Guoxin Securities·2025-05-22 09:50Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][6]. Core Viewpoints - The company is actively implementing ESG principles, showcasing its commitment to social responsibility and sustainable development [3][4]. - In 2024, the domestic natural gas production of the company is expected to account for 54.4% of its total oil and gas equivalent production, indicating an optimization of its energy structure [2]. - The company has set ambitious targets for its renewable energy business, aiming for a 7% share of its energy capacity by 2025 and a balanced division between renewable and oil and gas businesses by 2035 [4][22]. Summary by Relevant Sections ESG Development - The company has established a comprehensive ESG governance system and is committed to long-term planning in ESG development [3][11]. - The company integrates ESG principles into its overall development strategy and operational management, with a structured governance framework involving the board of directors and specialized committees [11][13]. Renewable Energy and Low-Carbon Transition - The company is rapidly advancing in its renewable energy initiatives, with a 21.7% year-on-year increase in new energy investments and a doubling of wind and solar power generation [2][26]. - The company has launched the "Green Low-Carbon Development Action Plan 3.0," focusing on clean energy development and carbon neutrality [4][22]. - By 2024, the company plans to invest 24.05 billion yuan in renewable energy, reflecting a significant commitment to low-carbon technologies [26]. Social Responsibility - The company actively participates in energy security, rural revitalization, and employee development, contributing to economic and social stability [5][45]. - It has implemented over 1,000 rural revitalization projects across 28 provinces, enhancing local infrastructure and education [45][47]. - The company emphasizes local employment and procurement in its international operations, fostering community development and cultural integration [55][56]. Financial Projections - The company is projected to achieve net profits of 167.4 billion yuan, 170.9 billion yuan, and 174 billion yuan for the years 2025, 2026, and 2027, respectively, with diluted EPS of 0.91, 0.93, and 0.95 yuan [58].