Sinopec Corp.(600028) 第一财经·2025-03-24 07:48Core 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].