2024 年 6 月 | | | 4 | | --- | --- | --- | | . 1 | S | | | | | 2 | 一、2023 年公司高质量发展迈上新台阶 2023 年，面对国际地缘政治风险加大、全球经济增速放 缓、能源行业深刻变革等挑战，公司董事会带领管理层和全 体员工攻坚克难、接续奋斗，各项工作成效卓著，创造一系 列新业绩、刷新一系列新纪录，高质量发展迈上新台阶，世 界一流企业建设展现新气象。一是在油价同比大幅下降的情 况下，公司生产经营业绩再创历史新高，全年实现经营利润 2354.7 亿元、归母净利润 1611.5 亿元；各专业公司全部盈利 且质效双升，油气和新能源业务增储上产再创佳绩，国内外 油气产量当量超 2.3 亿吨，创历史新高；炼化新材料业务转型 升级成效突出，国内原油加工量增长 15.3%，炼油化工 16 类 产品产量创历史新高，高端高附加值产品占比持续提升；国 内成品油销量大幅增长 17.3%，市场份额稳中有增；国际 贸易降本增效成效卓著，经营效益大幅跃升；天然气销售 — 1 — | 1. | 公司 | 2023 | 年度董事会报告 ····················· ...

证券代码：601857 证券简称：中国石油 公告编号：临 2024- 013 中国石油天然气股份有限公司 关于 2023 年年度股东大会取消议案的公告 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。 一、 股东大会有关情况 1、 股东大会的类型和届次 2023 年年度股东大会 | 股份类别 | 股票代码 | 股票简称 | 股权登记日 | | --- | --- | --- | --- | | Ａ股 | 601857 | 中国石油 | 2024/5/31 | 二、 取消议案的情况说明 1、 取消议案名称 | 序号 | 议案名称 | | | --- | --- | --- | | 8 | 关于公司聘用 | 2024 年度境内外会计师事务所的议案 | 2、 取消议案原因 2、 股东大会召开日期： 2024 年 6 月 5 日 3、 股东大会股权登记日： 鉴于近期有关审计行业相关事项还需进一步核实，经公司与普华永道中天会计师 事务所（特殊普通合伙）及罗兵咸永道会计师事务所（以下合称普华永道）协商，公司 决定取消原定提交 2023 年年 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating that the stock is expected to outperform the market index by more than 20% over the next 6 to 12 months [8][26]. Core Insights - The company is positioned to benefit from the rapid growth of unconventional natural gas in China, with significant increases in production and exploration activities expected in the coming years [30][47]. - Unconventional natural gas, including tight gas, shale gas, and coalbed methane, is projected to become a crucial component of China's natural gas supply, with its share of total natural gas production rising from 35% in 2018 to 43% [47][60]. - The company has clear plans for its unconventional natural gas business, with substantial resource reserves and ambitious production targets set for 2025 [48]. Summary by Sections Financial Forecasts - The company is projected to achieve net profits of 173.5 billion, 186.3 billion, and 202.9 billion yuan for the years 2024, 2025, and 2026 respectively, with diluted EPS of 0.95, 1.02, and 1.11 yuan [30][19]. Unconventional Gas Development - The company has significant reserves of unconventional gas resources: 46.7 trillion cubic meters of shale gas, 19.96 trillion cubic meters of tight gas, and 13.4 trillion cubic meters of coalbed methane [48]. - The company aims to triple its unconventional gas production compared to the end of the 13th Five-Year Plan, with specific targets for tight gas, shale gas, and coalbed methane production by 2025 [48]. Market Trends - China's natural gas demand is expected to maintain a high growth rate, with consumption projected to reach 4.2 to 4.6 trillion cubic meters by 2025, reflecting a compound annual growth rate of around 7% [35][47]. - The report highlights that unconventional natural gas will play a vital role in meeting this demand, as domestic production struggles to keep pace with consumption growth [37][60].

丨证券研究报告丨 [Table_Title] 化工扭亏天然气持续向好，Q1 业绩稳健增长 分析师及联系人 SAC：S0490520080009 SAC：S0490521080001 SFC：BUT964 中国石油（601857.SH） cjzqdt11111 2023-11-08 公司披露 2024 年第一季度报告，2024 年一季度公司实现营业收入 8,121.84 亿元，同比增加 10.88%；实现归母净利润 456.81 亿元，同比增加 4.70%。 炼油产品毛利收窄，化工业务扭亏为盈。2024 年 Q1 加工原油 353.8 百万桶，同比增长 8.2%；生产成品油 3,048.2 万吨，同比增长 9.8%；生产乙烯 227.0 万吨，同比增长 13.5%； 化工产品商品量990.8 万吨，同比增长16.7%。炼油化工和新材料业务实现经营利润81.15 亿元，同比下降 4.2%。其中由于炼油产品毛利收窄，炼油业务实现经营利润 69.70 亿元， 同比减少 24.26 亿元；由于化工产品销量增加以及广东石化扭亏增利，化工业务经营利润 11.45 亿元，实现扭亏为盈，同比增利 20.71 亿元。 预计公司 ...

