PETROCHINA(SH:601857) Bank of China Securities·2025-06-13 08:59Investment Rating - The report maintains a "Buy" rating for the company, with a market price of RMB 8.88 and a sector rating of "Outperform" [2][5]. Core Views - The report highlights the deep integration of oil and gas with new energy, enhancing the company's sustainable development capabilities. It emphasizes the acceleration of CCUS (Carbon Capture, Utilization, and Storage) projects in Xinjiang Oilfield, aiming for a carbon injection target of 1 million tons by 2025 and 10 million tons by 2030 [4][5][10]. - The company is expected to achieve significant growth in oil and gas production, with shale oil projects exceeding 1 million tons in 2024. The focus is on clean energy alternatives and strategic transitions towards green development [4][5][10]. Financial Summary - The projected net profit for 2025-2027 is RMB 167.96 billion, RMB 169.23 billion, and RMB 179.88 billion, respectively, with corresponding P/E ratios of 9.7x, 9.6x, and 9.0x [7][9]. - The main revenue for 2025 is estimated at RMB 2,951.03 billion, with a slight growth rate of 0.4%. EBITDA is projected at RMB 328.76 billion, with a net profit growth rate of 2.0% [9][11]. - The company plans to maintain high capital expenditures in oil and gas projects, with an estimated capital expenditure of RMB 210 billion for 2025, focusing on unconventional resources and clean energy initiatives [10][11].