Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of Sinopec (600028.SH/0386.HK) [2][15] Core Views - The Q1 performance shows significant improvement, with a total revenue of 790 billion yuan, a year-on-year decrease of 0.17%, but a quarter-on-quarter increase of 6%. The net profit attributable to shareholders is 18.3 billion yuan, down 8.88% year-on-year but up 144% quarter-on-quarter [6][7][14]. Summary by Sections Q1 Performance Overview - In Q1 2024, Sinopec's total revenue reached 790 billion yuan, reflecting a slight year-on-year decline of 0.17% but a quarter-on-quarter increase of 6%. The net profit attributable to shareholders was 18.3 billion yuan, down 8.88% year-on-year but showing a significant quarter-on-quarter increase of 144% [6][7]. Business Segment Analysis 1. **Upstream Business**: - The upstream segment achieved an EBITDA of 14.8 billion yuan, up 11% year-on-year and 142% quarter-on-quarter, driven by ongoing efforts to increase reserves and production [8][11]. - Oil production was 70.36 million barrels, a year-on-year increase of 1.3%, while natural gas production reached 350.46 billion cubic feet, up 6% year-on-year [8][11]. 2. **Refining Business**: - The refining segment reported an EBITDA of 6.9 billion yuan, down 34.2% year-on-year but up 480% quarter-on-quarter, attributed to improved demand for refined products [9][10]. - The total crude oil processed was 63.3 million tons, a year-on-year increase of 1.7% [9][10]. 3. **Sales and Distribution**: - The sales segment achieved an EBITDA of 8.7 billion yuan, up 2.4% year-on-year and 210.6% quarter-on-quarter, benefiting from integrated operations and market expansion efforts [10][11]. 4. **Chemical Business**: - The chemical segment reported an EBITDA of -1.6 billion yuan, a reduction in losses compared to previous periods, with production figures showing mixed results across various products [11][12]. Capital Expenditure and Shareholder Returns - In Q1 2024, Sinopec's capital expenditure was 20.5 billion yuan, a decrease of 12% year-on-year, with plans for a total capital expenditure of 173 billion yuan for the year [12][13]. - The company has initiated share buybacks, having repurchased 143.5 million A-shares and 44.35 million H-shares, reflecting confidence in future growth [13][14]. Profit Forecast and Valuation - The report forecasts net profits for 2024-2026 to be 70.4 billion, 75.2 billion, and 80.2 billion yuan respectively, with corresponding EPS of 0.58, 0.62, and 0.66 yuan per share [14][16].

Investment Rating - The investment rating for China Petroleum & Chemical Corporation (Sinopec) is "Recommended" (maintained) [2] Core Views - The company reported Q1 2024 results with operating revenue of 789.97 billion yuan, a year-on-year decrease of 0.17% and a quarter-on-quarter increase of 6.43%. The net profit attributable to shareholders was 18.32 billion yuan, down 8.88% year-on-year but up 144.31% quarter-on-quarter [3] - Significant progress in increasing reserves, production, and efficiency was noted, with upstream business showing notable improvement. The exploration and development, refining, and marketing segments achieved operating profits of 14.01 billion, 6.97 billion, and 8.00 billion yuan respectively, with year-on-year changes of 9.0%, -33.0%, and 1.0% [3] - The downstream business faced pressure due to cost and supply factors, with a total crude oil processing volume of 63.30 million tons, a year-on-year increase of 1.7%, and total refined oil sales of 59.81 million tons, up 6.5% year-on-year [3] - The company maintains a high dividend payout ratio, with a projected dividend payout ratio of 72.10% for 2023. The planned capital expenditure for 2024 is 173 billion yuan, the highest in nearly a decade [3] - Revenue forecasts for 2024-2026 are 3,373.63 billion, 3,402.61 billion, and 3,412.66 billion yuan respectively, with net profits of 63.74 billion, 71.39 billion, and 75.98 billion yuan, reflecting year-on-year growth rates of 5.42%, 12.00%, and 6.43% [3] Summary by Sections Financial Performance - Q1 2024 operating revenue was 789.97 billion yuan, with a year-on-year decrease of 0.17% and a quarter-on-quarter increase of 6.43% [3] - Q1 2024 net profit attributable to shareholders was 18.32 billion yuan, down 8.88% year-on-year but up 144.31% quarter-on-quarter [3] Business Segments - Upstream exploration and development achieved significant improvements, with a production volume of 128.78 million barrels, a year-on-year increase of 3.4% [3] - The refining segment's performance declined, attributed to narrowing refining margins [3] - The chemical segment reported an operating loss of 1.56 billion yuan, with losses narrowing by 12.1% year-on-year [3] Future Outlook - The company plans to increase exploration efforts and enhance quality reserves, with a target production of 279.06 million barrels of crude oil and 1,379.7 billion cubic feet of natural gas for 2024 [3] - The refining segment aims to process 260 million tons of crude oil and produce 159 million tons of refined oil in 2024 [3] - The chemical business will focus on developing new advantages in cost, added value, and green low-carbon initiatives, with a production target of 14.35 million tons of ethylene [3]

