光大证券研究·2026-01-10 00:04Core Viewpoint - The restructuring of China Petroleum & Chemical Corporation (Sinopec) and China Aviation Oil Group aims to enhance operational efficiency and competitiveness in the energy sector, particularly in aviation fuel supply and logistics [4][9]. Group 1: Company Overview - Sinopec is the largest supplier of refined oil and petrochemical products in China, recognized as the world's largest refining company and the second-largest chemical company, with a vast network of over 100 subsidiaries [5]. - China Aviation Oil Group, established in 2002, is Asia's largest aviation fuel enterprise, providing comprehensive services including procurement, transportation, storage, and sales of aviation fuel across numerous airports [6][7]. Group 2: Financial Performance - In 2024, Sinopec reported total revenue of 31,388 billion yuan, a decrease of 3.3% year-on-year, and a net profit attributable to shareholders of 578 billion yuan, down 13.0% from the previous year [5]. - The aviation fuel segment of Sinopec produced 31.43 million tons and sold 27.86 million tons in 2024, indicating a significant operational scale in the aviation fuel market [8]. Group 3: Strategic Implications of the Restructuring - The merger will create a closed-loop industrial chain for aviation fuel, integrating crude oil import, refining, transportation, and airport refueling, which is expected to reduce costs and enhance market influence [8]. - The restructuring aligns with the broader goals of state-owned enterprise reform, focusing on optimizing state capital layout and enhancing core competitiveness through strategic mergers and acquisitions [9].