产销持续进击！

Investment Rating - The report maintains a "Buy" rating for Sinopec (600028.SH) [1] Core Views - Sinopec's Q1 2024 performance aligns with expectations, with a revenue of 789.97 billion RMB, a slight decrease of 0.2% year-on-year, and a net profit attributable to shareholders of 18.19 billion RMB, down 7.8% year-on-year [1][4] - The refined oil sales segment is expected to maintain strong momentum, with total refined oil sales volume reaching 59.81 million tons in Q1 2024, an increase of 6.5% year-on-year [1][7] - The upstream oil and gas exploration and development segment is projected to see stable performance, with crude oil production increasing by 1.3% year-on-year to 70.36 million barrels in Q1 2024 [1][9] - The chemical segment is currently under pressure but may rebound with economic recovery, as evidenced by a reduction in losses to 1.61 billion RMB in Q1 2024 [1][8] Summary by Sections Performance Overview - In Q1 2024, Sinopec reported a revenue of 789.97 billion RMB, a decrease of 0.2% year-on-year, and a net profit of 18.19 billion RMB, down 7.8% year-on-year, which meets market expectations [1][4] Operational Analysis - The refined oil sales segment is expected to remain robust, with Q1 2024 crude oil processing volume at 63.30 million tons, up 1.7% year-on-year, and refined oil production of 16.22 million tons for gasoline, 14.75 million tons for diesel, and 7.86 million tons for kerosene [1][5] - The total refined oil sales volume in Q1 2024 reached 59.81 million tons, reflecting a year-on-year increase of 6.5% [1][7] - The upstream oil and gas exploration and development segment is expected to see stable growth, with capital expenditure of 13.5 billion RMB in Q1 2024, a decrease of 9.88% year-on-year [1][8] Profit Forecast and Valuation - The report projects net profits for Sinopec to be 68 billion RMB, 70.3 billion RMB, and 75.3 billion RMB for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.56 RMB, 0.58 RMB, and 0.62 RMB [1][3]