Investment Rating - The report maintains a "Recommend" rating for the company, with a target price of 6.54 yuan [2][7] Core Views - The company's exploration business maintains high profitability due to stable crude oil prices and increased natural gas production, with EBIT growing by 11.0% YoY in Q1 2024 [1] - Refining profitability declined due to lower refined oil prices, with refining EBIT dropping by 34.2% YoY in Q1 2024 [1] - Chemical business losses narrowed due to cost control measures, with EBIT improving to -16.09 billion yuan in Q1 2024 [1] - Marketing and distribution business showed steady growth, with overseas sales volume increasing by 22.8% YoY and EBIT rising by 2.4% in Q1 2024 [1] - Domestic demand recovery is expected to drive profitability improvements in refining and chemical businesses [1] Financial Performance Summary Revenue and Profit - Q1 2024 revenue was 789.97 billion yuan, down 0.2% YoY [1] - Q1 2024 net profit attributable to shareholders was 18.32 billion yuan, down 8.9% YoY [1] - 2024E revenue is projected at 3.46 trillion yuan, up 7.6% YoY [2] - 2024E net profit attributable to shareholders is forecasted at 70.41 billion yuan, up 16.4% YoY [2] Exploration and Development - Crude oil production reached 70.36 million barrels in Q1 2024, up 1.3% YoY [1] - Natural gas production was 350.5 billion cubic feet in Q1 2024, up 6.0% YoY [1] - Exploration and development EBIT was 14.82 billion yuan in Q1 2024, up 11.0% YoY [1] Refining - Refined oil production was 38.83 million tons in Q1 2024, up 4.1% YoY [1] - Refining cash operating cost decreased by 5.0% to 3.83 USD/barrel in Q1 2024 [1] - Refining EBIT was 6.89 billion yuan in Q1 2024, down 34.2% YoY [1] Chemical - Ethylene production was 3.28 million tons in Q1 2024, down 2.0% YoY [1] - Chemical unit processing cost decreased by 10.3% to 1,370 yuan/ton in Q1 2024 [1] - Chemical EBIT was -1.61 billion yuan in Q1 2024, with losses narrowing [1] Marketing and Distribution - Domestic refined oil sales volume was 45.58 million tons in Q1 2024, up 2.3% YoY [1] - Overseas refined oil sales volume was 14.23 million tons in Q1 2024, up 22.8% YoY [1] - Marketing and distribution EBIT was 8.68 billion yuan in Q1 2024, up 2.4% YoY [1] Valuation and Forecast - 2024E EPS is projected at 0.58 yuan/share, with a PE ratio of 11x [2] - 2025E EPS is forecasted at 0.61 yuan/share, with a PE ratio of 11x [2] - 2026E EPS is expected to reach 0.64 yuan/share, with a PE ratio of 10x [2] - PB ratio is projected at 0.9x for 2024-2026 [2] Historical Performance - 2023 revenue was 3.21 trillion yuan, down 3.2% YoY [5] - 2023 net profit attributable to shareholders was 60.46 billion yuan, down 9.9% YoY [5] - 2023 ROE was 7.50%, with a net profit margin of 1.88% [5]

