PETROCHINA(601857) 国海证券·2024-09-02 05:09Investment Rating - The report maintains a "Buy" rating for the company [9][7]. Core Views - The company demonstrates steady revenue growth and high dividend payouts, reflecting its investment value [10][13]. - The company is expected to benefit from high oil prices and effective cost control measures, showcasing the determination of state-owned enterprise reforms [7]. Financial Performance - In 2024H1, the company achieved revenue of 15,539 billion yuan, a year-on-year increase of 5%, and a net profit attributable to shareholders of 886 billion yuan, up 4% year-on-year [40][10]. - The oil and gas and new energy segment generated revenue of 4,497 billion yuan, with an operating profit of 917 billion yuan, reflecting a year-on-year increase of 7.2% [10][12]. - The refining and chemical segment reported revenue of 6,356 billion yuan, a growth of 10.5%, but the operating profit decreased by 47 billion yuan due to narrowing margins [2][12]. - The sales segment generated revenue of 12,691 billion yuan, up 3.6%, while the operating profit declined by 7.7% [12][40]. Capital Expenditure and Production Plans - The company plans to maintain high capital expenditures in 2024, with a budget of 2,580 billion yuan, a 6% increase from the previous year [6]. - The planned crude oil production for 2024 is 909.2 million barrels, with marketable natural gas production of 5,142.6 billion cubic feet [6]. Dividend Policy - The company plans to distribute a cash dividend of 0.22 yuan per share for the 2024 interim period, totaling 402.65 billion yuan, which represents 45% of the net profit attributable to shareholders for 2024H1 [26][13].