金融界2025年5月2日消息，国家知识产权局信息显示，中国石油天然气管道工程有限公司、中国石油天 然气集团有限公司、中国石油管道局工程有限公司申请一项名为"一种加氢站选址方法及系统"的专利， 公开号 CN119886590A ，申请日期为 2023 年 10 月。 专利摘要显示，本发明属于氢能源领域，具体涉及一种加氢站选址方法及系统，旨在解决现有加氢站选 址方法鲁棒性较差的问题。本发明包括：获取选址方案；构建加氢站选址评价模型；确定不同加氢站选 址方案的收益值；将加氢价格与周边柴油、汽油、电能等能源同热值比价进行方案验证，否则重新确定 新的选址方案。本发明有效提高了加氢站选址方法的鲁棒性。相对于传统基于加气站/加油站网络或者 在氢能源汽车经常出现区域附近进行选址的方法，本发明提供的加氢站选址方法专门针对实际氢气的需 求；并且在对比不同加氢站选址方案时，可兼顾加氢与加氢合建站、站外供氢与站内制氢以及不同加氢 量的差异，从而在加氢站选址中具有非常高的应用价值。 天眼查资料显示，中国石油天然气管道工程有限公司，成立于1995年，位于廊坊市，是一家以从事专业 技术服务业为主的企业。企业注册资本6000万人民币。通过天 ...

Group 1 - China National Petroleum Corporation (CNPC) and China Petroleum Group Eastern Geophysical Exploration Co., Ltd. applied for a patent titled "Identification Method, Device, Equipment, and Medium for Deep-Level Turbidite Sedimentary Bodies" with publication number CN119882037A, filed on October 2023 [1] - The patent describes a method for identifying deep-level turbidite sedimentary bodies, involving the extraction of velocity and seismic attributes from geological data, which are then fused to create a geological body distribution map [1] - The proposed method allows for rapid identification of turbidite sedimentary bodies even with limited geological data available [1] Group 2 - CNPC, established in 1990 and based in Beijing, primarily engages in gas production and supply, with a registered capital of 48.69 billion RMB [2] - CNPC has invested in 109 companies, participated in 5,000 bidding projects, and holds 1,435 trademark records and 5,000 patent records [2] - China Petroleum Group Eastern Geophysical Exploration Co., Ltd., founded in 2000 and located in Baoding, focuses on professional technical services, with a registered capital of approximately 1.53 billion RMB [2] - The Eastern Geophysical Exploration Company has invested in 31 companies, participated in 1,877 bidding projects, and possesses 100 trademark records and 3,094 patent records [2]

截至2025年4月25日收盘，中国石油（601857）报收于7.96元，较上周的7.99元下跌0.38%。本周，中国 石油4月23日盘中最高价报8.07元。4月22日盘中最低价报7.91元。中国石油当前最新总市值14623.38亿 元，在炼化及贸易板块市值排名1/31，在两市A股市值排名7/5145。 本周关注点 交易信息汇总 4月28日中国石油发生了一笔金额为733.08万元的大宗交易。 截至2025年3月31日，中国石油的股东户数为52.38万户，相比2月28日减少了1.86万户，减幅达到 3.44%。与此同时，户均持股数量从上期的29.85万股增加到30.91万股，户均持股市值为254.09万元。 业绩披露要点 根据中国石油2025年一季报的数据，公司实现主营收入7531.08亿元，与去年同期相比下降了7.34%；归 母净利润为468.07亿元，同比增长2.27%；扣除非经常性损益后的净利润为465.62亿元，增长了1.5%。 此外，公司的负债率为37.92%，投资收益为35.67亿元，财务费用为35.71亿元，毛利率达到了21.09%。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its stock performance relative to the benchmark index [1][5]. Core Insights - The company reported a revenue of 753.11 billion yuan for Q1 2025, a year-on-year decrease of 7.3%, but a quarter-on-quarter increase of 10.47%. The net profit attributable to shareholders was 46.81 billion yuan, reflecting a year-on-year growth of 2.3% and a quarter-on-quarter growth of 45.55% [1][3]. - The oil and gas segment significantly contributed to the company's performance, with the Brent average oil price at $75 per barrel, down 8% year-on-year but up 1% quarter-on-quarter. The operating profits from various segments showed mixed results, with oil and gas yielding 46.1 billion yuan, a year-on-year increase of 30% [3][5]. - The company achieved a stable growth in oil and gas production, with a total output of 467 million barrels of oil equivalent, a 0.7% increase year-on-year. The unit operating cost decreased to $9.76 per barrel, down 6% from the previous year [3][5]. Financial Summary - The company forecasts net profits of 171.74 billion yuan, 175.75 billion yuan, and 178.98 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.94, 0.96, and 0.98 yuan per share. The projected P/E ratios for these years are 8.51, 8.32, and 8.17 [4][5]. - The total revenue is expected to decline slightly from 2,888.21 billion yuan in 2025 to 2,898.71 billion yuan in 2027, with a projected growth rate of -1.7% in 2025 and a slight recovery to 0.4% in 2027 [4][5].