628.SH 29 4 24 9-1 5 1 2 9 EPS.17 1 2 3 9 9 15 9 EPS.46 1 2 29 1.84 1.15 9 4 3 4 9 1 9.64 21.7,211.75 DCF-WACC 12.22 11.2-13.46 A 8% 27A 28A 29E 21E 211E () 124843. 145211. 6533.1 673886. 68635.6 % 13.49% 2.52% -55.22% 3.63% 1.% EBITDA() 142434. 48488. 13791.3 111973.5 11847.8 54947. 29689. 55682.1 6652.7 65444.7 EPS().63.34.64.7.75 PE 15.3 28.3 15.1 13.8 12.8 EV/EBITDA(X) 7.2 21.9 9.5 7.5 6. PB 2.57 2.39 2.6 1.79 1.56 ROIC 13.7%.5% 5.4% 6.5% 6.6% 12.22 liguohong@chinastock.com.cn 8616656 8876 pengxiyan@chinastock.com.cn 8616656 8689 29.4.24 A () 9.68 A () 13.99 A () 6.56 2463 2.6 867243.9 A 1283415 A 57878 A () 1242.346 628 9.% 8.% 7.% 6.% 5.% 4.% 3.% 2.% 1.%.% -1.% 3-2-6 7-2-6 11-2-6 3-2-7 7-2-7 11-2-7 3-2-8 7-2-8 11-2-8 3-2-9 9.3.3 www.chinastock.com.cn
9 5 3-7 55-65 9.64 21 3.7 9 GDP 9 9 87.6% DCF-WACC 12.22 11.2-13.46 A 15 PE 9 8% 29 9 3 4 1 2 3.
1
1WTI WTI 16 14 12 1 8 6 4 2 9-3-27 91-3-27 92-3-27 93-3-27 94-3-27 95-3-27 96-3-27 97-3-27 98-3-27 99-3-27-3-27 1-3-27 2-3-27 3-3-27 4-3-27 5-3-27 6-3-27 7-3-27 8-3-27 9-3-27 / 1 1 33 1 / 4 / 1 / 3-38 / 2 5 1 15 2 25 3 35 4 / 2
2 64% 5 31.5% IEA 8 15 / 9 252 / OPEC OPEC OPEC OPEC OPEC 3-4 4 3OPEC OPEC OPEC OPEC 1.4 1.2 1.8.6.4.2 -.2 -.4 27 28 29 21 3
4 21 28 26 24 22 2 1998-2. -1.. 1. 2. 3. 4. / 1 27 4 27 4.5% 1% 1 2.5-3 1 GDP 7% GDP 5% 5 28 7 22 9 44 9 3 1.5% 2 27% 3-5 1% 28% 13.8% 2.2% 9% 5% 6.6% 15% 2.5% 9 4.6% 2 4
5 5% 15% 2% 5% 16% 27% 12% 55-65 5, 5-6 8 6 / 16 14 12 1 8 6 4 2 199-3-27 1991-3-27 1992-3-27 1993-3-27 1994-3-27 1995-3-27 1996-3-27 1997-3-27 1998-3-27 1999-3-27 2-3-27 21-3-27 22-3-27 23-3-27 24-3-27 25-3-27 26-3-27 27-3-27 28-3-27 29-3-27 5
28 12 31 334 96.5 19 1815 28 12 31 41 2841 69593 1 28 27 26 28 27 (%) 296.8 291.67 285.19 1.8 2,931 2,826 2,565 3.7 114 21 286 442.9 9,216 37,567 1,615 (75.5) 2,841 3,24 3,295 (6.1) 69,593 63,38 29,517 9.9 4,1 4,79 3,786 (1.9) 9 4,24 1 8882 45 WTI 27 35.2 / 14.66 / 1 / 17 8882*17=151 6 14.66 / 15 9.17 6
1 2 1988 14 22 7 2 42% 58% 3%6% 23.3% 8 1 2 5 5 7
92 17 4. 3 % 5.5% 3 1 1 8 18% 16% 14% 12% 1% 8% 6% 4% 2% % NORSK HYDRO PETROBRAS OMV ENI STATOIL BG OCCIDENTAL MARATHON OIL AMERADA HESS 9 25 2 15 1 5 8