Investment Rating - The investment rating for PetroChina (601857) is "Buy" with a target price of 12.66 RMB, up from the previous target of 10.66 RMB [1][13]. Core Insights - The report highlights that PetroChina's performance in Q1 2024 met expectations, driven by upstream efficiency improvements and growth in natural gas sales [1]. - The company achieved a revenue of 812.2 billion RMB in Q1 2024, representing a year-on-year increase of 10.9%, with a net profit attributable to shareholders of 45.7 billion RMB, up 4.7% year-on-year [1]. - The report emphasizes the continuous cost reduction and efficiency enhancement efforts by the company, which have led to an upward revision of profit forecasts [1]. Summary by Sections Financial Performance - In Q1 2024, PetroChina's oil and gas equivalent production was 413 million barrels, a year-on-year increase of 2.6%, with crude oil production at 197.3 million barrels, up 0.9% [1]. - The average price of Brent crude oil in Q1 2024 was 83.16 USD per barrel, reflecting a year-on-year increase of 2.5% [1]. - The company reported a significant increase in natural gas sales, with operating profit from natural gas sales reaching 123 billion RMB, up 21.5% year-on-year [1]. Revenue and Profitability - The total revenue forecast for PetroChina is projected to be 3,102.47 billion RMB for 2024, with a net profit forecast of 172.61 billion RMB, indicating a growth rate of 7% [6]. - The report indicates that the operating profit margin is expected to improve slightly to 9.6% in 2024, compared to 9.4% in 2023 [6]. Valuation Metrics - The report provides a comparison of valuation metrics, with PetroChina's EV/EBITDA at 6.68, which is lower than its peers, indicating potential undervaluation [1][7]. - The price-to-earnings (P/E) ratio for PetroChina is projected at 10.89 for 2024, suggesting a favorable valuation compared to industry standards [6]. Market Position - PetroChina is recognized as the largest oil and gas producer and seller in China, aiming to strengthen its position as a competitive international energy company [3]. - The company is also noted for its significant market capitalization of 1,880 billion RMB, reflecting its dominant position in the industry [4].

Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for its stock performance compared to the benchmark index [61]. Core Viewpoints - The company is expected to benefit from the rising oil and gas industry, with significant contributions anticipated from its exploration and development segment due to its strong resource endowment and effective unconventional oil and gas exploration [84]. - The optimization of asset quality, coupled with the deepening reforms of state-owned enterprises, is likely to lead to a revaluation of the company's value, as operational efficiency and vitality are expected to improve under the guidance of the State-owned Assets Supervision and Administration Commission [85]. - The company is implementing advanced refining technologies, such as ethane cracking, which are expected to alleviate cost pressures in the refining segment, enhancing profitability even in a high oil price environment [86]. Summary by Sections Financial Performance - In 2022, the total revenue was 3,239,167 million yuan, with a year-on-year growth rate of 23.90%. The net profit attributable to the parent company was 148,738 million yuan, reflecting a significant increase of 61.39% [82]. - Forecasts for 2024-2026 indicate total revenues of 3,191,272 million yuan, 3,299,873 million yuan, and 3,329,005 million yuan, with corresponding net profits of 184,415 million yuan, 198,044 million yuan, and 209,682 million yuan, showing a steady growth trajectory [82]. Market Dynamics - The report highlights that the domestic refined oil export quota for 2023 reached 39.99 million tons, surpassing the total for 2022, with a significant portion allocated to the company [9]. - The company is expected to maintain a high level of refined oil export quotas in 2024, allowing it to effectively manage market price fluctuations and enhance refining profitability [9]. Industry Outlook - The report anticipates a continued supply gap in ethylene production in China, with demand projected to reach 6,690,000 tons in 2023 and increasing in subsequent years, while new ethylene capacity is expected to grow at an average annual rate of 12% [43]. - The overall oil and gas market is expected to remain tight, supporting mid-to-high oil prices, which will benefit the company's exploration and production segments [84].

