42% expect high cash dividends
Sinopec (600028): Net profit attributable to mothers increased by 23 annually in 2018.
42% expect high cash dividends
Investment Highlights: The company announced that EPS0 will be realized in 18 years.
52 yuan, an increase of 23 a year.
According to Chinese Accounting Standards for Business Enterprises, operating income in 2018 was 28911.
79 ppm, an increase of 22 in ten years.
5%; profit totals 1014.
740,000 yuan, an increase of 16 in ten years.
7%; net profit attributable to mother 630.
89 ppm, an increase of 23 in ten years.
42%, net profit after deduction is 596.
30,000 yuan, an annual increase of 30.
8%, in line with our expectations.
In 2018, the company’s average return on average net assets reached 8.
67%, an increase of 1 per year.
18Q4 single-quarter operating income of 8182.
09 billion (QoQ + 5.
89%), net profit attributed to mother 31.
09 billion, a molecular weight of 152.
700 million, mainly due to the decline in oil prices, inventory losses and asset impairment, the company accrued asset impairment losses 116.
5.0 billion, mainly concentrated in 18Q4 withdrawn 10.9 billion.
In 2018, the exploration segment significantly reduced losses, the chemical segment was stable, and the refining and sales segments were replaced.
In terms of different sections, the company’s crude oil exploration and development division realized a price of 64.
USD 8 / barrel (+ 30% yoy) and operating income of USD 200 billion (+27 yoy).
1%), the operating loss was US $ 10.1 billion, exceeding the additional loss of US $ 35.8 billion, taking into account the long-term asset impairment affecting operating income of 5.8 billion; the refining business unit realized annual operating income of 12,634.
7.0 billion (+ 24% year-on-year.
9%), operating income of 548 trillion, a decrease of more than 102 trillion, mainly due to the increase in crude oil procurement costs to 701.3 billion (+41 year-on-year).
1%), leading to a reduction in gross profit of refining of 49 yuan / ton to 461 yuan / ton per year; the operating income of the chemical industry department was 546.7 billion (YoY + 24).
9%), operating income of 270 ppm, which is basically the same as in 17 years; operating and marketing division’s operating income was 1,464.6 billion (+ 18% YoY).
2%), operating income of 23.5 billion (YoY-25.
7%), mainly due to rising oil prices and stricter policies on refined oil tax levy in 2018, which led to higher refined oil procurement costs.
In 2018, the company’s proposed cash dividends accounted for 80% of the net profit attributable to the parent.
The company’s board of directors recommended the payment of a statutory RMB 0 for the final dividend of 2018.
26 yuan (including tax). In 2018, the proposed cash dividends totaled 508.
500 million (including tax, equal to 0.
42 yuan), the ratio of dividends to net profit attributable to mothers in accordance with IFRS standards is 82.52%, the company’s total cash dividend for the three years from 2016 to 2018 is RMB1.
169 yuan / share, with a three-year average net profit ratio of 88.
As of the end of 2018, the company had 1,670 cash on hand.
1.5 billion, with depreciation, depletion and amortization of $ 110 billion in 2018, a decrease of 4 per year.
6%, the company plans capital expenditure of 136.3 billion in 2019 (+15 compared with the same period last 淡水桑拿网 year).
5%), subsequent profits plus depreciation are expected to continue to increase capital expenditures, and cash is expected to continue to grow, providing a basis for maintaining high dividends.
Investment advice: Based on the performance of the annual report by section, we lower the timing to the company 19?
The 20-year EPS forecast is 0.
55 yuan and 0.
59 yuan (0 before the reduction).
59 yuan and 0.
63 yuan), plus EPS forecast for 2021 is 0.
63 yuan, corresponding to PE is 10 times, 10 times and 9 times, the current PB is 1.
0 times, far lower than the industry average of more than 2 times. At present, the mixed reform of Sinopec’s sales companies is basically completed. It is optimistic about the revaluation increase brought by the listing of sales companies in the future, and maintains a “buy” rating.