Guoxin Securities·2025-08-29 02:23Investment Rating - The investment rating for the company is "Outperform the Market" [6][24]. Core Views - The company's performance in the first half of 2025 showed a year-on-year decline in net profit by 5.4%, with revenue reaching 1.45 trillion yuan, down 6.7% year-on-year, primarily due to falling crude oil and refined oil prices [10][24]. - The company is focusing on stable growth in oil and gas production, with a notable increase in natural gas sales volume and price, alongside accelerated development in the renewable energy sector [2][4]. - The company plans to acquire three gas storage companies to enhance its natural gas supply chain and optimize asset integration, which is expected to contribute to high-quality development [4][20]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved a net profit of 839.9 billion yuan, a decrease of 5.4% year-on-year, with a second-quarter net profit of 371.9 billion yuan, down 13.6% year-on-year [10][24]. - The oil and gas segment generated an operating profit of 856.9 billion yuan, down 6.8% year-on-year, with an equivalent oil production of 923.6 million barrels, an increase of 2.0% year-on-year [2][12]. Oil and Gas Production - The company reported a stable growth in crude oil production, reaching 476.4 million barrels, up 0.3% year-on-year, while the average crude oil price was 66.2 USD/barrel, down 14.5% year-on-year [2][12]. - Natural gas sales volume increased to 1197.7 billion cubic meters, up 4.2% year-on-year, with an average price of 2.334 yuan/cubic meter, up 5.2% year-on-year [4][20]. Refining and Sales - The refining and refined oil sales segments faced pressure, with operating profits of 96.6 billion yuan and 75.6 billion yuan, down 8.0% and 25.2% year-on-year, respectively [3][17]. - The company processed 694.3 million barrels of crude oil, a slight increase of 0.1% year-on-year, while refined oil production was 59.57 million tons, down 0.9% year-on-year [3][17]. New Materials and Renewable Energy - The company is increasing its focus on new materials, with production rising by 54.9% year-on-year to 166.5 million tons, while the renewable energy segment saw a significant increase in wind and solar power generation by 70.0% year-on-year [3][12]. Dividend and Future Outlook - The company plans to maintain a mid-year dividend of 0.22 yuan per share, totaling 402.6 billion yuan, consistent with historical levels [4][24]. - Future profit forecasts estimate net profits of 1674 billion yuan, 1709 billion yuan, and 1740 billion yuan for 2025, 2026, and 2027, respectively, with diluted EPS projected at 0.91, 0.93, and 0.95 yuan [24][26].