Xinda Securities·2024-10-30 01:42Investment Rating - The investment rating for the company is "Buy" [3]. Core Views - The company has demonstrated stable operating performance in the first three quarters of 2024, with significant profit growth in oil and gas operations, while the refining and marketing segments showed weakness [3]. - The average Brent crude oil price for the first three quarters of 2024 was $81.6 per barrel, remaining stable compared to the same period last year, while the average price in the third quarter was $78.7 per barrel [3]. - The company is actively promoting oil and gas exploration and development, achieving a crude oil production of 708.3 million barrels in the first three quarters, a year-on-year increase of 0.3% [3]. - The company has implemented a "Quality Improvement and Efficiency Enhancement" action plan, which is expected to enhance value creation, shareholder returns, and innovation [3]. Financial Summary - For the first three quarters of 2024, the company achieved operating revenue of 22,562.79 billion yuan, a year-on-year decrease of 1.13%, and a net profit attributable to shareholders of 1,325.18 billion yuan, a year-on-year increase of 0.66% [3]. - The company’s earnings per share (EPS) for the first three quarters was 0.72 yuan, reflecting a year-on-year increase of 0.56% [3]. - The company’s natural gas sales volume reached 2,098 billion cubic meters, a year-on-year increase of 8.6%, with domestic sales accounting for 1,630 billion cubic meters, up 4.9% year-on-year [3]. - The company’s refining segment processed 1,036.2 million barrels of crude oil, a year-on-year decrease of 0.7%, while the chemical segment achieved a product volume of 28.64 million tons, a year-on-year increase of 9.7% [2][4].