PETROCHINA(601857) 群益证券·2024-06-28 08:02Investment Rating - The report assigns a "Buy" rating to the company, indicating a positive outlook for potential price appreciation [11]. Core Insights - The company maintains a high dividend payout ratio, with a 50% dividend ratio for the year, showcasing its strong dividend yield of 4.54% for A-shares and 6.37% for H-shares [2]. - The company demonstrated robust performance in Q1 2024, achieving a revenue of 812.18 billion RMB, a year-on-year increase of 10.88%, and a net profit attributable to shareholders of 45.68 billion RMB, up 4.7% year-on-year [6]. - The report highlights the stability of the company's operations and its strong earnings certainty, supported by rich upstream resources and a commitment to shareholder returns through consistent dividends [16]. Financial Summary - The company is projected to achieve net profits of 171 billion RMB in 2024, 179 billion RMB in 2025, and 182 billion RMB in 2026, with year-on-year growth rates of 6%, 4%, and 2% respectively [17]. - The earnings per share (EPS) are expected to be 0.94 RMB in 2024, 0.98 RMB in 2025, and 0.99 RMB in 2026, reflecting a steady growth trajectory [17]. - The report provides a detailed financial outlook, including revenue and profit forecasts, indicating a stable growth pattern in the coming years [4][7]. Market Context - The report notes an increase in refined oil prices, which is expected to enhance the profitability of the company's sales segment, with gasoline and diesel prices rising significantly compared to previous periods [12]. - The company is well-positioned to benefit from the ongoing demand for oil and gas, particularly with the anticipated increase in downstream demand during the summer travel season [16][20].