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600028 Sinopec first quarter of 2007 results announcement after the stock price shocks occurred, but the fundamental problem 600028 do??
Not only no, but growth is increasingly good!!! You look at the foreign overlords, and how the comprador who were in the 19th before and after singing in Hong Kong and China Air China Petrochemical, and then look at the real situation 600028!
Including the oil price rise and fall with its profits up and down relationship, refinery problems, business efficiency, will be in the back of Li Chen's report was reasonable to analyze and refuted!
A good grasp of the five-year gold gold Sinopec! To fight a real people's war!
Look down the causes and shady -------------------------------------
Sinopec reported in the first quarter was positive, the UBS, Citigroup and Bank of China International investment banks such as the masses but have lower ratings or target price of Sinopec. (CNS Xu Xi Yi Chang)
Sinopec reported in the first quarter was positive, the UBS, Citigroup and Bank of China International investment banks such as public yesterday, but have even lower target price of Sinopec rating.
Prior to this, Sinopec announced in 2007 a quarterly show that its net profit more than doubled year on year, reaching 19.4 billion, mainly because the first time in nearly two years refining business to profitability, sales operations and chemical business profits increased significantly.
Yesterday, Citigroup released a report, Sinopec lowered rating to "selling" to reflect its valuation has been at record highs, profitability, growth momentum has turned negative. The bank had to Sinopec's rating to "buy." In response, Citigroup said Sinopec's refining business was in the first quarter profit of 4.2 billion because of international oil prices plunged. If oil prices remain stable at current level, while the Government does not raise the price of refined oil, then estimated in the second quarter of this year, Sinopec's refining business losses could reach 6.9 billion.
In addition to Citibank, the lowered ratings were Sinopec UBS and BOC International. Among them, Bank of China will be rating from "Outperform," down to "synchronize big city," UBS will be downgraded to "underweight." UBS said that China and Sinopec in the first quarter performance despite the ideal, but still bear the risk of oil prices, weakness in the upper reaches of business and the huge refinery petrochemical project investment pressure.
The performance of the first half of this year, Sinopec expects its net profit rose 50 percent to more, but the United States is expected in the second quarter of this year, Sinopec quarterly profit down 29.4%; UBS is expected in the second quarter and third quarter, Sinopec Earnings per share fell respectively by 22% and 17% respectively.
To see how the domestic comprador who echoed the bar
A new report by the domestic
1, Sinopec in 2007, today released a quarterly report. Data show, the company in 2007, the total turnover of 272,964 million yuan, net profit of 19418 million yuan, respectively, an increase of 23.05% and 112.57%.
2,2007 in the first quarter, the company produced a total of 9.9943 million tons of crude oil, natural gas, 1.996 billion cubic meters, respectively, an increase of 2.0% and 10.07%; 36.914 million tons of crude oil, an increase of 4.96%; 27.466 million tons of refined oil sales, an increase of 5.51%; produced 1.6323 million tons of ethylene, an increase of 7.84%.
3, compared with a year earlier, the company has added benefits of crude oil and gold project in particular, and the cost of the fuel consumption tax increased significantly. According to the company a quarter of the price of crude oil realization 2582.7 yuan / ton, you can figure out what the company paid a quarter of crude oil Special proceeds of around 8.5 billion, less than the second quarter of 2006 of about 2.67 billion.
4, we believe that the company a substantial increase year on year quarter, primarily due to the international crude oil prices dropped significantly with the domestic refined oil prices led to the spread of minor adjustments to the expansion, the company operating data show that refining margins from a year earlier -- 61 yuan / ton sharp rise of 328 yuan / ton, 5.8 U.S. dollars Hop / barrel, the highest level since the company is listed, while the second was in 2003 a high level of 4.09 U.S. dollars / barrel. In contrast, output growth in the contribution they bring to the performance of the company a minor role.
5, we expect the second quarter, the domestic refined oil prices will remain relatively stable, international crude oil prices will have to upgrade the chain, which will lead to refining margins decreased to some extent in the chain, but as long as the international crude oil prices (subject to NYMEX) Overall at 65 U.S. dollars / barrel run, the company's operating situation will be more optimistic.
6, at present, more than halfway through the second quarter, excluding the impact of unexpected factors, the company increased by 50 percent in the first half more than the performance target will be easily achieved.
