中国石油（601857）：全年业绩稳定增长

Investment Rating - The investment rating for the company is "Outperform the Market" [2]. Core Insights - The company achieved an operating revenue of 2,937.98 billion yuan in 2024, a year-on-year decrease of 2.48%, while the net profit attributable to shareholders was 164.68 billion yuan, a year-on-year increase of 2.02% [7][8]. - The report highlights that the fourth quarter saw a decline in oil prices, which negatively impacted profitability, particularly in the oil and gas and new energy sectors [7][10]. - The report projects net profits for 2025-2027 to be 160.9 billion, 162.7 billion, and 165.3 billion yuan respectively, with a reasonable valuation range of 11.32 to 13.07 yuan per share based on a price-to-book ratio of 1.3-1.5 times [7][23]. Summary by Sections Financial Performance - In 2024, the company reported a net profit of 164.68 billion yuan, with a fourth-quarter net profit of 32.16 billion yuan, reflecting an 8.05% year-on-year increase but a 26.77% quarter-on-quarter decrease [8][10]. - The company’s total assets reached 2,753.01 billion yuan, with a debt-to-asset ratio of 37.9% [26]. Business Segment Analysis - Oil and Gas and New Energy Business: The EBIT for this segment was affected by falling oil prices, with quarterly EBIT figures of 12.89, 15.22, 16.80, and 4.09 USD per barrel [11][13]. - Refining and Chemical Business: This segment saw improved profitability due to expanded price differentials, with EBIT figures of 3.19, 2.24, 0.67, and 2.46 USD per barrel [15]. - Natural Gas Sales: The EBIT for this segment increased in the fourth quarter to 0.76 yuan per cubic meter, attributed to effective cost control and rising domestic gas prices during the heating season [19][20]. Future Outlook - The company expects stable growth in net profits over the next few years, with a projected EPS of 0.88 yuan for 2025 [6][7]. - The report maintains a positive outlook on the company's ability to navigate market fluctuations and achieve profitability [7][23].