Investment Rating - The report maintains a "Buy" rating for Sinopec (600028.SH) [1] Core Views - Sinopec's Q1 2024 performance aligns with expectations, with a revenue of 789.97 billion RMB, a slight decrease of 0.2% year-on-year, and a net profit attributable to shareholders of 18.19 billion RMB, down 7.8% year-on-year [1][4] - The refined oil sales segment is expected to maintain strong momentum, with total refined oil sales volume reaching 59.81 million tons in Q1 2024, an increase of 6.5% year-on-year [1][7] - The upstream oil and gas exploration and development segment is projected to see stable performance, with crude oil production increasing by 1.3% year-on-year to 70.36 million barrels in Q1 2024 [1][9] - The chemical segment is currently under pressure but may rebound with economic recovery, as evidenced by a reduction in losses to 1.61 billion RMB in Q1 2024 [1][8] Summary by Sections Performance Overview - In Q1 2024, Sinopec reported a revenue of 789.97 billion RMB, a decrease of 0.2% year-on-year, and a net profit of 18.19 billion RMB, down 7.8% year-on-year, which meets market expectations [1][4] Operational Analysis - The refined oil sales segment is expected to remain robust, with Q1 2024 crude oil processing volume at 63.30 million tons, up 1.7% year-on-year, and refined oil production of 16.22 million tons for gasoline, 14.75 million tons for diesel, and 7.86 million tons for kerosene [1][5] - The total refined oil sales volume in Q1 2024 reached 59.81 million tons, reflecting a year-on-year increase of 6.5% [1][7] - The upstream oil and gas exploration and development segment is expected to see stable growth, with capital expenditure of 13.5 billion RMB in Q1 2024, a decrease of 9.88% year-on-year [1][8] Profit Forecast and Valuation - The report projects net profits for Sinopec to be 68 billion RMB, 70.3 billion RMB, and 75.3 billion RMB for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.56 RMB, 0.58 RMB, and 0.62 RMB [1][3]

Investment Rating - The investment rating for Sinopec (600028.SH) is "Buy," consistent with the previous rating of "Buy" [1]. Core Views - The report highlights that Sinopec's operations remain stable in Q1 2024, with significant achievements in increasing reserves and production while reducing costs and improving efficiency [3]. - The average Brent crude oil price in Q1 2024 was $81 per barrel, showing a decline of approximately 1% year-on-year and quarter-on-quarter [3]. - The upstream segment achieved an operating profit of 12.706 billion yuan, a year-on-year increase of 11%, while the refining segment's profit decreased by 35% [3]. - The report anticipates a net profit attributable to shareholders of 80.582 billion yuan in 2024, with a growth rate of 33.3% [5]. Summary by Sections Financial Performance - In Q1 2024, Sinopec reported operating revenue of 789.967 billion yuan, a year-on-year decrease of 0.17% but a quarter-on-quarter increase of 6.43% [2]. - The net profit attributable to shareholders was 18.316 billion yuan, down 8.88% year-on-year but up 144.31% quarter-on-quarter [2]. - The basic earnings per share (EPS) was 0.15 yuan, reflecting a year-on-year decrease of 8.93% but a quarter-on-quarter increase of 150% [2]. Operational Highlights - The upstream exploration and development segment made significant progress in increasing reserves and production, with a total oil and gas equivalent output of 18.12 million tons, a year-on-year increase of 3.4% [3]. - The crude oil production reached 7.036 million barrels, up 1.3% year-on-year, while natural gas production was 9.9 billion cubic meters, up 6.0% [3]. - The refining segment processed 6.33 million tons of crude oil, a year-on-year increase of 1.7%, and produced 3.883 million tons of refined oil, up 4.1% [4]. Capital Expenditure - Total capital expenditure was 20.5 billion yuan, a decrease of 2.9 billion yuan year-on-year [5]. - The capital expenditure focus remains on upstream reserve and production enhancement as well as refining and chemical efficiency improvements [5]. Profit Forecast - The forecasted net profits for 2024, 2025, and 2026 are 80.582 billion yuan, 90.334 billion yuan, and 101.258 billion yuan, respectively, with corresponding EPS of 0.66 yuan, 0.74 yuan, and 0.83 yuan [5].

