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].

Investment Rating - The investment rating for Sinopec (600028.SH) is "Buy" [3] Core Views - The report indicates that Sinopec's performance has been impacted by a decline in refining sector profits due to falling oil prices and narrowing margins on petrochemical products. The company reported a revenue of 2366.54 billion yuan for the first three quarters of 2024, a year-on-year decrease of 4.19%, and a net profit attributable to shareholders of 44.25 billion yuan, down 16.46% year-on-year [3][4] - The upstream segment has shown resilience with increased production and efficiency, while the downstream refining and marketing segments have faced challenges due to weak demand and cost pressures [2][3] Summary by Sections Financial Performance - For Q3 2024, Sinopec achieved a revenue of 790.41 billion yuan, a year-on-year decrease of 9.80%, and a net profit of 8.54 billion yuan, down 52.15% year-on-year. The basic earnings per share for Q3 was 0.07 yuan, a decline of 52.89% year-on-year [3][4] - The average Brent crude oil price for the first three quarters of 2024 was 81.6 USD/barrel, remaining stable compared to the previous year, while the average price in Q3 was 78.7 USD/barrel, leading to a significant reduction in inventory gains [3][4] Upstream Performance - The upstream segment reported a production equivalent of 386 million barrels, a year-on-year increase of 2.6%, with crude oil production at 211 million barrels, up 0.3%, and natural gas production at 175 million barrels of oil equivalent, up 5.6% [2][3] - The company has made significant progress in high-quality exploration and effective development, particularly in shale gas and oil fields [2] Downstream Performance - The refining segment processed 191 million tons of crude oil in the first three quarters, a decrease of 1.6% year-on-year, with refined product output down 0.8% [2][3] - The refining cash operating cost was 3.69 USD/barrel, down 8% year-on-year, but the refining margin fell nearly 20% due to weak demand and rapid oil price declines [2][3] Industry Outlook - The report suggests that the refining industry is expected to undergo consolidation, with smaller refineries likely to be phased out, which may strengthen the competitive advantage of industry leaders like Sinopec [2][3] - The company is well-positioned to benefit from cost optimization and structural adjustments in the supply chain, enhancing its competitive edge in the evolving market landscape [2][3]

Investment Rating - The report maintains a "Recommended" rating for Sinopec (600028.SH) with a target price of 6.44 CNY per share [4]. Core Views - The report highlights a significant decline in profits due to reduced inventory gains and lower petrochemical product margins, with a year-on-year decrease in net profit of 52.1% in Q3 2024 [1][2]. - Despite the challenges, the exploration business is expected to support profitability, and domestic demand improvements may enhance the profitability of refining and chemical operations [2]. Financial Performance Summary - For the first three quarters of 2024, Sinopec reported total revenue of 23665.4 billion CNY, a year-on-year decrease of 4.2%, and a net profit attributable to shareholders of 442.5 billion CNY, down 16.5% year-on-year [1]. - In Q3 2024, the company achieved revenue of 7904.1 billion CNY, a year-on-year decline of 9.8%, and a net profit of 85.4 billion CNY, down 52.1% year-on-year [1][2]. - The total EBITDA for 2024 is projected to be 183306 million CNY, with a net profit forecast of 62682 million CNY [5][6]. Segment Performance - Exploration and production segment reported a net profit of 143.4 billion CNY, with a slight decrease of 10.6% compared to the previous quarter [2]. - The refining segment experienced a net loss of 7.5 billion CNY, while the marketing and distribution segment's profit fell by 56.5% to 33.9 billion CNY [2]. - Chemical segment reported a net loss of 26.5 billion CNY, reflecting a significant decrease in profitability [2]. Price and Earnings Forecast - The expected earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 0.44 CNY, 0.46 CNY, and 0.48 CNY respectively, with corresponding price-to-earnings (PE) ratios of 14, 14, and 13 [3][5]. - The forecasted net profit for 2024, 2025, and 2026 is 54097 million CNY, 56136 million CNY, and 58554 million CNY respectively [3][5].

