"Three barrels of oil" in the first half of the year's net profit was nearly 200 billion yuan

Many years ago, a mobile phone colorful bell was very hot. The lyrics were "I made money, I made money, and I didn't know how to spend. I bought Nokia in my left hand and bought a Motorola in my right hand."

Now this mobile phone colorful bell can be used in the domestic "three barrels of oil" (PetroChina, China Oil, Sinopec), because their performance has erupted, and they make a lot of money.

As of August 28, the "three barrels of oil" had released semi -annual reports. There were no accidents, and all of them had increased their performance significantly.

China Petroleum Semi -annual report shows that the company's revenue in the first half of the year was 1.61 trillion yuan, an increase of 35%year -on -year, and net profit was 82.388 billion yuan, a year -on -year increase of 55.34%. In the first half of the year, net profit exceeded the 80 billion yuan mark for the first time, creating the best level in history. Under the catalysis of good performance, the company is preparing to take out 37.076 billion yuan in dividends with a dividend ratio of 45%. Compared with domestic listed companies, the proportion of dividends is higher.

Sinopec's Half -annual report pointed out that the company's revenue in the first half of the year was also 1.61 trillion yuan. The probability was really too low, and revenue increased by 27.87%year -on -year. Net profit was 43.53 billion yuan, an increase of 10.41%year -on -year. With the same revenue, the net profit is far from the same revenue. The net profit of PetroChina is close to Sinopec. Is this worthy of Sinopec to reflect on why? Although the net profit is being opened by PetroChina, it still takes 19.371 billion yuan to divide. The dividend ratio is 44.5%, which is close to PetroChina.

China Sea Oil's half -year report was surprised, because the company's revenue in the first half of the year was 202.35 billion yuan, an increase of 83.57%year -on -year. Net profit is as high as 71.887 billion yuan, a year -on -year increase of 115.69%. The level of net profit is close to PetroChina, far exceeding Sinopec. Under the good performance, China Oil came out with a dividend of 29.046 billion yuan, creating the largest dividend of the company's history. The dividend ratio is 40.4%, which is the lowest ratio of the three companies.

The total net profit of "three barrels of oil" reached 197.805 billion yuan, which is equivalent to earning 1.093 billion yuan per day. The total dividend is also as high as 85.5 billion yuan!

According to the performance of these three companies, we can find that the net profit margin of China's sea oil is as high as 35.5%, the net profit margin of PetroChina is 5.1%, and the net profit margin of Sinopec is only 2.7%.

It is also an oil company. The net interest rate of China Oil was 13 times that of Sinopec. Why is the gap so big?

The reason is that the main business of the two companies is different, because China's sea oil is biased towards maritime oil and gas mining, and Sinopec is biased towards refining.

In other words, China's sea oil may be the upstream enterprises of Sinopec, and the amount of profits is mainly related to the changes in international oil prices. When international oil prices continue to rise, it is very conducive to China's sea oil, because its mining costs are almost fixed. For example, assuming that the cost of Chinese sea oil mining of a barrel of crude oil is $ 30/barrel. When the international oil price is $ 60/barrel, each bucket of crude oil can earn $ 30 gross profit. When international oil prices rose to $ 120/barrel, each bucket of crude oil was sold for $ 90.

Just in the first half of this year, international oil prices were at a historical high. China Oil has the foundation of the outbreak of performance, and eventually the net interest rate rose.

Sinopec is a company that is biased towards refining, which is equivalent to the processing industry. Crude oil has been refined into gasoline and diesel. The profit range is relatively fixed.

For example, assuming that international oil prices are $ 60/barrel, and after making things, Sinopec can sell $ 70, and its gross profit is $ 10. Assuming that international oil prices rose to $ 120/barrel, Sinopec's finished products can be sold for $ 130, and gross profit is still $ 10.

This is also one of the reasons why Sinopec's net interest rate is very low. Of course, the above is only a simplified process. In order to facilitate everyone to understand, it does not mean the operation of the actual business.

What is PetroChina? It is a company that is biased towards land mining and refining, which is why China ’s net interest rate is in the middle.

However, we can also vaguely feel that the net interest rate of China Petroleum's land mining business is far less than that of China's sea oil mining rate. This is also unexpected.

Because in traditional cognition, land will be safer on land, just use large machinery to make holes in the earth, which is less difficult. It turns out that the cost of mining oil at sea is lower. Have you thought of this?

Whether the petroleum company can make a profit actually has no secret. It mainly depends on the performance of international oil prices. As long as international oil prices are at a high level, the performance of "three barrels of oil" is worth looking forward to. If international oil prices are soft, the performance of the "three barrels of oil" will also be staged "Big Tragedy".

This is the best era and the worst era. With capital thinking and innovation models, the world is your stage!

In the new business world, there are no eliminated industries. Only the eliminated products and outdated business models will focus on product innovation and model innovation in the future.

If a company or a boss, if the shortage of innovation ability is destined to be defeated in advance, please remember that there is no innovation, how can you have imagination!

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