Investment Rating - The investment rating for Sinopec (600028) is "Outperform the Market" and is maintained [2][25] Core Views - Sinopec reported a revenue of 2366.541 billion yuan for the first three quarters of 2024, a year-on-year decrease of 4.2%, and a net profit attributable to shareholders of 44.247 billion yuan, a decline of 16.5% year-on-year [6][10] - The decline in oil prices has negatively impacted the company's profitability across all business segments, with a significant drop in net profit of 52.1% in the third quarter compared to the previous year [6][10] - The company expects EPS for 2024-2026 to be 0.60, 0.61, and 0.63 yuan respectively, with a reasonable value range of 6.92-7.61 yuan based on comparable company valuation levels [25] Business Segment Summaries Exploration and Production - In Q3 2024, Sinopec's oil and gas equivalent production was 128 million barrels, a year-on-year increase of 1.68% but a quarter-on-quarter decrease of 0.37% [15][17] - The exploration and production segment generated operating revenue of 69.620 billion yuan, down 6.09% year-on-year, with operating profit of 13.547 billion yuan, a decrease of 1.62% quarter-on-quarter [15][19] Refining - The refining segment reported an income of 376.731 billion yuan in Q3 2024, a year-on-year decrease of 7.31%, and an operating loss of 539 million yuan, marking the first quarterly loss of 2023 [19][20] - The decline in crude oil prices has increased operational pressure due to higher refining costs and inventory losses [19] Chemicals - The chemical segment achieved revenue of 135.465 billion yuan in Q3 2024, a slight increase of 0.45% year-on-year, but incurred an operating loss of 1.732 billion yuan [22] - The "ethylene-naphtha" price spread was only 191.37 USD/ton in Q3 2024, significantly lower than the average of 425 USD/ton since 2012, indicating ongoing pressure in this segment [22][23] Marketing and Distribution - The marketing and distribution segment reported revenue of 448.978 billion yuan in Q3 2024, a year-on-year decrease of 8.16%, with operating profit down 64.91% [7][14]

FF305 Next Day Disclosure Return (Equity issuer - changes in issued shares or treasury shares, share buybacks andlor on-market sales of treasury shares) Instrument: Equity issuer Status: New Submission Name of Issuer: China Petroleum & Chemical Corporation Date Submitted: 01 November 2024 Section I must be completed by a listed issuer where has been a charge in its issued shares or teasury shares which is disoloseable pursuant to rule 13.25A of the Rules Gov .i.sting of Securities on The Stock Exchange of H ...

为维护公司价值及股东权益，2024年8月23日，中国石油化工股份有限公司（简称 "公司"或"本公司"）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》，具体内容详见公司于2024年8月26日在上海证券交易所网站 披露的相关公告。现将公司回购股份进展情况公告如下： 2024年10月，公司通过集中竞价交易方式已累计回购A股股份30,309,200股，占公 司总股本的比例为0.02%，购买的最高价为人民币6.33元/股、最低价为人民币6.16元/股， 支付的金额为人民币188,823,082.00元（不含交易费用）。截至2024年10月31日，公司本 轮已累计回购A股股份37,800,000股，占公司总股本的比例为0.03%，购买的最高价为人 民币6.40元/股、最低价为人民币6.16元/股，支付的总金额为人民币236,138,451.00元（不 含交易费用）。 股票代码：600028 股票简称：中国石化 公告编号：2024-48 上述回购进展符合法律法规的规定及公司披露的回购股份方案。公司将按照相关 规定及回购股份方案，根据市场情况在回购期限内实施股份回购，回购的股份将全部 用于注销 ...

Next Day Disclosure Return (Equity issuer - changes in issued shares or treasury shares, share buybacks andlor on-market sales of treasury shares) Instrument: Equity issuer Status: New Submission Name of Issuer: China Petroleum & Chemical Corporation 31 October 2024 Date Submitted: Section I must be completed by a listed issuer where has been a charge in its issued shares or teasury shares which is disoloseable pursuant to rule 13.25A of the Rules Gov .i.sting of Securities on The Stock Exchange of Hong (in ...

FF305 Next Day Disclosure Return (Equity issuer - changes in issued shares or treasury shares, share buybacks andlor on-market sales of treasury shares) Instrument: Equity issuer Status: New Submission Name of Issuer: China Petroleum & Chemical Corporation Date Submitted: 30 October 2024 Section I must be completed by a listed issuer where has been a charge in its issued shares or teasury shares which is disoloseable pursuant to rule 13.25A of the Rules Gov .i.sting of Securities on The Stock Exchange of Ho ...

