On the evening of April 29th this year, China Petrochemical released a quarterly report. In the first quarter, the company achieved operating income of 478.24438 billion yuan, down 25.4% year-on-year. The net profit attributable to shareholders of the parent company was 65.438+69 billion yuan, down 87.5% year-on-year. The profit in the first quarter was 654.38+0.69 billion yuan, which was the worst start of Sinopec in recent years.
In terms of business, the exploration and development sector of China Petrochemical Company suffered an operating loss of 654.38+0.23 billion yuan in the first quarter, and its operating income decreased by 6.54 billion yuan. The profit of exploration plate has always been an important part of Sinopec's overall profit.
Affected by digesting high-cost inventory, the operating loss of Sinopec's refining plate reached 3.36 billion yuan, but the operating loss in the first quarter decreased by 9.70 billion yuan compared with the fourth quarter of 20 14.
Li Li, director of energy and strategy research in An Xun, believes that the decrease in profit of exploration plate is mainly caused by the decrease in the sales price of crude oil, while the refining plate is affected by the time difference of continuous decline in oil prices.
Earlier, Lu Dapeng, a spokesperson for Sinopec, told the National Business Daily that 80% of Sinopec's crude oil is imported, and the refining business accounts for a large proportion, so the decline in international crude oil prices has a greater impact on the company.
"It takes about two months for Sinopec to import crude oil from order to receipt, and it takes another month to add refining and distribution. Therefore, when Sinopec imports crude oil, the oil price is the price three months ago. When refining and re-selling, it needs to be converted according to the oil price three months after import. In the process of a sharp drop in oil prices, Sinopec has to bear the risk of depreciation. " Li Li told the National Business Daily reporter.
In the distribution field, the turnover of non-oil business increased by 75.0% year-on-year. In the first quarter, the operating income of the distribution plate of China Petrochemical Company increased by 2.27 billion yuan, but the operating income of the marketing distribution plate decreased to 5.28 billion yuan due to the digestion of high-cost inventory.
According to Sinopec's expectation, the company's profit in the second quarter is about 654.38+069 billion yuan. According to the National Business Daily reporter's calculation, the profit of Sinopec in the second quarter of 20 14 was about 179 billion yuan, while the international crude oil price in the second quarter of 20 14 remained at a high level above 100 USD. So in the second quarter of this year, Sinopec achieved such a good performance in the case of oil price of 60 US dollars.
But Sinopec's semi-annual report is still not very good. According to Sinopec's profit forecast for the second quarter, Sinopec's profit in the first half of 20 15 was about 185 billion yuan, which was about 40% lower than that in the first half of 20 14.
However, Lin, director of the Energy and Economic Collaborative Innovation Center of Xiamen University, believes that with the oil price stopping falling, Sinopec's performance in the first quarter has officially bottomed out, and its future performance will only improve. The worst of Sinopec has passed.
Oil prices stopped falling, and the three major sectors made efforts.
Since the worst of Sinopec has passed, where does the net profit of 10 times come from?
Sinopec said it is not convenient to disclose the operating results of the plate in the second quarter of this year. But since it is an oil company, it can naturally be judged from the impact of oil prices on the sector.
In terms of sectors, in 20 13, Sinopec made a profit of 54.8 billion yuan in exploration sector, 8.6 billion yuan in refining sector, 3.5/kloc-0.0 billion yuan in marketing and distribution sector, 900 million yuan in chemical sector and 3.4 billion yuan in head office and other losses. The exploration sector accounts for more than 57%, which is the largest source of profit, followed by the sales sector and the refining sector, accounting for 36.5% and 9% respectively.
In 20 14, the operating income of Sinopec's exploration sector was 4.71000 million yuan, the loss of oil refining sector was 2 billion yuan, the profit of marketing and distribution sector was 29.4 billion yuan, the profit of chemical sector was 2.2 billion yuan, and the head office and other losses were 1 1 000 million yuan. Exploration income accounted for 62%, sales profit accounted for 38.9%, and refining income turned from positive to negative.
For Sinopec, due to the large amount of imported crude oil, the decline in oil prices has a great impact on the refining and chemical sector. 20 14 The operating income of the oil refining division in the first half of the year was 9.8 billion yuan, and the loss in the second half of the year was1/kloc-0.8 billion yuan.
Li Li believes that oil prices will stop falling and keep rising slowly at a low level, which is of great benefit to Sinopec's refining and chemical sector.
"When the oil price is at a low level, it will stimulate the demand for refined oil, and Sinopec's sales and gross profit in refining will improve, so it can be judged that Sinopec's refining sector will have a good performance in the second quarter. At the same time, with the stabilization of oil prices, the operation of Sinopec's exploration sector in the second quarter should also be better than that in the first quarter. " Li Li further analyzed.
In addition to exploration and refining, which are greatly affected by oil prices, the improvement of sales segment, especially non-oil business performance, will also contribute to Sinopec's performance growth in the second quarter.
Non-oil business is one of the biggest highlights of Sinopec's performance last year. Last year, the turnover of non-oil business was 1, 7 1 billion, an increase of 28%. In the first two months of this year, the growth rate of non-oil business exceeded 60%, which was artificially exceeded by Sinopec. This year, Sinopec will fully launch a number of innovative businesses such as Internet-based car networking, O2O and Internet finance, and the operating performance of the non-oil sector is expected to further strengthen.
Although there are no specific data yet, Chai Zhiming, deputy general manager of Sinopec Sales Company, told the media including the National Business Daily that in the non-oil business, Sinopec continued the good momentum of last year and maintained a high growth rate this year. From 1 to May this year, the performance of Sinopec's non-oil business has increased by 50% compared with last year, and the scope of this business has also expanded, and it has explored the Internet and finance.
Chai Zhiming further stated that the performance growth of environmental protection products in non-oil business exceeded the company's expectations, and the performance of fuel treasure and tail gas treatment business increased significantly.
"Sinopec's industrial chain is more comprehensive and its ability to withstand pressure will be stronger. In the process of oil price stabilization and gradual increase, it is expected that Sinopec's next performance will gradually improve. " Lin said to.
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