PETROCHINA(601857) 天风证券·2024-08-27 06:49Investment Rating - The investment rating for the company is maintained as "Buy" [2][12]. Core Insights - The company's performance and dividend for H1 2024 are in line with expectations, with a net profit of 886 billion yuan, and a mid-term dividend payout ratio of approximately 45% [8][10]. - The upstream exploration and development segment shows stable oil and gas production, while the downstream refining margins have narrowed, although chemical profitability continues to improve [2][8]. - The company has acquired 100% of the shares of China National Petroleum Corporation Electric Power, which is expected to create synergies with its renewable energy initiatives [10]. Financial Performance Summary - For H1 2024, the company achieved a net profit of 886 billion yuan, with Q1 and Q2 profits of 457 billion yuan and 429 billion yuan respectively, marking a 3.1% year-on-year increase in Q2 [8]. - The company's crude oil production increased by 0.1% year-on-year, and the saleable natural gas production rose by 2.7% year-on-year [8]. - The average realized price for crude oil was 77.5 USD per barrel, a 4.5% increase from the previous year, while the average price for natural gas decreased by 6.5% year-on-year to 2.219 yuan per cubic meter [8]. Capital Expenditure and Investment - Capital expenditure for H1 2024 was 789 billion yuan, a 7% decrease from 851 billion yuan in the same period last year [10]. - The company has significantly increased capital expenditure in refining, particularly for projects aimed at upgrading facilities [10]. Earnings Forecast - The earnings forecast for 2024, 2025, and 2026 is maintained at 1703 billion yuan, 1793 billion yuan, and 1901 billion yuan respectively, with corresponding P/E ratios of 9.7, 9.2, and 8.7 for A-shares, and 6.7, 6.4, and 6.0 for H-shares [2][11].