Core Viewpoint - China Petroleum & Chemical Corporation (Sinopec) faced pressure on its performance due to fluctuating oil prices, reporting a decline in both revenue and net profit for 2024 [1][2]. Financial Performance - In 2024, the company achieved operating revenue of 3,074.6 billion yuan, a decrease of 4% year-on-year, and a net profit attributable to shareholders of 50.3 billion yuan, down 17% year-on-year [1]. - For Q4 2024, operating revenue was 708.02 billion yuan, a decline of 4.6% year-on-year and 10.4% quarter-on-quarter, with a net profit of 6.07 billion yuan, down 19.1% year-on-year and 29% quarter-on-quarter [1]. - The upstream segment saw an increase in profit, with exploration and development profits reaching 49.1 billion yuan, an increase of 29% year-on-year [1]. Price and Volume Metrics - The average oil price in 2024 was $72.5 per barrel, a decrease of 1.7% year-on-year, while the gas price increased from 1.78 yuan per cubic meter to 1.80 yuan, up 1.5% year-on-year [1]. - The total oil and gas equivalent production was 515 million barrels, an increase of 2.2% year-on-year, exceeding the 2024 target of 1% growth [1]. Downstream Performance - The refining segment reported an operating profit of 6.3 billion yuan, down 67% year-on-year, primarily due to falling refined oil prices and reduced diesel sales [2]. - The chemical segment experienced an operating loss of 14 billion yuan, worsening by 38% year-on-year [2]. - The marketing and distribution segment's profit decreased by 31% year-on-year to 17.7 billion yuan, attributed to weak diesel consumption and the rise of electric vehicles [2]. Shareholder Returns - The company declared a total cash dividend of 36.9 billion yuan for 2024, with a payout ratio of approximately 73%, resulting in a dividend per share of 0.286 yuan [2]. - The A-share dividend yield was 5.3%, while the H-share pre-tax dividend yield was 8.1%, translating to a post-tax yield of 6.4% [2]. Profit Forecast and Investment Rating - The net profit forecasts for 2025 and 2026 have been adjusted to 54.6 billion yuan and 60.3 billion yuan, respectively, with a new estimate for 2027 at 65.5 billion yuan [3]. - The corresponding price-to-earnings ratios for A-shares are projected at 12.8, 11.6, and 10.7 times for 2025, 2026, and 2027, respectively, while H-shares are projected at 9.1, 8.2, and 7.6 times [3]. - The company maintains a "buy" rating, anticipating a recovery in downstream refining profitability and leveraging its integrated refining and chemical industry advantages [3].

Investment Rating - The report maintains a "Buy" rating for both A and H shares of Sinopec [1] Core Views - The company's performance is under pressure due to fluctuating oil prices, but it continues to provide high dividends to shareholders [1] - The report adjusts the forecast for net profit for 2025 and 2026 to 546 billion and 603 billion RMB respectively, with a new estimate for 2027 at 655 billion RMB [7] - The report highlights the integrated advantages of Sinopec's refining and chemical sectors, expecting profitability to improve as oil prices stabilize [7] Financial Performance Summary - Total revenue for 2023 is projected at 3,212.215 billion RMB, with a year-on-year decrease of 3.19% [1] - Net profit attributable to shareholders for 2023 is estimated at 60.463 billion RMB, reflecting a year-on-year decline of 9.87% [1] - The latest diluted EPS is forecasted at 0.50 RMB for 2023, decreasing to 0.41 RMB in 2024, before gradually increasing to 0.54 RMB by 2027 [1] - The P/E ratio for A shares is projected to be 11.57 for 2023, increasing to 13.91 in 2024, and then decreasing to 10.69 by 2027 [1] Segment Performance Summary - Upstream exploration and development profits increased by 29% year-on-year to 49.1 billion RMB in 2024, driven by stable oil and gas prices [7] - The refining segment reported a significant profit decline of 67% year-on-year to 6.3 billion RMB in 2024, primarily due to falling product prices and reduced diesel sales [7] - The marketing and distribution segment's profit decreased by 31% year-on-year to 17.7 billion RMB in 2024, attributed to weak diesel consumption and the rise of electric vehicles [7] Dividend Policy - The company plans to distribute a total cash dividend of 369 billion RMB for 2024, with a payout ratio of approximately 73% [7] - The projected dividend per share is 0.286 RMB, resulting in a dividend yield of 5.3% for A shares and 6.4% for H shares after tax [7]

【wedoany网3月25日报道】 前沿观察 | 中国石化公布全年利润暴跌，逆风加剧 中国石化公布全年利润暴跌， 逆风加剧 中国石化表示，计划将年度预算从2024年的1750亿元人民币削减至今年的1643亿元人民币。作为中国第 二大油气生产商，该公司目标将产量提高1.3%至5.22亿桶油当量，并在保持产能不变的情况下，将成品 油销量削减2.7%以应对需求疲软。 与此同时，化工业务的运营亏损同比扩大66%至100亿元人民币。不过，公司副总裁黄文生周一在香港 的发布会上表示，中国石化预计到2030年国内石化产品需求将保持年均约3%的增速，这将支撑公司用 新型大型综合体替代老旧设施的计划。 根据政府规划，中国目标将全国石油年产量维持在2亿吨左右，同时增加天然气供应以增强能源安全。 但炼油行业预计将长期面临产能过剩，导致小型亏损炼油厂和加油站逐步退出市场。 首席财务官寿东华在香港发布会上透露，2024年天然气产量增长4.7%，远超石油产量0.3%的增速。他 还表示，中国石化的液化天然气业务去年创历史利润新高。针对美国对中国出口商品加征的全面关税， 中国对美国液化天然气加征15%的关税。 中国石化与美国供应商Ventu ...

