Shanghai Petrochemical (00338) rose nearly 5%. As of press release, it rose 4.81% to HK$1.09, with a turnover of HK$19.386 million.
The Zhitong Finance App learned that Shanghai Petrochemical (00338) rose nearly 5%. As of press release, it had risen 4.81% to HK$1.09, with a turnover of HK$19.386 million.
According to the news, Shanghai Petrochemical Co., Ltd. released its report for the first quarter of 2024, with total operating revenue of 21.282 billion yuan (RMB, same below), a year-on-year decrease of 3.2%; net profit attributable to shareholders of the parent company was 840.61 million yuan, and a loss of 163 million yuan for the same period last year. In addition, gasoline production during the period was 880,000 tons, up 14% year on year; diesel production was 738,000 tons, down 12% year on year; aviation kerosene production was 617,000 tons, up 51% year on year.
CICC believes that the company's first quarter results are in line with this forecast. Due to the gradual rise in crude oil prices in 1Q24, the bank expects the refining sector to be the main source of profit. Production of aviation kerosene, which has good profit per ton, increased year-on-year, improving product structure and profits. The profit of aromatics remains high in 1Q24, and the average gross profit per ton of aromatic hydrocarbons is expected to be close to 2,000 yuan/ton. Furthermore, the bank determined that the aromatic hydrocarbon boom is expected to remain high in 2024-2025.