Tianfeng Securities·2024-04-30 11:00Investment Rating - The investment rating for the company is "Buy" with a 6-month outlook maintained [3][7][20]. Core Insights - The company's Q1 performance met expectations, with revenue of 812.2 billion yuan, a year-on-year increase of 10.9%, and a net profit attributable to shareholders of 45.7 billion yuan, up 4.7% year-on-year [5][8]. - The upstream segment showed positive growth, with crude oil processing volume increasing by 8.2% year-on-year, refined oil production up by 9.8%, and ethylene production rising by 13.5% [1][5]. - The chemical segment performed well, primarily due to increased sales of chemical products and a turnaround in Guangdong Petrochemical [9][10]. Summary by Sections Upstream Segment - Q1 crude oil production increased by 1.4% year-on-year, and natural gas production rose by 3.9% [8]. - Operating profit for the refining segment was 8.1 billion yuan, a slight decrease of about 400 million yuan year-on-year, while the chemical business achieved an operating profit of 1.15 billion yuan, marking a turnaround [1][6]. Financial Performance - The company maintained its profit forecasts for 2024, 2025, and 2026 at 170.3 billion, 179.3 billion, and 190.1 billion yuan respectively, with corresponding P/E ratios of 11, 10, and 10 times for A-shares [7][16]. - The A-share dividend yield for 2024 is projected at 4.6%, while the H-share dividend yield is expected to be 6.4% [7]. Market Data - The current price of the stock is 10.22 yuan, with a target price yet to be specified [3]. - The total market capitalization of A-shares is approximately 1,654.84 billion yuan, with a total share capital of 161,922.08 million shares [3].