Financial Performance - Operating revenue for the third quarter of 2024 was RMB 790.41 billion, a decrease of 9.8% compared to RMB 876.26 billion in the same period of 2023[3] - Net profit attributable to shareholders of the listed company for the third quarter was RMB 8.54 billion, down 52.1% from RMB 17.86 billion year-on-year[3] - The basic earnings per share for the third quarter was RMB 0.070, a decrease of 53.0% from RMB 0.149 in the same quarter last year[3] - Net profit fell by 53.7% to RMB 9,861 million from RMB 21,278 million, a decrease of RMB 11,417 million[7] - The total operating profit for the first nine months of 2024 was RMB 63,591 million, a decrease of 19.8% compared to RMB 79,287 million in the same period of 2023[41] - The company reported a total comprehensive income of RMB 9,292 million for Q3 2024, down from RMB 25,463 million in Q3 2023[31] - The company’s net profit attributable to shareholders was RMB 442.47 billion, a decrease of 16.5% year-on-year[14] Cash Flow and Liquidity - The net cash flow from operating activities for the year-to-date period was RMB 101.54 billion, an increase of 3.3% compared to RMB 98.31 billion in the previous year[5] - Cash received from tax refunds decreased by 33.3% to RMB 6,140 million from RMB 9,202 million, a reduction of RMB 3,062 million[8] - Cash inflow from financing activities surged to RMB 15,137 million from RMB 957 million, a remarkable increase of 1,481.7%[8] - The net cash flow from investing activities was RMB (99,801) million, an improvement compared to RMB (120,662) million in the same period last year, indicating a reduction in cash outflow by 17.3%[33] - The company reported a net cash flow from financing activities of RMB (7,621) million, contrasting with a positive cash flow of RMB 56,645 million in the same period last year[34] - The cash and cash equivalents at the end of the period were RMB 115,549 million, a decrease from RMB 128,468 million at the end of the previous year, indicating a reduction of 10.0%[34] Assets and Liabilities - Total assets as of September 30, 2024, were RMB 2,095.55 billion, reflecting a 3.5% increase from RMB 2,024.70 billion at the end of 2023[5] - The company’s total liabilities increased by 3.5% year-on-year, reflecting ongoing investments and operational expansions[5] - The total liabilities increased to RMB 1,121,216 million from RMB 1,068,019 million, reflecting a rise of approximately 5%[26] - Shareholders' equity amounted to RMB 976,417 million as of September 30, 2024, up from RMB 958,655 million, indicating an increase of about 1.9%[26] - The company’s long-term investments reached RMB 238,705 million, slightly up from RMB 234,608 million, reflecting a growth of about 1.5%[25] Operational Highlights - The company’s oil and gas equivalent production reached 386.06 million barrels, an increase of 2.6% year-on-year, with natural gas production at 1,048.14 billion cubic feet, up 5.6%[15] - The refining segment processed 19.069 million tons of crude oil, producing 11.660 million tons of refined oil, with gasoline production increasing by 4.1%[16] - Total refined oil sales volume was 18.167 million tons, a year-on-year increase of 0.6%, while domestic refined oil sales volume decreased by 3.2%[17] - The chemical segment reported a total operating volume of 6.217 million tons, with a pre-tax loss of RMB 47.87 billion[19] - The average price of crude oil realized was $76.56 per barrel, while the average price of natural gas realized was $7.48 per thousand cubic feet[15] Investment and Expenditures - Capital expenditures for the first three quarters of 2024 totaled RMB 863.50 billion, with RMB 507.65 billion allocated to exploration and development[20] - The company reported a total investment income of RMB 11,141 million for the first nine months of 2024, significantly up from RMB 2,190 million in the same period of 2023[40] - The company initiated a share buyback program, repurchasing 7,490,800 A shares and 111,192,000 H shares by September 30, 2024[22] Shareholder Information - Total number of shareholders at the end of the reporting period was 5,332, with the largest shareholder being China Petroleum & Chemical Corporation holding 68.25%[9] - The top ten shareholders collectively hold a significant portion of the company's shares, with the largest shareholder owning over 83 billion shares[11] Accounting and Policy Changes - The company implemented changes in accounting policies in 2024, following the Ministry of Finance's recent guidelines, particularly regarding the classification of current and non-current liabilities[55] - The company noted that the adoption of new accounting standards did not have a significant impact on its financial position and operating results[56]

股票代码：600028 股票简称：中国石化 公告编号：2024-47 中国石油化工股份有限公司 会计政策变更公告 本次会计政策变更后，公司执行上述《解释第 17 号》所述的要求，除上述会计 政策变更外，其余未变更部分仍执行财政部颁布的《企业会计准则——基本准则》 和各项具体会计准则、企业会计准则应用指南、企业会计准则解释公告及其他相关 规定。 一、会计政策变更概述 根据中华人民共和国财政部（简称"财政部"）发布的《企业会计准则解释第 17 号》（财会[2023]21 号）（简称"《解释第 17 号》"），中国石油化工股份有限公司 （简称"中国石化"或"公司"）对相关会计政策进行变更。 二、会计政策变更具体情况及对公司的影响 （一）会计政策变更具体情况 《解释第 17 号》主要对"流动负债与非流动负债的划分及列示"做出了新的规 定，据此，公司对会计政策予以相应的变更。 本次会计政策变更前，公司执行财政部发布的《企业会计准则——基本准则》 及各项具体会计准则、企业会计准则应用指南、企业会计准则解释公告以及其他相 关规定。 1 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 或重大遗漏，并对其 ...