Financial Performance - Total revenue for Q1 2024 was RMB 789,967 million, a slight decrease of 0.2% compared to RMB 791,331 million in Q1 2023[3] - Net profit attributable to shareholders of the parent company decreased by 8.9% to RMB 18,316 million from RMB 20,102 million year-on-year[3] - The net profit excluding non-recurring gains and losses was RMB 18,186 million, down 7.8% from RMB 19,716 million in the same period last year[3] - Basic and diluted earnings per share were both RMB 0.153, down 8.9% from RMB 0.168 in the previous year[3] - Net profit for Q1 2024 was RMB 21,360 million, down 6.57% from RMB 22,864 million in Q1 2023[26] - The total comprehensive income for the first quarter of 2024 was RMB 21,028 million, down from RMB 22,338 million in the same period of 2023, a decrease of 5.9%[37] - The company's net profit according to Chinese accounting standards for the first quarter of 2024 was CNY 21,360 million, down from CNY 22,864 million in the same period of 2023[50] Cash Flow and Investments - Operating cash flow for the quarter was negative RMB 13,755 million, an improvement from negative RMB 18,397 million in Q1 2023[3] - Total cash inflow from investment activities was RMB 21,238 million, significantly higher than RMB 8,287 million in the previous year, while cash outflow was RMB 64,320 million compared to RMB 62,576 million[29] - The financing activities generated a net cash inflow of RMB 45,931 million, down from RMB 82,285 million in the same period last year, with total cash inflow of RMB 196,695 million compared to RMB 228,468 million[30] - The company’s cash and cash equivalents decreased to RMB 58,182 million from RMB 65,753 million at the end of 2023[24] - The company's cash and cash equivalents at the end of the period were RMB 110,964 million, compared to RMB 101,935 million at the end of the same period last year[30] Production and Sales - The total oil and gas equivalent production in Q1 2024 is 128.78 million barrels, representing a year-on-year increase of 3.4%[11] - The company's crude oil production in Q1 2024 is 70.36 million barrels, with domestic production at 63.11 million barrels, up 2.0% year-on-year[11] - The natural gas production in Q1 2024 is 3,504.6 billion cubic feet, reflecting a year-on-year growth of 6.0%[10] - The refining segment processed 63.30 million tons of crude oil in Q1 2024, an increase of 1.7% compared to the same period in 2023[12] - The total sales volume of refined oil products in Q1 2024 is 59.81 million tons, showing a year-on-year increase of 6.5%[12] - Domestic refined oil sales amounted to 45.58 million tons, up 2.3% from 44.57 million tons year-on-year[13] Assets and Liabilities - Total assets increased by 3.3% to RMB 2,094,106 million compared to RMB 2,026,674 million at the end of 2023[3] - The company’s total liabilities stood at RMB 1,102.5 billion, up from RMB 1,068.0 billion year-on-year[22] - The total current assets reached RMB 608.1 billion, compared to RMB 534.4 billion at the end of 2023[21] - The total assets as of March 31, 2024, were CNY 991,640 million, an increase from CNY 958,655 million as of December 31, 2023[51] Shareholder Information - As of the end of the reporting period, the total number of shareholders is 374,014, with the top ten shareholders holding 68.23% of the shares[8] - The company issued 2,390,438,247 A shares to China Petroleum Group, increasing the total share capital from 119,349,251,646 shares to 121,739,689,893 shares[9] Segment Performance - The exploration and development segment reported an operating profit of RMB 12,706 million, up from RMB 11,447 million year-over-year[35] - The refining segment's operating profit decreased to RMB 6,412 million from RMB 9,836 million in the previous year[35] - The marketing and distribution segment generated an operating profit of RMB 7,947 million, slightly down from RMB 8,062 million year-over-year[35] - The chemical segment reported an EBIT loss of RMB 1.609 billion, reflecting the challenging market conditions[13] - The chemical segment reported an operating loss of RMB (1,564) million, an improvement from a loss of RMB (1,780) million in the previous year[45] Capital Expenditures and Future Plans - Capital expenditures for the first quarter totaled RMB 20.5 billion, with RMB 13.5 billion allocated to exploration and development projects[16] - The company aims to reduce carbon emissions intensity by 5% and methane emissions intensity by 20% by 2028 as part of its green enterprise action plan[19]

