Soochow Securities·2024-10-30 14:01Investment Rating - The report maintains a "Buy" rating for both A and H shares of China Petroleum [1] Core Views - In the first three quarters of 2024, the company achieved total revenue of 2,256.28 billion yuan (down 1.1% year-on-year) and a net profit attributable to shareholders of 132.52 billion yuan (up 0.7% year-on-year) [1] - The upstream segment's profit increased, with new overseas projects acquired, while refining profits narrowed and chemical segments continued to be profitable [1] - The natural gas sales segment saw a significant profit increase due to optimized resource pool structure and reduced procurement costs [1] - The company emphasizes shareholder returns, projecting a total dividend of 87.7 billion yuan for 2024, resulting in a dividend yield of 5.8% for A shares and 7.2% after tax for H shares [1] Financial Performance Summary - For Q3 2024, the company reported revenue of 702.41 billion yuan (down 12.45% year-on-year, up 5.3% quarter-on-quarter) and a net profit of 43.91 billion yuan (down 5.3% year-on-year, up 2.3% quarter-on-quarter) [1] - The average realized price for oil in the first three quarters of 2024 was $76.88 per barrel (up 2.1% year-on-year), and for gas, it was 2.23 yuan per cubic meter (up 1.0% year-on-year) [1] - The company’s oil and gas equivalent production reached 1,342 million barrels of oil equivalent (up 2.0% year-on-year) [1] - The projected net profits for 2024-2026 are adjusted to 175.4 billion, 182.2 billion, and 186.0 billion yuan respectively [1]