报网2021年8月报道，阿加德姆上下游一体化合作项目年产值约占尼日尔国内生产总值的十分之一，每年上缴利税约占该国税收的八分之一。与此 同时，中油国际尼日尔公司还在该国捐赠、援建教室、水井，在恐怖袭击中援助灾民、捐赠政府，在大规模疫情后，送医问药，援建诊所。 据路透社报道，3月13日，西非内陆国家尼日尔首都尼亚美陷入一场能源震荡。军政府领导人阿卜杜勒拉赫曼·奇亚尼签署紧急政令，要求中国石油天然气 集团公 ...

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 7.03, indicating a potential upside of 26.6% from the current price of HKD 5.55 [2][4]. Core Insights - The company's performance met expectations, with significant growth in the natural gas business, despite a decline in oil sales revenue due to fluctuating oil prices [2][4]. - The oil and new energy segments showed a year-on-year production increase of 2.1%, with total oil equivalent production reaching 1443 million barrels [2][4]. - The refining segment experienced a profit decrease, while the chemical segment showed profit growth, indicating a mixed performance across different business units [2][4]. Financial Performance Summary - For the first three quarters of 2024, the company reported revenue of RMB 702.41 billion, a decrease of 5.3% year-on-year, and a net profit of RMB 132.52 billion, an increase of 0.7% year-on-year [2][4]. - The average crude oil price for the first three quarters was USD 76.88 per barrel, with natural gas sales volume reaching 1629.6 billion cubic meters, reflecting a 30% increase in operating profit for the natural gas segment [2][4]. - The company’s refining throughput was 1036.2 million barrels, with gasoline production decreasing by 2.7% to 8990 million tons, while kerosene production saw a significant increase [2][4]. Revenue and Profitability Forecast - The forecasted revenues for 2024-2026 are RMB 3.10 trillion, RMB 3.11 trillion, and RMB 3.16 trillion respectively, with net profits projected at RMB 180.1 billion and RMB 186.0 billion for the same period [2][4]. - The report anticipates a net profit growth rate of 7 times PE for the years 2024-2026, supporting the bullish outlook on the company's stock [2][4].

Financial Performance - The total revenue for the reporting period was RMB 1,553,869 million, representing a 5.0% increase compared to RMB 1,479,871 million in the same period last year[11]. - The net profit attributable to shareholders of the parent company was RMB 88,607 million, up 3.9% from RMB 85,276 million year-on-year[11]. - The basic earnings per share for the reporting period was RMB 0.48, reflecting a 3.9% increase from RMB 0.47 in the same period last year[11]. - The company achieved a gross profit of RMB 1,249.29 billion, up 3.6% from RMB 1,206.17 billion year-on-year[45]. - The operating profit for the first half of 2024 reached RMB 105.03 billion, a 5.9% increase from RMB 99.25 billion in the same period last year, driven by rising crude oil prices and increased natural gas sales[46]. - The net profit for the first half of 2024 was RMB 99.61 billion, a 5.3% increase from RMB 94.58 billion year-on-year[46]. - The total comprehensive income for the six months ended June 30, 2024, was RMB 83,393 million, a decrease from RMB 86,385 million in the same period last year, indicating a decline of about 3.4%[116]. Cash Flow and Investments - The net cash flow from operating activities was RMB 217,329 million, a decrease of 2.0% from RMB 221,706 million in the previous year[11]. - The net cash flow used in investing activities increased by 17.5% to RMB 140.29 billion from RMB 119.41 billion year-on-year[54]. - The net cash flow used in financing activities rose significantly by 69.0% to RMB 133.01 billion from RMB 78.69 billion in the previous year[55]. - The capital expenditure for the first half of 2024 was RMB 78.94 billion, a decrease of 7.3% from RMB 85.14 billion in the same period last year, with a full-year forecast of RMB 258.00 billion[59]. - The total cash outflow from investing activities was RMB 172,778 million, compared to RMB 149,756 million in the same period last year, reflecting an increase of approximately 15.4%[115]. - The cash inflow from financing activities totaled RMB 288,192 million, down from RMB 345,321 million in the same period last year, representing a decrease of approximately 16.5%[115]. Assets and Liabilities - The total assets at the end of the reporting period were RMB 2,768,297 million, a 0.6% increase from RMB 2,752,710 million at the end of the previous year[11]. - The total liabilities decreased by 2.8% to RMB 1,090.13 billion from RMB 1,122.08 billion at the end of 2023[51]. - The company's total equity attributable to shareholders increased to RMB 1,489,904 million as of June 30, 2024, from RMB 1,446,410 million at the end of 2023, reflecting a growth of approximately 3%[112]. - The company's debt-to-asset ratio improved to 39.38% as of