7, according to a quarterly report to show the performance of chemical and natural gas well operation and development situation, we forecast the company's performance of 07-09 years, made some adjustments in 2007 result from a 0.784 yuan / share slightly raised to 0.804 yuan, in 2008 to maintain The original forecast level has remained basically unchanged in 2009 compared with the performance forecast to increase substantially.
7 to 15 times in 2007 and 2008 dynamic price-earnings ratio of dollars, the company's reasonable target price should be 12.1-13.5 yuan / share, and we continue to maintain China's Sinopec "short-term - cautious recommendation, a long-A" investment rating.
And Rui Yin Hua its two giant has been the Hang Seng Index in Hong Kong stocks slightly higher than that on many occasions in various financial instruments, there have been many big acts ... not superstition of the Rat ...
2007 value of 20 yuan, 08 more Chinese petrochemical!
A good grasp of the five-year gold gold Sinopec! To fight a real people's war!
For everyone to see the real China Petrochemical ------------------------------------------- ---
Everbright Securities: China Petrochemical Corporation for the 3500-point value of the preferred security
2007-04-19 13:17 Li Chenguang largest securities
In the 3500 points, to invest in Sinopec such a low price-earnings ratio, performance, fast-growing high-quality assets, a safe choice for value-added.
In the WTI for the 60 U.S. dollars / barrel benchmark, the upstream sector in 2007 quarter were 12.5 billion EBIT; refining sector profitability quarter by quarter in 2007 will be gradually increased; sales growth is endogenous, sustainable growth, 07 annual sales estimated at 36.2 billion full-year EBIT, up 19.8%; assuming chemical division reported a profit decline quarter by quarter, 2Q to 4Q quarter by quarter EBIT dropped by 10 million; quarter of 2007, Sinopec EBIT up 30 billion, suggesting the whole year EBIT of 122.8 billion yuan, in 2007 EPS is expected to reach 0.90 yuan.
WTI oil price range is between 45-80 U.S. dollars, Sinopec volatility of earnings is less than 20%, we believe that crude oil price of 45-80 U.S. dollars a high probability range. According to estimates, in the WTI benchmark under the 60 U.S. dollars, according to 2007 baseline EPS was 0.90 a month, and assuming that oil prices in crude oil prices to adjust for every 10% change in oil prices, when the downward trend in crude oil prices, in the convergence of 55 U.S. dollars, 49 dollars, the 2007 EPS close to the benchmark performance of upward fluctuations in the ceiling, that is, more than 1 yuan per share; when the upward trend in crude oil prices, in closer to 66 U.S. dollars, 72 dollars, in 2007 near the fluctuations in the performance range of lower limit of 0.8 yuan.
We will Sinopec 07-08 year profit forecasts were raised 12% and 8%, adjusted, expected 2007 EPS was 0.90 yuan in 2008 EPS of 1.08 yuan ,07-08, the company compound annual growth rate of 35%. We will Sinopec A shares of 6-month target price is set at 15 yuan, or 2007 Dynamic PE of 16X; maintain the 12 months target price of 20 yuan, or 2008 Dynamic PE, 18.5X.
Four engine horsepower worth looking forward to a strong full-year results for 3500 point, want to secure your investment value, the best option is to buy low price-earnings ratio, and the performance of the fast-growing stock, our preferred Sinopec.
If Sinopec compared to a Boeing 747 aircraft, and that it has four world-class engine: the world's third-largest refinery, the world's fourth largest chemical industry, the world's third largest sales network (based on the amount of total stations) , ranking China second in the upstream business. 1-quarter results revealed that the four engines at the same time hair strength, in order to enhance the performance of Sinopec, has brought a powerful driving force.
In 2007 a quarter, the company achieved revenue 278.25 billion yuan, an increase of 23%, net cash flow generated from operating activities 31.89 billion yuan and net profit of 19.42 billion yuan, an increase of 113% to achieve EPS of 0.224 yuan. From the sub-sector point of view, a quarter of this year, Sinopec profit engine, the four fundamental forces at the same time issued, in addition to the upstream business, refining, marketing and chemicals were significantly higher than the previous three years of the 1Q, the profitability of the upstream businesses mainly affected by crude oil price fluctuations the impact of upstream profits, after deducting, in 2007 1Q of EBIT is still 17.8 billion, far higher than the corresponding figure for the same period of the previous three years.
