Gelonghui, May 7 | CITIC Construction Investment Securities Research Report indicates that CNPC (601857.SH)'s 24Q1 revenue was 812.2 billion yuan, +10.9% YoY, and net profit to mother was 45.7 billion yuan, +4.7% YoY, achieving a “good start”. Considering the company's prominent position as a leader in the industry and the driving effect of central enterprise market value management assessments on the company, the “buy” rating was maintained. The company has been implementing a high dividend policy for a long time. The company's articles of association stipulate that the cash dividend ratio is not less than 30% of the net profit attributable to the mother, and the dividend rate has reached 50% since listing. In 2023, the company's capital expenditure was 275.3 billion yuan, which is basically the same as the previous year. In 2024, the company plans to target capital expenditure of 258 billion yuan. The company's dividend rate for 23 years is 50%. In the future, as capital expenditure declines, there is still room for improvement in dividend capacity. According to the 24-year profit forecast and 50% dividend rate, the company's latest dividend rate for A shares is 4.7%, and the latest dividend rate for Hong Kong stocks is 6.6%.