2024-04-30 08:02Investment Rating - The investment rating for the company is "Buy" (maintained) [16] Core Views - The company reported a Q1 2024 revenue of 812.18 billion yuan, a year-on-year increase of 10.9%, and a net profit attributable to shareholders of approximately 45.68 billion yuan, up 4.7% year-on-year, which aligns with expectations [16] - The upstream segment's profit improved under the "Stable Oil and Increased Gas" strategy, with oil and gas production reaching 464 million barrels of oil equivalent, a 2.6% increase year-on-year [16] - The refining segment's performance declined, while the chemical segment turned profitable, with chemical product sales increasing significantly [16] - The company expects stable growth in refined oil sales and gradual realization of natural gas sales elasticity [16] - Future earnings forecasts for 2024-2026 are maintained at 180.7 billion, 191.6 billion, and 199.4 billion yuan, respectively, with corresponding PE ratios of 10X, 10X, and 9X [16] Summary by Sections Market Data - Closing price as of April 29, 2024: 10.22 yuan - One-year high/low: 11.06/6.67 yuan - Price-to-book ratio: 1.3 - Dividend yield: 2.05% - Circulating A-share market value: 1,654.84 billion yuan [2] Financial Performance - Total revenue for 2023: 3,011.01 billion yuan, with a year-on-year decrease of 7.0% - Net profit for 2023: 161.14 billion yuan, with a year-on-year increase of 8.3% - Q1 2024 gross margin: 20.4%, down 0.84 percentage points year-on-year [6][18] - Q1 2024 oil price: 75.41 USD per barrel, approximately flat year-on-year [16] Operational Highlights - Q1 2024 oil and gas production: 464 million barrels of oil equivalent, with crude oil production at 240 million barrels, a 1.4% increase year-on-year [16] - Q1 2024 refined oil sales: 39.26 million tons, a 4.5% increase year-on-year [16] - Q1 2024 natural gas sales: 83.37 billion cubic meters, a 14.2% increase year-on-year [16]