Huaan Securities recently reported that CNPC's shale oil and gas production has increased rapidly, and the refining and chemical sector is expected to be revalued. Oil prices fluctuated at high levels, and the company's exploration sector fully benefited. The marginal cost of shale oil in the US continues to rise, making it difficult to sustain high production; OPEC+ has switched from cutting production to a gradual increase in production in April 2025 but at a moderate pace; geographical conflicts in the Middle East are frequent, and the risk of supply cuts has increased due to the closure of important crude oil transportation routes. Under the triple effects of frequent geographical conflicts, shrinking global oil investment, and limited increases in US crude oil production, it is believed that crude oil fundamentals will remain volatile at medium to high levels. The gradual increase in shale oil and gas is expected to become a source of future growth; overseas refineries are being withdrawn at an accelerated pace, the supply pattern continues to be optimized, and prosperity is expected to increase. The smooth price of natural gas brings profit flexibility, and the consumption tax reform strengthens the company's integrated refining and marketing advantages; consumption tax reform is deepening, and the company's integrated oil refining and marketing advantages are remarkable. Furthermore, the company attaches importance to shareholder returns and continues to increase dividend rates and dividend rates. The company's net profit from 2026-2028 is estimated to be 1839.41, 1938.54, and 197216 billion yuan, respectively. The corresponding PE is 12, 11, and 11 times, respectively. For the first time, coverage is given a “buy” rating.

Huaan Securities recently reported that CNPC's shale oil and gas production has increased rapidly, and the refining and chemical sector is expected to be revalued. Oil prices fluctuated at high levels, and the company's exploration sector fully benefited. The marginal cost of shale oil in the US continues to rise, making it difficult to sustain high production; OPEC+ has switched from cutting production to a gradual increase in production in April 2025 but at a moderate pace; geographical conflicts in the Middle East are frequent, and the risk of supply cuts has increased due to frequent geographical conflicts in the Middle East and the closure of important crude oil transportation routes. Under the triple effects of frequent geographical conflicts, shrinking global oil investment, and limited increases in US crude oil production, it is believed that crude oil fundamentals will remain volatile at medium to high levels. The gradual increase in shale oil and gas is expected to become a source of future growth; overseas refineries are being withdrawn at an accelerated pace, the supply pattern continues to be optimized, and prosperity is expected to increase. The smooth price of natural gas brings profit flexibility, and the consumption tax reform strengthens the company's integrated refining and marketing advantages; consumption tax reform is deepening, and the company's integrated oil refining and marketing advantages are remarkable. Furthermore, the company attaches importance to shareholder returns and continues to increase dividend rates and dividend rates. The company's net profit from 2026-2028 is estimated to be 1839.41, 1938.54, and 197216 billion yuan, respectively. The corresponding PE is 12, 11, and 11 times, respectively. For the first time, coverage is given a “buy” rating.