【DT新材料】 获悉，4月28日， 中国石化 发布2025年第一季度业绩报告。公司 第一季度营收 7353.56亿元，同比下降6.9%；归母净利润132.64亿元，同比下降27.6%，其中： （1）勘探及开发板块 一季度息税前利润为136.31亿元 ，仍然是公司最大的利润来源。 （2）炼油板块 一季度息税前利润为23.93 亿元 。公司坚持低成本"油转化"、高价值"油转特"，增产化工原料和航 煤，持续压降柴汽比， 大力推进高端碳材料、特种油品等产品发展 。 其中， 生物航煤方面 ， 2月26日，装载500吨中国石化生物航煤的"圣油238"轮驶向香港，并供应 香港国际机场，这是中国石化生物航煤首次供应香港。 3月11日，香港公司与顺丰集团正式签订可 持续航空燃油（SAF）大宗采购合作协议。 高端碳材料 方面，重点发力 在针状焦、负极材料专用焦和低排阳极专用焦。 今年2月， 茂名石化 稳定产出可用作优质锂离子电池负极材料的Ⅰ类针状焦，质量指标达到国内先进水平。3月份， 湖南 石化 生产的首批动力电池专用高端石油焦产品发往国内头部动力电池企业。 （3）营销及分销板块 一季度 息税前利润为48.67亿元 。其中， 加 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved significant growth in 2024, with total revenue reaching 45.65 billion yuan (up 10% year-on-year) and net profit attributable to shareholders reaching 6.07 billion yuan (up 27% year-on-year) [7] - The increase in performance is primarily attributed to the production launch of a 100,000-ton ethanolamine project and an 800,000-ton polyol project [7] - The company has initiated a share buyback program, purchasing 350,000 shares at a maximum price of 18.90 yuan per share, totaling 6.59 million yuan [7] - The decline in ethane prices due to lower natural gas prices in the U.S. has improved profitability, with an average ethane price of 143 USD/ton in 2024 (down 35 USD/ton year-on-year) [7] - New projects are progressing steadily, including the first phase of the Lianyungang α-olefin high-end new materials industrial park, with a total investment of 26.6 billion yuan, expected to be completed by the end of 2025 [7] - The company has adjusted its net profit forecasts for 2025 and 2026 to 7 billion yuan and 9.1 billion yuan, respectively, with a new forecast for 2027 at 10.7 billion yuan [7] Financial Summary - Total revenue projections for the company are as follows: 53.77 billion yuan in 2025, 63.11 billion yuan in 2026, and 71.31 billion yuan in 2027, with year-on-year growth rates of 17.78%, 17.38%, and 12.99% respectively [1] - Net profit attributable to shareholders is projected to be 7.04 billion yuan in 2025, 9.08 billion yuan in 2026, and 10.75 billion yuan in 2027, with growth rates of 15.93%, 29.00%, and 18.38% respectively [1] - The latest diluted EPS is expected to be 2.09 yuan in 2025, 2.70 yuan in 2026, and 3.19 yuan in 2027 [1] - The P/E ratios based on the closing price on April 25, 2025, are projected to be 9, 7, and 6 times for 2025, 2026, and 2027 respectively [7]