Sinopec Corp.(600028) 东吴证券·2025-04-29 04:45Investment Rating - The report maintains a "Buy" rating for both A and H shares of Sinopec [1] Core Views - The company's Q1 2025 performance shows significant improvement on a quarter-on-quarter basis, with a reduction in losses in the chemical segment year-on-year [7] - The upstream segment's profit has narrowed, while the downstream refining sector has not yet recovered, but the chemical segment has shown a reduction in losses [7] - The company emphasizes shareholder returns, with a projected dividend yield of 5.8% for A shares and 7.2% for H shares after tax [7] - The report forecasts net profits for 2025-2027 to be 546 billion, 603 billion, and 655 billion RMB respectively, indicating a positive outlook for the company's profitability [7] Financial Performance Summary - For Q1 2025, the company achieved total revenue of 735.4 billion RMB, a year-on-year decrease of 7% but a quarter-on-quarter increase of 4% [7] - The net profit attributable to shareholders for Q1 2025 was 13.3 billion RMB, down 28% year-on-year but up 119% quarter-on-quarter [7] - The report projects total revenue for 2023 to be 3,212.2 billion RMB, with a year-on-year decline of 3.19% [1] - The estimated earnings per share (EPS) for 2025 is 0.45 RMB, with a price-to-earnings (P/E) ratio of 12.68 for A shares [1]