证券时报e公司讯，企查查APP显示，近日，中石化泰州页岩油有限公司成立，法定代表人为许国晨， 注册资本4亿元，经营范围包含：矿产资源勘查；陆地石油和天然气开采；燃气经营；建设工程施工 等。 企查查股权穿透显示，该公司由中国石化、泰州市泰能投资管理有限责任公司共同持股。 ...

股票代码：600028 股票简称：中国石化 公告编号：2024-46 中国石油化工股份有限公司 2024 年第一次临时股东会决议公告 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： 是否有否决议案：无 一、 会议召开和出席情况 （一）2024 年第一次临时股东会（简称"临时股东会"或"会议"）召开时间： 2024 年 10 月 22 日 （二）临时股东会召开地点：北京市东城区朝阳门北大街 2 号北京港澳中心瑞 士酒店 1 （四）中国石油化工股份有限公司（简称"中国石化"或"公司"）临时股东 会由中国石化董事会（简称"董事会"）召集，由董事长马永生先生主持。临时股 东会的召集、召开和表决符合《公司法》及中国石化《公司章程》的规定。 （五）会议出席情况 1、公司在任董事 12 人，出席 9 人，董事长马永生先生，副董事长赵东先生， 董事钟韧先生、吕亮功先生、牛栓文先生、万涛先生、喻宝才先生，独立非执行董 事张丽英女士、廖子彬先生出席了会议；董事李永林先生，独立非执行董事徐林先 生、张希良先生因工作原因未出席会议； ...

北京市海间律师事务所 关于中国石油化工股份有限公司 2024 年第一次临时股东会的法律意见书 北京 BEIJING | 上海 SHANGHAI | 深圳 SHENZHEN | 香港 HONG KONG | 成都 CHENGDU | 海口 HAIKOU 许 KI .○二四年十月二十二日 海间律师事务所 HAIWEN & PARTNERS 传真(Fax):(+86 10) 8560 6999 www.haiwen-law.com +86 10) 8560 6888 致:中国石油化工股份有限公司 本所作为贵司的常年法律顾问,应贵司要求,根据《中华人民共和国证券法》、 《中华人民共和国公司法》(以下统称"有关法律")及《中国石油化工股份有限 公司章程》(以下称"公司章程")的规定,出席贵司于 2024年 10月 22 日召开 的 2024 年第一次临时股东会(以下称"本次会议"),对本次会议召开的合法性 进行见证,并依法出具本法律意见书。 本所律师根据《中华人民共和国证券法》第十九条的要求,按照律师行业公 认的业务标准、道德规范和勤勉尽责精神,出席了本次会议现场会议,并对贵司 提供的文件和有关事实进行了核查和验证。本 ...

Group 1 - China Petroleum Capital, established by China Petroleum & Chemical Corporation and China Petroleum & Chemical Group, is actively investing in the primary market as a corporate venture capital (CVC) institution focusing on strategic emerging industries [1][2] - The capital is concentrating on sectors such as new energy, new materials, high-end intelligent manufacturing, big data and artificial intelligence, and biotechnology, aiming to empower invested companies and support the transformation and sustainable development of China Petroleum [1][2][3] - Recent investments include a Pre-A round investment in Zhongke Shenlan Huize New Energy, a solid-state lithium-ion battery manufacturer, and a lead investment in Shenzhen Yingfeiyuan Technology, a digital energy solutions provider [1][2] Group 2 - Since the beginning of the year, China Petroleum Capital has invested in several upstream and downstream enterprises, including Shanghai Hailong Saineng New Materials and Xi'an Lingchong Chuangxiang New Energy Technology [2][3] - China Petroleum Capital was established in July 2018 with a registered capital of 10 billion yuan, focusing on emerging industry investments and fund management [2][3] - The investment strategy includes enhancing the competitiveness of the renewable energy supply chain, developing high-value new materials, and promoting the integration of technology and finance to support the green and high-quality development of the energy and chemical industries [3]

中国石油化工股份有限公司 关于获得A股股份回购资金贷款支持暨 增加本轮A股股份回购资金来源的公告 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。 2024年6月28日，中国石油化工股份有限公司（简称"中国石化"或"公司"）2023 年年度股东大会、2024年第一次A股类别股东大会和2024年第一次H股类别股东大会 审议通过了《授权中国石化董事会回购公司内资股及/或境外上市外资股的议案》，授 权董事会（或由董事会授权的董事）决定单独或同时回购不超过公司已发行的A股或 H股各自数量的10%的股份。为维护公司价值及股东权益，2024年8月23日，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》（简 称"本轮回购"），公司拟使用不低于人民币8亿元、不超过人民币15亿元回购公司A股 股份；回购资金来源为公司自有资金；回购期限自董事会批准方案之日起不超过3个 月。2024年10月10日，公司披露了《关于以集中竞价交易方式回购A股股份的进展公 告》，公司在本轮回购中已累计回购A股股份7,490,800股， ...