Investment Rating - The report maintains an "Accumulate" rating for both A-shares and H-shares of the company [2][3] Core Views - The company reported a significant reduction in losses for 2023, with a revenue of 93 billion yuan, a year-on-year increase of 12.7%, and a net profit attributable to shareholders of -1.4 billion yuan, an improvement of 1.47 billion yuan year-on-year [2] - The fourth quarter of 2023 saw a decline in revenue to 23.2 billion yuan, a decrease of 6.4% year-on-year and 7.1% quarter-on-quarter, with a net profit of -690 million yuan, an increase of 180 million yuan year-on-year but a decrease of 960 million yuan quarter-on-quarter [2] - The chemical market demand was below expectations, leading to pressure on Q4 performance, with various product prices and sales volumes showing mixed results [2] - The carbon fiber project is gradually being put into operation, with significant potential for growth in the new materials sector, supported by the company's strategic focus on high-end new materials [2][3] Summary by Relevant Sections Financial Performance - In 2023, the company achieved a revenue of 93,014 million yuan, with a growth rate of 12.72% compared to 2022 [3] - The net profit for 2023 was -1,406 million yuan, showing a significant improvement from -2,872 million yuan in 2022 [3] - The projected net profits for 2024, 2025, and 2026 are 311 million yuan, 659 million yuan, and 1,045 million yuan respectively, with corresponding EPS of 0.03, 0.06, and 0.10 yuan [2][3] Market and Product Analysis - The average selling prices for key products in Q4 2023 were as follows: diesel at 7,412 yuan/ton (+5% YoY), gasoline at 9,026 yuan/ton (+3% YoY), and aviation kerosene at 3,821 yuan/ton (-44% YoY) [2] - The production volumes for Q4 2023 included 700,000 tons of diesel (-28% YoY), 860,000 tons of gasoline (+11% YoY), and 560,000 tons of aviation kerosene (+92% YoY) [2] - The company is focusing on enhancing its carbon fiber production capabilities, with a target of 24,000 tons/year for raw silk and 12,000 tons/year for 48K tow carbon fiber [2] Future Outlook - The company is expected to face challenges in profitability due to high oil prices, leading to a downward revision of profit forecasts for 2024 and 2025 [2] - The carbon fiber project is anticipated to contribute positively to future growth, with a strategic emphasis on high-quality development and technological upgrades [2][3]

