Soochow Securities·2024-04-29 05:30Investment Rating - The investment rating for the company is "Buy (Maintain)" for both A and H shares [2] Core Views - The company's Q1 2024 report shows overall improvement in operations, with a notable high dividend yield [2] - The upstream segment's profit increased, while the refining segment's profit narrowed due to price restrictions on refined oil products [2] - The company emphasizes shareholder returns, projecting a net profit of 67 billion yuan for 2024 with a dividend payout ratio of 65% [2] Financial Performance Summary - For Q1 2024, the company reported total revenue of 790 billion yuan (down 0.17% year-on-year, up 6% quarter-on-quarter) and a net profit of 18.3 billion yuan (down 9% year-on-year, up 144% quarter-on-quarter) [2] - The exploration and development segment's operating profit was 12.7 billion yuan, up 11% year-on-year [2] - The refining segment's operating profit was 6.4 billion yuan, down 35% year-on-year [2] - The marketing and distribution segment's operating profit was 7.9 billion yuan, down 1% year-on-year [2] Profit Forecast and Valuation - The projected net profits for 2024-2026 are 67 billion, 69.9 billion, and 70.6 billion yuan respectively, with corresponding P/E ratios for A shares of 11.9, 11.4, and 11.3 [2] - The projected P/B ratios for A shares are 0.96, 0.94, and 0.91 for the same period [2] - The projected P/E ratios for H shares are 7.9, 7.6, and 7.5 [2]