业绩环比大幅改善，高分红显投资价值

Investment Rating - The investment rating for the company is "Buy" (maintained) with a market price of 6.39 CNY [1]. Core Views - The company reported a revenue of 3,212.2 billion CNY in 2023, a decrease of 3.2% year-on-year, and a net profit attributable to shareholders of 60.5 billion CNY, down 9.9% year-on-year [4]. - The first quarter of 2024 showed a revenue of 790 billion CNY, a slight decrease of 0.2% year-on-year, but a significant increase of 144.3% quarter-on-quarter in net profit [4]. - The company is focusing on integrated operations, with stable performance in exploration and development, despite a one-time impact from the transfer of mining rights [4]. - The company plans to maintain its strategy of increasing oil and gas production, with a projected capital expenditure of 1,730 billion CNY in 2024, down 38 billion CNY year-on-year [5]. - The company has a high dividend payout, with a total cash dividend of 43.58 billion CNY in 2023, representing a dividend payout ratio of approximately 68.2% [5]. Financial Forecast and Valuation - The forecast for net profit attributable to shareholders for 2024-2026 is 70.8 billion CNY, 75.3 billion CNY, and 80.6 billion CNY respectively, with corresponding P/E ratios of 11.0, 10.3, and 9.6 [5]. - The company's total assets are projected to grow from 2,026.67 billion CNY in 2023 to 2,503.38 billion CNY by 2026 [7]. - The return on equity (ROE) is expected to improve from 7.5% in 2023 to 8.8% in 2026 [7].