Changjiang Securities·2025-05-05 08:12Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company reported a revenue of 753.11 billion yuan for Q1 2025, a decrease of 7.34% year-on-year. However, the total profit reached 66.84 billion yuan, an increase of 0.99%, and the net profit attributable to shareholders was 46.81 billion yuan, up by 2.27% [2][6]. - The oil and gas production slightly increased, coupled with cost reduction and efficiency improvements, leading to a resilient performance despite falling oil prices. The oil and gas and new energy sectors showed growth, while refining and chemical businesses faced pressure due to reduced market demand [2][11]. - The company emphasized shareholder returns, planning to distribute approximately 86 billion yuan in dividends for 2024, marking a historical high for the same period. Additionally, the controlling shareholder announced a plan to increase holdings in the company, reflecting confidence in its future [11]. Summary by Sections Financial Performance - In Q1 2025, the company achieved an oil and gas equivalent production of 467 million barrels, a year-on-year increase of 0.7%. Domestic production rose by 1.2% to 418.1 million barrels, while overseas production fell by 3.4% to 48.9 million barrels. The unit operating cost for oil and gas was 9.76 USD/barrel, down by 6.0% year-on-year [11]. - The average Brent crude futures price was 74.98 USD/barrel, a decrease of 8.3% year-on-year, while the company's realized oil price was 70.0 USD/barrel, down by 7.2% [11]. - The refining and chemical sectors processed 337.3 million barrels of crude oil, a decline of 4.7%, and produced 28.57 million tons of refined oil, down by 6.3% [11]. Natural Gas Sales - The natural gas sales business saw a volume of 86.44 billion cubic meters, an increase of 3.7% year-on-year, with domestic sales rising by 4.2% to 69.91 billion cubic meters. The operating profit from natural gas sales was 13.51 billion yuan, up by 9.7% [11]. Shareholder Returns - The company plans to distribute dividends of approximately 86 billion yuan for 2024, corresponding to a dividend payout ratio of 52.2%, which is a historical high for the same period. The controlling shareholder's plan to increase holdings in the company reflects confidence in its future performance [11].