Sinopec Corp.(600028) 华鑫证券·2025-04-01 14:23Investment Rating - The report maintains a "Buy" investment rating for the company [1][8] Core Views - The company's profitability is under pressure due to oil price fluctuations and energy transition, with a notable decline in revenue and net profit for 2024 [3][4] - Despite challenges in the oil and gas sector, the company continues to invest heavily in exploration and production, ensuring future resource availability [5][6] - The company plans to distribute a cash dividend of 0.29 yuan per share, reflecting a dividend yield of 4.28%, which underscores its investment value [7][8] Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 3,074.56 billion yuan, a decrease of 4.29% year-on-year, and a net profit of 50.31 billion yuan, down 16.79% year-on-year [3][4] - The average selling prices for gasoline and diesel fell by 1.4% and 5.5% respectively, while sales volumes decreased by 0.7% and 4.8% [4] Business Segments - The company's natural gas sales volume increased by 10% to 40,805 million cubic meters, with an average price rise of 3.4% to 2,230 yuan per thousand cubic meters, but this growth could not offset losses from refined oil products [4] - Chemical segment revenue grew by 1.7% to 523.9 billion yuan, driven by increases in organic chemicals and synthetic fibers [4] Capital Expenditure and Future Outlook - The company plans to invest 1,643 billion yuan in capital expenditures for 2025, focusing on oil and gas production capacity and exploration projects [5][6] - Forecasted net profits for 2025, 2026, and 2027 are 57.8 billion, 63.8 billion, and 63.5 billion yuan respectively, with corresponding P/E ratios of 12.0, 10.9, and 10.9 [8][10]