Core Viewpoint - China National Petroleum Corporation (CNPC) aims to achieve high-quality development by 2027, establishing itself as a world-class enterprise while focusing on shareholder returns through dividend distributions [1][2]. Financial Performance - In 2024, CNPC expects to generate revenue of CNY 2.94 trillion, a decrease of approximately 2.5% year-on-year, while achieving a net profit of CNY 164.68 billion, marking a 2% increase and a historical high [2][3]. - The proposed dividend for 2024 is CNY 0.25 per share for the final dividend, totaling approximately CNY 86.02 billion, with a payout ratio of 52.2% [1][2]. Oil and Gas Production - CNPC's average crude oil price for 2024 is projected at USD 74.70 per barrel, a 2.5% decline from USD 76.60 per barrel in the previous year [3]. - The company anticipates a 2.2% increase in oil and gas equivalent production to 1,797.4 million barrels in 2024, with a target of 1,826.6 million barrels by 2025 [6]. Exploration and Reserves - CNPC achieved a reserves replacement ratio of 1.0, the best in five years, and emphasizes the importance of exploration for increasing reserves before production [5][6]. - Significant breakthroughs in exploration were reported in various basins, including Tarim, Sichuan, and Ordos [4][5]. New Energy Development - CNPC is focusing on developing new energy businesses, with plans to generate 4.72 billion kWh from wind and solar power in 2024, and aims for new energy capacity to reach 7% of oil and gas equivalent by 2025 [7][8]. - The company is also expanding its electric vehicle infrastructure, planning to build 2,880 new charging stations and acquire a fully licensed power company to enhance its new energy portfolio [8].

Core Viewpoint - China National Petroleum Corporation (CNPC) achieved record high performance for the third consecutive year despite a challenging market environment characterized by declining oil prices and reduced demand for refined oil products [2][4]. Financial Performance - In 2024, CNPC reported total revenue of 2.94 trillion yuan, with a net profit attributable to shareholders of 164.68 billion yuan, representing a 2% year-on-year increase [2][4][8]. - The average price of crude oil realized by CNPC in 2024 was $74.70 per barrel, a decrease of 2.5% compared to the previous year [2]. Operational Highlights - CNPC's net profit growth was driven by enhanced efficiency and cost control measures, as well as a transformation towards higher value-added chemical products [5]. - The company achieved a record natural gas sales volume, contributing to an operating profit of 54.01 billion yuan, a 25.5% increase year-on-year [5]. Cash Flow and Dividends - By the end of 2024, CNPC's net cash flow from operating activities reached 406.53 billion yuan, exceeding 400 billion yuan for two consecutive years, with free cash flow of 104.35 billion yuan [5]. - The company announced a cash dividend of 86 billion yuan for 2024, marking the second consecutive year of dividends exceeding 80 billion yuan [5]. Production and Exploration - In 2024, CNPC achieved an oil and gas equivalent production of 1,797.4 million barrels, a 2.2% increase from the previous year [9]. - The company reported a reserve replacement ratio of 1.0, indicating the best balance between reserves and production in the past five years [10]. Future Outlook - For 2025, CNPC aims to achieve an oil and gas equivalent production of 1,826.6 million barrels, a 1.6% increase, and plans to reduce capital expenditures by 4.9% to 262.2 billion yuan [10]. - The company is accelerating its development of renewable energy, with plans for renewable energy capacity to reach 7% of oil and gas equivalent by 2024, aiming for a balanced contribution from oil, gas, and renewable energy by 2050 [11].

