Citigroup: China Petroleum & Chemical Corporation (00857.HK) reported strong first quarter results exceeding expectations, rated as "buy".

Citi released a research report stating that China Petroleum (00857.HK) had a net profit of 46.8 billion yuan in the first quarter of 2025, a year-on-year increase of 2%, surpassing the bank's forecast of a mid-single-digit percentage decrease and a 25% decrease compared to Sinopec (00386.HK) during the same period. Looking ahead to the second quarter, it is expected that the oil price decline will drag down earnings, but the natural gas business will provide a buffer. The stock is rated "buy" with a target price of 8.2 Hong Kong dollars.