CITIC Securities: maintain a "buy" rating on PetroChina, optimistic about the company's competitive advantages across the entire industry chain.

According to the research report of CITIC Securities, China Petroleum achieved a net profit attributable to the parent company of 126.279 billion yuan in the first three quarters, a year-on-year decrease of 4.90%; among which, the net profit attributable to the parent company in the third quarter was 42.286 billion yuan, a year-on-year decrease of 3.86% and an increase of 13.71% quarter-on-quarter. The company's operating resilience is highlighted, with quarterly performance growth. The company's ability to withstand external fluctuations in oil prices has strengthened, and the effects of quality improvement and efficiency enhancement are significant. The performance of the new energy sector is outstanding, with a 72.2% year-on-year increase in wind power generation. The company has overall arrangements for the development of new energy businesses such as wind power generation, geothermal energy, and hydrogen energy, developing new quality production according to local conditions, and maintaining rapid growth momentum in the new energy business. The company continues to optimize equipment operation and product structure, and the core ethylene unit of Jilin Petrochemical's refining and chemical transformation and upgrading project successfully started up, with steady progress in the transformation and upgrading projects of Guangxi Petrochemical and Blue Ocean New Materials companies, and promising prospects for industrial upgrading in the future. The company coordinates domestic and international resources in natural gas sales business, optimizes resource pool structure, controls comprehensive procurement costs, increases marketing efforts, improves the proportion of high-end and efficient market sales volume, actively uses online sales mechanisms, and vigorously develops direct sales customers and terminal sales business, driving continuous improvement in sales efficiency. The company's oil and gas production is stable with growth, new energy business is accelerating, refining and chemical industry transformation and upgrading is deepening, and natural gas sales efficiency continues to improve. Optimistic about the company's competitive advantage in the entire industry chain, maintains a "buy" rating.