June 30, 2024, down from 40.76% at the end of 2023[109]. Shareholder Information - The company declared an interim dividend of RMB 0.22 per share, amounting to approximately RMB 402.65 million based on the total share capital as of June 30, 2024[10]. - The largest shareholder, China National Petroleum Corporation, holds 150,923,565,570 shares, representing 82.46% of the total shares[17]. - The company has a cash dividend policy that mandates a minimum distribution of 30% of the net profit attributable to shareholders of the parent company, provided cash flow supports it[71]. Operational Highlights - In the first half of 2024, the company's crude oil production reached 474.8 million barrels, a 0.1% increase from 474.3 million barrels in the same period last year[32]. - The company achieved a sales volume of natural gas of 2,584.2 billion cubic feet, up 2.7% from 2,517.1 billion cubic feet year-on-year[32]. - The total oil and gas equivalent production was 905.5 million barrels, reflecting a 1.3% increase from 893.8 million barrels in the previous year[32]. - The company reported a significant increase in wind and solar power generation, reaching 2.17 billion kilowatt-hours, a 154.5% increase from 850 million kilowatt-hours in the same period last year[33]. Environmental and Social Responsibility - The company has implemented a three-step strategy focusing on "clean alternatives, strategic replacements, and green transformation" to reduce carbon emissions and enhance energy efficiency[92]. - The company has maintained a strong commitment to environmental protection, with no significant environmental pollution incidents reported during the period[92]. - The company has actively engaged in rural revitalization initiatives, including the "Happy Village" project to improve living conditions in rural areas[93]. Regulatory and Compliance - The financial statements were prepared in accordance with the accounting standards set by the Ministry of Finance of China, ensuring compliance and transparency[120]. - The company has maintained compliance with corporate governance standards and has not encountered any insider trading violations[71]. - The company is subject to various regulatory risks, including changes in government policies regarding exploration and production licenses, special taxes, and environmental standards[98]. Future Outlook - The company expects moderate global economic growth in the second half of 2024, with domestic demand for natural gas continuing to grow rapidly[68]. - The company plans to increase investment in unconventional resources and clean energy projects, with a focus on enhancing exploration and development capabilities[61]. - The company aims to enhance its market share and operational capabilities in both domestic and international markets[47].

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 8.07, indicating a potential upside of 36.1% from the current price of HKD 5.93 [1]. Core Insights - The company achieved a record high in interim dividends, with a cash dividend payout ratio of 45% [1]. - The natural gas business is experiencing rapid growth, contributing to revenue and profit increases [1]. - The oil and gas segment reported revenue of RMB 4,497 billion, a year-on-year increase of 5.9%, while the chemical segment turned a profit of RMB 3.126 billion, recovering from a loss in the previous year [1]. - The company is focusing on green transformation through acquisitions, such as the 100% stake in CNOOC Power [1]. Financial Performance Summary - For the first half of 2024, the company reported revenue of RMB 1,553.9 billion, a decrease of 5% year-on-year, and a net profit of RMB 88.6 billion, an increase of 3.9% [1]. - The average oil price increased, and domestic natural gas business volume and prices rose, leading to revenue and profit growth [1]. - The company processed 693 million barrels of crude oil, a 3% increase year-on-year, while total oil equivalent production reached 906 million barrels, up 1.3% [1]. - Natural gas sales reached 147.2 billion cubic meters, a 5.8% increase, with revenue from this segment growing by 7.9% [1]. Business Segment Analysis - The refining business faced challenges, with operating profit declining by 43% to RMB 10.5 billion, while the chemical segment saw a turnaround with a profit of RMB 3.126 billion [1]. - The sales of refined oil products decreased by 2% to 79.05 million tons due to the growth of domestic electric vehicles and extreme weather conditions [1]. - The company is actively reducing international procurement costs in the natural gas sector, anticipating continued growth in the second half of the year [1].

