公司年报点评：业绩稳定，分红比例高

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][6][35]. Core Views - The company has demonstrated stable performance despite fluctuations in oil prices, with a focus on integrated operations across exploration, refining, and marketing [5][8][10]. - The company reported a revenue of 3,212.215 billion yuan in 2023, a decrease of 3.2% year-on-year, and a net profit attributable to shareholders of 60.463 billion yuan, down 9.9% year-on-year [5][8]. - The company maintains a high dividend payout ratio, with a cash dividend of 0.345 yuan per share in 2023, resulting in a distribution rate of 72.1% when considering share buybacks [6][33]. Summary by Sections Business Performance - The exploration and production segment saw a 3.09% increase in oil and gas equivalent production, totaling 504 million barrels in 2023 [15][18]. - The refining segment achieved a record crude processing volume of 258 million tons, up 6.29% year-on-year, with operating income rising by 68.77% to 20.608 billion yuan [17][18]. - The chemical segment reported an operating loss of 6.036 billion yuan, although this was a significant improvement from a loss of 14.1 billion yuan in 2022 [18][19]. - The marketing and distribution segment's operating income grew by 5.71% to 25.939 billion yuan, with total domestic refined oil sales increasing by 15.76% to 188.17 million tons [20][21]. Financial Forecasts - Earnings per share (EPS) are projected to be 0.60, 0.61, and 0.62 yuan for 2024, 2025, and 2026 respectively, with a book value per share (BPS) of 6.93 yuan expected in 2024 [6][35]. - The reasonable value range for the stock is estimated to be between 6.93 and 7.62 yuan, corresponding to a price-to-earnings (PE) ratio of 12-13 times for 2024 [6][35]. Capital Expenditure - The company plans to maintain capital expenditures at approximately 173 billion yuan in 2024, consistent with 2023 levels [31][32].