PETROCHINA(601857) 光大证券·2025-01-21 11:39Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of China Petroleum, with current prices at 8.57 CNY and 6.12 HKD respectively [1]. Core Insights - The report emphasizes the importance of deepening reforms to enhance the resilience of the entire industry chain and to play a crucial role in energy supply security [5][6]. - The company aims to achieve high-quality development by focusing on improving energy supply capabilities, developing emerging industries, and enhancing technological independence [6][7]. - The report highlights the company's strong performance in 2024, with a significant increase in net profit compared to historical trends, showcasing its resilience against market fluctuations [10][11]. Summary by Sections Company Overview - The 2025 work meeting of China Petroleum Group outlined the company's achievements in 2024 and set key tasks for 2025, focusing on high-quality development and energy security [5][9]. Strategic Goals - The company plans to enhance energy supply capabilities, develop new industries, and strengthen management and governance to adapt to complex market conditions [6][7]. - Key tasks include improving energy supply stability, accelerating the shale oil and gas revolution, and enhancing the competitiveness of refining and sales [7][9]. Financial Performance - The report projects net profits for 2024, 2025, and 2026 to be 1759 billion, 1803 billion, and 1850 billion CNY respectively, with corresponding EPS of 0.96, 0.99, and 1.01 CNY per share [12][15]. - The company has shown a strong ability to withstand cyclical fluctuations, with a notable increase in net profit in 2024 compared to previous high oil price periods [10][11]. Valuation Metrics - The report provides a detailed financial forecast, including revenue and profit growth rates, indicating a stable outlook for the company's financial health [12][16]. - Key financial ratios such as P/E and ROE are projected to remain favorable, supporting the investment thesis [15][18].