S1130519040001 xujunyi gjzq.com.cn 业绩简评 S1130522060004 中国石化于2024 年3 月24 日发布公司2023 年年度报告，2023 c henlvlou gjzq.com.cn 年全年实现营业收入32122.15 亿元，同比减少 3.19%；实现归母 净利润604.63 亿元，同比减少9.87%。其中，2023Q4 实现营业 收入 7422.74 亿元，同比减少 14.17%；实现归母净利润 74.97 6.20 亿元，同比减少23.79%。业绩符合预期。公司业绩在Q4 大比例 缴纳矿业权出让金的影响下维持强势，体现出龙头央企资产的稀 缺性。 经营分析 成品油销量强势增长：2023 年成品油销售市场持续旺盛，公司全 年成品油零售量达 1.20 亿吨，同比增加12.36%，持续维持在较 高水平。受益于汽柴油价差持续修复，公司营销及分销业务盈利 能力维持稳定。与此同时，公司化工板块处于磨底状态，有望回 暖，主要原因为化工品市场需求依旧承压，尤其是烯烃类产品仍 处于恢复初期。 计提矿业权出让收益不改储量产量双增长：重点产油国边际供应 人民币(元) 成交金额(百万 ...

Financial Performance - Total revenue for 2023 was RMB 3,212,215 million, a decrease of 3.2% compared to RMB 3,318,168 million in 2022[6]. - Net profit attributable to shareholders of the parent company for 2023 was RMB 60,463 million, down 9.9% from RMB 67,082 million in 2022[6]. - Basic earnings per share for 2023 were RMB 0.505, a decrease of 9.0% compared to RMB 0.555 in 2022[6]. - The company reported a net profit after deducting non-recurring gains and losses of RMB 60,692 million, an increase of 4.7% from RMB 57,962 million in 2022[6]. - The company's profit attributable to shareholders for 2023 was RMB 58,310 million, a decrease of 12.9% from RMB 66,933 million in 2022[40]. - The company's net profit attributable to shareholders for 2023 was RMB 60.463 billion, a decrease from RMB 67.082 billion in 2022 and RMB 71.716 billion in 2021[172]. Dividends and Shareholder Returns - The company plans to distribute a final cash dividend of RMB 0.2 per share for 2023, in addition to the interim dividend of RMB 0.145 per share, totaling RMB 0.345 per share for the year[3]. - The company plans to distribute a total cash dividend of 0.345 RMB per share for 2023, resulting in a payout ratio of 75%[14]. - The cash dividend amount for 2023 is RMB 0.345 per share, down from RMB 0.355 in 2022 and RMB 0.47 in 2021[172]. - Total cash dividends, including other methods like share buybacks, amounted to RMB 43.575 billion in 2023, compared to RMB 46.93 billion in 2022 and RMB 56.903 billion in 2021[172]. - The dividend payout ratio for 2023 was 72.1%, an increase from 70.0% in 2022 but a decrease from 79.3% in 2021[172]. Cash Flow and Investments - Operating cash flow for 2023 increased by 38.9% to RMB 161,475 million from RMB 116,269 million in 2022[6]. - Cash received from operating activities decreased by 38.9% to RMB 165,002 million from RMB 269,895 million[11]. - The company's net cash flow from operating activities for 2023 was RMB 161.5 billion, a year-on-year increase of 45.2 billion[64]. - The company's net cash outflow from investing activities in 2023 was RMB 155.9 billion, an increase of 60.9 billion compared to 2022[65]. - The company's net cash flow from financing activities in 2023 was RMB 22.7 billion, an increase of 62.4 billion year-on-year[65]. Assets and Liabilities - Total assets as of December 31, 2023, were RMB 2,026,674 million, reflecting a 3.9% increase from RMB 1,951,121 million in 2022[6]. - Total liabilities increased by 5.7% to RMB 1,068,019 million in 2023 from RMB 1,010,664 million in 2022[6]. - The asset-liability ratio increased to 52.70%, up 0.90 percentage points from 51.80%[7]. - The company's total liabilities as of December 31, 2023, amounted to RMB 1,068.9 billion, an increase of RMB 57.3 billion from the previous year[63]. - The company's total equity attributable to shareholders of the parent company was RMB 805,794 million, up 2.2% from RMB 788,471 million in 2022[6]. Operational Highlights - The company achieved an operating revenue of 3.2 trillion RMB in 2023, with a net profit attributable to shareholders of 58.3 billion RMB[14]. - The company reported a significant increase in oil and gas exploration, achieving historical highs in oil equivalent production and crude oil processing volume[15]. - In 2023, the company's oil and gas equivalent production reached 504.09 million barrels, a year-on-year increase of 3.1%[22]. - The company processed a record 257.52 million tons of crude oil in 2023, reflecting a year-on-year increase of 6.3%[27]. - The total sales volume of refined oil products reached 239 million tons in 2023, marking a 15.6% increase compared to the previous year[28]. Research and Development - The company applied for 9,601 patents in 2023, receiving 5,483 patent authorizations[33]. - Research and development expenses for 2023 