智通财经网·2025-10-31 07:54Core Viewpoint - UBS reports that PetroChina's net profit for the first nine months of 2025 decreased by 5% year-on-year to 126.3 billion RMB, with a third-quarter profit of 42.3 billion RMB, down 4% year-on-year but up 14% quarter-on-quarter, outperforming UBS's expectations [1] Group 1: Financial Performance - PetroChina's net profit for the first nine months of 2025 is 126.3 billion RMB, reflecting a 5% year-on-year decline [1] - The third-quarter profit stands at 42.3 billion RMB, showing a 4% year-on-year decrease but a 14% increase compared to the previous quarter, which is better than UBS's forecast [1] - UBS has raised PetroChina's target price from 9.3 HKD to 10.3 HKD and slightly increased the 2025 earnings forecast by 2%, maintaining a "Buy" rating [1] Group 2: Market Outlook - For the fourth quarter of 2025, UBS expects the average Brent crude oil price to be 63 USD per barrel, with an anticipated rise in natural gas prices and sales due to seasonal demand [1] - UBS notes potential pressure on refining and chemical fundamentals and suggests monitoring asset impairment situations by year-end [1] Group 3: Long-term Projections - UBS forecasts oil prices for PetroChina to stabilize and rebound, estimating 64 USD, 70 USD, and 75 USD per barrel for the years 2026 to 2028 respectively [1] - Domestic natural gas prices are expected to be more stable than international prices due to ongoing growth in domestic demand [1] - PetroChina's downstream refining and chemical segments may benefit from anti-involution policies [1]