2024 年公司资本支出2758 亿元，2025 年计划支出2622 亿元。2024 年经营现金流净额高达4065 亿，扣 除资本开支粗算自由现金流1307 亿。 盈利预测与投资评级：原盈利预测25/26 年归母净利润1793/1901 亿，现由于成品油需求低迷，调整为 2025-2026 年归母净利润为1698/1749 亿，新增2027 年归母净利润预测为1800 亿，A 股对应PE 8.7/8.5/8.2 倍，H 股对应PE 5.5/5.4/5.2 倍。A 股对应25 年分红收益率5.7%，H 股对应25 年分红收益率 9.0%。维持"买入"评级。 风险提示：经济衰退带来的油价下行风险；项目投产不及预期的风险；天然气终端销售价格下跌的风 险。 2024 年归母净利润1611 亿，再创佳绩 2024 年原油加工量1.87 亿吨，同比-1.5%，成品油产量同比-2.3%，其中汽柴煤油产量分别同 比-3.4%/-6.8%/+19.2%。2024 年炼油单位利润同比下滑50%，为1.8 美金/桶加工量，主要是2024 年国内 成品油需求低迷；化工单位炼油利润略有小幅提升，约0.3 美金/桶加工量，主要是公司加大 ...

Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of the company, with current prices at 8.08 CNY and 6.16 HKD respectively [1]. Core Insights - The company achieved a record high net profit attributable to shareholders of 164.7 billion CNY in 2024, reflecting a year-on-year increase of 2.02% [5][6]. - The report highlights the company's integrated industry chain as a key factor in withstanding oil price fluctuations, with a free cash flow of 104.35 billion CNY for three consecutive years exceeding 100 billion CNY [6][17]. - The company’s total revenue for 2024 was 2,938 billion CNY, a decrease of 2.48% year-on-year, while the fourth quarter revenue was 681.7 billion CNY, down 6.70% year-on-year [5][6]. Summary by Sections Financial Performance - In 2024, the average Brent crude oil price was 79.86 USD/barrel, down 2.8% year-on-year, while the fourth quarter average was 74.01 USD/barrel, down 10.7% year-on-year [6]. - The company’s upstream business benefited from ongoing "increased reserves and production" initiatives, achieving an operating profit of 159.7 billion CNY, up 7.4% year-on-year [7][8]. - The natural gas sales business saw a significant profit increase of 25.5% year-on-year, reaching 54 billion CNY [10]. Segment Analysis - The refining and chemical segment reported an operating profit of 21.4 billion CNY, down 42.1% year-on-year, primarily due to narrowing margins on refined products [11]. - The company processed 1,378.4 million barrels of crude oil in 2024, a decrease of 1.5% year-on-year, while chemical product sales volume increased by 13.6% [12][13]. Shareholder Returns - The board proposed a final dividend of 0.25 CNY per share, with an annual dividend of 0.47 CNY per share, resulting in a payout ratio of 52.2% [14]. - The total dividend amount is approximately 86.02 billion CNY, with dividend yields of 5.8% for A-shares and 8.2% for H-shares based on the stock price as of March 28 [14]. Long-term Outlook - The report projects net profits for 2025-2027 to be 173 billion CNY, 178.4 billion CNY, and 182.9 billion CNY respectively, with a continued focus on the potential of the "increased reserves and production" strategy and long-term growth in the natural gas sector [17][18].