Financial Performance - The net loss attributable to shareholders for 2023 was RMB 1,405,876 thousand according to Chinese accounting standards, and RMB 1,346,147 thousand according to International Financial Reporting Standards[3]. - The total operating revenue for 2023 was RMB 93,013,595 thousand, an increase of 12.72% compared to RMB 82,518,315 thousand in 2022[13]. - The total loss for the year was RMB (1,715,136) thousand, a decrease of 52.35% from RMB (3,599,570) thousand in 2022[13]. - The net loss attributable to shareholders of the parent company was RMB (1,405,876) thousand, down 51.05% from RMB (2,871,969) thousand in the previous year[13]. - The net cash flow from operating activities was RMB 806,996 thousand, a significant recovery from RMB (7,337,499) thousand in 2022[13]. - The company's operating loss for 2023 was RMB 1.753 billion, an improvement of RMB 2.090 billion compared to the previous year's loss of RMB 3.843 billion[44]. - The company's financial income was RMB 238.68 million, down from RMB 443.33 million in the previous year[37]. - The company's total borrowings increased by RMB 1.450 billion to RMB 3.700 billion, primarily due to new short-term borrowings[51]. - The company's debt-to-asset ratio as of December 31, 2023, was 36.99%, up from 35.93% in the previous year[52]. - The company reported a significant decrease in financial expenses, which fell by 50.24% to RMB -228.63 million in 2023 from RMB -459.44 million in 2022[63]. Dividends and Share Capital - The board of directors proposed not to distribute dividends for the year and not to increase share capital from reserves[3]. - The company reported a reserve available for distribution to shareholders of RMB 6,070.476 million as of December 31, 2023, down from RMB 7,339.170 million in 2022[131]. - The company repurchased a total of 70,192,000 H shares during the reporting period, with a total cost of RMB 70.579 million[135]. - The board has approved a dividend payout of 5 billion RMB, reflecting a commitment to returning value to shareholders[176]. Operational Highlights - In 2023, the company processed a total of 14.12 million tons of crude oil, representing a year-on-year increase of 35.17%[23]. - The company produced 8.67 million tons of refined oil, which is a 46.69% increase year-on-year[23]. - The total sales volume for refined products reached 9,747.76 thousand tons, generating a net sales revenue of RMB 51,881.58 million, accounting for 64.79% of total sales[36]. - The company achieved a product sales rate of 100.14% and a cash collection rate of 100%[23]. - The company has completed 65% of the progress on a 250,000 tons/year thermoplastic elastomer project[28]. Research and Development - Research and development expenses rose to RMB 187 million in 2023 from RMB 131 million in 2022, reflecting increased material costs for technology development[53]. - The company's research and development expenses increased by 43.26% to RMB 186.98 million in 2023, up from RMB 130.52 million in 2022[62]. - The company plans to invest 1 billion RMB in R&D for new technologies aimed at reducing carbon emissions by 30% over the next five years[172]. - The company is focused on enhancing its R&D capabilities focusing on key petrochemical products to improve market competitiveness[103]. Market and Sales - The average price of refined and chemical products decreased by 6.51% and 8.30% respectively compared to the previous year[24]. - The company's total revenue for the year reached RMB 92.93 billion, an increase of 12.72% compared to the previous year[23]. - The company's net sales for 2023 reached RMB 80.078 billion, an increase of 10.22% from RMB 72.655 billion in the previous year[39]. - The revenue from refined oil products was RMB 64,642,544 thousand, with a year-on-year increase of 26.37%[72]. - The revenue from chemical products was RMB 19,111,302 thousand, with a year-on-year increase of 4.23%[72]. Risk Management - The company has detailed potential risks in its report, particularly regarding future development challenges[5]. - The report emphasizes the importance of investment risk awareness for investors regarding forward-looking statements[4]. - The company engages in related party transactions with its controlling shareholder, Sinopec Corp, which may affect business operations and economic benefits if agreements are modified unfavorably[96]. - The company is subject to strict environmental regulations in China, which may lead to additional costs if new, stricter standards are implemented[95]. Corporate Governance - The annual report was audited by KPMG Huazhen and KPMG, both providing standard unqualified audit opinions[2]. - The company has established a strategic and ESG committee to enhance its focus on environmental, social, and governance issues[162]. - The company plans to continue enhancing its corporate governance structure in compliance with relevant regulations, aiming for sustainable development[159]. - The independent non-executive directors confirmed that the related party transactions were conducted at fair market prices and did not significantly impact the company's independence[124]. Future Outlook - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 10% to 12%[172]. - The company plans to enhance its supply chain efficiency, aiming for a 15% reduction in operational costs by the end of the next fiscal year[181]. - The company aims to achieve a 20% reduction in carbon emissions by 2025 as part of its ESG initiatives[176]. - The company is expanding its market presence in Southeast Asia, targeting a 25% market share by 2025[181].

[Table_MainInfo] 公司研究/化工/石油化工 证券研究报告 上海石化（600688）公司年报点评 2024 年 03 月 21 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |------------------------------------------------------|--------------| | 股票数据 | | | 03 [ Table_StockInfo 月 20 日收盘价（元） ] | 2.76 | | 52 周股价波动（元） | 2.38-3.63 | | 总股本 / 流通 A 股（百万股） | 10799/7329 | | 总市值 / 流通市值（百万元） | 29806/29806 | | 相关研究 | | | [Table_ReportInfo] 《 3Q23 实现扭亏》 2023.11.19 | | | 《 2022 年盈利承压， 2023 | 年稳中求进》 | | 2023.03.23 | | 市场表现 [Table_QuoteInfo] -28.92% -21.92% -14.92% -7.92% -0. ...

