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2025-11-03 15:37:35
[Guohai Securities: Maintains "Buy" Rating on PetroChina, Continued Dividends Highlight Investment Value of Central State-Owned Enterprises] Guohai Securities' research report points out that PetroChina achieved a net profit attributable to shareholders of RMB 126.3 billion in the first three quarters of 2025, a year-on-year decrease of 4.9%; among which, the net profit attributable to shareholders in Q3 2025 was RMB 42.3 billion, a year-on-year decrease of 3.9% and a quarter-on-quarter increase of 13.7%. Natural gas performed strongly, with Q3 performance increasing by 14% quarter-on-quarter. Natural gas sales achieved an operating profit of RMB 12.7 billion, a quarter-on-quarter increase of RMB 7.5 billion. On the one hand, the company continued to increase marketing efforts, with natural gas sales increasing by 3.1% quarter-on-quarter; on the other hand, the company continued to optimize its resource pool structure and strived to control overall procurement costs. The full-year capital expenditure budget for 2025 is RMB 262.2 billion, of which the capital expenditure of the oil and gas and new energy division is expected to be RMB 210 billion. The company will continue to focus on large-scale and efficient exploration and development in key basins such as Songliao, Ordos, Junggar, and Tarim, increase the development of unconventional resources such as shale gas and shale oil, and promote new energy projects such as clean power, geothermal energy, and CCUS. As a leading company in China's oil and gas industry, the company demonstrates resilience in its operations, and its continuous dividend payouts highlight the investment value of a central state-owned enterprise. We maintain our "buy" rating.