Investment Rating - The report suggests a stable investment outlook for the company, particularly in the context of high oil prices, which enhances profitability in the refined oil sales segment [3][18]. Core Insights - The company's refined oil sales volume in 2023 reached 166 million tons, a year-on-year increase of 10%, indicating a recovery from the pandemic's impact [3]. - The company maintains a strong market position with a 20% market share in the domestic fuel retail sector, supported by a network of 22,800 gas stations [3]. - Non-oil business revenue reached 32.3 billion yuan in 2023, growing by 5% year-on-year, with a profit margin of 8% [5]. - The company has implemented various measures to enhance refining efficiency, which has improved its ability to withstand high oil prices [18]. Summary by Sections Sales Performance - The company's refined oil sales are significantly influenced by downstream demand and international oil price fluctuations, with a historical average of 38% of sales volume sourced externally [3]. - The profitability of the refined oil sales segment is notably higher when oil prices exceed $80 per barrel, with an operating profit center of 15 billion yuan, compared to 3.2 billion yuan when prices are below this threshold [3]. Non-Oil Business - The non-oil business, primarily through Kunlun Convenience Stores, has shown steady growth, with over 20,000 stores nationwide, capturing 18.8% of the convenience store market [5]. - The non-oil segment's operating profit reached 2.6 billion yuan in 2023, reflecting a stable contribution to overall performance [5]. Refining and Chemical Production - The company has been enhancing its refining capabilities through projects like ethane-to-ethylene, which has increased production capacity and improved cost efficiency [14][18]. - The report highlights the challenges in the domestic ethylene market, where reliance on imports for high-end products remains significant, with a self-sufficiency rate of only 41% in 2022 [9]. Financial Metrics - The company's capital expenditure in 2023 was approximately 273.48 billion yuan, with a focus on upstream exploration and development, which accounted for about 91% of total capital spending [42]. - The report projects a stable financial outlook, with expected revenue growth and improved profit margins in the coming years [29][56].

[Table_MainInfo] 公司研究/石油天然气/石油天然气 证券研究报告 中国石油（601857）公司季报点评 2024 年 05 月 01 日 | --- | --- | |-------------------------------------------------|-----------------| | 股票数据 | | | 04 [ Table_StockInfo 月 30 日收盘价（元） ] | 10.27 | | 52 周股价波动（元） | 6.67-11.06 | | 总股本 / 流通 A 股（百万股） | 183021/161922 | | 总市值 / 流通市值（百万元） | 1879625/1879625 | | 相关研究 | | | [Table_ReportInfo] 《盈利创新高》 2024.03.26 | | | 《第三季度归母净利润同比增长 | 21.1% 》 | | 2023.11.03 | | | 《上半年归母净利润同比增长 | 4.5% 》 | | 2023.09.09 市场表现 | | 分析师:朱军军 盈利稳定增长，创一季度历史新高 中国石油公布 2024 年 ...

证券代码：601857 证券简称：中国石油 公告编号：临 2024-012 关于召开 2023 年年度股东大会的通知 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： 一、 召开会议的基本情况 (一) 股东大会类型和届次 2023 年年度股东大会 (三) 投票方式 中国石油天然气股份有限公司 本次股东大会所采用的表决方式是现场投票和网络投票相结合的方式 (四) 现场会议召开的时间和地点 召开的日期时间：2024 年 6 月 5 日 9 点 00 分 1 股东大会召开日期：2024年6月5日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (二) 股东大会召集人 中国石油天然气股份有限公司（以下简称公司）董事会 召开地点：中国北京市朝阳区北四环中路 8 号北京北辰五洲皇冠国际酒店 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 6 月 5 日 本次股东大会审议议案及投票股东类型 2 | | 的议案 | | | ...

Q1 符合预期, 天然气直供和化工结构优化是亮点 上游板块 Q1 原油加工量同比+8.2%，成品油产量同比+9.8%，乙烯产量同比+13.5%。 炼化板块经营利润 81 亿，同比小幅减少约 4 亿；其中化工业务实现经营 利润 11.5 亿，同比扭亏。 天然气销售板块 | --- | --- | |----------------------------|--------------------------------------------| | | 证券研究报告 2024 年 04 月 30 日 | | 投资评级 | | | 行业 | 石油石化 / 炼化及贸易 | | 6 | 个月评级 买入（维持评级） | | 当前价格 | 10.22 元 | | 目标价格 | 元 | | 基本数据 | | | A 股总股本 ( 百万股 | 161,922.08 | | 流通 A 股股本 ( 百万股 | ) 161,922.08 | | A 股总市值 ( 百万元 | 1,654,843.64 | | 流通 A 股市值 ( 百万元 | ) 1,654,843.64 | | 每股净资产 ( 元 ) | 7.90 | | 资产负 ...