Lyon: Lyon: Lyon: Lyon: Raise target price of China Petroleum AH shares, second quarter performance exceeds expectations

The research report released by Lyon pointed out that the second quarter performance of PetroChina exceeded expectations, with its profit decline surpassing that of Sinopec. Apart from the chemical industry business, the divergence in sales volume in the second quarter of both companies is worth noting, and the bank predicts that this difference may further widen in the coming quarters. PetroChina's dividend payout ratio increased by 6 percentage points to 48% annually, outperforming Sinopec once again and is expected to be well received by the market. The bank raised its target price for PetroChina's H shares from HK$8 to HK$8.6, and for its A shares from RMB 11.2 to RMB 11.9, both with an "outperform the market" rating. The bank's industry preference order is PetroChina, CNOOC and Sinopec.