PETROCHINA(601857) 光大证券·2024-11-27 04:33Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of China Petroleum, with current prices at 8.01 CNY and 5.55 HKD respectively [2]. Core Views - China Petroleum is committed to ensuring natural gas supply and driving technological innovation in exploration and development, aiming to establish itself as a sustainable energy leader [5][7]. - The company is expected to benefit from the seasonal increase in natural gas demand during the winter months, with a significant rise in consumption anticipated [9][10]. - The development of unconventional oil and gas resources, particularly shale oil and coalbed methane, is accelerating, contributing to the company's production and reserves replacement [11][12]. - The company is enhancing its operational quality and efficiency through a focus on quality management and responsibility [6][8]. - China Petroleum's long-term strategy emphasizes energy security, technological innovation, and sustainable growth, positioning it well to navigate energy market cycles [13][15]. Summary by Sections Revenue Performance - The report indicates a relative performance of -2.24% over 1 month, -25.30% over 3 months, and +8.13% over 1 year, with absolute performance at -4.53%, -9.01%, and +18.20% respectively [2]. Market Data - The total share capital is 1,830.21 million shares, with a total market value of 1,465.998 billion CNY. The stock has traded between 6.34 CNY and 10.51 CNY over the past year [2]. Natural Gas Supply - The company is focusing on ensuring natural gas supply for the winter of 2024-2025, emphasizing the importance of political awareness and proactive measures to meet supply demands [7][9]. Production and Profitability - In the first three quarters of 2024, China Petroleum's natural gas production reached 1,078 billion cubic meters, accounting for 59% of the national output, with a 29.7% year-on-year increase in operating profit from natural gas sales [10][11]. Unconventional Resources - The company has made significant advancements in shale oil production, with an annual output of 3.92 million tons in 2023, contributing to the overall growth in oil production [11][12]. Quality Management - The company is enhancing its quality management systems and focusing on improving product quality and operational efficiency [6][8]. Long-term Strategy - China Petroleum's long-term strategy includes deepening reforms, enhancing operational efficiency, and maintaining a focus on sustainable growth amidst market fluctuations [15][17].