中泰证券：【中泰研究丨晨会聚焦】化工孙颖：三桶油业绩表现亮眼，一口价托底长丝盈利——石油石化行业2024年半年报总结-20240912

Group 1: Core Insights - The performance of the three major oil companies (China National Petroleum, Sinopec, and CNOOC) is strong, supported by high oil prices, with significant increases in production and revenue [3][2][1] - The average prices of WTI and Brent crude oil in H1 2024 were $78.74 and $83.42 per barrel, reflecting year-on-year increases of 5.3% and 4.4% respectively [3][2] - The overall revenue, net profit, and net profit excluding non-recurring items for the oil and petrochemical industry in H1 2024 were CNY 4.1 trillion, CNY 218.9 billion, and CNY 219.6 billion, representing year-on-year growth of 2.5%, 11.1%, and 13.0% respectively [3][2] Group 2: Industry Performance - The oil and petrochemical industry index increased by 7.1% in H1 2024, with refining and chemical sectors showing the highest growth rates of approximately 11.4% and 10.4% [3][2] - The capital expenditure in the industry decreased by 10.3% year-on-year in H1 2024, with a notable decline of 23.7% in Q2 2024, marking the first negative growth since Q4 2022 [3][2] - The production capacity of polyester filament yarn in China increased by 397,000 tons in 2023, with a total capacity of 5.425 million tons per year, reflecting a year-on-year growth of 7.9% [3][2] Group 3: Company-Specific Insights - In H1 2024, China National Petroleum, Sinopec, and CNOOC reported revenues of CNY 1553.9 billion, CNY 1576.1 billion, and CNY 226.8 billion, with year-on-year changes of +5.0%, -1.1%, and +18.1% respectively [3][2] - The net profit for these companies in H1 2024 was CNY 88.6 billion, CNY 35.7 billion, and CNY 79.7 billion, with year-on-year growth rates of +3.9%, +1.7%, and +25.0% respectively [3][2] - The implementation of a fixed-price policy for polyester filament yarn has significantly improved profitability, with leading companies like Tongkun and Xinfengming achieving revenue growth of 30.7% and 11.0% respectively in H1 2024 [3][2]