Changjiang Securities Research News pointed outasiangames2009, chemical industry turns losses and natural gas continues to improve, PetroChina (601857asiangames2009.SH)Q1 performance grew steadily. Against the background of increased production and reduced costs, the oil and gas and new energy businesses achieved operating profit of 42.965 billion yuan, a year-on-year increase of 4.8%, which was higher than the increase in oil prices during the same period. Among them, due to the narrowing of gross profit of refining products, the refining business achieved operating profit of 6.970 billion yuan, a year-on-year decrease of 2.426 billion yuan; due to the increase in sales of chemical products and Guangdong Petrochemical turned losses and increased profits, the operating profit of the chemical business was 1.145 billion yuan, achieving a turnaround into profit, a year-on-year increase of 2.071 billion yuan. In addition, increased sales and reduced imported gas costs have significantly improved the profitability of the natural gas sales business. The company focuses on shareholder returns, and there is still room for repair in valuation. Maintain the "Buy" rating.