PETROCHINA(SH:601857) Xinda Securities·2025-03-31 08:23Investment Rating - The report maintains a "Buy" rating for China Petroleum (601857.SH) [1] Core Views - The company achieved a record high in operating performance, with a total revenue of CNY 29,379.81 billion in 2024, a year-on-year decrease of 2.48%, and a net profit attributable to shareholders of CNY 1,646.76 billion, a year-on-year increase of 2.02% [1][2] - The upstream oil and gas sector showed steady profit growth, while the downstream refining and sales sector faced pressure due to weak domestic demand [4] - The company’s oil and gas equivalent production reached 240 million tons in 2024, a year-on-year increase of 2.2% [4] - The company’s natural gas sales volume reached a historical high of 2,877.5 billion cubic meters, a year-on-year increase of 5.2% [5] - The company announced a market value management plan aimed at enhancing operational quality and shareholder returns, with a dividend payout ratio of 52.2% in 2024 [5] Financial Performance Summary - In 2024, the company reported total revenue of CNY 2,937,981 million, with a year-on-year decline of 2.5% [6] - The net profit attributable to shareholders for 2024 was CNY 164,676 million, reflecting a year-on-year growth of 2.0% [6] - The company’s earnings per share (EPS) for 2024 was CNY 0.90, a year-on-year increase of 2.0% [6] - The projected net profits for 2025-2027 are CNY 167,422 million, CNY 171,217 million, and CNY 176,271 million, with corresponding EPS of CNY 0.91, CNY 0.94, and CNY 0.96 [5][6]