Financial Performance - The net loss attributable to shareholders for 2023 was RMB 1,405,876 thousand, a decrease of 51.05% compared to the previous year's loss of RMB 2,871,969 thousand[3]. - Total operating revenue for 2023 was RMB 93,013,595 thousand, representing a 12.72% increase from RMB 82,518,315 thousand in 2022[9]. - The basic loss per share for 2023 was RMB (0.130), a 50.94% improvement from RMB (0.265) in 2022[10]. - The weighted average return on equity for 2023 was (5.504)%, an increase of 4.66 percentage points from (10.162)% in 2022[10]. - The company reported a net loss attributable to shareholders of RMB 1,346.15 million for 2023, compared to a loss of RMB 2,846.05 million in 2022, indicating an improvement of about 52.7%[14]. - The total operating loss for 2023 was RMB 1,752.95 million, compared to a profit of RMB 1,432.20 million in 2021[34]. - The operating loss for 2023 was RMB 1.75 billion, an improvement of RMB 2.09 billion compared to an operating loss of RMB 3.84 billion in the previous year[43]. - The pre-tax loss for 2023 was RMB 1.66 billion, reduced by RMB 1.92 billion from a pre-tax loss of RMB 3.57 billion in 2022[48]. - The net loss after tax for 2023 was RMB 1.35 billion, a decrease of RMB 1.49 billion from a net loss of RMB 2.84 billion in the previous year[49]. - The total comprehensive loss for the year was RMB 1,363,294 thousand, an improvement from RMB 2,690,362 thousand in 2022, reflecting a reduction of 49.3%[126]. Cash Flow and Assets - The company reported a net cash flow from operating activities of RMB (1,365,513) thousand, a 50.75% decrease compared to RMB (2,790,670) thousand in 2022[9]. - The company experienced a net cash flow from operating activities of RMB 1,695,312 thousand in Q4 2023, a significant recovery compared to the negative cash flows in the previous three quarters[15]. - The company's cash flow from operating activities showed a significant improvement, with a net cash inflow of RMB 1,200,000 thousand in 2023 compared to a net outflow of RMB 500,000 thousand in 2022[125]. - The company's total assets decreased by 3.84% to RMB 39,658,244 thousand at the end of 2023, down from RMB 41,242,782 thousand in 2022[9]. - The company's total assets as of December 31, 2023, were RMB 39,658,244 thousand, down from RMB 41,242,782 thousand as of December 31, 2022[124]. - The company's cash and cash equivalents increased to RMB 5.61 billion in 2023 from RMB 3.99 billion in 2022, representing a growth of approximately 40.4%[122]. - The company's inventory rose to RMB 7.75 billion in 2023, compared to RMB 7.29 billion in 2022, indicating an increase of about 6.3%[122]. - The company's total current assets were reported at RMB 15.45 billion, slightly down from RMB 15.77 billion in the previous year[122]. - The company's accounts receivable as of December 31, 2023, totaled RMB 2,649,838 thousand, a decrease from RMB 2,815,841 thousand as of December 31, 2022, indicating a reduction of about 5.9%[153]. Revenue and Sales - The company's net sales for 2023 reached RMB 80,077.76 million, an increase from RMB 72,654.56 million in 2022, representing a growth of approximately 5.8%[14]. - The company's revenue for the year reached RMB 92.93 billion, an increase of 12.72% compared to the previous year[21]. - The net revenue for 2023 was RMB 80.08 billion, an increase of 10.22% from RMB 72.66 billion in 2022[36]. - The net revenue from refining products reached RMB 51.88 billion, up 25.18% from RMB 41.44 billion in the previous year, driven by a 35.17% increase in sales volume[37]. - The total sales volume for 2023 reached 12,528.08 thousand tons, with a net sales amount of RMB 80,077.76 million, representing a 10.00% increase from RMB 72,654.56 million in 2022[33]. - Revenue from a single customer amounted to RMB 66,435,767 thousand in 2023, up from RMB 52,190,120 thousand in 2022, marking a significant increase of around 27.3%[163]. Costs and Expenses - The total sales costs and expenses for 2023 were RMB 81.83 billion, a rise of 6.97% from RMB 76.50 billion in 2022[39]. - The company's sales cost for 2023 was RMB 81.61 billion, which accounted for 102.19% of the total net revenue[40]. - The company reported a significant increase in sales costs, with refined products' sales costs at RMB 52,111.60 million, which is 65.08% of net sales[34]. - The total cost of crude oil processing increased by RMB 9.69 billion, up 20.56%, accounting for 69.63% of total sales costs[23]. - The company's sales and management expenses increased by 7.48% to RMB 316 million in 2023, up from RMB 294 million in 2022[41]. Research and Development - Research and development expenses for 2023 amounted to RMB 187 million, an increase from RMB 131 million in 2022 and RMB 94 million in 2021, primarily due to rising material costs for equipment and product technology development[52]. - The company had 159 R&D personnel, accounting for 2.11% of the total workforce, with 10 holding doctoral degrees and 48 holding master's degrees[68]. - Research and development expenses increased to RMB 186,978 thousand in 2023, up from RMB 130,516 thousand in 2022, marking a growth of 43.3%[125]. Environmental and Regulatory Compliance - The company achieved a 100% compliance rate for wastewater discharge and hazardous waste disposal in 2023[101]. - The company incurred an environmental tax payment of RMB 9.8747 million to the Jinshan District Tax Bureau in 2023[102]. - The company received administrative penalties totaling RMB 519,600 due to environmental issues in September 2023[103]. - The company has implemented carbon reduction measures resulting in a total reduction of 40,249 tons of CO2 equivalent emissions[109]. - The company purchased 46.02 million kWh of green electricity in 2023, reducing carbon emissions by 19,317 tons[109]. Governance and Management - The company has complied with all applicable provisions of the Corporate Governance Code throughout the reporting period[117]. - The company's independent non-executive directors confirmed that related party transactions were conducted at fair market prices and did not significantly impact the company's independence[114]. - The controlling shareholder, Sinopec Corp., holds approximately 50.55% of the company's shares, which may influence the company's operations and financial decisions[94]. Future Outlook - The company plans to process a total of 14.3 million tons of crude oil in 2024, with a target production of 8.8 million tons of refined oil[82]. - The company aims to produce 671,000 tons of ethylene and 692,000 tons of paraxylene in 2024[82]. - The company plans to invest approximately RMB 2.889 billion in capital expenditures for 2024, funded through financing activities and some self-owned funds[90].

