Minsheng Securities·2024-10-30 08:16Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for investment [1][3]. Core Views - The company achieved its highest net profit for the same period in history, with a net profit of 132.52 billion yuan for the first three quarters of 2024, reflecting a year-on-year growth of 0.7% [1]. - Despite a decline in revenue for Q3 2024, the exploration and development profits improved, and the company is expanding into the South American offshore oil and gas sector [1]. - The domestic natural gas sales showed steady growth, with significant profit increases in Q3 2024, while refining and chemical profits experienced a decline [1]. - The company is projected to have net profits of 171.92 billion yuan, 174.21 billion yuan, and 177.88 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.94, 0.95, and 0.97 yuan per share [2][4]. Financial Performance Summary - For the first three quarters of 2024, the company reported total revenue of 2,256.28 billion yuan, a year-on-year decrease of 1.1% [1]. - In Q3 2024, the company achieved revenue of 702.41 billion yuan, down 12.4% year-on-year and 5.3% quarter-on-quarter [1]. - The exploration and development segment reported a profit of 52.6 billion yuan in Q3 2024, showing a year-on-year increase of 11.5% [1]. - The natural gas sales segment achieved a profit of 8.46 billion yuan in Q3 2024, reflecting a significant quarter-on-quarter increase of 58% [1]. - The refining business reported a profit of 1.28 billion yuan in Q3 2024, down 86.1% year-on-year [1]. - The company’s projected revenue for 2024 is 3,040.58 billion yuan, with a growth rate of 1% [2][4].