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研報掘金丨華鑫證券:予中國石化“買入”評級,高分紅凸顯公司投資性價比
格隆匯 04-02 14:23

華鑫證券研報指出,中國石化(600028.SH)2024全年實現歸母淨利潤503.13億元,同比減少101.5億元,同比下滑16.79%。其中,2024Q4實現歸母淨利潤60.66億元,同比下滑19.09%、環比下滑29.00%。受能源轉型進程加速影響,我國成品油市場需求也在2024 年小幅度萎縮,總需求量下滑1.9%。在此背景下,公司成品油銷售價格和銷量受到顯著影響,導致業績承壓。公司全年油氣當量產量515.35百萬桶,同比增長 2.2%,其中,境內原油產量同比增長 0.9%;天然氣產量同比增長 4.7%。2025年,公司繼續持在勘探方面高投入,計劃資本支出1,643億元,其中勘探及開發板塊分配767億元,主要用於濟陽、塔河等原油產能建設,丁山-東溪、川西等天然氣產能建設以及油氣儲運設施建設。另外,高分紅有力體現公司戰略定力和對未來的堅定信心,同時彰顯公司投資性價比。給予“買入”投資評級。

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