证券代码：600688 证券简称：上海石化 公告编号：临2024-09 中国石化上海石油化工股份有限公司 关于技术开发合同暨关联交易的公告 本公司董事会、全体董事及相关股东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： 关联交易内容：本公司第十一届董事会第六次会议于2024年3月20日召 开，审议并批准中国石化上海石油化工股份有限公司（以下简称"上海 石化"、"本公司"或"公司"）与中国石油化工股份有限公司（以下简称 "中石化股份"）、中石化上海工程有限公司（以下简称"中石化上海工 程"）、中石化（上海）石油化工研究院有限公司（以下简称"中石化（上 海）研究院"）、上海复合材料科技有限公司（以下简称"上海复合材料"）、 中石化湖南石油化工有限公司（以下简称"湖南石化"）签署《技术开发 （委托）合同》及《课题任务书》（合称"技术开发文件I"）；审议并批 准本公司与中石化股份、中石化（北京）化工研究院有限公司（以下简 称"中石化（北京）研究院"）、南京玻璃纤维研究设计院有限公司（以 下简称"南京研究设计院"）、上海飞机制造有限公司（以下 ...

证券代码：600688 股票简称：上海石化 编号：临 2024-09 中国石化上海石油化工股份有限公司 关于计提资产减值准备的公告 本公司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。 中国石化上海石油化工股份有限公司（"本公司"或"公司"）于 2024 年 3 月 19 日召开第十一届监事会第四次会议，于 2024 年 3 月 20 日召开第十一届董 事会第六次会议，会议审议同意，公司将在 2023 年计提资产减值准备，具体如 下： 一、本次计提资产减值准备情况概述 为客观反映公司 2023 年度的财务状况和经营成果，根据《企业会计准则》 等相关规定，基于谨慎性原则，公司于年末对可能出现减值迹象的相关资产进行 了减值测试。经测试，2023 年度公司因上述事项计提减值准备合计人民币 4.77 亿元。 二、计提资产减值准备具体情况说明 1、计提减值准备的方法、依据和标准 根据《企业会计准则第 8 号——资产减值》：资产存在减值迹象的，应当估 计其可收回金额。可收回金额应当根据资产的公允价值减去处置费用后的净额与 资产预计未来现金流量的 ...

