Soochow Securities·2025-04-08 12:35Investment Rating - The report maintains a "Buy" rating for both A and H shares of the company [2] Core Views - The company demonstrates steady revenue growth and maintains a high dividend payout ratio, with a projected net profit of 166.8 billion RMB for 2025, reflecting a 1.32% year-on-year increase [8] - The report highlights the company's strong performance in the natural gas sector, which has significantly contributed to profit growth [8] - The company is expected to benefit from favorable pricing policies in the natural gas market, leading to improved profitability [8] Financial Performance Summary - Total revenue for 2023 is projected at 3,012.81 billion RMB, with a year-on-year decrease of 6.99% [2] - The net profit attributable to shareholders for 2023 is estimated at 161.41 billion RMB, representing an 8.52% increase year-on-year [2] - Earnings per share (EPS) for 2023 is forecasted at 0.88 RMB, with a price-to-earnings (P/E) ratio of 8.32 for A shares and 5.55 for H shares [2] - The company plans to distribute a total dividend of 860 billion RMB for 2024, maintaining a payout ratio of 52.2% [8] Segment Performance Summary - The upstream segment, including oil and gas, is expected to see an increase in operating profit to 159.7 billion RMB in 2024, a year-on-year increase of 7% [8] - The refining and chemical segment is facing profit pressure, with a projected operating profit of 21.4 billion RMB in 2024, down 42% year-on-year [8] - The natural gas sales segment is anticipated to achieve a significant profit increase of 25% year-on-year, reaching 54 billion RMB in 2024 [8]