PETROCHINA(00857) 东吴证券·2024-04-13 16:00Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for the stock's performance in the next 6 to 12 months [10][36]. Core Insights - The company achieved a revenue of 3,011 billion RMB in 2023, a decrease of 7% year-on-year, while the net profit attributable to shareholders was 161.1 billion RMB, an increase of 8% year-on-year [36]. - Oil and gas production is steadily increasing, with a total production of 1,759 million barrels of oil equivalent in 2023, representing a 4.4% year-on-year growth [37]. - The company plans to increase capital expenditure to 2,580 billion RMB in 2024, focusing on upstream investments [37]. - The company emphasizes shareholder returns, with a total dividend payout of 80.5 billion RMB in 2023, resulting in a dividend yield of 4.3% for A shares and 6.6% for H shares [37]. Summary by Sections 1. Oil Price Outlook - The report suggests a tight balance in oil supply and demand, with expectations for oil prices to remain high due to reduced capital expenditures by international oil companies and OPEC+ production cuts [8][9]. 2. Production and Reserves - The company has a natural gas reserve of approximately 20 trillion cubic meters, significantly higher than its peers, and is expected to increase its natural gas production in the coming years [18][37]. 3. Financial Performance - The company forecasts net profits of 183.7 billion RMB, 190.3 billion RMB, and 194.6 billion RMB for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 7.37, 7.12, and 6.96 [10][36]. 4. Segment Performance - The oil and gas segment remains the primary source of revenue, with significant contributions from the natural gas and pipeline business, which has been steadily increasing its share of total revenue [44][54]. 5. Capital Expenditure - The company’s actual capital expenditure in 2023 was 2,753 billion RMB, exceeding the planned amount, and it plans to maintain a high level of investment in 2024 [37][53].