A quarterly profit of Sinopec is generally off-season operations because the number of days less vacation a long time domestic enterprises, resulting in first-quarter earnings in a generally lower than after three quarters, the last three years, Sinopec accounted for only a quarter of its general the performance of 18-23% for the year. EPS this year, a quarter reached a record 0.224 yuan, in 2007 full year results worth the wait.
In order to more accurately predict the results after three quarters, we need to look at the history of each segment of Sinopec quarterly performance fluctuations between.
The profitability of the upstream sector (the top blue line) basic as oil price fluctuations, is expected in 2007 about 60 U.S. dollars in crude oil prices fluctuate, the upstream profits can continue; chemical sector earnings (Green Line) mainly affected by the chemical industry boom cycle (see Figure 2 , 04 years, the major petrochemical products and naphtha spread movements), will the chemical industry since 2004 the economy continued high degree; refining sector, as 05-06 year period, the terminal has been government-controlled refined oil prices, the profitability of oil refining sector (the most bottom of the red line) to basically become profitable oil sector (the top blue line) of the inverse function, in the current price of crude oil and refined oil price level, the basic petrochemical refineries can maintain a certain profit (although one-quarter experienced a slight price reduction in early , refining EBIT is still up more than 40 billion), if the oil price increases, the profitability of Sinopec's refining sector is also rising; sales profit (yellow line) and the actual operation is closely related to the number of days, due to seasonal factors, sales and natural growth, a quarter is generally off-season, two quarters will be significantly increased profitability in the second half of the season sales. The overall analysis, the company for sustainable profitability of key sectors.
Introduce a simple method of forecasting the performance in 2007, Sinopec enormous assets of the industrial chain complex for the average investors, the study difficult. Here to introduce a simple prediction method:
1, first select an oil base, such as the election WTI for 60 U.S. dollars / barrel as the benchmark. For the price sensitivity analysis, in the fourth portion of a brief explanation.
2, followed by trends according to industry forecasts, according to the different industry chain, China is divided into the upstream petrochemical, refining, marketing and chemical four business units, in forecasting, we select the International Accounting Standards under the EBIT target, namely, "interest and Pre-tax profit, "Sinopec have carried out in the sub-sectors each quarter EBIT of data disclosure, we will tell you that in the next step will be Sinopec's net profit EBIT converted to a simplified algorithm, a brief sub-sector forecasts are as follows:
The upstream sector, can refer to the company in 2006 4Q earnings data, because in 2006 4Q average price of WTI for 59 U.S. dollars / barrel, also take into account the upstream oil sector output growth of 2% per year, as well as oil and gas equivalent, 12% of natural gas annually 8% price increase and other factors, 07 years later, the upper reaches of the average single-season three-quarter EBIT of 125 million is relatively conservative; refining sector, assuming that in 2007 WTI average price is 60 U.S. dollars / barrel, less than in 2006 66 U.S. dollars / barrel level, low level of oil prices favorable to the government deregulation, which will help prices to move closer to the market, oil refining sector, quarter by quarter gross margin levels will gradually rise; sales department, Sinopec sales growth is endogenous , sustainable growth in the huge loss in 2005 due to refining, some subsidies from the oil refining led growth path, 06 years later to regain gradually increasing trend, compared to 2006 sales data, we believe that in 2007, after three quarters of EBIT, respectively 8.5 billion, 10 billion and 100 billion in 2007 sales are projected at 36.2 billion full-year EBIT compared to 2006 an increase of 19.8%; chemical sector, despite the 2007 1Q to achieve EBIT of 62 billion yuan, in 2004 the highest single-season since 4Q However, we conservatively assume that quarter by quarter chemical earnings fell, 2Q to 4Q every quarter EBIT ring than to reduce one billion yuan.
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Third, Sinopec net profit EBIT-caliber converted into a simple algorithm for computing the various departments of the aforementioned EBIT "All sectors of interest and pre-tax profit," we also need it to through a simple transformation, becomes familiar with the company's net profit targets. Based on the foregoing projections, Sinopec in 2007 an average of four business units combined quarter EBIT to reach 30 billion, the total full-year EBIT of about 122.8 billion yuan.
Sinopec's EBIT caliber will be converted into a simple algorithm net profit of three steps:
1, first of enterprises, and other one of the EBIT net proceeds of approximately -16 million (2006 to -15 million); 2, minus the cost of financing in 2007 is expected to net about 9.1 billion (assuming more than 06 annual increase of nearly 50%); 3, according to the actual tax burden of 30% withholding income tax, that is to be net profit.
