Bank of America Securities: SINOPEC CORP's Q4 Results Align with Forecasts, Keeps HK$6 Target and Buy Rating

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SINOPEC CORP (00386) reported a 34% year-on-year decline in net profit to RMB 32.5 billion for 2025, implying a fourth-quarter net profit of RMB 411 million, which fell 89% year-on-year and 95% quarter-on-quarter, meeting expectations. The weak performance in the fourth quarter was mainly due to inventory losses and increased year-end impairments. The firm maintained a "Buy" rating on SINOPEC CORP, with an H-share target price of HK$6 and an A-share (600028.SH) target price of RMB 7.6. Management guided 2026 capital expenditure at RMB 131.6 billion, with upstream, refining, marketing, and chemical segments accounting for 55%, 13%, 7%, and 21%, respectively. Upstream capital spending increased 2% year-on-year, while downstream spending decreased 21% to 35% year-on-year. Additionally, depending on market conditions, management has reserved an extra RMB 17 billion for flexible capital expenditure adjustments.

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Additionally, depending on market conditions, management has reserved an extra RMB 17 billion for flexible capital expenditure adjustments.</p>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Bank of America Securities: SINOPEC CORP's Q4 Results Align with Forecasts, Keeps HK$6 Target and Buy Rating</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBank of America Securities: SINOPEC CORP's Q4 Results Align with Forecasts, Keeps HK$6 Target and Buy Rating\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036600163\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://community-static.tradeup.com/news/b3bf6d02ad1a6e9e7377eebbb162346a);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Stock News </p>\n<p class=\"h-time\">2026-03-23 16:10</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>SINOPEC CORP (00386) reported a 34% year-on-year decline in net profit to RMB 32.5 billion for 2025, implying a fourth-quarter net profit of RMB 411 million, which fell 89% year-on-year and 95% quarter-on-quarter, meeting expectations. The weak performance in the fourth quarter was mainly due to inventory losses and increased year-end impairments. The firm maintained a \"Buy\" rating on SINOPEC CORP, with an H-share target price of HK$6 and an A-share (600028.SH) target price of RMB 7.6. Management guided 2026 capital expenditure at RMB 131.6 billion, with upstream, refining, marketing, and chemical segments accounting for 55%, 13%, 7%, and 21%, respectively. Upstream capital spending increased 2% year-on-year, while downstream spending decreased 21% to 35% year-on-year. Additionally, depending on market conditions, management has reserved an extra RMB 17 billion for flexible capital expenditure adjustments.</p>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0140636845.USD","symbol_name":"施罗德大中华区股票A Acc","start_time":0,"source_url":"","article_id":"1114962768","we_media_id":"1036600163","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1114962768","pubTimestamp":1774253400,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Stock News","introduction":"Global Stock News First-Time Broadcast","home_visible":1,"id":"1036600163","head_image":"https://community-static.tradeup.com/news/b3bf6d02ad1a6e9e7377eebbb162346a"},"summary":"SINOPEC CORP (00386) reported a 34% year-on-year decline in net profit to RMB 32.5 billion for 2025, implying a fourth-quarter net profit of RMB 411 million, which fell 89% year-on-year and 95%...","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"161027":"证券","LU0140636845.USD":"施罗德大中华区股票A Acc","LU0828237940.HKD":"SCHRODER ISF EMERGING ASIA \"A\" (HKD) ACC","LU2097828474.EUR":"AZ EQUITY CHINA \"A\" (EUR) ACC A","LU0823426480.USD":"法巴中国股票经典Dis","LU0823426308.USD":"法巴中国股票基金","LU0293314216.USD":"ALLIANZ GEM EQUITY HIGH DIVIDEND \"A\" (USD) ACC","LU0651946864.USD":"贝莱德新兴市场股票收益A2","LU1188198961.HKD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" (HKD) INC QV","LU1051769294.HKD":"BGF EMERGING MARKETS EQUITY INCOME \"A6\"(HKDHDG) INC","LU0173614495.USD":"富达中国焦点A","BK1521":"挪威政府全球养老基金持仓","LU1051768304.USD":"贝莱德新兴市场股票收益A6","LU0359201612.USD":"贝莱德中国基金A2","LU0244354667.USD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" ACC","00386":"中国石油化工股份","LU0359202008.SGD":"Blackrock China Fund A2 SGD-H","LU1282651048.USD":"ALLIANZ GEM EQUITY HIGH DIVIDEND \"AMG\" (USD) INC","LU1023057109.AUD":"BGF CHINA \"A2\" (AUDHDG) ACC","LU0348805143.USD":"ALLIANZ ENHANCED ALL CHINA EQUITY \"A\" (USD) INC","LU0326950275.SGD":"Schroder ISF China Opportunities A Acc SGD-H","LU0181495838.USD":"施罗德新兴亚洲A Acc","LU1515016050.SGD":"Blackrock Emerging Markets Equity Income A6 SGD-H","LU1831875114.USD":"SCHRODER ISF ALL CHINA EQUITY \"A\" (USD) ACC","BK1562":"石化股","BK1528":"石油股票概念","LU2097828557.USD":"AZ EQUITY CHINA \"A\" (USD) ACC","BK1226":"综合性石油与天然气企业","LU2097828631.EUR":"AZ EQUITY CHINA \"A\" (EUR) ACC","LU1048596156.SGD":"Blackrock Asian Growth Leaders A2 SGD-H","LU2097828714.EUR":"AZ EQUITY CHINA \"BAZ\" (EUR) ACC","LU0821914370.USD":"贝莱德亚洲成长领袖A2","LU2097828805.USD":"AZ EQUITY CHINA \"A-AZ\" (USD) ACC","LU0287142896.SGD":"Fidelity China Focus A-SGD","LU0463099449.HKD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" (HKD) ACC","LU0359201885.HKD":"BGF CHINA \"A2\" (HKD) ACC","LU0651947912.USD":"BGF EMERGING MARKETS EQUITY INCOME \"A5G\" (USD) INC"},"translate_title":"美银证券：中石化Q4业绩符合预期，维持6港元目标及买入评级","themeId":"","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"161027":1,"00386":1},"content_text":"SINOPEC CORP (00386) reported a 34% year-on-year decline in net profit to RMB 32.5 billion for 2025, implying a fourth-quarter net profit of RMB 411 million, which fell 89% year-on-year and 95% quarter-on-quarter, meeting expectations. The weak performance in the fourth quarter was mainly due to inventory losses and increased year-end impairments. The firm maintained a \"Buy\" rating on SINOPEC CORP, with an H-share target price of HK$6 and an A-share (600028.SH) target price of RMB 7.6. Management guided 2026 capital expenditure at RMB 131.6 billion, with upstream, refining, marketing, and chemical segments accounting for 55%, 13%, 7%, and 21%, respectively. Upstream capital spending increased 2% year-on-year, while downstream spending decreased 21% to 35% year-on-year. Additionally, depending on market conditions, management has reserved an extra RMB 17 billion for flexible capital expenditure adjustments.","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"dataReport,express","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}