Investment Rating - The report maintains a "Buy" rating for both A and H shares of Sinopec [1] Core Views - The report highlights that Sinopec's performance has been pressured by a decline in Brent oil prices, leading to a significant drop in profits in Q3 2024 [1] - The upstream segment has seen increased profitability, with exploration and development profits rising by 14% year-on-year [1] - The downstream refining and chemical segments have experienced reduced profitability due to falling oil prices and narrowing margins [1] - The report emphasizes the company's commitment to shareholder returns, projecting a dividend payout of 361 billion RMB for 2024, resulting in a dividend yield of 4.8% for A shares and 5.9% for H shares after tax [1] - The report adjusts profit forecasts for 2024-2026, reflecting a more conservative outlook on net profits [1] Financial Performance Summary - For the first three quarters of 2024, Sinopec reported total revenue of 2,366.54 billion RMB, a year-on-year increase of 4.2%, while net profit attributable to shareholders was 44.25 billion RMB, down 16.5% year-on-year [1] - In Q3 2024, revenue was 790.41 billion RMB, a decrease of 9.8% year-on-year, and net profit was 8.54 billion RMB, down 52% year-on-year [1] - The upstream segment's operating profit was 38.1 billion RMB, an increase of 14% year-on-year, while the refining segment's profit fell by 67% to 5.7 billion RMB [1] - The marketing and distribution segment's profit decreased by 31% to 16.6 billion RMB, primarily due to weak diesel consumption and the rise of electric vehicles [1] Profit Forecast and Valuation - The report projects net profits of 55.5 billion RMB for 2024, 60 billion RMB for 2025, and 63 billion RMB for 2026, with corresponding P/E ratios for A shares of 13.65, 12.64, and 12.03, and for H shares of 8.87, 8.21, and 7.82 [1]

Section I must be completed by a listed issuer where has been a charge in its issued shares or teasury shares which is disoloseable pursuant to rule 13.25A of the Rules Gov .i.sting of Securities on The Stock Exchange of Hong (intied the "Exchange") (the "Main Board Rules") or rule 17.27A of the Rules Governing the Listing of Securities on GEM Exchange (the "GEM Rules"). | Section I | | | | | | | --- | --- | --- | --- | --- | --- | | 1. Class of shares Ordinary shares | H Type of shares | | Listed on the Ex ...

Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of Sinopec, with current prices at 6.44 CNY and 4.51 HKD respectively [2]. Core Views - The report highlights that Sinopec's Q3 2024 performance is under pressure due to falling oil prices and weak refining demand, with a significant year-on-year decline in net profit [4][11]. - Despite the challenges, the upstream business shows resilience, benefiting from high oil prices and ongoing efforts to increase reserves and production [5][6]. - The report anticipates a long-term growth outlook for Sinopec, driven by strategic investments in new energy and materials, as well as an expected recovery in the chemical industry [11]. Summary by Sections Revenue Performance - For the first three quarters of 2024, Sinopec reported total revenue of 23,665 billion CNY, a year-on-year decrease of 4.19%, and a net profit attributable to shareholders of 442 billion CNY, down 16% [3][4]. Business Segment Analysis 1. **Upstream Business** - The upstream segment achieved an EBITDA of 452 billion CNY, up 8.6% year-on-year, with crude oil production at 211.29 million barrels, a slight increase of 0.3% [5][6]. - The average price of crude oil for the first three quarters was 76.6 USD/barrel, reflecting a minor increase compared to the previous year [6]. 2. **Refining Business** - The refining segment's EBITDA fell to 61.56 billion CNY, a decline of 65.3% year-on-year, primarily due to weak diesel demand and narrowing refining margins [7][8]. - Total crude processed was 19.069 million tons, down 1.6% year-on-year, with gasoline production increasing by 4.1% [7]. 3. **Sales and Distribution** - The sales segment reported an EBITDA of 199 billion CNY, down 25% year-on-year, impacted by weak diesel consumption and the rise of electric vehicles [8]. 4. **Chemical Business** - The chemical segment recorded an EBITDA loss of 48 billion CNY, although this represented a reduction in losses compared to the previous year [9]. Share Buyback and Investor Returns - As of September 30, 2024, Sinopec has initiated a share buyback program, repurchasing 7.49 million A-shares and 111 million H-shares, reflecting a commitment to enhancing shareholder value [10]. Profit Forecast and Valuation - The report revises profit forecasts for 2024-2026, projecting net profits of 571 billion CNY (down 19%), 611 billion CNY (down 19%), and 655 billion CNY (down 18%) respectively, with corresponding EPS estimates of 0.47, 0.50, and 0.54 CNY [11][12].

