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深度*公司*中国石油(601857):经营业绩稳健 长期投资价值强化
Ge Long Hui·2025-09-12 12:08

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, but maintains a positive outlook on its competitive advantages across the entire industry chain, particularly in oil and gas production and refining and chemical transformation [1][4]. Financial Performance - In the first half of 2025, total revenue reached 1,450.099 billion yuan, a year-on-year decrease of 6.74%, while net profit attributable to shareholders was 83.993 billion yuan, down 5.42% [1]. - For Q2 2025, revenue was 696.991 billion yuan, a decrease of 6.09%, and net profit was 37.186 billion yuan, down 13.59% [1]. - The average price of Brent crude oil was 71.87 USD per barrel, a decline of 14.5% year-on-year [1]. - The company’s gross profit margin was 20.89%, a slight decrease of 0.1 percentage points, and the weighted average return on equity was 5.4%, down 0.6 percentage points [1]. Production and Operations - The company’s oil and gas equivalent production reached 923.6 million barrels, an increase of 2.0% year-on-year, with domestic crude oil production up 0.6% and marketable natural gas production up 4.7% [2]. - The company captured and utilized 1.305 million tons of CO2 in its CCUS business, achieving oil recovery of 300,000 tons [2]. - In the refining sector, the company processed 694.3 million barrels of crude oil, a slight increase of 0.1%, while the production of refined oil was 59.572 million tons, down 0.9% [3]. Business Segments - The oil and gas segment generated an operating profit of 856.86 billion yuan, while the new energy/refining and chemical/new materials/sales/natural gas sales segments reported profits of 110.56 billion yuan, 75.62 billion yuan, and 186.26 billion yuan, respectively [1]. - The refining business saw an operating profit of 9.664 billion yuan, down 8.0%, and the chemical business reported a profit of 1.392 billion yuan, a decrease of 17.34 billion yuan [3]. Capital Expenditure and Dividends - The interim dividend for 2025 was set at 0.22 yuan per share, with a total payout of approximately 40.265 billion yuan, resulting in a dividend payout ratio of 47.94%, an increase of 1.99 percentage points year-on-year [4]. - The total capital expenditure for 2025 is projected to be 262.2 billion yuan, with allocations of 80.09% for oil and gas and new energy, 13.92% for refining and chemicals, and smaller percentages for sales and natural gas sales [4]. Valuation - The company adjusted its profit forecast for 2025-2027, expecting net profits of 166.051 billion yuan, 169.482 billion yuan, and 172.705 billion yuan, corresponding to price-to-earnings ratios of 9.7, 9.5, and 9.3, respectively [4].