(Note: For Sinopec, the share of profits and losses and investment income from associated companies and minority interests the sum of basic offset by a phase, it can be ignored; in 2008 since the actual income tax rate may drop to 23-24% level) In accordance with the above simple algorithm is estimated that Sinopec's 2007 net profit (1228-16-91) × 70% = 784 (million); equivalent to EPS of 0.90 yuan.
4, Sinopec performance sensitivity analysis for the crude oil price of Sinopec's crude oil price on the most sensitive to the business sector is upstream and oil refining; sales to earn a fixed spread, profit margins are not associated with oil prices, sales of certain sensitive to oil prices However, within a certain range, sensitivity can be ignored; Chemical profit more by the spread of petrochemical products, petrochemical products oil prices influence the price difference exists, but difficult to quantify; So, simply, the key is in the upstream petrochemical oil refining sector and the sensitivity analysis.
When the WTI oil price increased by 1 for every dollar / barrel impact:
1, for the upstream sector a), Sinopec crude oil output of 40 million tons / year, equivalent to 2.84 million barrels / year (compared with 7.1 barrels per tonne discount); b) the quality of Sinopec's crude oil self-produced deviations (near the Cinta oil and Duri oil quality ), to achieve a relatively WTI oil price there is about 20% discount, so when WTI increased by one U.S. dollars, the rise in oil prices in the Petrochemicals, 0.8 U.S. dollars; c) the exchange rate to take 7.8, the upstream sector of the full-year results will affect 2.84 × 0.8 × 7.8 = 17.7 billion, equivalent to the impact of pre-tax per share of 0.02 yuan; 2, the refining sector (assuming that oil prices are not adjusted)
a), Sinopec crude oil processing capacity of 2.95 million barrels / day, equivalent to 10.6 million barrels / year; b) the source of crude oil in the processing composition, the Self-20%, CNOOC, 3%, 6% of oil imports of high Oil accounts for 27% of sulfur, and other kinds of imported oil accounted for 43%, we expect in the petrochemical refining of crude oil, 50% of the corresponding WTI oil prices of the kinds of 20% discount, the other 50% relative WTI 90% discount, WTI crude oil's relative average discount rate of about 85%. Means that, WTI rose for every one U.S. dollars, Sinopec crude oil costs 0.85 U.S. dollars; c) the exchange rate to take 7.8 full-year impact on the refining sector is 10.6 × (-0.85) × 7.8 =- 70.3 billion, equivalent to per-share tax before the impact of -0.081 yuan.
3, the net effect of the two departments for the 17.7-70.3 =- 5.26 billion yuan, equivalent to a pre-tax -0.06 yuan per share.
When the WTI oil prices fell by 1 for every dollar / barrel impact:
1, the upstream sector: the exchange rate to take 7.8, the upstream sector of the full-year results will affect 2.84 × (-0.8) × 7.8 =- 17.7 billion, equivalent to pre-tax per share impact of -0.02 million; 2, oil refining sector (assuming refined oil prices are not adjusted): the exchange rate to take 7.8 full-year impact on the refining sector for 10.6 × 0.85 × 7.8 = 70.3 billion, equivalent to the impact of pre-tax share 0.081 million; 3, the net effect of the two departments 70.3-17.7 = 5.26 billion yuan, equivalent to 0.06 yuan per share, before taxes.
2006 WTI average price is 66 U.S. dollars / barrel. Therefore, if the 2007 average price of WTI for 60 U.S. dollars / barrel, WTI average price drop is equivalent to 6 U.S. dollars, assuming oil prices during the period has not adjusted, the company's upstream and refining the net effect of the two departments to increase pre-tax per share 0.36 yuan, equivalent to EPS increase of 0.252 yuan.
In the refined oil prices are not adjusted or adjusted to a lesser extent, the fall in crude oil prices Sinopec profit growth is very significant. In crude oil prices are rising, pushing up oil prices continue to directly enhance the performance of the upstream, if refined oil prices following the increase, then the negative impact on the refining sector is not large, due to the upstream sector in the time of high oil prices, a high proportion of profits Therefore, rising oil prices raise the overall performance of the company's benefit. So, that is the market do not understand: "Why oil prices to the benefit of Sinopec, the oil price fell right Sinopec is also beneficial?" In fact, this view is correct on the premise that: "a drop in oil prices in the unadjusted or adjusted to a lesser extent, increases in oil prices, refined oil price increase should be in place. "refined oil prices in the case of full market-oriented, oil refining profitability is not sensitive to the price of crude oil a bit. Oil refining industry's profitability level determined by market supply and demand conditions, and oil refining industry capacity utilization related to China's current refining capacity use rate in the world's highest (up to 95%), while the gross profit level lowest in the world is a real Chinese characteristics. The above calculation of the sensitivity of oil refining sector is to adjust the refined oil prices are not made under the premise, which is to consider the special background of the current government price controls in the market-oriented environment, refining profits of the oil is not sensitive.
