Soochow Research Reports point out that China Petroleum & Chemical Corporation (600028.SH) achieved a Net income of 50.3 billion yuan (a year-on-year decrease of 17%), with a Q4 Net income of 6.07 billion yuan (down 19.1% year-on-year, and 29% quarter-on-quarter). Upstream Sector profits increased: in 2024, the exploration and development Sector Operating profit was 49.1 billion yuan, an increase of 11.1 billion yuan year-on-year (up 29%). The downstream refining & chemical Sector has not yet recovered. Due to the recovery of travel demand, jet fuel consumption increased; the total sales volume of refined oil was 239.33 million tons, a year-on-year increase of 0.28 million tons (year-on-year unchanged). The company focuses on Shareholder returns: the company’s Net income in 2024 is expected to be 50.3 billion yuan, with an annual dividend of 0.286 yuan per share and Cash dividends totaling 34.7 billion yuan. Bullish on the fundamental bottoming of oil prices, the company expects profits in the downstream refining Sector to improve, and its integrated refining Industry Chain advantages are significant, maintaining a "Buy" rating.
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东吴证券:中国石化炼化一体化产业链优势明显,维持“买入”评级
Soochow: China Petroleum & Chemical Corporation has significant advantages in its integrated refining and petrochemical Industry Chain, maintaining a "Buy" rating.
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