PETROCHINA(SH:601857) Shenwan Hongyuan Securities·2025-03-31 08:16Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance met expectations, with a high dividend payout reflecting long-term investment value [1] - The company reported a total revenue of 2,937,981 million yuan in 2024, a decrease of 2.5% year-on-year, while the net profit attributable to shareholders increased by 2% to 164,676 million yuan [6] - The company plans to distribute a cash dividend of 0.25 yuan per share, resulting in a dividend payout ratio of 52.2% [6] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 3,113,894 million yuan, with a projected growth rate of 6.0% [5] - The net profit attributable to shareholders is expected to reach 169,787 million yuan in 2025, reflecting a year-on-year growth of 3.1% [5] - The earnings per share (EPS) is projected to be 0.93 yuan for 2025 [5] - The company's gross profit margin is expected to be 24.0% in 2025 [5] - The return on equity (ROE) is forecasted to be 10.3% in 2025 [5] Operational Insights - The company achieved an oil and gas production of 1.797 billion barrels of oil equivalent in 2024, a year-on-year increase of 2.2% [6] - The average oil price for 2024 was 74.7 USD per barrel, with expectations for future prices to remain between 60-80 USD [6] - The refining segment's operating profit decreased by 42.1% year-on-year due to a decline in refining margins [6] - The chemical segment saw a significant increase in operating profit by 361% year-on-year, driven by improved domestic demand [6] Market Performance - The company's stock closed at 14.90 yuan on March 28, 2025, with a market capitalization of 1,308,330 million yuan [1] - The dividend yield is calculated at 5.57% based on the most recent dividend announcement [1]