1 / 35 3 25 2 15 1 5 PETROBRAS OMV ENI AMERADA HESS OCCIDENTAL STATOIL BG MARATHON OIL NORSK HYDRO 1.86 5571 / 8 1.4% 3955 / 24.2% 1845 / 23.7% 2386 / 6.7% 691 / 17.2% 2 587 28 18.2% 28 14 /22 / 12 / 19 / 14 / 1 / 5 / 8 / 1 / 22 / 26 / 18 / 1 / 35 / 125 / 12 / 22 / 1 9 2 25 9
135 25 13 77% 15 1 28 11 28 -- 132 14 11 -- 28 5,89 / 5,564 / 1,119 / 2,357 /28 28 6 2 1, 1,5 28 28 12 18 9 1,1 2,4 28 5,4 / 33.% 16,326 5.1%28 8,17 39.8% 88.7% 1.4-388 / 27 17 / 495 / 28 129 / 4 / 3%28 45 615 511 29 1.84 1.15 9 3 25 29 18 4 12 33 33-35 1-2 12-24 9 52 4 9.46 1
11 2 18 16 14 12 1 8 6 4 2 6-12-28 7-2-28 7-4-28 7-6-28 7-8-28 7-1-28 7-12-28 8-2-28 8-4-28 8-6-28 8-8-28 8-1-28 8-12-28 9-2-28 12 7 6 5 4 3 2 1 9-3-6 9-3-8 9-3-1 9-3-12 9-3-14 9-3-16 9-3-18 9-3-2 9-3-22 9-3-24 9-3-26 9-3-28 9-3-3 9-4-1 9-4-3 9-4-5 13 9# 14 9# 8 62 7 6 5 4 3 2 1 7-11-26 7-12-26 8-1-26 8-2-26 8-3-26 8-4-26 8-5-26 8-6-26 8-7-26 8-8-26 8-9-26 8-1-26 8-11-26 8-12-26 9-1-26 9-2-26 9-3-26 6 58 56 54 52 5 48 9-3-4 9-3-6 9-3-8 9-3-1 9-3-12 9-3-14 9-3-16 9-3-18 9-3-2 9-3-22 9-3-24 9-3-26 9-3-28 9-3-3 9-4-1 9-4-3 11
15 # 16 # 9 8 7 6 5 4 3 2 1 7-12-6 8-1-6 8-2-6 8-3-6 8-4-6 8-5-6 8-6-6 8-7-6 8-8-6 8-9-6 8-1-6 8-11-6 8-12-6 9-1-6 9-2-6 9-3-6 3 4 56 54 52 5 48 46 44 42 9-3-4 9-3-6 9-3-8 9-3-1 9-3-12 9-3-14 9-3-16 9-3-18 4 1-2% 3 4 21 3 3 4 2-4 9-3-2 9-3-22 9-3-24 9-3-26 9-3-28 9-3-3 9-4-1 9-4-3 29 683 9 9 1.1 17 (FOB) 18 16 14 12 1 8 6 4 2 6-1-6 6-4-6 6-7-6 6-1-6 7-1-6 7-4-6 7-7-6 7-1-6 8-1-6 8-4-6 8-7-6 8-1-6 9-1-6 12
18 (FOB) 2 18 16 14 12 1 8 6 4 2 6-1-6 6-4-6 6-7-6 6-1-6 7-1-6 7-4-6 7-7-6 7-1-6 8-1-6 8-4-6 8-7-6 8-1-6 9-1-6 19 2 14 7 12 6 1 8 6 4 2 7-7-31 7-9-3 7-11-3 8-1-31 21 16 14 12 1 8 6 4 2 8-3-31 8-5-31 8-7-31 8-9-3 8-11-3 9-1-31 9-3-31 7-12-19 8-1-19 8-2-19 8-3-19 8-4-19 8-5-19 8-6-19 8-7-19 8-8-19 8-9-19 8-1-19 8-11-19 8-12-19 9-1-19 9-2-19 9-3-19 13 5 4 3 2 1 22 7 6 5 4 3 2 1 9-3-4 9-3-6 9-3-8 9-3-1 9-3-12 9-3-14 9-3-16 9-3-18 9-3-2 9-3-22 9-3-24 9-3-26 9-3-28 9-3-3 9-4-1 9-4-3 9-3-4 9-3-6 9-3-8 9-3-1 9-3-12 9-3-14 9-3-16 9-3-18 9-3-2 9-3-22 9-3-24 9-3-26 9-3-28 9-3-3 9-4-1 9-4-3
