Tianfeng Securities·2025-10-30 07:45Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company's Q3 2025 performance was slightly below expectations, with revenue of 704.4 billion yuan, a year-on-year decrease of 10.9%, and a net profit attributable to shareholders of 8.5 billion yuan, down 0.5% year-on-year [1] - The exploration segment's profit declined year-on-year due to falling oil and gas prices, despite a 3% increase in oil equivalent production [2] - Refining profits improved year-on-year due to external sanctions affecting supply, with refining processing volume up 3.8% year-on-year [3] - The chemical segment faced significant profit pressure due to the continuous release of new domestic capacity, resulting in a unit profit loss of 0.8 USD per barrel of oil equivalent [4] - The company maintains profit forecasts for 2025-2027 at 43.5 billion, 53.6 billion, and 64.1 billion yuan, with corresponding PE ratios of 15, 12, and 10 times [4] Financial Data and Valuation - Revenue for 2025 is projected at 2,797.85 billion yuan, with a growth rate of -9.00% [5] - The net profit attributable to shareholders for 2025 is estimated at 43.5 billion yuan, reflecting a year-on-year decrease of 13.54% [5] - The expected dividend yield for A shares in 2025 is 4.6%, while for H shares it is 6.6% [4] - The company's current price is 5.56 yuan, with a target price not specified [6]