昨天，发生了哪些财经大事？ 李嘉诚 旗下长和突然公告 3月31日早上，李嘉诚旗下长和在港交所公告称，董事会知悉最近与可能分拆本公司全球电讯资 产及业务有关的若干媒体报道。 本集团不时接获建议并探索及评估可供考虑之机会，藉以提升股东的长远价值，包括与本公司全 球电讯业务之资产及运营相关的可能交易（包括分拆上市）。 于本公告日期，董事会未有就本公司全球电讯业务有关的任何交易作出决定。 本公司股东及潜在投资者谨请注意，目前并不确定是否将会进行任何交易。 三桶油合计日赚近10亿 3月30日晚间，中国石油（601857.SH，股价8.08元，市值14788.1亿元）披露2024年年报，按照 国际财务报告会计准则，报告期内公司实现营业收入2.9万亿元；归属于母公司股东净利润1646.8 亿元，同比增长2.0%，再创历史新高。截至报告期末，中国石油自由现金流1043.5亿元，连续三 年超过1000亿元。 在业绩创下新高的同时，中国石油的股东回报也达到新高。为积极回报股东，中国石油董事会建 议派发2024年末期股息每股0.25元，期末总派息额约457.55亿元。全年股息每股0.47元，派息率 52.2%，总派息额约860.2 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2]. Core Views - The report highlights that the company has achieved a net profit growth of 11.4% year-on-year in 2024, driven by an increase in oil and gas production and sales [6]. - The company anticipates stable growth in net production and plans to maintain capital expenditures between 125 billion to 135 billion yuan [6]. - The report projects a reasonable value range for the company's stock between 30.89 and 32.52 yuan based on a price-to-book ratio of 1.9 to 2.0 for 2025 [6]. Financial Performance Summary - In 2024, the company reported operating revenue of 420.51 billion yuan, a year-on-year increase of 0.9% [6]. - The net profit attributable to the parent company for 2024 was 137.94 billion yuan, reflecting an 11.4% increase compared to the previous year [6]. - The company’s capital expenditure for 2024 was 123.36 billion yuan, up 2.1% year-on-year, primarily focused on oil and gas exploration and development [6]. - The average realized price for crude oil in 2024 was 76.75 USD per barrel, a decrease of 1.6% year-on-year, while the realized price for natural gas was 7.72 USD per thousand cubic feet, down 3.3% [6]. Production and Sales Summary - The company achieved an oil and gas production of 727 million barrels of oil equivalent in 2024, representing a year-on-year increase of 7.2% [6]. - Oil and gas sales reached 712 million barrels of oil equivalent, marking a 9.0% increase year-on-year [6]. - Natural gas production was 760.3 billion cubic feet, up 7.8% year-on-year, while liquid petroleum production was 563 million barrels, an increase of 9.4% [6]. Future Projections - The company aims for a net production target of 760 to 780 million barrels of oil equivalent in 2025, with expectations for continued growth in subsequent years [6]. - The projected net profit for 2025 is 115.05 billion yuan, with further declines expected in 2026 and 2027 [6].

登录新浪财经APP 搜索【信披】查看更多考评等级 全年派息860.2亿元 在油价小幅下跌的背景下，中国石油（601857）在2024年实现了连续第三年经营业绩创历史新高。 与此同时，中国石油末期和全年每股股息也创下历史同期最好水平，公司全年总派息额约860.2亿元。 业绩再创新高 3月30日晚间，中国石油披露2024年年报，按照国际财务报告会计准则，报告期内公司实现营业收入2.9万亿元；归属于母公司股东净利润1646.8亿元，同 比增长2.0%，再创历史新高。截至报告期末，中国石油自由现金流1043.5亿元，连续三年超过1000亿元。 中国石油的业绩再创新高，是在国际原油市场供需总体宽松的环境下实现的。 2024年，国际原油价格先涨后跌，全年平均油价较上年同期小幅下跌，国际市场天然气价格进一步回落；国内成品油市场竞争加剧，天然气市场消费量保 持快速增长。中国石油当年原油平均实现价格74.70美元/桶，比上年同期的76.60美元/桶下降2.5%。 对于这份业绩表现，中国石油总结称，公司通过提升石油天然气产销量、优化炼油化工产品结构、细化市场营销策略、坚持低成本发展战略举措、不断增 强产业链韧性，实现业绩增长。 ...