totaled RMB 23.2 billion, with RMB 14.0 billion in expenses and RMB 9.2 billion in investments[67]. - The company has established a comprehensive technology system with five major technology platforms, achieving world-leading levels in certain technologies[186]. Environmental and Social Responsibility - The company is committed to enhancing its ESG management and advancing carbon peak and carbon neutrality initiatives[18]. - The company has established a comprehensive HSE management system since 2001, with 16 environmental management regulations in place[118]. - During the reporting period, Sinopec reduced greenhouse gas emissions by 2.24 million tons of CO2 equivalent[118]. - The company recycled 1.749 million tons of CO2 and injected 847,000 tons of CO2 for enhanced oil recovery[118]. - The company has implemented measures to mitigate environmental risks but may incur additional costs due to stricter environmental regulations[189]. Governance and Management - The board of directors is focused on strategic planning and execution to drive high-quality development and create value for stakeholders[79]. - The company has established a transparent performance evaluation and incentive mechanism for senior management to enhance governance[77]. - The company has implemented a comprehensive internal control manual for 2023 to enhance governance and operational efficiency[165]. - The company's internal control systems are deemed effective, with no significant deficiencies reported, ensuring compliance and safeguarding shareholder interests[193]. - The company has established effective pollution prevention facilities that are operating stably, in compliance with national and local environmental protection standards[123]. Future Outlook - The company plans to invest 5 billion RMB in new technology development over the next year, focusing on sustainable energy solutions[101]. - Future outlook includes a projected revenue growth of 10% for the next quarter, driven by increased demand in the petrochemical sector[101]. - The company is considering strategic acquisitions in the renewable energy sector to diversify its portfolio[101]. - The company aims to enhance value creation and achieve effective qualitative improvements across all business segments[18]. - The company plans to issue A-shares to specific investors as part of its capital raising strategy, with detailed proposals and feasibility analyses presented[161].

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][6][35]. Core Views - The company has demonstrated stable performance despite fluctuations in oil prices, with a focus on integrated operations across exploration, refining, and marketing [5][8][10]. - The company reported a revenue of 3,212.215 billion yuan in 2023, a decrease of 3.2% year-on-year, and a net profit attributable to shareholders of 60.463 billion yuan, down 9.9% year-on-year [5][8]. - The company maintains a high dividend payout ratio, with a cash dividend of 0.345 yuan per share in 2023, resulting in a distribution rate of 72.1% when considering share buybacks [6][33]. Summary by Sections Business Performance - The exploration and production segment saw a 3.09% increase in oil and gas equivalent production, totaling 504 million barrels in 2023 [15][18]. - The refining segment achieved a record crude processing volume of 258 million tons, up 6.29% year-on-year, with operating income rising by 68.77% to 20.608 billion yuan [17][18]. - The chemical segment reported an operating loss of 6.036 billion yuan, although this was a significant improvement from a loss of 14.1 billion yuan in 2022 [18][19]. - The marketing and distribution segment's operating income grew by 5.71% to 25.939 billion yuan, with total domestic refined oil sales increasing by 15.76% to 188.17 million tons [20][21]. Financial Forecasts - Earnings per share (EPS) are projected to be 0.60, 0.61, and 0.62 yuan for 2024, 2025, and 2026 respectively, with a book value per share (BPS) of 6.93 yuan expected in 2024 [6][35]. - The reasonable value range for the stock is estimated to be between 6.93 and 7.62 yuan, corresponding to a price-to-earnings (PE) ratio of 12-13 times for 2024 [6][35]. Capital Expenditure - The company plans to maintain capital expenditures at approximately 173 billion yuan in 2024, consistent with 2023 levels [31][32].