23 24 6 5 4 3 2 1 25 8 7 6 5 4 3 2 1 7-12-3 8-1-3 / CIF/ARA/ / / 9-3-6 9-3-8 9-3-1 9-3-12 9-3-14 9-3-16 9-3-18 9-3-2 9-3-22 9-3-24 9-3-26 9-3-28 9-3-3 9-4-1 9-4-3 9-4-5 8-2-3 8-3-3 8-4-3 8-5-3 8-6-3 8-7-3 8-8-3 8-9-3 8-1-3 8-11-3 8-12-3 9-1-3 9-2-3 9-3-3 9-4-3 445 44 435 43 425 42 415 41 45 4 395 26 35 3 25 2 15 1 5 9-3-4 9-3-6 9-3-8 9-3-1 9-3-12 9-3-14 9-3-16 9-3-18 9-3-2 9-3-22 9-3-24 9-3-26 9-3-28 9-3-6 9-3-8 9-3-1 9-3-12 9-3-14 9-3-16 9-3-18 9-3-2 9-3-22 9-3-24 9-3-26 9-3-28 9-3-3 9-4-1 9-4-3 9-4-5 9-4-7 9-3-3 9-4-1 9-4-3 9.17.46.1 9.64 21.7,211.75 29.64,21.7,211.75 PE 151413 14
29 9 3 4 1 2 3. 9 SWOT 4. 3 4.5 3.5 365 4.5 3.5 4.2 1/3 1/3 1/3 4. 4. 4.5 4. 4.5 15
1 DCF12.22 DCF 1 DCF-WACC 12.22, 11.2-13.46 2 DCF 27 28 29E 21E 211E ( 35528.5 3766. 35528.5 35528.5 35528.5 41 5 24 26 256 145667 1883 852685 923742 99536 181.3 17. 16. 17. 172. 6,431,8. 6,42,2. 5,684,566.4 6,39,851.8 6,11,98.88 55.85% 66.% 33.33% 34.62% 32.81% ( 8176.8 82. 82. 8176.8 8176.8 84 884 34 352 362 65,692,3 72,488, 27,88, 28,76,88 29,577,876 778.47 922. 242. 254. 254. 63,66,2. 75,64,. 19,844,. 2,753,537.36 2,753,537.36 3.18% -4.3% 28.82% 27.84% 29.83% ( 3832. 4511.3 4511.3 4511.3 4511.3 6422.1 68. 278. 295. 295. 241432. 367674. 12541358.4 1338276. 1338276. 5,58.56 5,63. 2,1. 2,1. 2,1. 21,384,7. 25,398,56.4 9,473,688. 9,473,688. 9,473,688. 11.43% 17.21% 24.46% 28.81% 28.81% 66,285,4. 66,285,4. 66,285,4. 66,285,4. 66,285,4. 6,157,6. 6,157,6. 6,23,. 6,157,6. 6,157,6. 9.24% 9.24% 9.45% 9.24% 9.24% 45,68,7. 45,68,7. 45,68,7. 45,68,7. 45,68,7. 57,144,3. 57,144,3. 57,2,3. 57,144,3. 57,144,3. -25.29% -25.29% -24.98% -25.29% -25.29% -95812. -8867874. -95812. -95812. -95812. -958. -922866.4-958. -958. -958..% -3.8%.%.%.% 16
12,484,3. 145,21,1. 65,3,38. 67,388,64.8 68,63,558.32 % 13.5% 2.5% -55.2% 3.6% 1.% 112,924,6. 132,678,. 56,227,554.4 57,768,977.2 57,84,34.2 75597. 125321. 882753.6 9619626.9 1223524.1 6.27% 8.63% 13.54% 14.27% 15.2% 3 DCF g 12.22.%.5% 1.% 1.5% 2.