EBSCN·2024-02-26 16:00Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of China Petroleum, with current prices at 8.84 CNY and 6.19 HKD respectively [5]. Core Views - The strategic cooperation agreement signed between China Petroleum Group and the Tianjin municipal government aims to enhance the company's full industry chain advantages and support high-quality development [2][3]. - The company is expected to deepen its business layout in Tianjin, focusing on oil and gas development, technological innovation, equipment manufacturing, and productive services [2]. - The integration of market value management into the management team's performance assessment is anticipated to contribute to the company's long-term development [3]. Financial Summary - Revenue for 2023 is projected at 32,029 million CNY, with a growth rate of 4.91% [4]. - Net profit for 2023 is estimated at 1,680 million CNY, reflecting a growth rate of 12.44% [4]. - Earnings per share (EPS) for 2023 is expected to be 0.92 CNY, with projections of 0.94 CNY and 0.97 CNY for 2024 and 2025 respectively [3][4]. - The return on equity (ROE) is projected to be 11.22% in 2025 [4]. Strategic Developments - The agreement emphasizes collaboration in oil and gas exploration, energy supply, and the integration of oil and gas with new energy [2]. - The company aims to leverage its strengths to accelerate business development in Tianjin and enhance clean energy supply [2]. - The ongoing national strategy for state-owned enterprise reform is expected to further support the company's long-term growth [3].