中国石油化工股份有限公司（简称"中国石化"或"公司"）第八届监事会第十 三次会议（简称"会议"）于 2024 年 4 月 16 日以书面形式发出会议通知，于 2024 年 4 月 23 日以书面形式发出会议材料，于 2024 年 4 月 28 日以电子通讯方式召开。 应出席会议的监事 7 名，实际出席会议的监事 7 名。会议的召集和召开符合《中 华人民共和国公司法》和《中国石油化工股份有限公司章程》的规定。 股票代码：600028 股票简称：中国石化 公告编号：2024-18 中国石油化工股份有限公司 第八届监事会第十三次会议决议公告 中国石化监事会及全体监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。 特此公告。 1 中国石油化工股份有限公司监事会 2024 年 4 月 28 日 2 会议审议通过了以下事项： 1．中国石化 2024 年第一季度报告。监事会认为 2024 年第一季度报告严格按照 上海证券交易所（简称"上交所"）有关规定编制，报告内容真实、公允地反映了公 司 2024 年第一季度经营业绩及财务状况，未发现损害公司利益和股东权益的行 ...

中国石油化工股份有限公司 以自筹资金预先投入募集资金投资项目及支付发行费用情况报告的鉴证报告 按照《上市公司监管指引第 2 号 ——上市公司募集资金管理和使用的监管要求 (2022 年 修订) 》和上海证券交易所发布的《上海证券交易所上市公司自律监管指引第 1 号 -- 规范 运作》的要求，中国石化编制了情况报告。按照情况报告第二部分所述的编制基础编制情况报 告是中国石化管理层的责任，这种责任包括设计、执行和维护与情况报告编制相关的内部控 制，以及保证情况报告内容的真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏。 KPMG Huazhen LLP 8th Floor, KPMG Tower Oriental Plaza 1 East Chang An Avenue Beijing 100738 China Telephone +86 (10) 8508 5000 +86 (10) 8518 5111 Fax Internet kpmg.com/cn 近松椰星古外柴井窗口出 (特殊普通合伙) 中国北京 东长安街1号 东方广场毕马威大楼8层 邮政编码:100738 电话 +86(10)8508 5000 ...

应出席会议的董事 9 人，实际出席会议的董事 9 人。会议的召集和召开符合有关 法律和《中国石油化工股份有限公司章程》（简称"《公司章程》"）的规定。会议审议通 过了如下事项及议案： 一、关于使用募集资金置换预先投入自筹资金的议案。 股票代码：600028 股票简称：中国石化 公告编号：2024-17 中国石油化工股份有限公司 第八届董事会第二十二次会议决议公告 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。 中国石油化工股份有限公司（简称"中国石化"或"公司"）第八届董事会第二 十二次会议（简称"会议"）于 2024 年 4 月 18 日发出书面通知和书面材料，于 2024 年 4 月 28 日以电子通讯方式召开。 董事会同意公司使用募集资金人民币 1,215,422,591.73 元置换预先投入的自筹资 金。 详见公司同日披露的《关于使用募集资金置换预先投入自筹资金的公告》。 二、关于聘任公司总裁的议案。 由于工作原因，喻宝才先生辞去中国石化总裁职务，喻宝才先生确认其与中国石 化董事会无不同意见，亦无任何有关其辞任总裁须 ...

股票代码：600028 股票简称：中国石化 公告编号：2024-19 中国石油化工股份有限公司 关于使用募集资金置换预先投入自筹资金的公告 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。 根据《中国石油化工股份有限公司 2023 年度向特定对象发行 A 股股票募集 说明书（注册稿）》，公司本次募集资金投资项目及募集资金使用计划如下： 1 单位：万元 重要内容提示： 中国石油化工股份有限公司（简称"中国石化"或"公司"）本次使用 募集资金置换预先已投入募集资金投资项目及支付发行费用的自筹资金金额合 计为人民币 1,215,422,591.73 元，募集资金置换时间距募集资金到账时间未超过 6 个月，符合法律法规的相关规定。 一、募集资金的基本情况 根据中国证券监督管理委员会《关于同意中国石油化工股份有限公司向特定 对象发行股票注册的批复》（证监许可﹝2024﹞110 号），公司向中国石油化工 集团有限公司发行人民币普通股（A 股）2,390,438,247 股，募集资金总额为 11,999,999,999.94 元，募集资金净 ...