Investment Rating - The report maintains a "Buy" rating for both A and H shares of Sinopec [1] Core Views - The report highlights that Sinopec's performance has been pressured by a decline in Brent oil prices, leading to a significant drop in profits in Q3 2024 [1] - The upstream segment has seen increased profitability, with exploration and development profits rising by 14% year-on-year [1] - The downstream refining and chemical segments have experienced reduced profitability due to falling oil prices and narrowing margins [1] - The report emphasizes the company's commitment to shareholder returns, projecting a dividend payout of 361 billion RMB for 2024, resulting in a dividend yield of 4.8% for A shares and 5.9% for H shares after tax [1] - The report adjusts profit forecasts for 2024-2026, reflecting a more conservative outlook on net profits [1] Financial Performance Summary - For the first three quarters of 2024, Sinopec reported total revenue of 2,366.54 billion RMB, a year-on-year increase of 4.2%, while net profit attributable to shareholders was 44.25 billion RMB, down 16.5% year-on-year [1] - In Q3 2024, revenue was 790.41 billion RMB, a decrease of 9.8% year-on-year, and net profit was 8.54 billion RMB, down 52% year-on-year [1] - The upstream segment's operating profit was 38.1 billion RMB, an increase of 14% year-on-year, while the refining segment's profit fell by 67% to 5.7 billion RMB [1] - The marketing and distribution segment's profit decreased by 31% to 16.6 billion RMB, primarily due to weak diesel consumption and the rise of electric vehicles [1] Profit Forecast and Valuation - The report projects net profits of 55.5 billion RMB for 2024, 60 billion RMB for 2025, and 63 billion RMB for 2026, with corresponding P/E ratios for A shares of 13.65, 12.64, and 12.03, and for H shares of 8.87, 8.21, and 7.82 [1]

Section I must be completed by a listed issuer where has been a charge in its issued shares or teasury shares which is disoloseable pursuant to rule 13.25A of the Rules Gov .i.sting of Securities on The Stock Exchange of Hong (intied the "Exchange") (the "Main Board Rules") or rule 17.27A of the Rules Governing the Listing of Securities on GEM Exchange (the "GEM Rules"). | Section I | | | | | | | --- | --- | --- | --- | --- | --- | | 1. Class of shares Ordinary shares | H Type of shares | | Listed on the Ex ...

Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of Sinopec, with current prices at 6.44 CNY and 4.51 HKD respectively [2]. Core Views - The report highlights that Sinopec's Q3 2024 performance is under pressure due to falling oil prices and weak refining demand, with a significant year-on-year decline in net profit [4][11]. - Despite the challenges, the upstream business shows resilience, benefiting from high oil prices and ongoing efforts to increase reserves and production [5][6]. - The report anticipates a long-term growth outlook for Sinopec, driven by strategic investments in new energy and materials, as well as an expected recovery in the chemical industry [11]. Summary by Sections Revenue Performance - For the first three quarters of 2024, Sinopec reported total revenue of 23,665 billion CNY, a year-on-year decrease of 4.19%, and a net profit attributable to shareholders of 442 billion CNY, down 16% [3][4]. Business Segment Analysis 1. **Upstream Business** - The upstream segment achieved an EBITDA of 452 billion CNY, up 8.6% year-on-year, with crude oil production at 211.29 million barrels, a slight increase of 0.3% [5][6]. - The average price of crude oil for the first three quarters was 76.6 USD/barrel, reflecting a minor increase compared to the previous year [6]. 2. **Refining Business** - The refining segment's EBITDA fell to 61.56 billion CNY, a decline of 65.3% year-on-year, primarily due to weak diesel demand and narrowing refining margins [7][8]. - Total crude processed was 19.069 million tons, down 1.6% year-on-year, with gasoline production increasing by 4.1% [7]. 3. **Sales and Distribution** - The sales segment reported an EBITDA of 199 billion CNY, down 25% year-on-year, impacted by weak diesel consumption and the rise of electric vehicles [8]. 4. **Chemical Business** - The chemical segment recorded an EBITDA loss of 48 billion CNY, although this represented a reduction in losses compared to the previous year [9]. Share Buyback and Investor Returns - As of September 30, 2024, Sinopec has initiated a share buyback program, repurchasing 7.49 million A-shares and 111 million H-shares, reflecting a commitment to enhancing shareholder value [10]. Profit Forecast and Valuation - The report revises profit forecasts for 2024-2026, projecting net profits of 571 billion CNY (down 19%), 611 billion CNY (down 19%), and 655 billion CNY (down 18%) respectively, with corresponding EPS estimates of 0.47, 0.50, and 0.54 CNY [11][12].