Oil refining sector in the sensitivity analysis, we must note that oil prices do not adjust the premise that if the refined oil prices as oil prices go up or down in time to adjust the sensitivity of the oil price will drop dramatically.
According to our calculations, WTI oil price range is between 45-80 U.S. dollars, Sinopec volatility of earnings is less than 20%, we also believe that crude oil price of 45-80 U.S. dollars a high probability range. According to estimates, in the WTI benchmark under the 60 U.S. dollars, according to 2007 baseline EPS was 0.90 a month, and assuming that oil prices in crude oil prices to adjust for every 10% change in oil prices, according to Figure 4 upstream, refining and the company's overall EPS schematic of the sensitivity of oil prices shows that when crude oil prices decline, in the closer to 55 U.S. dollars, 49 dollars, the 2007 EPS close to the benchmark performance of upward fluctuations in the ceiling, that is, more than 1 yuan per share; when the upward trend in crude oil prices , in closer to 66 U.S. dollars, 72 dollars, the 2007 results near the lower limit of fluctuation range of 0.8 yuan. Managed to create the profits should be valued on the premium referred to in the petrochemical industry, a lot of people think that she is a big state-owned monopoly, efficiency is not high. In fact, this is not the case, Sinopec's management efficiency is rapidly improving, a small evidence of this year's quarterly, for a more than 80 subsidiaries, the annual sales income of over 1 trillion, overseas listing of the four large enterprises, actually only a with 15 days to complete the preparation of quarterly, reflecting the remarkable efficiency of management of Sinopec.
For example: from integration to create profits by the end of 2004 -06 year, China has integrated Yanshan Petrochemical, Zhenhai, such as the main force of the Yangtze and Qilu Petrochemical Company, through the integration of products and markets, optimize the supply of raw materials processes, uniform sales, greatly enhanced the chemical sector, profitability and the ability of anti-cyclical fluctuations in the second half of 2006, although the degree of petrochemical products a decline in the economy, but the chemical sector's quarterly EBIT increased quarter by quarter, which is integrated to create value, is sustainable growth, should be to obtain a premium on the valuation.
By comparing vertical performance with industry, we believe that Sinopec's management capabilities and operational efficiency have significantly improved the performance of Sinopec can not be simply attributed to upgrade all Jiashengliangzeng, over the past three years, the company continues to decrease and increase effect ,04-06-year cumulative cost efficiency up to 8.5 billion. From the management, integration to create profits for shareholders is the essence, sustainable performance improvement, they should be valued on the premium.
Investment advice: China Petrochemical - 3500 points, the security value-added some investors reluctant to invest the preferred A shares of Sinopec reason is that H shares are too cheap. We explained to investors, which are two different markets, but investors always feel A, H shares are the same company and that it was hard really accept. In fact, serious thought, the reason is very simple, because different markets, the liquidity level is different, a direct result of differences between the different levels of market interest rates, which directly determines the respective markets asset prices.
Invest in a company's key is to look at its long-term trend. If two years ago, do you think A-shares of Dongfang Electrical Machinery premium over H shares up to 2-3 times and too expensive, you certainly are not entitled to shares of Dongfang Electrical Machinery A subsequent sharp rise; if two weeks ago, do you think Tongrentang A Shares (600,085) compared to Tong Ren Tang Technologies (8069) looks a bit expensive, you will definitely miss the Tong Ren Tang A shares of the recent continuous daily limit; ... ...
You fly, we will not mind another passenger ticket is cheaper than you do? Fares for the same flight, but also because of the time and place to buy varies, let alone such a Sinopec market transactions in the global company?
It is precisely because there is seriously underestimated H-shares, A shares of Sinopec, which makes the current value of the investment remain very high. Sinopec A-share listed years, results of operations from 0.16 yuan / share, an increase to the 2007 forecast EPS0.88 yuan, performance increased by 4.5 times, while the valuation levels are decreased by 50%.