经毕马威华振会计师事务所（特殊普通合伙）审计，按照中国企业 会计准则，截至2024年12月31日，公司母公司报表中期末未分配利润为 人民币8,022.90亿元。经公司第九届董事会第十一次会议决议，公司2024 年末期拟以股权登记日登记的总股本为基数分配利润。本次利润分配方 案如下： 一、利润分配方案内容 （一）利润分配方案的具体内容 公司拟向全体股东每股派发现金红利人民币0.25元（含税）。截至 现金红利人民币457.6亿元（含税），其中A股现金红利人民币404.8亿元 （含税）。本年度公司现金分红（包括中期已分配的现金红利）总额人 民币860.20亿元，占本年度归属于上市公司股东净利润的比例52.2%。 证券代码 601857 证券简称 中国石油 公告编号 临 2025-005 中国石油天然气股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 否 规定的可能被实施其他风 险警示的情形 如在本公告披露之日起至股权登记日期间，因可转债转股、回购股 份、股权激励授予股份回购注销、重大资产重组股份回购注销等 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights the company's resource endowment advantages, with dividends and share buybacks enhancing shareholder returns [1] - The company achieved a total revenue of 420.5 billion yuan in 2024, a year-on-year increase of 0.94%, and a net profit attributable to shareholders of 137.9 billion yuan, up 11.38% year-on-year [6] - The company’s net production exceeded annual targets, with proven reserves reaching a historical high of 727.1 million tons of oil equivalent, resulting in a reserve replacement ratio of 167% [6] - The company maintains a low cost advantage, with a cost of 28.52 USD per barrel of oil equivalent in 2024, a decrease of 1.1% year-on-year [6] - The operating cash flow increased by 5.32% year-on-year to 220.9 billion yuan, reflecting stable operations despite declining oil prices [6] - The company plans to maintain a dividend payout ratio of no less than 45% from 2025 to 2027, with a planned dividend of 1.4 HKD per share in 2024 [6] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 444.5 billion yuan, with a year-on-year growth rate of 5.7% [5] - Net profit attributable to shareholders is projected to be 139.9 billion yuan in 2025, reflecting a 1.4% increase year-on-year [5] - Earnings per share are expected to be 2.94 yuan in 2025 [5] - The company’s gross margin is forecasted to be 51.6% in 2025, with a return on equity (ROE) of 17.0% [5] - The price-to-earnings (PE) ratio is projected to be 9 for 2025 and 2026, and 8 for 2027 [6]

Summary of Key Points Core Viewpoint - The report outlines the verification opinion of CITIC Securities regarding the related party transactions between China National Offshore Oil Corporation (CNOOC) and CNOOC Finance Co., Ltd. for the year 2024, emphasizing the compliance and risk management aspects of these transactions [1][8]. Group 1: Transaction Background - CNOOC and CNOOC Finance entered into a financial service framework agreement on December 22, 2022, under which CNOOC Finance agreed to provide financial services as requested by CNOOC for a three-year period starting January 1, 2023 [1][2]. - CNOOC Finance was established on May 13, 2002, and has a registered capital of 4 billion RMB, with major shareholders including China National Offshore Oil Corporation and its subsidiaries [2]. Group 2: Framework Agreement Details - The pricing policy for deposit services allows for interest rates to be set based on commercial bank rates, with a potential increase of 0-40% [3]. - Loan services are priced according to the Loan Prime Rate (LPR), with the possibility of a downward adjustment [3]. - CNOOC Finance does not charge service fees for settlement services and offers discounted rates for commercial bill discounting [3]. Group 3: Financial Performance of CNOOC Finance - As of December 31, 2024, CNOOC Finance reported total assets of 271.14 billion RMB and net profits of 1.372 billion RMB for the year [2][4]. Group 4: Risk Assessment and Management - CNOOC conducted a risk assessment of CNOOC Finance, finding it to have a sound internal control system and adequate capital [5][6]. - The company has established a risk disposal plan to address potential financial risks, including immediate reporting and emergency procedures [6][7]. Group 5: Compliance and Approval Process - The financial service framework agreement was approved by CNOOC's board, with necessary disclosures made regarding the related party transactions [7][8]. - CITIC Securities confirmed that the agreement's terms are complete and comply with relevant regulations, ensuring no harm to CNOOC's interests [8].