石油石化行业2024年半年报综述：营收及利润同比小幅提升，行业高景气度维持

Investment Rating - The report maintains an "Outperform" rating for the oil and petrochemical industry [1][21]. Core Insights - The oil and petrochemical industry experienced a slight increase in revenue and net profit in the first half of 2024, with revenue reaching 38,353.74 billion yuan, a year-on-year growth of 1.73%, and net profit attributable to shareholders at 1,372.65 billion yuan, up 4.22% year-on-year [1][3][21]. - The industry continues to show high profitability, with a return on equity (ROE) of 4.94%, and key financial metrics remain at relatively high levels compared to historical data [1][21]. Summary by Sections Revenue and Profitability - In the first half of 2024, the oil and petrochemical industry achieved a revenue of 38,353.74 billion yuan, a 1.73% increase from the previous year. The net profit attributable to shareholders was 1,372.65 billion yuan, reflecting a 4.22% year-on-year growth [1][3][21]. - The second quarter saw a revenue of 18,859.79 billion yuan, which was a decrease of 1.74% year-on-year and a 3.25% decline quarter-on-quarter. The net profit for the second quarter was 664.23 billion yuan, showing a 4.35% increase year-on-year but a 6.24% decrease quarter-on-quarter [4][5][21]. Sector Performance - Various sectors within the industry, including other petrochemicals, oilfield services, and oil and gas extraction, reported positive revenue growth in the first half of 2024, with increases of 15.10%, 6.27%, and 5.76% respectively [1][9][22]. - The refining and chemical sector also saw a revenue increase of 2.03%, while the oil product and petrochemical trading sector faced a significant decline of 46.14% [10][22]. Construction and Fixed Assets - The total construction projects in the oil and petrochemical industry decreased slightly to 5,605.94 billion yuan, down 2.04% year-on-year. However, fixed assets increased to 18,866.34 billion yuan, reflecting a growth of 6.38% [1][13][18]. - Major companies such as China National Petroleum, Sinopec, and others accounted for 94.05% of the total construction projects in the industry [15][18]. Market Valuation - As of September 11, 2024, the industry’s price-to-earnings ratio (TTM) was 10.04, positioned at the 8.77% historical percentile, while the price-to-book ratio was 1.13, at the 0.09% historical percentile [1][21]. Investment Recommendations - The report suggests focusing on companies like China National Petroleum, China Petroleum & Chemical Corporation, and China National Offshore Oil Corporation due to their strong performance in the oil and gas extraction sector [21][23]. - It also highlights the potential in the oil service sector with companies like CNOOC Services and CNOOC Development, as well as the polyester filament industry with companies like Tongkun Co., Ltd. and Xinfengming Group [23][25].