PETROCHINA(SH:601857) Changjiang Securities·2025-04-10 08:41Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company is expected to achieve a revenue of CNY 2,937.98 billion in 2024, a decrease of 2.48% year-on-year, while the net profit attributable to shareholders is projected to rise by 2.02% to CNY 164.68 billion [2][6]. - The company has demonstrated significant performance in oil and gas production, with an equivalent production of 1,797.4 million barrels, an increase of 2.2% year-on-year, despite a decline in oil prices [6]. - The company plans to distribute approximately CNY 86 billion in dividends for 2024, marking a historical high for the same period [6]. Financial Performance Summary - The company reported a net profit of CNY 164.68 billion for 2024, with a non-recurring net profit of CNY 173.29 billion, reflecting a 7.50% decrease year-on-year [2][6]. - In Q4 2024, the company achieved a single-quarter revenue of CNY 681.70 billion, down 6.7% year-on-year, while the net profit for the quarter increased by 8.05% to CNY 32.16 billion [2][6]. - The average price of Brent crude oil was USD 80.76 per barrel in 2024, a decrease of 2.3% year-on-year, while the company's realized oil price was USD 74.70 per barrel, down 2.5% [6]. Business Segment Performance - The oil and gas segment saw a significant increase in operating profit, reaching CNY 159.75 billion, up 7.1% year-on-year, despite fluctuations in international oil prices [6]. - The refining segment experienced a decline in operating profit to CNY 18.23 billion, down 49.7% year-on-year, due to reduced margins and lower production volumes [6]. - The natural gas sales business reported a 25.5% increase in operating profit to CNY 54.01 billion, driven by increased sales volume and reduced procurement costs [6].