20230721-东吴证券-中国石化-600028.SH-稳油增气持续推进_成品油销量提升_3页_447kb

报告摘要

Event: Company released its 2023 first-half year (H1) operating performance announcement.
Business Performance: Achieved significant results under the "steady oil and increased gas" strategy, with oil and gas output growing by 32% year-over-year, driven by strong performance in domestic crude oil and substantial increases in natural gas production due to enhanced projects.
Product Sales: Demonstrated improvement in fuel oil and other products, with fuel oil production tripling to 1359万吨 in H1 2023, and overall finished oil sales increasing by 179% (9247万吨), reflecting higher demand in aviation fuel and retail/distribution channels.
Financial Forecast: Projected 2023-2025 profits to rise steadily: 78 billion RMB in 2023 (+18% YoY), with EPS increasing to 0.65 RMB in 2023, and P/E ratios declining from 980 to 862.
Investment Recommendation: Maintain "Buy" rating based on anticipated performance.
Risks: Notable risks include geopolitical events, economic volatility, and potential slower-than-expected recovery in fuel oil demand.

Gas and Oil Production: Achieved 25 billion cubic feet equivalent in H1, with 32% growth in total output, featuring healthy gas sector expansion.
Product Composition: Noted shifts in production, including advancements in synthesis products (e.g., +56% in synthetic resins) and decreases in certain areas like synthetic fibers (-65%).
Performance Metrics: Steady EPS progression expected, with dividend potential supported by robust operations.

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