2024-04-30 03:30Investment Rating - The report maintains a "Recommended" rating for the company [19]. Core Views - The company reported a total revenue of 812.18 billion yuan for Q1 2024, representing a year-on-year increase of 10.88%, and a net profit attributable to shareholders of 45.68 billion yuan, up 4.70% year-on-year [5]. - The upstream oil and gas business showed stable profit growth, with operating profits of 42.97 billion yuan, a year-on-year increase of 4.8%. The company achieved crude oil and marketable natural gas production of 239.6 million barrels and 1,344.7 billion cubic feet, respectively, with year-on-year growth of 1.4% and 3.9% [5]. - The company plans to produce 909.2 million barrels of crude oil and 5,142.6 billion cubic feet of marketable natural gas in 2024, with a total oil and gas equivalent of 1,766.3 million barrels [5]. Financial Performance Summary - For 2024, the company expects revenues of 2,946.43 billion yuan, a slight decrease of 2.14% year-on-year, and net profits of 167.40 billion yuan, an increase of 3.88% year-on-year. The EPS is projected to be 0.91 yuan per share, with a corresponding PE ratio of 11.17 [22]. - The company’s operating profit from refining and sales decreased significantly due to narrowing refining margins and reduced profits from international trade, while the chemical business turned profitable due to increased sales [5]. - The company aims to optimize its production and operations continuously, focusing on innovation, resource management, market expansion, internationalization, and green low-carbon development strategies [5].