% 8.72% 13.99 14.46 14.99 15.6 16.29 WACC 9.22% 13.1 13.5 13.95 14.46 15.4 9.72% 12.31 12.65 13.3 13.46 13.95 1.22% 11.59 11.89 12.22 12.58 12.99 1.72% 1.94 11.2 11.49 11.8 12.15 11.22% 1.36 1.58 1.83 11.1 11.4 11.72% 9.82 1.2 1.24 1.47 1.73 2:8.72 4 9 EV/EBIDTA 9-5 ROC/WACC Average 88784.77 21.21 1.58.79 18.4 25.47 13.4 45.53 1.31 XOM US Equity USD 225416. 21.49 2.94.81 19.92 31.27 16.36 3.52 1.92 CVX US Equity USD 94285.9 25.88 1.53.53 17.59 21.85 14.99 39.48 1.83 BP/ LN Equity GBp 84433. 35.12 1.35.35 26.24 33.95 1.17 N.A. 1.1 COP US Equity USD 417873.5 13.3 1.8.27 21.7 N.A. 13.34 32.85.92 SU CN Equity CAD 164469.9 12.22 2.2.97 12.86 14.98 24.78 1.9.91 RDSA LN Equity GBp 893662.6 34.29 1.4.28 13.63 33.62 8.44 N.A. 1.5 LKOH RU Equity USD 26334.1 25.75.76.44 12. N.A. 7.93 N.A. 1.27 828696.97 23.66 1.54.55 17.71 26.86 13.63 54.11 1.28 857 HK Equity HKD 214835. 13.23 1.37 1.1 15.27 2.65 11.33 51.13 1.27 386 HK Equity HKD 759476.7 22.63 1.4.32 2.56 21.98 9.41 36.85.86 883 HK Equity HKD 362361. 8.15 2.26 2.87 24.85 N.A. 13.63 27. 2.7 145557.57 14.67 1.68 1.4 2.22 23.16 11.46 38.33 1.4 9 PE13.63, 8.72 17
3 12.22 PE PE 8.72,, 12.22 18
5628 27 28 29E 21E 211E 27 28 29E 21E 211E 8364. 77. 9469.2 148262.2 283475.6 124843. 145211. 6533.1 673886. 68635.6 12851. 3659. 693.6 7182. 7253.9 112961. 1326783. 562275.5 577689.8 5784.3 22947. 12989. 5816.9 627.9 688.3 3434. 56799. 18533.6 1925.8 19398.1 942. 7597. 9846.1 12156.9 1447.5 22564. 24967. 1216.7 1261.7 12727.9 11822. 252. 9189.6 9522.9 9618.2 35964. 4917. 19379. 281.8 2282.9 11649. 95255. 64422.9 66189. 6627.4 489. 8723. 489. 489. 489. 1. 287. 3. 3. 3. 7458. 16617. 2256.7 2225.7 2172.9 31335. 2875. 2875. 2875. 2875. -3211. 3969.... 361148. 43265. 4638.1 365712.8 314633. 5756. 98. 1. 1. 1. 9548. 121886. 6958. 3489. 15249.5.......... 78142. -2666. 3187.5 38191.4 43763.4 15232. 15965. 14368.5 12772. 11175.5 4769. 5292. 32335. 32335. 32335. 5842. 6557. 591.3 5245.6 4589.9 82911. 24226. 64142.5 7526.4 7698.4 718572. 752235. 741888.2 724284.8 793517.3 25758. -1889. 7697.1 8463.2 9131.8 36954. 63972. 63972... 57153. 26115. 56445.4 6263.2 66966.6 12162. 17493. 6747.3 6932.3 694.8 54947. 29689. 55682.1 6652.7 65444.7 9349. 56667. 5943.7 5234.3 5244.7 226. -3574. 763.3 141.5 1522. 2582. 