Sinopec Corp.(600028) 天风证券·2025-04-29 08:14Investment Rating - The investment rating for Sinopec (600028) is maintained as "Buy" with a target price indicating a potential return of over 20% within the next six months [6][16]. Core Views - The report indicates that Sinopec's Q1 2025 performance slightly exceeded expectations, with revenue reaching 735.4 billion yuan, a year-on-year decrease of 6.91%, and a net profit attributable to shareholders of 13.3 billion yuan, down 27.58% year-on-year [1]. - The decline in oil and gas prices has significantly pressured the sector's profits, with oil equivalent production at 131 million barrels, a year-on-year increase of 1.7%, while crude oil production decreased by 0.8% [2]. - Concerns over peak demand for refined oil have led to continued pressure on refining profits, with refining throughput at 6.2 million tons, down 1.8% year-on-year, and total refined oil sales at 5.6 million tons, down 7.1% year-on-year [3]. Financial Performance and Forecast - The forecast for net profit attributable to shareholders for 2025-2027 is set at 55.5 billion, 56.2 billion, and 61.7 billion yuan respectively, with corresponding P/E ratios of 12, 12, and 11 times [4]. - The expected dividend yield for A shares in 2025 is projected at 5.6%, while H shares are expected to yield 9.0% [4]. - Financial data shows a projected revenue of 3,136.05 million yuan for 2025, with a growth rate of 2.00% [5]. Market Position and Valuation - Sinopec's current market capitalization is approximately 555.2 billion yuan, with a circulating market value of about 541.5 billion yuan [6]. - The company's price-to-earnings ratio is forecasted to be 12.47 for 2025, with a price-to-book ratio of 0.80 [5][11].