Investment Rating - The investment rating for Sinopec (600028) is "Buy" (maintained) [3]. Core Views - Sinopec reported a revenue of 2366.54 billion yuan for the first three quarters of 2024, a decrease of 4.19% year-on-year, with a net profit attributable to shareholders of 44.25 billion yuan, down 16.46% year-on-year [2][6]. - In Q3 2024, the company achieved a revenue of 790.41 billion yuan, a year-on-year decrease of 9.80%, while the net profit was 8.54 billion yuan, down 52.15% year-on-year [2][6]. - The chemical products demand is at a low point, and inventory losses have put short-term pressure on the company's performance [6]. - The refined oil segment remains stable, with a total apparent consumption of refined oil at 291 million tons for the first three quarters, an increase of 0.96% year-on-year [6]. - Oil and gas production is stable, with a slight increase in output, supported by high capital expenditure in exploration and development [6]. Summary by Sections Financial Performance - For the first three quarters of 2024, Sinopec's revenue was 2366.54 billion yuan, down 4.19% year-on-year, and the net profit was 44.25 billion yuan, down 16.46% year-on-year [2][6]. - Q3 2024 revenue was 790.41 billion yuan, a decrease of 9.80% year-on-year, while net profit was 8.54 billion yuan, down 52.15% year-on-year [2][6]. Chemical Products and Oil Segment - The average price difference between polyethylene and crude oil was 3211 yuan/ton, an increase of 16.10% year-on-year [6]. - The apparent consumption of refined oil for the first three quarters was 291 million tons, an increase of 0.96% year-on-year [6]. Production and Capital Expenditure - The company’s capital expenditure for exploration and development was 50.765 billion yuan, a slight increase of 0.11% year-on-year [6]. - Crude oil production was 211 million barrels, an increase of 0.3% year-on-year, while natural gas production was 1.05 trillion cubic feet, up 5.6% year-on-year [6]. Profit Forecast and Valuation - The forecast for net profit attributable to shareholders for 2024-2026 is 58 billion yuan, 70.3 billion yuan, and 75.3 billion yuan, respectively [6]. - The corresponding EPS for these years is expected to be 0.48 yuan, 0.58 yuan, and 0.62 yuan, with PE ratios of 13.5X, 11.2X, and 10.4X [6].

Investment Rating - The investment rating for the company is "Buy" with a target price indicating a potential return of over 20% within the next six months [4][11]. Core Views - The company's Q3 2024 performance was significantly impacted by a sharp decline in oil prices, leading to a 9.8% year-on-year decrease in revenue to 790.4 billion yuan and a 52.15% drop in net profit to 8.544 billion yuan [1]. - Natural gas production exceeded planned growth, with a 4.7% year-on-year increase, while oil production saw a slight decline of 0.2% [2]. - The refining sector continues to face pressure due to weak industrial demand, with diesel production down 14.2% year-on-year [3]. Summary by Sections Financial Performance - Q3 2024 revenue reached 790.4 billion yuan, down 9.8% year-on-year; net profit was 8.544 billion yuan, down 52.15% [1]. - The company adjusted its net profit forecasts for 2024, 2025, and 2026 to 54.022 billion yuan, 57.968 billion yuan, and 68.729 billion yuan respectively, reflecting a decrease from previous estimates [3]. Production and Cost Management - Oil and gas equivalent production for Q3 2024 was 128 million barrels, a 1.7% increase year-on-year, with natural gas production growing by 4.7% [2]. - Despite a 4% decline in revenue for the oil segment, profits increased by 16.6% due to effective cost control measures [2]. Refining and Chemical Sector - Refining throughput in Q3 2024 was 64 million tons, down 4.7% year-on-year, with total refined oil sales at 39 million tons, down 5.2% [3]. - The refining unit profit was reported at -0.3 USD per barrel of oil equivalent, a decrease of 2.4 USD year-on-year, primarily due to weak demand and inventory losses [3]. Valuation Metrics - The company’s projected P/E ratios for 2024, 2025, and 2026 are 14.5, 13.5, and 11.4 respectively, with expected dividend yields of 4.8%, 5.2%, and 6.1% for A-shares [3].

