中国石油（601857）：2024年年报点评：2024年业绩稳再创新高，持续高分红

Investment Rating - The report maintains a "Buy" rating for the company [1][25]. Core Views - The company achieved a revenue of 2,938 billion yuan in 2024, a decrease of 2.5% year-on-year, while the net profit attributable to shareholders was 164.7 billion yuan, an increase of 2.0% year-on-year [5][12]. - The company emphasizes high dividends, with a total cash dividend distribution of 86.02 billion yuan, accounting for 52.2% of the net profit attributable to shareholders in 2024, showcasing its commitment to shareholder returns [9][12]. - The company plans to maintain high capital expenditures, with a budget of 262.2 billion yuan for 2025, focusing on oil and gas exploration and development [10][11]. Summary by Sections Financial Performance - In 2024, the company reported a net profit of 164.7 billion yuan, with a return on equity (ROE) of 11.1%, down 0.3 percentage points year-on-year [5][12]. - The average Brent crude oil price was 80.76 USD per barrel, a decrease of 2.3% year-on-year, while the company’s oil and gas sales volume increased, demonstrating resilience in its operational performance [6][12]. Segment Performance - The oil and gas and new energy segment generated revenue of 906.8 billion yuan, up 1.3% year-on-year, with operating profit of 159.7 billion yuan, an increase of 7.1% [6][15]. - The refining and chemical segment saw revenue decline to 1,192.6 billion yuan, down 2.3% year-on-year, with operating profit dropping 42% to 21.4 billion yuan due to intensified competition [7][15]. - The sales segment reported revenue of 2,454.5 billion yuan, a decrease of 2.9% year-on-year, with operating profit down 31.2% to 16.5 billion yuan [7][15]. Future Outlook - The company forecasts revenues of 3,051 billion yuan for 2025, with net profits of 165.6 billion yuan, reflecting a stable growth trajectory [12][14]. - The capital expenditure for 2025 is projected to increase by 1.6% compared to 2024, focusing on key exploration and development projects [10][11].