Guoxin Securities·2024-10-30 01:31Investment Rating - The report maintains an "Outperform" rating for the company [2][4][14]. Core Views - The company's net profit for the third quarter increased by 2.3% quarter-on-quarter, exceeding expectations, with a total revenue of 2.26 trillion yuan for the first three quarters of 2024, a year-on-year decrease of 1.1% [2][6]. - The company benefited from significant growth in natural gas profitability, with a total operating profit of 144.26 billion yuan from oil and gas and new energy sectors, reflecting an 8.7% year-on-year increase [8][11]. - The company is actively expanding its overseas projects, successfully signing contracts for oil product sharing in Suriname [8][11]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 2.26 trillion yuan (down 1.1% year-on-year) and a net profit of 132.52 billion yuan (up 0.7% year-on-year) [2][6]. - In Q3 2024, revenue was 702.41 billion yuan (down 12.4% year-on-year, down 5.3% quarter-on-quarter), with a net profit of 43.91 billion yuan (down 23.2% year-on-year, up 2.3% quarter-on-quarter) [2][6]. Production and Sales - The company reported an oil equivalent production of 1,342.3 million barrels (up 2.0% year-on-year) for the first three quarters of 2024, with crude oil production at 708.3 million barrels (up 0.3% year-on-year) [8][11]. - The average realized price for crude oil was 76.9 USD/barrel (up 2.1% year-on-year), and the unit operating cost for oil and gas was 11.49 USD/barrel (up 2.1% year-on-year) [8][11]. Natural Gas and New Energy - The natural gas sales segment achieved an operating profit of 25.27 billion yuan (up 29.7% year-on-year), with total natural gas sales of 2,098.2 billion cubic meters (up 8.6% year-on-year) [11][12]. - The company reported a significant increase in wind and solar power generation, reaching 3.36 billion kWh (up 128.6% year-on-year) [8][11]. Refining and Chemical Products - The refining and finished oil sales segments reported operating profits of 15.28 billion yuan (down 45.1% year-on-year) and 12.9 billion yuan (down 25.3% year-on-year) respectively [11][12]. - The company processed 1,036.2 million barrels of crude oil (down 0.7% year-on-year) and produced 89.91 million tons of finished oil (down 2.7% year-on-year) [11][12].