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The report highlights that the upstream sector has shown significant growth, contributing to the stable performance of the oil and gas leader [3] - The company achieved a total revenue of 753.11 billion yuan in Q1 2025, a year-on-year decrease of 7.3% but a quarter-on-quarter increase of 10.47% [1][3] - The net profit attributable to shareholders was 46.81 billion yuan, reflecting a year-on-year growth of 2.3% and a quarter-on-quarter growth of 45.55% [1][3] Financial Performance Summary - In Q1 2025, the company reported an operating profit of 46.1 billion yuan from the oil and gas sector, a year-on-year increase of 30 billion yuan [3] - The average Brent oil price in Q1 2025 was $75 per barrel, down 8% year-on-year but up 1% quarter-on-quarter [3] - The company’s oil and gas equivalent production reached 467 million barrels, a year-on-year increase of 0.7% [3] Cost Management and Efficiency - The company effectively controlled costs, with unit oil and gas operating costs decreasing to $9.76 per barrel, down 6% from the previous year [3] - The renewable energy sector saw a significant increase, with wind and solar power generation rising by 94.6% year-on-year to 1.68 billion kWh in Q1 2025 [3] Refining and Chemical Sector - The refining sector faced short-term pressure, with crude processing volume in 2024 down 4.7% year-on-year [3] - The company is actively pursuing transformation and upgrading projects in the refining and chemical sectors, with chemical product output increasing by 0.5% year-on-year [3] Earnings Forecast and Investment Rating - The forecast for net profit attributable to shareholders for 2025-2027 is 171.74 billion, 175.75 billion, and 178.98 billion yuan, with corresponding EPS of 0.94, 0.96, and 0.98 yuan per share [5] - The report maintains a "Buy" rating based on the company's robust performance and long-term investment value [5]

Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of the company, with current prices at 7.94 CNY and 5.80 HKD respectively [1]. Core Views - The company reported a steady performance in Q1 2025, with total revenue of 753.1 billion CNY, a year-on-year decrease of 7.3% but a quarter-on-quarter increase of 10.5%. The net profit attributable to shareholders was 46.8 billion CNY, reflecting a year-on-year increase of 2.3% and a quarter-on-quarter increase of 45.6% [5][6]. - The integrated industry chain of the company helps to withstand oil price fluctuations, leading to stable growth in net profit for Q1 2025. The average Brent crude oil price was 74.98 USD/barrel, down 8.3% year-on-year but up 1.3% quarter-on-quarter [6][12]. Summary by Sections Financial Performance - In Q1 2025, the company achieved an operating cash flow of 139.4 billion CNY, a year-on-year increase of 25.5%. The debt-to-asset ratio improved to 37.9%, down 1.1 percentage points year-on-year [6][12]. - The upstream business benefited from increased natural gas production and effective cost control, achieving an operating profit of 46.1 billion CNY, up 7.0% year-on-year. The average price of crude oil was 70.00 USD/barrel, down 7.2% year-on-year [7][8]. Segment Performance - The natural gas sales business reported an operating profit of 13.5 billion CNY, up 9.7% year-on-year, driven by increased sales volume and improved profitability across the industry chain. Total natural gas sales reached 86.4 billion cubic meters, a year-on-year increase of 3.7% [8][10]. - The refining and chemical segment faced challenges, with an operating profit of 5.4 billion CNY, down 33.6% year-on-year, primarily