Financial Performance - In the first half of 2024, the company achieved operating revenue of RMB 155.39 billion, a 5.0% increase from RMB 147.99 billion in the same period last year[10]. - Net profit attributable to shareholders was RMB 88.61 billion, up 3.9% from RMB 85.27 billion year-on-year[10]. - The company’s operating profit reached RMB 91.66 billion, reflecting a 7.2% increase compared to RMB 85.52 billion in the previous year[17]. - The total operating expenses amounted to RMB 1,428,940 million, up from RMB 1,359,254 million in the previous year, reflecting a year-on-year increase of approximately 5.1%[67]. - The total profit for the first half of 2024 was RMB 129.14 billion, compared to RMB 121.75 billion for the same period in 2023, reflecting a year-on-year increase of 6.5%[97]. - The net profit for the period was RMB 99,614 million, representing a growth of 5.4% from RMB 94,579 million in the same period last year[67]. - The company's basic earnings per share for the first half of 2024 was RMB 0.48, compared to RMB 0.47 in the same period of 2023[97]. - The company reported a pre-tax profit of RMB 129,139 million, an increase from RMB 121,755 million in the previous year, indicating a growth of approximately 6.1%[67]. Assets and Liabilities - The total assets of the company amounted to RMB 2768.04 billion, a 0.6% increase from RMB 2752.45 billion at the end of the previous year[21]. - Total liabilities decreased by 2.8% to RMB 1090.13 billion from RMB 1122.08 billion at the end of the previous year[22]. - The company's cash and cash equivalents as of June 30, 2024, were RMB 192.10 billion, down from RMB 249.00 billion at the end of 2023[50]. - The total liabilities as of June 30, 2024, were RMB 1,090,144 million, down from RMB 1,122,089 million as of December 31, 2023[78]. - The equity attributable to shareholders of the parent company increased to RMB 1,489,904 million from RMB 1,446,410 million[78]. - The company's current assets totaled RMB 672,371 million, an increase from RMB 658,520 million in the previous period[68]. Capital Expenditure and Investments - Capital expenditure for the oil and gas and new energy division was RMB 67.41 billion, primarily focused on key basins in China and unconventional resource development[27]. - The company plans to allocate RMB 6.00 billion for capital expenditure in the natural gas sales division for the full year of 2024[29]. - The company plans to allocate RMB 3.00 billion for capital expenditures in 2024[56]. - The company reported investment income of RMB 1.14 billion for the first half of 2024, down from RMB 6.70 billion in the same period of 2023[97]. Production and Sales - The company achieved a domestic crude oil production of 392.8 million barrels in the first half of 2024, a slight increase of 0.1% from 392.3 million barrels in the previous year[139]. - The company reported a natural gas production of 2,486.8 billion cubic feet, reflecting a 2.9% increase from 2,417.3 billion cubic feet year-on-year[139]. - The total oil and gas equivalent production reached 905.5 million barrels, up 1.3% from 893.8 million barrels in the previous year[141]. - The company processed 693.3 million barrels of crude oil, a 3.0% increase from 673.0 million barrels in the previous year, and produced 60.12 million tons of refined oil, up 2.1% from 58.86 million tons[186]. - The company achieved a natural gas sales volume of 1,472.17 billion cubic meters, representing a 12.9% increase compared to 1,303.52 billion cubic meters in the previous year[165]. - The company's total sales of gasoline, kerosene, and diesel amounted to 79,053 thousand tons, a decrease of 2.0% from 80,668 thousand tons in the previous year[164]. Research and Development - The company reported a significant increase in research revenue, contributing to the growth in the main business income[33]. - The company's research and development expenses for the first half of 2024 were RMB 9.66 million, slightly up from RMB 9.65 million in the same period last year[97]. - Research and development expenses remained stable at RMB 9,657 million, slightly up from RMB 9,651 million year-over-year[88]. - The company is actively developing new chemical products and materials, establishing a new subsidiary focused on advanced materials[186]. Market and Strategic Initiatives - The company aims to enhance the production of high-end, high-value-added refining products and new chemical materials, while optimizing production processes and product structures[45]. - The company is focusing on market expansion strategies, including enhancing online trading and developing new customer segments in the natural gas sales business[58]. - The company is actively participating in the development of hydrogen energy and geothermal heating markets, as well as advancing CCUS-EOR demonstration projects[57]. - The company is enhancing its marketing network and service capabilities, focusing on green and low-carbon transformation initiatives, including the expansion of integrated energy stations[187]. Dividends and Shareholder Returns - The company declared an interim dividend of RMB 40,265 million for the first half of 2024, compared to no dividend in the same period of 2023[72]. - The company plans to distribute an interim dividend of RMB 0.22 per share, amounting to approximately RMB 40.27 billion based on the total share capital as of June 30, 2024[109].