经营业绩维持高位，分红比例再提升

Investment Rating - The investment rating for the company is "Buy" with a previous rating of "Buy" as well [1][4]. Core Views - The company's operating performance remains strong, with an increase in dividend payout ratio [4]. - The company achieved a revenue of RMB 32,122.15 billion in 2023, a decrease of 3.19% year-on-year, and a net profit attributable to shareholders of RMB 604.63 billion, down 9.87% year-on-year [4][5]. - The company maintains a high cash dividend payout ratio of 72.1% for 2023, which is an increase of 7.62 percentage points year-on-year [4]. Summary by Sections Financial Performance - In 2023, the company reported total revenue of RMB 32,122.15 billion, down 3.19% from 2022, and a net profit of RMB 604.63 billion, down 9.87% year-on-year [4][5]. - The fourth quarter of 2023 saw revenue of RMB 7,422.74 billion, a decrease of 14.17% year-on-year, and a net profit of RMB 74.97 billion, down 23.79% year-on-year [6]. Profitability Metrics - The company's gross profit margin for 2023 was 15.65%, an increase of 0.62 percentage points year-on-year, while the return on equity (ROE) was 7.50%, a decrease of 0.94 percentage points year-on-year [4]. - The net profit margin for the fourth quarter was 0.87%, down 0.32 percentage points year-on-year [4]. Operational Highlights - The company achieved a domestic oil and gas reserve replacement rate of 131% and an oil and gas equivalent production of 504.09 million barrels, up 3.1% year-on-year [4]. - The average selling price of crude oil was RMB 3,833 per ton, down 11.1% year-on-year, while the average selling price of natural gas was RMB 1,774 per thousand cubic meters, down 2.3% year-on-year [4]. Capital Expenditure and Dividends - The company's capital expenditure for 2023 was RMB 1,768 billion, with plans to reduce it slightly to RMB 1,730 billion in 2024 [4]. - The board proposed a cash dividend of RMB 0.345 per share (before tax) for 2023, maintaining a high cash dividend payout ratio [4]. Future Earnings Projections - The company expects net profits attributable to shareholders to be RMB 646.42 billion, RMB 754.75 billion, and RMB 811.68 billion for 2024, 2025, and 2026, respectively [4][7]. - The estimated earnings per share (EPS) for the same years are projected to be RMB 0.53, RMB 0.62, and RMB 0.67 [4][7].