due to narrowing margins in refined products and lower profitability in chemical products [10][11]. Long-term Growth Potential - The company plans to maintain high capital expenditures, with a budget of 210 billion CNY for upstream investments in 2025. The expected growth in oil and gas equivalent production is 1.6% for the year [12][14]. - The company aims to transition towards a comprehensive energy service provider, enhancing its focus on high-value products in the chemical sector and increasing the proportion of high-margin products [12][14]. Shareholder Confidence - The major shareholder, China National Petroleum Corporation, plans to increase its stake in the company, reflecting confidence in its future development. The company maintains a strong dividend policy, with a stable dividend yield that enhances its investment value [13][14]. Earnings Forecast - The report slightly lowers the earnings forecast for the company, projecting net profits of 166.1 billion CNY, 171.2 billion CNY, and 175.7 billion CNY for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.91, 0.94, and 0.96 CNY per share [14][16].

公司报告 | 季报点评 中国石油（601857） 证券研究报告 降本超预期，Q1 业绩再证明抵抗油价波动能力 2025Q1 业绩略超我们和市场的预期 公司 2025Q1 营收 7531 亿元，同比-7.34%，其中归母净利润 468 亿元，同 比+2.27%，油价下跌的情况下，公司业绩再创历史新高，超出我们和市场 的预期。 降本效果明显，抵抗油气价下降的负面影响，上游利润仍然实现增长 勘探开发板块，2025Q1 原油产量同比+0.2%，天然气产量同比+1.2%。实现 油价 70 美元（同比-7.2%）；天然气价格 9.01 美元/mcf（同比-3.9%）。尽管 价格下滑明显，但是上游油气和新能源业务的经营利润达 461 亿，同比+30 亿，主要得益于单位操作成本下降（约贡献 21 亿）、油价下降导致税费支 出减少以及天然气增量贡献。 炼油及销售板块均面临成品油需求已达峰的压力，化工持续低迷 Q1 原油加工量同比-4.7%，成品油产量同比-6.3%，其中汽油产量同比-7.4%， 柴油产量同比-6.7%，煤油产量同比-2.3%，乙烯产量同比+0.04%，基本持 平。炼化板块经营利润 54 亿，同比减少约 27 亿 ...

Core Insights - The company reported a revenue of 753.11 billion yuan for Q1 2025, a year-on-year decrease of 7.3%, while net profit attributable to shareholders increased by 2.3% to 46.81 billion yuan [1] - The oil and gas business contributed to a slight increase in operating profit, which reached 65.18 billion yuan, up 0.8% year-on-year [1] Group 1: Oil and Gas Performance - The company achieved an oil and gas equivalent production of 46.7 million barrels, a year-on-year increase of 0.7%, with crude oil production at 24 million barrels, up 0.3% [2] - Natural gas production reached 13.613 billion cubic feet, a year-on-year increase of 1.2%, while the average selling price of natural gas decreased by 3.9% to 9.01 USD per thousand cubic feet [2] - The unit operating cost for oil and gas was 9.76 USD per barrel, down 6.0% year-on-year, indicating effective cost reduction [2] Group 2: Refining and Chemical Business - The company processed 33.7 million barrels of crude oil, a decrease of 4.7% year-on-year, with refined product output declining across gasoline, diesel, and kerosene [3] - The operating profit margin for refining and chemical business was 1.9%, down 0.7 percentage points year-on-year, reflecting reduced profitability [3] - The company is focusing on chemical transformation, with ethylene production remaining stable at 2.27 million tons, while synthetic resin and polymer production showed mixed results [3] Group 3: Shareholder Confidence - The controlling shareholder, China National Petroleum Corporation, plans to increase its stake in the company by investing between 2.8 billion and 5.6 billion yuan over the next 12 months, representing 0.2% to 0.4% of the company's total market value as of April 29, 2025 [4] Group 4: Investment Outlook - The company is positioned as a leading player in the domestic oil and gas sector, with rich upstream resources and a complete downstream supply chain [5] - Projected net profits for 2025 to 2027 are 143.13 billion, 154.33 billion, and 164.36 billion yuan, with corresponding EPS of 0.78, 0.84, and 0.90 yuan per share [5]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][21][22] Core Views - In the first quarter of 2025, the company's net profit attributable to shareholders increased by 2.3% year-on-year, exceeding expectations, with total revenue of 753.11 billion yuan, a decrease of 7.3% year-on-year but an increase of 10.5% quarter-on-quarter [1][7] - The company achieved a significant increase in natural gas production and sales, which contributed to the profit growth despite a decline in crude oil prices [1][4] - The company is focusing on efficient exploration and development in the oil and gas sector while accelerating the development of its renewable energy business [2][10] Financial Performance Summary - The company reported a total revenue of 753.11 billion yuan in Q1 2025, with a net profit of 46.81 billion yuan, reflecting a year-on-year increase of 2.3% [1][7] - The oil and gas and renewable energy segments generated an operating profit of 46.09 billion yuan, up 7.0% year-on-year, with an equivalent oil production of 467.0 million barrels [2][10] - The refining and finished oil sales segments faced demand pressure, with operating profits of 4.55 billion yuan and 5.04 billion yuan, down 34.7% and 25.4% year-on-year, respectively [3][12] - The natural gas sales segment achieved an operating profit of 13.51 billion yuan, benefiting from increased sales volume and optimized procurement costs [4][17] Profit Forecast and Valuation - The company is expected to maintain its profit forecast, with net profits projected at 167.4 billion yuan, 170.9 billion yuan, and 173.9 billion yuan for 2025, 2026, and 2027, respectively [21][23] - The diluted EPS is forecasted to be 0.91 yuan, 0.93 yuan, and 0.95 yuan for the same years, with corresponding A-share PE ratios of 8.7, 8.5, and 8.4 [21][23]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [4][6]. Core Insights - The company achieved a net profit attributable to shareholders of 46.81 billion yuan in Q1 2025, representing a year-on-year increase of 2.3%, despite a 7.3% decline in operating revenue to 753.11 billion yuan [1]. - The oil and gas business contributed to a slight increase in operating profit, with total operating profit reaching 65.18 billion yuan, a year-on-year increase of 0.8% [1]. - The company is focusing on chemical transformation to enhance value-added products, with ethylene production remaining stable at 2.27 million tons [3]. Revenue and Profitability - In Q1 2025, the company reported an oil and gas equivalent production of 467 million barrels, a year-on-year increase of 0.7%, with crude oil production at 240 million barrels and natural gas production at 13,613 billion cubic feet [2]. - The average selling price of oil was $70.0 per barrel, down 7.2% year-on-year, while the average domestic natural gas selling price was $9.01 per thousand cubic feet, down 3.9% [2]. - The company’s refining and chemical sales experienced a decline in profitability due to weak demand in the refined oil market, with refining product gross margins decreasing [3]. Future Earnings Forecast - The company is projected to achieve net profits attributable to shareholders of 143.13 billion yuan, 154.33 billion yuan, and 164.36 billion yuan for the years 2025, 2026, and 2027, respectively [4][5]. - Earnings per share (EPS) are expected to be 0.78 yuan, 0.84 yuan, and 0.90 yuan for the same years, with corresponding price-to-earnings (PE) ratios of 10, 9, and 9 times [4][5]. Shareholder Confidence - The controlling shareholder, China National Petroleum Corporation, plans to increase its stake in the company by investing between 2.8 billion yuan and 5.6 billion yuan over the next 12 months, reflecting confidence in the company's future performance [4].