Tianfeng Securities·2025-04-30 13:14Investment Rating - The investment rating for the company is "Buy" [7] Core Views - The company demonstrated strong resilience against oil price fluctuations, achieving a record net profit of 46.8 billion yuan in Q1 2025, despite a 7.34% year-on-year decline in revenue to 753.1 billion yuan [1][4] - The upstream segment showed profit growth due to effective cost reduction measures, with oil production increasing by 0.2% and natural gas production by 1.2% year-on-year, despite a significant drop in oil prices [2] - The refining and sales segments faced challenges due to peak demand for refined oil products, resulting in a 4.7% decrease in crude processing volume and a 6.3% decline in refined oil output [3] Financial Performance Summary - Revenue for 2025 is projected at 3,011,012 million yuan, with a growth rate of -7.04% [5] - The estimated net profit for 2025 is adjusted to 166,198.83 million yuan, reflecting a growth rate of 0.92% [5] - The estimated earnings per share (EPS) for 2025 is 0.91 yuan, with a price-to-earnings (P/E) ratio of 8.80 [5] - The company maintains a dividend payout ratio of 50%, resulting in a projected dividend yield of 5.7% for A-shares and 9.2% for H-shares in 2025 [4]