证券研究报告 中国海油 (883 HK/600938 CH) 天然气产量同比快速增长，提质降本成果卓越 Q1 公司油气净产量 188.8 百万桶油当量，同比+4.8%，其中石油液体/天然 气产量 145.5 百万桶/253.0 十亿立方英尺，同比分别+3.4%/+10.2%。Brent 期货 Q1 均价同比-8.3%至 75.0 美元/桶，公司实现油价同比-7.7%至 72.7 美元/桶，实现气价同比+1.2%至 7.78 美元/千立方英尺。公司桶油成本控制 良好，Q1 同比下降 0.56 美元/桶至 27.03 美元/桶，主要系产量结构调整叠 加油价下行带动其他税金降低。公司 Q1 油气销售收入同比-1.9%至 882.7 亿元，综合毛利率同环比+1.2/+3.9pct 至 54.6%。 港股通 油气产量创新高，重点项目有序推进 | 华泰研究 | | | 季报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 30 日│中国内地/中国香港 | 石油（天然气）开采 | 中国海油于 4 月 29 日发布一季报：Q1 实现营业收入 1069 亿元，同环比 -4.1%/+ ...

Core Viewpoint - The performance of Sinopec in 2024 is significantly impacted by weak gasoline and diesel consumption, leading to a nearly 17% year-on-year decline in net profit [1][2]. Financial Performance - In 2024, Sinopec's operating revenue decreased by 4.3% to 3.07 trillion yuan, while net profit attributable to shareholders fell by 16.8% to 50.31 billion yuan [2]. - The company's main business revenue dropped by 4.2% to 3.02 trillion yuan due to a decline in both volume and price of refined oil products [2]. Segment Performance - The refining and marketing & distribution segments saw revenue declines of 3.2% and 5.7%, respectively, reaching 1.48 trillion yuan and 1.71 trillion yuan [3]. - Operating profits for the refining segment and marketing & distribution segment plummeted by 67.4% and 28.1%, amounting to 6.71 billion yuan and 18.65 billion yuan [3]. - The chemical segment experienced a significant loss of 9.997 billion yuan, worsening by nearly 4 billion yuan compared to 2023, despite a 1.7% increase in revenue to 523.9 billion yuan [3]. Upstream Growth - The exploration and production segment achieved a 25.4% increase in operating profit to 56.39 billion yuan, despite a slight revenue decline of 0.9% to 297.2 billion yuan [4]. - Cost reductions in LNG procurement, oil and gas cash operating costs, and exploration expenses contributed to the profit growth in this segment [4]. Future Outlook - Sinopec plans to invest 164.3 billion yuan in capital expenditures for 2025, with 76.7 billion yuan allocated to exploration and production, focusing on oil and gas capacity construction [4]. - The company aims to increase production of ethylene by 15.7% to 15.59 million tons in 2024, anticipating a 4.6% growth in domestic ethylene equivalent consumption in 2025 [5].

汽柴油消费疲软拖累业绩，中国石化2024年净利润 同比跌近17% "2024年，国内新增产能持续释放，化工毛利大幅缩窄；受境内汽、柴油经营量及价差下降影响，全年 成品油销售板块息税前利润同比下降23.9%至223亿元。"在3月24日召开的业绩说明会上，中国石化财 务总监寿东华描述了公司过去一年主要经营表现。 2024年，中国石化营业收入同比降低4.3%至3.07万亿元，归母净利润同比下降16.8%至503.13亿元。公 司称，国际原油价格震荡下行，国内交通行业新能源替代加速，化工市场新增产能持续释放，毛利大幅 收窄。由于成品油等产品量价齐跌，公司主营业务收入同比降低4.2%至30152亿元。 中国石化将经营活动分为勘探及开发事业部、炼油事业部、营销及分销事业部、化工事业部四个事业部 和本部及其他。其中，炼油事业部和营销及分销事业部为公司贡献了超过六成经营收入。 由于成品油消费疲软，以及成品油价格随原油价格下降，2024年中国石化炼油事业部和营销及分销事业 部经营收入分别同比下滑3.2%、5.7%，降至1.48万亿元和1.71万亿元，经营收益更是显著下滑67.4%、 28.1%，至67.14亿元和186.46亿 ...