公司报告 | 年报点评报告 中国石化（600028） 证券研究报告 2024年03月 25日 投资评级 2023 年报点评：业绩符合预期，分红略超预期 行业 石油石化/炼化及贸易 6个月评级 买入（维持评级） 当前价格 6.2元 中国石化2023年归母净利润 605亿，业绩符合预期，分红略超预期 目标价格 元 2023 公司营收达32122 亿元，同比-3.2%；归母净利润为 605 亿元，同比 基本数据 -10%。其中 2023Q4 公司营业收入达7423 亿元，同比-14%；Q4 归母净利 A股总股本(百万股) 97,362.41 润为 75 亿元，同比-24%，业绩符合预期。现金分红 436 亿元，加上回购 流通A股股本(百万股) 94,971.97 合并派息率达76%，分红略超预期。 A股总市值(百万元) 603,646.94 流通A股市值(百万元) 588,826.22 上游油气勘探板块：主要受矿权出让收益金一次性影响 每股净资产(元) 6.75 产量稳增长。2023年实现油气当量产量504.1百万桶，同比+ 3.1%，其中 资产负债率(%) 52.70 天然气产量13378 亿立方英尺，同比+7. ...

2024年3月25日 公司研究 23 年经营现金流大幅增长，分红、回购工作积极回馈股东 ——中国石化（600028.SH/0386.HK）2023 年报点评 A 股：买入（维持） 要点 当前价：6.20元 H 股：买入（维持） 事件： 公司发布2023年报，2023年，公司实现营业总收入32122亿元，同比-3.19%， 当前价：4.45港元 实现归母净利润605亿元，同比-9.87%，实现扣非归母净利润607亿元，同比+4.7%。 2023Q4单季，公司实现营业总收入7423亿元，同比-14%，环比-15%；实现归母 作者 净利润75亿元，同比-24%，环比-58%；实现扣非归母净利润104亿元，同比+502%， 分析师：赵乃迪 环比-37%。 执业证书编号：S0930517050005 010-57378026 点评： zhaond@ebscn.com 一、油价下行叠加下游需求恢复，23年归母净利润同比-10%，经营现金流同比+39% 分析师：蔡嘉豪 执业证书编号：S0930523070003 2023年，需求担忧、供给限制、地缘政治风险共振，国际油价上半年震荡下行、 021-52523800 下半年先涨 ...

证券研究报告 [核Ta心ble业_Ti务tl经e] 营向好，石化龙头长期价值凸显 公司研究 [Table_ReportDate] 2024年3月25日 [T点ab评le_报Rep告or tType] [T 事ab 件le ：_S 2u 0m 2m 4a 年ry] 3 月24日晚，中国石化发布 2023年年度报告。2023年公 司实现营业收入32122.15亿元，同比下降3.19%；实现归母净利润604.63 [T中ab国le石_S化toc(k6A0n0d0R2an8k.]S H) 亿元，同比下降 9.87%；实现扣非后归母净利润 606.92 亿元，同比增长 投资评级 买入 4.71%；实现基本每股收益 0.51 元，同比下降 7.85%。公司资产负债率为 52.70%，同比+0.79pct。公司扣非后加权平均净资产收益率为 7.61%，同 上次评级 买入 比-0.28pct。 [T左ab前le明_A u t能ho源r]行 业首席分析师 点评： 执业编号：S1500518070001 联系电话：010-83326712 邮箱：zuoqianming@cindasc.com ➢ 石化龙头经营稳健，核心板块业绩向 ...