中国石化上海石油化工股份有限公司 2023 年度独立董事述职报告 本人黄江东,作为中国石化上海石油化工股份有限公司("公司")的独立董 事,按照《公司法》、《上市公司治理准则》、《上市公司独立董事管理办法》、《上 海证券交易所股票上市规则》、《上海证券交易所上市公司自律监管指引第1号— ―规范运作》等相关法律法规以及《中国石化上海石油化工股份有限公司公司章 程》("《公司章程》")、《中国石化上海石油化工股份有限公司独立董事工作制度》 等有关规定,在 2023年度工作中,积极参加独立董事专门会议、董事会及专门 委员会会议,认真审议各项议案,在发挥独立董事的作用,维护全体股东特别是 广大中小股东的合法权益等方面,独立、诚信、谨慎地履行了职责。现将本人在 2023 年度履行职责的情况报告如下: 一、独立董事的基本情况 2023 年 6月,公司召开 2022年股东周年大会及第十一届董事会第一次会 议,选举本人为公司第十一届董事会独立董事,并同意本人担任第十一届董事会 审计与合规管理委员会委员。 本人简历详见公司2023年年度报告。本人已按要求向董事会提交了《2023 年度独立非执行董事独立性自查报告》,确认本人不存 ...

（二） 2023 年 12 月 20 日，审计与合规管理委员会与负责本公司财务 报表及内部控制审计工作的毕马威华振签字注册会计师王文立、张琳、毕 马威香港签字注册会计师区日科以及项目经理洪晓华召开沟通会议，就 2023 年度年报审计工作的审计范围、审计方案、独立性、审计团队架构等 相关事项进行了沟通，并讨论通过了毕马威华振、毕马威香港 2023 年度审 计计划。 （三） 2024 年 3 月 19 日，审计与合规管理委员会与负责本公司财务 报表及内部控制审计工作的毕马威华振签字注册会计师王文立、张琳、毕 马威香港签字注册会计师区日科以及项目经理洪晓华召开沟通会议，听取 了毕马威华振、毕马威香港关于公司审计发现、内部控制、独立性确认、 审计收费及审计报告的出具情况等事项的汇报。 （四） 2024 年 3 月 19 日，公司审计与合规管理委员会召开会议，审 议通过了本公司 2023 年年度报告及报告摘要、2023 年度财务报告、2023 年度内部控制评价报告、2024 年审计工作计划、《内部控制手册》（2024 年版）、关于续聘 2024 年度境内及境外会计师事务所并授权董事会决定其 酬金之议案、关于分部报告会计 ...

中国石化上海石油化工股份有限公司 董事会关于 2023 年度独立非执行董事独立性 评估的专项意见 根据中国证券监督管理委员会《上市公司独立董事管理办法》 《上海证券交易所股票上市规则》《上海证券交易所上市公司自 律监管指引第 1 号——规范运作》等法律法规、规范性文件及 《中国石化上海石油化工股份有限公司独立董事工作制度》的规 定，中国石化上海石油化工股份有限公司（以下简称"本公司"） 董事会，就本公司在任独立非执行董事唐松、陈海峰、杨钧、周 颖、黄江东的独立性情况进行评估并出具如下专项意见： 经核查上述人员的任职经历以及其签署的相关自查报告，本 公司在任独立非执行董事于 2023 年度不存在影响其自身独立性 的情况，符合《上市公司独立董事管理办法》《上海证券交易所 股票上市规则》《上海证券交易所上市公司自律监管指引第 1 号 ——规范运作》及《中国石化上海石油化工股份有限公司独立董 事工作制度》中对独立非执行董事应具有独立性的相关要求。 中国石化上海石油化工股份有限公司董事会 二零二四年三月二十日 ...

中国石化上海石油化工股份有限公司 自 2023 年 1 月 1 日 至 2023 年 12 月 31 日止年度财务报表 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 审计报告 毕马威华振审字第 2401689 号 我们审计了后附的中国石化上海石油化工股份有限公司 (以下简称 "上海石化") 财务报 表，包括 2023 年 12 月 31 日的合并及母公司资产负债表，2023 年度的合并及母公司利润 表、合并及母公司现金流量表、合并及母公司股东权益变动表以及相关财务报表附注。 中国石化上海石油 ...