Investment Rating - The investment rating for Sinopec (600028) is "Buy" (maintained) [3]. Core Views - Sinopec reported a revenue of 2366.54 billion yuan for the first three quarters of 2024, a decrease of 4.19% year-on-year, with a net profit attributable to shareholders of 44.25 billion yuan, down 16.46% year-on-year [2][6]. - In Q3 2024, the company achieved a revenue of 790.41 billion yuan, a year-on-year decrease of 9.80%, while the net profit was 8.54 billion yuan, down 52.15% year-on-year [2][6]. - The chemical products demand is at a low point, and inventory losses have put short-term pressure on the company's performance [6]. - The refined oil segment remains stable, with a total apparent consumption of refined oil at 291 million tons for the first three quarters, an increase of 0.96% year-on-year [6]. - Oil and gas production is stable, with a slight increase in output, supported by high capital expenditure in exploration and development [6]. Summary by Sections Financial Performance - For the first three quarters of 2024, Sinopec's revenue was 2366.54 billion yuan, down 4.19% year-on-year, and the net profit was 44.25 billion yuan, down 16.46% year-on-year [2][6]. - Q3 2024 revenue was 790.41 billion yuan, a decrease of 9.80% year-on-year, while net profit was 8.54 billion yuan, down 52.15% year-on-year [2][6]. Chemical Products and Oil Segment - The average price difference between polyethylene and crude oil was 3211 yuan/ton, an increase of 16.10% year-on-year [6]. - The apparent consumption of refined oil for the first three quarters was 291 million tons, an increase of 0.96% year-on-year [6]. Production and Capital Expenditure - The company’s capital expenditure for exploration and development was 50.765 billion yuan, a slight increase of 0.11% year-on-year [6]. - Crude oil production was 211 million barrels, an increase of 0.3% year-on-year, while natural gas production was 1.05 trillion cubic feet, up 5.6% year-on-year [6]. Profit Forecast and Valuation - The forecast for net profit attributable to shareholders for 2024-2026 is 58 billion yuan, 70.3 billion yuan, and 75.3 billion yuan, respectively [6]. - The corresponding EPS for these years is expected to be 0.48 yuan, 0.58 yuan, and 0.62 yuan, with PE ratios of 13.5X, 11.2X, and 10.4X [6].

Investment Rating - The investment rating for the company is "Buy" with a target price indicating a potential return of over 20% within the next six months [4][11]. Core Views - The company's Q3 2024 performance was significantly impacted by a sharp decline in oil prices, leading to a 9.8% year-on-year decrease in revenue to 790.4 billion yuan and a 52.15% drop in net profit to 8.544 billion yuan [1]. - Natural gas production exceeded planned growth, with a 4.7% year-on-year increase, while oil production saw a slight decline of 0.2% [2]. - The refining sector continues to face pressure due to weak industrial demand, with diesel production down 14.2% year-on-year [3]. Summary by Sections Financial Performance - Q3 2024 revenue reached 790.4 billion yuan, down 9.8% year-on-year; net profit was 8.544 billion yuan, down 52.15% [1]. - The company adjusted its net profit forecasts for 2024, 2025, and 2026 to 54.022 billion yuan, 57.968 billion yuan, and 68.729 billion yuan respectively, reflecting a decrease from previous estimates [3]. Production and Cost Management - Oil and gas equivalent production for Q3 2024 was 128 million barrels, a 1.7% increase year-on-year, with natural gas production growing by 4.7% [2]. - Despite a 4% decline in revenue for the oil segment, profits increased by 16.6% due to effective cost control measures [2]. Refining and Chemical Sector - Refining throughput in Q3 2024 was 64 million tons, down 4.7% year-on-year, with total refined oil sales at 39 million tons, down 5.2% [3]. - The refining unit profit was reported at -0.3 USD per barrel of oil equivalent, a decrease of 2.4 USD year-on-year, primarily due to weak demand and inventory losses [3]. Valuation Metrics - The company’s projected P/E ratios for 2024, 2025, and 2026 are 14.5, 13.5, and 11.4 respectively, with expected dividend yields of 4.8%, 5.2%, and 6.1% for A-shares [3].