股票代码：600028 股票简称：中国石化 公告编号：2024-11 中国石油化工股份有限公司 2023年年度末期A股利润分配方案公告 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 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： 一、利润分配方案内容 经毕马威华振会计师事务所（特殊普通合伙）审计，按照中国企业会计准则，截 至2023年12月31日，中国石油化工股份有限公司（简称"中国石化"或"公司"）母公司报 表中期末未分配利润为人民币107,878,483,802.37元。经公司第八届董事会第二十一次 会议决议，公司2023年年度末期拟以实施分红派息股权登记日即2024年7月15日（星期 一）（简称"股权登记日"）当日登记的总股本为基数进行利润分配。本次利润分配方 案如下： 1 公司拟以股权登记日当日登记的总股本为基数，每股派发现金股利人民币0.2元（含 税）。若根据截至2023年12月31日公司的总股本119,349,251,646股计算，2023年年度末 期公司合计拟派发现金股利人民币23,869,850,329.20元（含税）。加上2023年中期已 ...

中国石油化工股份有限公司 2023 年度涉及财务公司关联交易的存款、 贷款等金融业务的专项说明 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 kpmg.com/cn Internet 近松梅里去外能共留日出 (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 传真 +86 (10) 8518 5111 网址 kpmg.com/cn 关于中国石油化工股份有限公司 2023 年度涉及财务公司关联交易的存款、贷款等金融业务汇总表的专项说明 毕马威华振专字第 2400226 号 中国石油化工股份有限公司董事会： 我们接受委托，按照中国注册会计师审计准则审计了中国石油化工股份有限公司（以下简 称"中国石化"）2023 年度的财务报表，包括 2023 年 12 月 31 日的合并及母公司资产 ...

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 毕马威华振会计师事务所 (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 传真 +86 (10) 8518 5111 网址 kpmg.com/cn 内部控制审计报告 毕马威华振审字第 2402023 号 中国石油化工股份有限公司全体股东: 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我们审 计了中国石油化工股份有限公司（以下简称"贵公司"）2023 年 12 月 31 日的财务 报告内部控制的有效性。 一、 企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制 评价指引》的规定,建立健全和有效实施内部控制,并评价其有效性是贵公司董事会 ...

中国石油化工股份有限公司独立董事 2023 年度述职报告 独立董事 史丹 各位股东: 作为中国石油化工股份有限公司(简称"中国石化"或"公 司")的独立董事,2023年,本人遵守境内外法律法规、规范性 文件以及《中国石化公司章程》(简称"《公司章程》")、《中国石 化独立董事工作规则》等相关规定,勤勉尽责,发挥参与决策、 监督制衡、专业咨询作用,切实维护了公司和全体股东的合法权 益。现将一年来的履职情况报告如下: 一、个人基本情况 史丹,62岁,中国石化独立董事。中国工业经济学会法定代 表人、理事长,国家能源委员会专家咨询委员会委员,国家气候 变化专家委员会委员,享受国务院特殊津贴。工学学士、经济学 硕士、发展经济学硕士、管理学博士,曾先后就读于长春工业大 学,中国人民大学,澳大利亚国立大学,华中科技大学。1993年 10 月起任中国社会科学院工业经济研究所研究员、所长助理; 2010 年 8 月起任中国社会科学院财经战略研究院研究员、副院 长;2013年1月起任中国社会科学院工业经济研究所研究员、 党委书记（副所长 ); 2017年 11月至 2021 年 8 月兼任国家能源 - 1 - 投资集团有限责任公 ...