PETROCHINA(601857) 首创证券·2024-11-15 09:43Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a revenue of 22,562.79 billion yuan for the first three quarters of 2024, a year-on-year decrease of 1.13%, while the net profit attributable to shareholders was 1,325.18 billion yuan, an increase of 0.66% year-on-year [2] - Oil prices have remained at a high level, and the steady increase in oil and gas production has supported the company's performance growth. The average price of Brent crude oil and WTI crude oil for the first three quarters of 2024 was 82.79 USD/barrel and 77.71 USD/barrel, respectively, with year-on-year increases of 0.9% and 0.5% [2] - The company’s crude oil production reached 708.3 million barrels, a year-on-year increase of 0.3%, while natural gas production was 3,803.8 billion cubic feet, a year-on-year increase of 4.0% [2] - The refining and new materials segment achieved revenue of 9,238.88 billion yuan, a year-on-year increase of 2.3%, despite a slight decrease in crude oil processing volume [2] - The company expects net profits attributable to shareholders for 2024-2026 to be 1,778.11 billion yuan, 1,892.92 billion yuan, and 1,966.65 billion yuan, respectively, with corresponding EPS of 0.97, 1.03, and 1.07 yuan [2][3] Summary by Sections Financial Performance - For Q3 2024, the company achieved revenue of 7,024.10 billion yuan, a year-on-year decrease of 12.45%, and a net profit of 439.11 billion yuan, a year-on-year decrease of 5.31% [2] - The company’s total revenue for 2023 is projected to be 30,110.12 billion yuan, with a revenue growth rate of -7.0% [3] Production and Pricing - The average realized price for crude oil was 76.88 USD/barrel, a year-on-year increase of 2.1%, and the average sales price for domestic natural gas was 8.90 USD/thousand cubic feet, a year-on-year increase of 1.0% [2] - The total production of chemical products reached 28.643 million tons, a year-on-year increase of 9.7% [2] Future Outlook - The company maintains a high dividend rate, ensuring shareholder interests are protected, and anticipates continued growth in performance due to its rich oil and gas resources and the gradual production of refining projects [2]