EE305 Next Day Disclosure Return (Equity issuer - changes in issued shares or treasury shares, share buybacks and/or on-market sales of treasury shares) Instrument: Equity issuer Status: New Submission Name of Issuer: China Petroleum & Chemical Corporation 25 March 2025 Date Submitted: Section I must be completed by a listed issuer where has been a charge in its issued shares or teasury shares which is discloseable pursuant to rule 13.25A of the Rules Gov .i.sting of Securities on The Stock Exchange of Hong ...

EE305 Next Day Disclosure Return (Equity issuer - changes in issued shares or treasury shares, share buybacks and/or on-market sales of treasury shares) Instrument: Equity issuer Status: New Submission Name of Issuer: China Petroleum & Chemical Corporation 24 March 2025 Date Submitted: Section I must be completed by a listed issuer where has been a charge in its issued shares or teasury shares which is discloseable pursuant to rule 13.25A of the Rules Gov .i.sting of Securities on The Stock Exchange of Hong ...

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].

中国石油化工股份有限公司 (于中华人民共和国注册成立的股份有限公司） 合并财务报表 載至 2024 年 12 月 31 日止 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://ac.mof.gov.cn）"进行 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://ac.mof.gov.cn）"进行 。 KPMG Huazhen LLP 8th Floor, KPMG Tower Oriental Plaza 1 East Chang An Avenue Beijing 100738 China +86 (10) 8508 5000 Telephone +86 (10) 8518 5111 Fay kpmg.com/cn Internet 出马威华振会计师事务所 (特殊普通合伙) 中国北京 矢长安街 1 号 矢方广场毕马威大楼 8 层 邮政编码:100738 +86 (10) 8508 5000 +86 (10) 8518 5111 kpmg.com/cn 审计报告 毕马威华振审字第 2501667 号 中国石油化工股份有限公司全体股东: 一、审计意见 毕马威华振审字第 ...

中国石油化工股份有限公司 内部控制审计报告 KPMG Huazhen LLP 8th Floor, KPMG Tower Oriental Plaza 1 East Chang An Avenue Beijing 100738 China Telephone +86 (10) 8508 5000 Fax +86 (10) 8518 5111 Internet kpmg.com/cn 毕马威华振会计师事务所 (特殊普通合伙) 中国北京 东长安街 1 号 东方广场毕马威大楼 8 层 邮政编码:100738 电话 +86 (10) 8508 5000 传真 +86 (10) 8518 5111 网址 kpmg.com/cn 毕马威华振会计师事务所 (特殊普通合伙) 中国北京 东长安街 1 号 东方广场毕马威大楼 8 层 邮政编码:100738 电话 +86 (10) 8508 5000 传真 +86 (10) 8518 5111 网址 kpmg.com/cn 内部控制审计报告 毕马威华振审字第 2505204 号 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制 评价指引》的规定，建立健全和有 ...

广发证券股份有限公司 关于中国石油化工股份有限公司 2024 年度涉及财务公司关联交易的存款、贷款等金融业务 的专项核查意见 广发证券股份有限公司（以下简称"广发证券"或"保荐人"）作为中国石 油化工股份有限公司（以下简称"中国石化"或"公司"）2023 年度向特定对象 发行 A 股股票的保荐人和持续督导机构，根据《证券发行上市保荐业务管理办 法》《上海证券交易所股票上市规则》《上海证券交易所上市公司自律监管指引 第 5 号——交易与关联交易》等有关规定，对中国石化 2024 年度涉及财务公司 关联交易的存款、贷款等金融业务进行了专项核查，核查情况及核查意见如下： 一、财务公司基本情况 （一）中国石化财务有限责任公司 中国石化财务有限责任公司（以下简称"中石化财务公司"）成立于 1988 年，是经中国人民银行批准成立的非银行金融机构，受国家金融监督管理总局北 京监管局直接监管。公司控股股东中国石油化工集团有限公司（以下简称"中国 石化集团"）持股 51%，公司持股 49%。 中石化财务公司经营范围是企业集团财务公司服务，其中包括《企业集团财 务公司管理办法》规定的全部本外币业务，主营业务为：吸收成员单位存款； ...

广发证券股份有限公司 关于中国石油化工股份有限公司 2024 年度持续督导报告书 根据中国证券监督管理委员会（以下简称"中国证监会"）《关于同意中国 石油化工股份有限公司向特定对象发行股票注册的批复》（证监许可〔2024〕110 号），中国石油化工股份有限公司（以下简称"中国石化"或"公司"）向中国 石油化工集团有限公司发行人民币普通股（A 股）2,390,438,247 股，募集资金总 额为 11,999,999,999.94 元，募集资金净额为 11,987,328,778.90 元。 广发证券股份有限公司（以下简称"广发证券"或"保荐人"）作为中国石 化本次向特定对象发行 A 股股票的保荐人和持续督导机构，根据《证券发行上 市保荐业务管理办法》《上海证券交易所上市公司自律监管指引第 11 号——持 续督导》等有关法律法规的规定，出具 2024 年度持续督导报告书。 1 序号 工作内容 实施情况 1 建立健全并有效执行持续督导工作制度， 并针对具体的持续督导工作制定相应的 工作计划。 保荐人已建立健全并有效执行了持续督 导制度，并制定了相应的工作计划。 2 根据中国证监会相关规定，在持续督导工 作开始前， ...