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中国石化（600028.SH）2024 年三季报点评 24Q3 库存收益和石化品毛利下降致使利润环比下滑 2024 年 10 月 29 日 ➢ 事件：2024 年 10 月 28 日，公司发布 2024 年第三季度报告。2024 年前 三季度，公司实现营业收入 23665.4 亿元，同比下降 4.2%；实现归母净利润 442.5 亿元，同比下降 16.5%；实现扣非归母净利润 439.7 亿元，同比下降 12.6%。 ➢ 库存收益同比大幅减少、石化产品毛利下降导致 24Q3 归母净利润同比下 滑。24Q3，公司实现营业收入 7904.1 亿元，同比下降 9.8%，环比增长 0.5%； 实现归母净利润 85.4 亿元，同比下降 52.1%，环比下降 50.9%；实现扣非归母 净利润 83.9 亿元，同比下降 49.6%，环比下降 51.8%。据公告显示，业绩同比 下滑主因 Q3 油价快速下跌导致公司库存收益同比大幅减少、以及石油石化产品 毛利下降。从资产负债表来看，本季度存货波动也较大，24Q3 末相比上季度末 存货下滑 298.8 亿元。 ➢ 环比来看，总息税前利润下降 51.3%，四大主业息税前利润下降 3 ...

中国石油化工股份有限公司 2024 年第三季度报告 2024 年 10 月 28 日 中国 北京 重要内容提示 中国石油化工股份有限公司（"中国石化"、"公司"或"本公司"）董事会、监事会及其董事、 监事、高级管理人员保证本季度报告内容的真实、准确、完整，不存在虚假记载、误导性陈 述或者重大遗漏，并承担个别和连带的法律责任。 本季度报告已经中国石化第九届董事会第三次会议审议通过。本公司全体董事参加董事会审 议本季度报告。 中国石化董事长马永生先生，副董事长、总裁赵东先生，财务总监和会计机构负责人寿东华 女士保证本季度报告中财务信息的真实、准确、完整。 本季度报告中的财务报表未经审计。 - 1 - 一、主要财务数据 | --- | --- | |---------|-------| | | | | | | | | | | 截至 | | | 月 30 | | 年初至报告期末比上年同 期增减变动幅度(%) 经营活动产生的现金流量净额 101,541 98,309 3.3 | --- | --- | --- | --- | |--------------------------------|------------- ...

股票代码：600028 股票简称：中国石化 公告编号：2024-47 中国石油化工股份有限公司 会计政策变更公告 本次会计政策变更后，公司执行上述《解释第 17 号》所述的要求，除上述会计 政策变更外，其余未变更部分仍执行财政部颁布的《企业会计准则——基本准则》 和各项具体会计准则、企业会计准则应用指南、企业会计准则解释公告及其他相关 规定。 一、会计政策变更概述 根据中华人民共和国财政部（简称"财政部"）发布的《企业会计准则解释第 17 号》（财会[2023]21 号）（简称"《解释第 17 号》"），中国石油化工股份有限公司 （简称"中国石化"或"公司"）对相关会计政策进行变更。 二、会计政策变更具体情况及对公司的影响 （一）会计政策变更具体情况 《解释第 17 号》主要对"流动负债与非流动负债的划分及列示"做出了新的规 定，据此，公司对会计政策予以相应的变更。 本次会计政策变更前，公司执行财政部发布的《企业会计准则——基本准则》 及各项具体会计准则、企业会计准则应用指南、企业会计准则解释公告以及其他相 关规定。 1 中国石化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 或重大遗漏，并对其 ...

证券时报e公司讯，企查查APP显示，近日，中石化泰州页岩油有限公司成立，法定代表人为许国晨， 注册资本4亿元，经营范围包含：矿产资源勘查；陆地石油和天然气开采；燃气经营；建设工程施工 等。 企查查股权穿透显示，该公司由中国石化、泰州市泰能投资管理有限责任公司共同持股。 ...