29783. 31888.3 3469.9 36273.4.63.34.64.7.75 595. 1778. 1778. 1778. 1778..63.34.64.7.75 17562. 757. 757. 757. 757. 27 28 29E 21E 211E 4753. 46972. 46972. 46972. 46972...... 13.5% 2.5% -55.2% 3.6% 1.% 7778. 64937. 64937. 64937. 64937. EBIT 19.% -97.3% 134.4% 16.7% 12.5% 7613. 928. 928. 928. 928. 5.5% -46.% 87.6% 8.9% 7.9% 392225. 41289. 334496.8 25483.2 25796. 326347. 35946. 47391.4 469454.6 536421.2 15.9% 8.6% 13.5% 14.3% 15.% 27 28 29E 21E 211E 4.6% 2.% 8.6% 9.% 9.6% 57153. 26115. 56445.4 6263.2 66966.6 ROE 18.3% 9.% 14.4% 13.6% 12.8% 43384. 45853. 65837.1 67666.5 68581.5 ROIC 13.7%.5% 5.4% 6.5% 6.6% 12425. 74883. 15661.2 145166. 139133.4-114772. -1625. 97. 98. 99. PE 15.3 28.3 15.1 13.8 12.8-8781. 3698. -68862. -88353. -491. P/S.7.6 1.3 1.2 1.2 697. -669. 82769.2 57793. 135213.4 P/B 2.6 2.4 2.1 1.8 1.6 7698. 8364. 77. 9469.2 148262.2.%.%.%.%.% 8395. 7695. 9469.2 148262.2 283475.6 EV/EBITDA 7.2 21.9 9.5 7.5 6. 19
6628DCF 27A 28E 29E 21E 211E 212E 213E 214E 215E 216E 217E 218E EBIT 995. 2635. 3795419.9 44374.4 498263.1 522913.7 5193575.2 515846.7 5738974.8 6621564.6 754154.4 83526.1 377191.1-2546.2 45545.4 531684.5 597915.6 784365.6 138715. 1289511.7 1434743.7 1655391.2 187638.6 275131.5 NOPLAT 585389.3 682788.9 28446.2 3339969.5 389919.9 4384714.5 4444738.2 415486.2 3868535. 434231.1 4966173.5 5628115.8 14496. 14196. -8649. 2943711. -11922.5-34632.1-2897.6-1733.2-1875.3-31385.4-39332.4-36254.2-57316. -43265. -3. -2. -1. -1. -1. -1. -1. -1. -1. -1. 685428.9-3632253.8 12864394.6 1552745.5 1127227.5 11326764.2 1169969.9 1794992.3 11215953. 11872865.8 12539375. 13138354.8 WACC 1.22% Ke 14.6% g 1.% Kd 4.8%.%.5% 1.% 1.5% 2.% 537966 t 25% 8.72% 14. 14.47 15. 15.6 16.3 127144357 Rf 2% 9.22% 13.11 13.51 13.96 14.46 15.4 3645 E(Rm).12 9.72% 12.31 12.65 13.4 13.47 13.95 21224 RmRf 1% 1.22% 11.59 11.89 12.22 12.59 13. 15941957 D/A 2.2% 1.72% 1.95 11.21 11.49 11.8 12.16 8672 E/A 79.8% 11.22% 1.36 1.59 1.83 11.1 11.41 12.22 Beta 1.27 11.72% 9.83 1.2 1.24 1.47 1.74 WACC 2
612 2% 1% 612 2% 612 1%2% 612 612 1%
35 C 132 1-66568888 1-66568641 www.chinastock.com.cn 1-66568849 1-66568281 1-6656898