We will Sinopec 07-08 year profit forecasts were raised 12% and 8%, adjusted, expected 2007 EPS was 0.90 yuan in 2008 EPS of 1.08 yuan ,07-08, the company compound annual growth rate of 35%, 09 years of rapid growth in natural gas business to promote performance of the company continued to grow.
We will Sinopec A shares of 6-month target price is set at 15 yuan, or 2007 Dynamic PE of 16X; maintain the 12 months target price of 20 yuan, or 2008 Dynamic PE, 18.5X. The current stock price relative to the dynamic price-earnings ratio in 2008 was only 10.8 times the level of the broad market average valuation discount of 60%. In the 3500 points, to invest in Sinopec such a low price-earnings ratio, performance, fast-growing high-quality assets, a safe choice for value-added.
Conclusion: The study of some of the insights Sinopec Sinopec A-share market is the most difficult study of listed companies, large and complex business, annual sales income of more than 1 trillion yuan, the industrial chain ranging from upstream oil exploration, to the middle reaches of the oil refining and petrochemicals business, and then to the downstream oil distribution operations in the main products and raw materials up to a thousand, how complicated business messier, identify the issues affecting the core elements of Sinopec Sinopec is to study the the key. Although Sinopec A-share listed in five years, but the market research Sinopec is still very inadequate, say researchers in each segment of the parameter selection is more random and independent of each other, doing business only with the profit and loss account data are mostly linked to the not with the balance sheet and cash flow statement is linked, showing most of the market, researchers tracked the analysis of Sinopec model is "dead model" can not see a dynamic in the petrochemical industry, a complete picture of Sinopec, one example is the : Since the majority of researchers subjectively refining margins, resulting in changes in refining profitability entirely independent of changes in oil prices, refining margins are unclear on the one hand look at the impact of factors, on the other hand can not understand "in the end of high oil prices or lower oil prices in the Petrochemical beneficial? "(This issue has plagued the stock market for many years).
Since 2000, I began to study in the petrochemical industry, by the end of 2005 after entering Everbright Securities Research Institute has set up a petrochemical research group, after more than four months of arduous analysis, study and modeling, and other creative work, we have created an accurate and effective The research model, our model is a "living", and also give examples of the aforementioned refining margins in our model, refining margins by us expressed as "crude oil prices on the sub-function", function design is to simulate the Chinese characteristics of refined oil pricing mechanism, the improvement, not only oil prices, refining margins and to establish a dynamic link between making a huge proportion of the percentage of Sinopec's refining business can be an accurate expression, at the same time, in our model, the oil prices, exchange rates and even government price controls and many other factors, variables and Sinopec linked to the micro-operational data, which in turn sub-sector with the profit and loss account, as well as the aggregate balance sheet, cash flow, valuation and other related reports linked, the formation of a "living model" show is a complete, dynamic Sinopec.
With accurate and effective research model, it seems to have a study of the microscopic world of the "microscope", an entry with deep insight, there are original research to form one after another. "Profit curve" is a study in a petrochemical market-leading innovations counterparts. Because we created the model is dynamic, is a living, we can vividly depicts the various operational sections of Sinopec relative oil prices (or other variables) had a profit curve, and then superimposed these sections to get a complete Sinopec for oil price (or other variables)
The overall profitability curve. We are the industry's first one depicts Sinopec "profit curve" of the research team. "Profit curve" advantages are obvious, with our Sinopec described "overall profitability curve" can be clearly troubled by the capital market for years to answer the question: "in the end of high oil prices or low oil prices on Sinopec benefit?" About "profit curve" related to research, you can refer to in March 2006 and in April we are on the Sinopec-depth study of the two relevant content.
Sinopec through in-depth study, and we continue to take the lead in the market made a series of new and unique new view: When the market is that the profitability of Sinopec has a strong cyclical and volatile, we put forward the "cyclical nature of Sinopec profits was not significant 45 to-65 dollar / barrel oil price range is the best range of profit "; when the market think that is a petrochemical company Sinopec, however, we first proposed the" Sinopec is not Sinopec shares, but the operation of a mobile energy Business "; When the market started to accept Sinopec is no longer a pure petrochemical company, began to focus on its own vast oil pipeline network value, we have further proposed" Sinopec is to have the growth of the web of gold stocks, that its own 30000 gas stations, automobile service stations w
